CEOs: Look at the Bottom Line, Stop Whining
January 21, 2011
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Every time you see a Republican congressman or a big corporation CEO on TV, they are whining about the terrible U.S. corporate tax burden, the onerous federal regulations and the horrifying uncertainty of the economy. These guys need to look at corporate balance sheets and stock prices. As Jeff Reeves points out in his Market Watch piece, “How Obama Helped Fuel a Wall Street Boom,” market sectors like oil, financials, health care and even housing are thriving over the past two years. Home builder D.R. Horton‘s stock is up 210%, Marathon Oil +60%, United Health plus 70%, Wells Fargo up 138%… The list goes on and on. Corporate profits hit a record $1.66 trillion in the 3rd quarter of last year alone. As Mr. Reeves notes:
- “whether you think the market has been booming in spite of Obama’s leadership or because of it, the numbers show it has been a very good two years for investors of all stripes.“
I’m fine if Obama critics don’t want to give him or the Democrats any credit for this massive two-yea run up in profits and market value. But they should stop whining and asking for still more tax breaks and deregulation.