Letter a sad example of misinformationWritten by Admin
- Area agency, citizens honored by Haywood Waterways
- Ramos selected as acting superintendent of the Smokies
- Environmental groups push forest service to scale back logging below Devil’s Courthouse
- ‘EPIC’: First-ever rail jam at Cataloochee attracts 50 competitors
- Cataloochee documentary to be screened at HCC
To the Editor:
Since Obama took office Jan. 20, 2009, the DOW has risen 48 percent, the S&P 500 is up 60 percent, and the NASDAQ is up 90 percent. Yet Pat Denzer, in her Letter to the Editor of March 7, maintains that the stock market has remained flat during Obama's presidency.
Her assertion about the stock market, however, is not her only inaccuracy. Whereas under George W. Bush, the deficit rose 86 percent, thus far under Obama it has risen only 45 percent ($4.73 trillion). This information is easily verifiable under factcheck.org. Nor has Obama directed the Fed to set interest rates at 1 percent; in fact, the Fed is entirely independent of presidential control.
The interest rate of 10-year treasury bonds varies even from week to week, but one year ago they yielded 3.47 percent; this week, 1.97 percent.
Setting aside the issue of the yield, having 85 percent of one's retirement invested in bonds is not really a wise investment strategy as it is generally true that when the stock market goes up, bonds go down. Perhaps her niece has her 401K in bonds as well.
But why Ms. Denzer thinks Obama is on a mission of retribution or has a "distaste of those who strive for independence" is a mystery.
Indeed, her letter is a sad example of misplaced anger and misinformation .