Rupert Murdoch says that a President Obama could worsen the financial crisis

November 1st, 2008 Urban Conservative

Last week in an interview with The Weekend Australian, Rupert Murdoch warned that a win by Obama in next week’s US election could worsen the world economy.

Here are some excerpts from his interview

  • If the Democrats implemented protectionist policies it would be “a real setback for globalisation”
  • An increase in protectionism in the US as suggested by some Democrats in Congress, would risk retaliation from China and could threaten world trade.
  • For the past three or four years, some Democrats have been threatening to do things like put on extra tariffs (against Chinese imports) if they don’t change their currency.  If it happened, it could set off retaliatory action which would certainly damage the world economy seriously

He also criticized Obama’s proposed tax policies which include granting rebates to most US workers:

Forty percent (of the US population) don’t pay taxes, so how can he give them a tax cut? But you can give them a welfare check which he has promised — a grant of 500 dollars — which will disappear very fast. It’s not going to turn the economy around at all.

Ted Murphy, CEO of Social Media Marketing firm Izea also has some serious issues with Obama’s tax plan. You can view his analysis here. Murphy’s frustration with Obama’s lack of information and clarity is evident after he entered $200,000 to $250,000 as an income level:

What happened? Instead of seeing what this person or married couple would lose under Obama (or gain under McCain) I get a message saying “You will probably not get a tax cut under Obama-Biden”. I don’t know the actual number (that is what I was hoping to understand) but I feel this is shady at best. To say that someone filing with these numbers probably won’t get a cut is just wrong. The reality is these people will get taxed more.. I know that. I may be cool with that, I just want to understand how much. I want to be able to make an informed decision, but stuff like this really bothers me. I dug and dug and all I could find was this before I gave up and decided to leave.

Another correlation that I find interesting were the ups and down in the stock market over the last couple of weeks and the presidential polls.  The more that Obama was separating himself from McCain, the more the stock market plunged.  And last week as the polls tightened the market began to rise.

Maybe it’s just a coincidence; or maybe … just maybe some investors and financial institutions are really afraid of the Obama presidency. 

Tags: Rupert Murdoch, Ted Murphy, Izea, Obama Tax Plan, economy, financial crisis


Rating: 2.5/5 (33 votes cast)

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  • @davidwwalters

    Fortunately, you still have that freedom in America to choose what you will and will not buy.  Liberals are more than welcome to use stopspreadingwealth.com to support companies that support abortion, etc.  But don't complain about the Conservative slant!
  • 26
    John:
    Thanx for the link....i can purchase my next Apple computer with peace of mind!
  • The reality is many businesses are going to fail over the next few years no matter what policies are to be implemented.  Now is the time Conservatives need to look out for each other.  Stop funding the liberal agenda by lining the pockets of Hollywood, etc.  Here is a site that allows people to look into the political alignment of companies and their executives.

    www.stopspreadingwealth.com
  • Would you consider linking to my blog? We have similar interests.

    http://newrepublican.wordpress.com/

    Thanks.
  • http://conversativexpress.blogspot.com/

    please help us get started leave comments and suggestions for topics you would like to learn more about or discuss.
  • Felix
    What gets me is all the 20-25 year old voters, that dont even understand the effects of voting for Obama will have on the people that may eventually hire them. Its going to be sad as hell seeing all the small businesses fold, and will have far reaching effects on goods, services and materials. I think of the local businesses like garages, veterinarians,etc.

    I am not an economist and I understand the fallacy of Obamas  plans.


    The election is over, but the echoes of Rock Star! linger on.
  • Titus Hunt
    Ryan:  A lot of business owners are worried because they do understand the negative impact of Obama's policies.  my father who owns his own business is talking about shutting his business down completely and will not give in to higher taxes and the aggrevation and devestation obama will cause his business.  Thirty-five people will lose their jobs and his vendors, of course, will suffer.  He lives in a town where there are no jobs and his business is currently thriving.  so job loses in that area are a big deal.  My dad is 63 years old and would normally never think about retiring.   he loves what he does and treats his employees as family.  he is out there unloading 18-wheelers full of his goods regularly alongside his employees.  he can keep up with 20-year olds.  he is the first person to lend a helping hand to a neighbor in need and is constantly helping others.  however, he is really angry right now at the thought of obama destroying our life as we know it and the livelyhood of 35 employees.  so those who are voting for obama really do not understand/care about the welfare of our whole country.  it is sad.
  • I do computer consulting and most of the medium sized business I service feel Obama's policies will hurt them, and that's in California.
  • jude
    Rupert should go back to his home country and stop meddling in our affairs.  
    He has not been a friend to the USA and although he likes to hang an American flag in the background of his FOX NEWS shows, I don't feel he has our best interests at heart.
  • Russell
    Amber dear,

    The US Military found 55 metric tons of yellowcake in July 2003. That is just a fact. Look it up on factcheck. You need to go back to the kiddie table. Make sure you get your stuff straight before you play with the big kids. Okie Dokie.
  • amber2
    that uranium claim made by  powell turned out to be bullshit. You may not like it, but you picked the wrong nation to go to war with
  • Russell
    Really??

    I fail to understand how we would have been safer and it would have been cheaper had Hussein enriched the uranium he had or sold it to someone who used it on us. A couple more 9-11 style attacks in this country would have not only cost more American lives but alot more money as well. You may not like it, but we are safer because of it. Or have I missed the news story of all the terrorist bombings in this country??
  • amber2
    i must be an economic and political genius because if i had been elected pres. I would have saved America 2-3 trillion dollars, i would have saved American lives, and made Americans safer at home. All this by simply not invading Iraq
  • Lee....i've been stationed by ObamaCentral since last Juvember....

    McCain may win, who knows? 

    But the Daily Show will be far more entertaining with a McCain presidency!
  • amber2
    Jarrod M "with inflation and all that added in,  the percentage of national debt is nothing like it has been in the past."  BULLSHIT, again $500 billion added to the debt in the las23 days       $10 trillion in national debt (as i understand it, there was no national debt before reagun)  and $41 trillion in house hold debt and a culture of using tomorrows resources today
  • Lee
    Three Things the Obamedia will do to depress the Republican turnout and help Obamah

    http://hillbuzz.wordpress.com/2008/10/31/three-...

    But,

    McCAIN WINS!

    http://pundits.thehill.com/2008/10/29/mccain-wi...
  • Tankerton
    W.,
    That depends on how big and where and how often the bombs are dropped I guess.
  • How many B-2 bombers will it take to defeat "The Terrorists"?
  • Titus Hunt
    JarrodM--

    You are so right!  what would the liberals say if we were attacked over here now and the defense budget had been cut 25% like they are planning?  it is quite interesting that they talk big for folks who can't solve our global issues with terrorism.  if the liberals think they know everything, let them come up with resolutions to solve our issues right now!  don't wait!  we want answers today.  ha!  they are all talk except when it comes to actually making positive changes.  this is evident with all of the rhetoric Pelosi did when the democrats took over two years ago.  we see they were full of hot air.
  • JarrodM
    amber you have no idea what the dept represents do you, and I hate to tell you with inflation and all that added in, the percentage of national debt currently is nothing like it has been in the past.

    I;m not fan of Bush's spending. But let's not cloud the subject, war is not free and it is not cheap. And we are a nation at war even if you liberals want to continue to deny it, there are people and nations right now in this world that would kill every and any American they can get there hands on.

    I know your going to say it is because of our bad foreign policy, and you right and your wrong. It is not because we are willing to go over there and do something, it is because in the past we where not willing to do enough. In the past we would go over there just long enough and then pull out before the real battle was won, leaving space for dictators to take over. Just like Carter did with Iran.
  • Gary Grazioso
    Barack Obama has another endorcement:


    the following comments were posted on the internet for all to see: 

    Aalam Al-Jabir 10:32AMOct 31st 2008


    Praise ALLAH that Brother Obama is so closely associated with A.C.O.R.N. This fine organization will help tremendously in getting the vote out for our Brother!!
                              
    Praise ALLAH that Brother Barack Hussein Obama has such great associates and friends as Reverend Jeremiah Wright, William Ayres, Tony Rezko, Minister Louis Farrakhan, Rashid Khalidi, Father Michael Pfleger, Raila Odingo, Khalid Al Monsour and Nadhmi Auchi. These fine men show his superb judgment and character in choosing them as friends and associates. I hope that he will offer them roles in an Obama administration. This would be a great achievement for the United States of America and the world.


    I urge White America to vote for Brother Barack Obama. He will right the wrongs of the past, make reparations for past wrongs and erase the great stain of slavery and injustice on this country. I believe this will go a long way in helping to repay the debt owed to black people and help America shed it’s guilt.


    When our brother Barack Hussein Obama is president we will pray that he stops illegal Hispanic Immigrants from coming to this country. We need to expand legal immigration for people from AFRICA and the MIDDLE EAST who are hard working and want to come to this country for a better life.


    We need additional social programs to stimulate the economy not more jails. He can use the president’s power to pardon and release the unjustly convicted men and return them to their families. These people will benefit the economy. Our brother Barack Obama will do these things. ALLAH willing.


    I hope that the new President, Barack Hussein Obama will help the real estate market by the government buying foreclosed homes. We should move our people out of the ghetto projects and gift them a house in a regular neighborhood as part of wealth redistribution. This would make life better for all. White and black people could live side by side. This would be a great achievement. ALLAH willing


    Joe Biden should not have told everyone that Brother Obama will be tested within six months of his presidency. What was he thinking? That was supposed to be a secret, Brother Joe!!


    It will do this country good to see a BLACK man on the evening news everyday as their president instead of the racist TV shows like cops portraying black men as criminals. This country will finally start rebuilding AFRICA, helping our African brothers who suffer because of hundreds of years of white oppression.


    Now do we really think that Barack Obama shares the same   interests and the concerns as the United States and Isreal do?
    Are we getting the message here?
    Get out and VOTE...McCain...Palin...
  • amber2
    $500 billion added on the national debt in the last 23 days, $5 trillion in the last eight years.Bush/ Republican/Bush/ republican .I wonder what the total for both senior and junior is. that family has some clout.
  • Rupert Murdoch?
    Really?
    " Mr Murdoch said the Democrats' policies would result in "a real setback for globalisation" if implemented. "
    -Would this be so bad?
  • I have no doubt that there are many people who sincerely believe that "spreading the wealth around" promotes the common good and that redistribution somehow makes for a more fair, just and equitable world.  Obama is says that he is one of these people.  He has famously stated "...I think when you spread the wealth around, it's good for everybody." 


    Some say that if Obama believes in redistribution, he should be helping his impoverished brother in Kenya, or his poor aunt in Boston.  Maybe.  But maybe Obama has already tried to help his family.  Maybe Obama's family is too proud and independent to accept help.  You and I don't know the situation, so let's give Obama the benefit of the doubt.  And private charity isn't really the issue here.  Obama is not promoting private charity...or at least that's not the thrust of his campaign message. Obama said he wants to improve the world through "redistributive change," and he plans increase taxes and fatten up the U.S. Treasury to make it happen.


    So I said, fine Obama, if you can convince a majority of the voters to sign up for these risky schemes, go for it!  But then things got more interesting.   McCain said, "Nobody likes taxes. Let's not raise anybody's taxes."
    "Well, I don't mind paying a little more," Obama responded.


    WAIT A MINUTE!  He said what?


    "...I don't mind paying a little more."


    *Wow*


    Hey Obama! There's good news.  If you really want to pay more, YOU CAN DO IT RIGHT NOW.  The United States Treasury will accept your donation.  This is no joke.  If you need to know more, go to the website.


    Obama, this is your chance to lead by example.  Make a big deal about it, have a big fancy check-signing photo-op surrounded by smiling celebrities and politicians; heck, you could even invite that Obama Girl.  You could show us how much you hate those nasty Bush tax cuts and send an amount equal to what you saved because of those cuts.  With the millions you made from your book, I'm sure it would be a lot of money.  And while you're at it, you could ask your supporters to send money to the U.S. Treasury instead of sending it to you for your campaign.  Haven't you already gotten $600,000,000?  Time to start redistributing!


    Obama, put your money where your mouth is and make a financial donation to the U.S. Treasury today!  You do believe in the things you say, don't you?
    http://rightklik.blogspot.com/
  • Titus Hunt
    Obama's plan will be a nightmare for this country.  that is easy to see for those of us who understand the economy and how business works.  the sad part is that Obama doesn't believe in redistribution himself.  this can be proven in what we have learned about his own family in the last few days.  his uncle, who is living in Africa, is living in extreme poverty.  Obama visited him two years ago and guess who is living in a $1,000,000+ mansion and has not redistributed HIS weath to a guy in his own family who is starving?  now, according to his own plan, he is being selfish.  duh!  now his aunt is here illegally, and he claims he doesn't know this.  ok, just as i know no one is perfect, i'll give him a pass on this even though he is an attorney and should have helped her (selfish).  it just gets better when we find out she is living in low income housing.  so she is in the US illegally and living off of the government (us)?  now he did not put out a statement denying the fact she is living off the government!  so where is his "helping neighbors, family" philosophy here?  he is a crook and everyone should know this by now.  i keep forgetting that he doesn't have to live up to his own rhetoric.  we should be the ones to give up our hardearned money but he gets a free pass.  oh, what about the article that came out last week talking about how his advisors are working on how to communicate to the american people that Obama will back down from all of his promises to cut taxes for the middle/lower income folks if and after he becomes president because he can't live up to them?   now the american people will find out this if and after he is elected?  what a fine time to know the president has just pulled the wool over the people's eyes.  so the liberals are sweeping this news under the rug as usual?  Vote for Obama if you want more of the same self-centered politics that we have seen for decades!  go figure!
  • researcher
    reagan economics is a joke.

    born to fail.

    greed and arrogance must fail

    universe demands that it does

    the liberals think if we pour enough
    money into social programs they can
    fix america

    the neo cons think if we leave things alone
    things will fix themselves

    neither is correct. both based in ignorance
    of human nature and universal laws or principles


    must change the system not the players in
    the system

    few will understand my words

    americans more interested in playing
    the blame game

    with communism man exploits man,
    with capitalism it is the other way around
  • Obama will kill the Economy.  Think of bringing together the worst of the Carter and Nixon years.  The worst of both worlds.  Think about how redistribution has failed wherever it has been tried.  Think about how the high achievers will shrug their shoulders in disgust, and instead of investing so much of their time contributing to the economy only to have the fruits of their labor confiscated, they will dedicate their efforts to other endeavors.  Obama thinks he has more wisdom than the collective wisdom of all of us participating freely in the marketplace.  He will soon see just how wise he is. 
    I hope the American voter have little patience for this nonsense.
    http://rightklik.blogspot.com/
  • Edward Macias
    "Another correlation that I find interesting were the ups and down in the stock market over the last couple of weeks and the presidential polls.  The more that Obama was separating himself from McCain, the more the stock market plunged.  And last week as the polls tightened the market began to rise."

    So true. I moved some very aggressive investments over to bonds because of this.  My annual salary is about double of Obama's magic number (that seems to be changing weekly -- 250K, 200K, 100K -- and it scares me to death.

    I have worked hard for everything I have. My father was an immigrant from Cuba and we struggled all throughout my childhood; but we worked hard and sacrificed; and we are reaping the benefits of our hard work today.
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