We don’t trust much about the media but having the integrity of The Wall Street Journal to turn to helps push honesty our way against the biased reporting that surrounds us.

Today the Journal writes what the mainstream will not. Here are highlights with the accompanying graphic, which is all spot on: (A picture tells a thousand words)

As 2009 opened, three weeks before Barack Obama took office, the Dow Jones Industrial Average closed at 9034 on January 2, its highest level since the autumn panic. Yesterday the Dow fell another 4.24% to 6763, for an overall decline of 25% in two months and to its lowest level since 1997. The dismaying message here is that President Obama’s policies have become part of the economy’s problem.

But after five weeks in office, it’s become clear that Mr. Obama’s policies are slowing, if not stopping, what would otherwise be the normal process of economic recovery. From punishing business to squandering scarce national public resources, Team Obama is creating more uncertainty and less confidence — and thus a longer period of recession or subpar growth.

What goes down will come up — unless destructive policies interfere with the sources of potential recovery.

Most of his “stimulus” spending was devoted to social programs, rather than public works, and nearly all of the tax cuts were devoted to income maintenance rather than to improving incentives to work or invest.

Yet most of Team Obama’s ministrations so far have gone toward triage and life support, rather than repair and recovery.

The market has notably plunged since Mr. Obama introduced his budget last week, and that should be no surprise. The document was a declaration of hostility toward capitalists across the economy. Health-care stocks have dived on fears of new government mandates and price controls. Private lenders to students have been told they’re no longer wanted. Anyone who uses carbon energy has been warned to expect a huge tax increase from cap and trade. And every risk-taker and investor now knows that another tax increase will slam the economy in 2011, unless Mr. Obama lets Speaker Nancy Pelosi impose one even earlier.

The powers in Congress — unrebuked by Mr. Obama — are ridiculing and punishing the very capitalists who are essential to a sustainable recovery.

Listening to Mr. Obama and his chief of staff, Rahm Emanuel, on the weekend, we couldn’t help but wonder if they appreciate any of this. They seem preoccupied with going to the barricades against Republicans who wield little power, or picking a fight with Rush Limbaugh, as if this is the kind of economic leadership Americans want.

Yes, Mr. Limbaugh has become a scapegoat for the Obama administration, Congress and even Republican leadership ( a quaint term in light of no leadership). A giant mirror in the Beltway should be built so the policians could peer into it and get a glimpse of the problems that face average Americans and the US economy.

Why should anyone compromise Conservative principles just to say they “crossed the aisle” when joining the Left is the cowards way out. Democrats spent eight years bashing President Bush and compromise was not a part of their agenda, gaining power at all costs was.

Michael Steele and others in the GOP should start actively pursuing a Conservative agenda, quit talking about “Big Tents” and working with the opposition instead of publicly fighting Socialism.

“Our party must be the party of the individual. It must not sell out the individual to cater to the group.” – Ronald Reagan

For those who don’t understand or have forgotten what Conservatism is please read this. It’s not about placating or appeasing the opposition but staying with the principles that made the United States the greatest economic power in the world. It’s about having the right formula and implementingm it, which means big government is not the solution, individuals are.

“Only when the human spirit is allowed to invent and create, only when individuals are given a personal stake in deciding economic policies and benefitting from their success — only then can societies remain economically alive, dynamic, progressive, and free. Trust the people. This is the one irrefutable lesson of the entire postwar period contradicting the notion that rigid government controls are essential to economic development.” - Ronald Reagan

Indeed!

See Also: Capital On Strike