Yesterday in imagination land, Fox Business ran this enticing headline: “Analyst Sees Chance of Obama Resignation.” Apparently the brainiacs over at Fox News dug up a Wall Street investment analyst who has “27 years of experience in the securities industry.” Based on his monumental calculations, he concludes there’s no more than a 90% chance that Obama will finish his term. Kent Engelke, managing director at the brokerage Capitol Securities Management said,
“If ObamaCare is the fiasco that some headlines are suggesting it is, I place the odds around 10% the president will resign before next November’s election.”
Now, being a financial wizard of Wall Street, one would assume Engelke formulated some complex calculations coupled with several variables and perhaps numerous consultations in order to determine such precise data. But then again, we’re talking about Fox News: A magical place where facts have no bearing on the truth.
Engelke stated he conceived the 10% number from a simple calculation: 7% of all U.S. presidents faced impeachment or resignation (Presidents Andrew Johnson and Bill Clinton were impeached, while President Nixon resigned). He adds in another 3% due to the heightened animosity between president Obama and Republicans in congress.
Well, would you look at that? These types of precise calculations just scream “trust me. I have 27 years experience.” What’s funny about this formula is that Engelke failed to calculate the deduction for Obama having succeeded in implementing enormously popular healthcare reform that will save approximately 40,000 lives a year. We think there is a 100% chance that the 10% possibility of Obama resigning is inflated due to illogical thought processes brought to you by the idiots at Fox News and will most likely fail as statisticians anticipate an announcement handed down from the Fed.
Engelke claims he has 27 years in the securities industry, but it look more like 27 years in the cattle industry, because these calculations are simply bullsh*t.