President Obama’s 2,000-point tumble
On Nov. 4, after Barack Obama clinched the White House, the market closed at 9,625.28.
In mid-morning trading today, the day President Obama signs his massive Generational Theft Act into law and a day before he unveils a massive new mortgage entitlement, the Dow dropped to to 7,606.53.
Now, imagine if President Bush had presided over a 2,000-point stock market tumble in the same time period — during the first few months of his presidency.
Great start, O.
Just saying…
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I look at what is coming and people wonder why I stoped putting my face on youtube.
NOT A CHANCE….with Obama and the democRATs caring so much for the economy…
it won’t take nearly THAT long…
I think state and federal income tax refunds will be a thing of the past too.
Your right about that Sonofdy although I wouldn’t call it mythical as in it doesn’t exist. But all those points are some of the ‘protocols’. Others include Economic depressions, Brainwashing, Justification of previous acts of evil and expectation of a great new society.
I find it very ironic!
Except for those who don’t pay taxes to begin with.
The first trillion dollar package for condoms and Maglev trains to Vegas clearly wasn’t big enough.
We need another trillion dollars. One hundred billion to ACORN and a hundred billion to Planned Parenthood to build an abortion clinic on every corner should stimulate the hell out of the economy.
Sure, the Treasury will have a hard time selling t-bills for the added debt, but then the Fed can just print out more money and buy the debt itself.
Is somebody discussing ‘The Protocols of the Learned Elders of Zion’ on this thread?
Seriously?
Yeesh.
thats right, there wasn’t anything in there for my new ferrari…which I will buy with my bailout money to stimulate the economy!!
your thanks are appreciated, but not necessary…just doing my patriotic duty!!!
http://www.apmex.com/Product/44447/1_oz_999_Fine_NEW_Silver_Rounds___Buffalo_Shipping_Feb_27.aspx
Currently selling at a dollar bellow the rest, per once. No I don’t get a ommision. Given the way the market is going, I am trying to help you all out.
That was my first reaction.
It wont be a Ferrari, but it will cost as much.
OT – but did anyone catch Clinton in Tokyo strutting her stuff like she was the queen. What a bunch of baffoons. What I’d give for a dunk tank and a pie!
McCotter on the auto bail out.
http://youhavetobethistalltogoonthisride.blogspot.com/2009/02/rep-thaddeus-mccotter-michigan-detroit.html
Then start shorting the market.
The “World President Obama” is draining more and more wealth from financial markets. He and “William the Conqueror” Ayers know exactly what they are doing!
The redistribution of wealth is not disguised and its only the beginning. The Porkulus has spoken. Socialism 101 is being taught by cramming it down our throats.
Being a conservative is like having 666 on your forehead!!!
Not in one month, it didn’t. And not with the kind of direct correlation between the President’s actions and the market tanking.
Where’s our loyal opposition defending His Wonderfullness? I can’t wait to read a lecture that a dramatic Wall Street crash and our economy sucking down the drain is simply the Voice Of The People wishing him well.
He did. Most of the tumble was before January 20. The economic environment (inflated housing prices, lots of risky mortgages, improperly rated CMOs, etc) were created during the Bush period.
While you’re about blaming Presidents for things that happened early in their terms, how about blaming Bush for the 9/11 attacks?
Wall Street knows a miserable failure when it sees the One and it is the clueless Obamastration!
And let’s not forget the $4 trillion of wealth lost during the Clinton Administration’s Dot Com BOMB.
Helicopter hovering overhead from local station KTRK-TV 13 led me to discover Standford Financial being shut down by the SEC. Apparently some kind of pyramid scheme.
You can see my office window in this picture.
Would you people all quit talking about this stuff. We need to discuss important things like who is on American Idol and which miracle I’d like the one to work first.
/gag off
“Darwinism”, by which I assume you mean the theory of evolution, is science and as such is value-neutral. The other philosophies you list are mutually exclusive of each other. Un-check.
The UN can’t agree on what color the sky is, let alone govern the world. It may be a tepid cesspool of waste, fraud and corruption but it’s no world government. Un-check.
I don’t know what staged-catastrophes you’re referring to, and frankly I’m afraid to ask. Un-check.
The USA is probably the most athiest-tolerant country on Earth, and we make up less than one percent of the population. If you consider all the agnostics and every non-responder to be athiests it would bump us up to 6%. Christians make up around 75%. That’s a weird definition of “destroyed” you’re using. Un-check.
You have half a point there, but the problems in the financial system were a byproduct, not a goal. The goal was for a relative handfull of corrupt people to get as rich as they could.
No, you shouldn’t go on. In fact you shouldn’t start in the first place. The Protocols have been so thoroughly debunked that you’d have more credibility talking about the Necromomicon.
Obama’s Rhetoric Is the Real ‘Catastrophe’
A pyramid scheme – you mean like Social Security?
Where are you? Wave or something!
LGM: You are correct!
They were created during the Bush Administration but were caused by the Democratic Policies pushed during the Clinton Administration and foisted upon us by the likes of Barney Frank and Christopher Dodd and their friends at Fannie Mae and Freddie Mac. Let’s not forget ACORN too. They pushed real hard for sub-primes.
A difference with distinction I’d say.
lgm – did you ever hear that the markets look FORWARD.
really?
really?
link
are you one of those greedy capitalist pig bankers??!! an enemy of the people???
Science, by its nature, is skeptical. Therefore, science must be demonstrable.
Darwinism is theory, which is scientific speach for conjecture. Conjecture can be wrong.
The markets look to the President with the expectation of seeing integrity, maturity, confidence, and a basic understanding of economics.
As the remarks you reference clearly show, none of those traits are to be found with Obama. A lot about the market is pshychological. The market does not like what it is seeing in the least.
Russ, trying to answer your post, there must be a word the web page filter isn’t liking.
No obscenities or ethnic slurs…
Static electricity off the helicopter’s rotor blades?
Not static electricity.
Testing
Madoff
Ack, web page ate my comment.
Social Security is a Ponzi scheme orders of magnitude greater than anything Madoff or R. Allen Standford could attempt.
FDR’s pyramid scam was a good deal, for the average person, who retired before the mid 1990s. They actually made more money, in net present value terms, than they were taxed.
But now, the later you retire, the worse the deal will be.
Best part, the so-called ’surplus’ is used to buy government debt. And, the government carries that on the books as income. Same thing as getting a $300 cash advance on your credit card at the machine, and then telling everyone you just got paid.
Ack, web page ate my comment.
Social Security is a Ponzi scheme orders of magnitude greater than anything Madoff or R. Allen Standford could attempt.
FDR’s pyramid scam was a good deal, for the average person, who retired before the mid 1990s. They actually made more money, in net present value terms, than they were taxed.
But now, the later you retire, the worse the deal will be.
Best part, the so-called ’surplus’ is used to buy government debt. And, the government carries that on the books as income. Same thing as getting a $300 cash advance on your credit card at the machine, and then telling everyone you just got paid.
FDR’s pyramid scam was a good deal, for the average person, who retired before the mid 1990s. They actually made more money, in net present value terms, than they were taxed.
But now, the later you retire, the worse the deal will be.
Best part, the so-called ’surplus’ is used to buy government debt. And, the government carries that on the books as income. Same thing as getting a three hundred buck cash advance on your cred1t card at the machine, and then telling everyone you just got paid.
Best part, the so-called ’surplus’ is used to buy government debt. And, the government carries that on the books as income. Same thing as getting three hundred bucks on your Master Card at the machine, and then telling everyone you just got paid.
OK, the filter didn’t like mentioning money, money machines, or plastic card names.
Best news, rumors that The One will nationalize 401k plans if the markets keep falling, because private stock plans can’t be trusted. Which reminds me of one of Bush’s “State of the Union” speeches, where Democrats cheered when Bush mentioned his social security reform plans had been defeated. Talking down the market, like Obama is doing, is one way to speed up the pressure to nationalize 401k plans.
When that happens, us draft horses will have to work harder and harder, later into life, until the masters of socialized medicine decide it is more efficient to send us to the glue plant.
Regarding Social Security, my husband and I both collect it every month and are very grateful for it…especially right now. BUT, we have never depended on it. We saved for retirement for 40 years, invested, and planned to live out our days on the interest. I’m not see that right now. Social Security is a blessing at this time so we don’t have to tap into our investment principle as much. I also feel that we paid into it, albeit involuntarily, so why shouldn’t be get some of it? I don’t expect it will last much longer, however.
That was exactly my point.
I disagree though with a point that SS was a good deal for those before the 1990′s. A GOOD deal is when all parties benefit. A bad deal is when only one party benefits.
SS falls into the bad deal category.
If you retired before the mid 1990s, and worked an average amount of time, made the average amount of money, and have the avergae life span, Social Security is a good deal.
I don’t blame anyone for taking back the money that they paid into it.
But FDR had to know, even 70 years ago, that if the population didn’t continue to grow at a steady rate, so there were always sufficient workers to pay for the retirees, the pyramid would collapse.
One silver lining in giving amnesty to young illegals, we can put them to work legally and make them pay FICA.
Of course, the dark cloud, the majority would be natural Democrat constituents, dependent on government assistance and voting for ever increasing socialism. So it wouldn’t really work out that well.
I am.
Rus
Like any pyramid scheme, those who get in early enough make some money. That is how the scam can convince new victims to join.
If I recall, the original payroll taxes on Social Security in the 30s and 40s were negligible, and people would know some lucky seniors that paid in only a few years and than started getting a monthly check.
I’m not saying it was a ‘good deal’, just saying those that retired during about the first 60 years of Social Security’s existence, on average, made money on the deal.
Those retiring anytime soon, will have to live a lot longer than the actuarial tables suggest to make money on an NPV basis.
Those like me over 20 years away, would have to live to be as old as Methuseleh to come out ahead.
And, at some point, when two point something people are working for each retiree, and paying a combined twenty or thirty percent or more (take your social security witholding now and double it for the real tax- your employer is forced to match it), they’ll be a revolt, the working age will outnumber (and outvote) the retirees, and social security will disappear completely, and the freshly retired, paying in their whole working lives, will be shafted the hardest.
Silver lining
Ramos and Compean free today
On February 17th, 2009 at 12:38 pm, MrOlympia said:
Actually that should say “Being a conservative is like NOT having 666 on your forehead.”
DJIA @ 5,000? That’s taking us back to the start of the Reagan Revolution!
Problem is, President Hussein al-Chicago ain’t no Ronald Reagan and The Harpy Harridan ain’t no ‘Tip’ O’Neil. Reagan’s tax cuts started the DJIA stratospheric climb. al-Chicago’s & The Harpy’s tax increases and too-big-to-imagine debt will keep the DJIA at or below 5,000 for several years.
Meanwhile, private ownership goes in the tank except for Obamabots.
We’re all trying to sort out where the last few months have left us in this abandoned liferaft. Whoever likened this to the Titanic was spot on, but for the fact fiscal conservatives don’t have a rescue ship on it’s way. I’ve saved every penney I could over the years and budgeted to pay off our home, and still managed to live well. Haven’t financed an auto in eons – paid cash and immediately started saving for the next one. I slept better than someone in debt up to their eyeballs but feeling like an idiot at this point.
Simple facts simply stated about the stimulus
http://www.numbersusa.com/content/nusablog/beckr/february-17-2009/new-stimulus-projections-at-most-36-million-jobs-while-feds-import-3
I’m still disappointed that Bush started this w/ the previous
stimulussocialist package.BUT ~ You don’t put out a fire w/ gasoline!
I think this is being done on purpose so when the market climbs back to 7,000 in say, oh, 2010 the rats in the dinosaur media can say, “See! The One’s stimulus worked! The DJIA is up 25%!!”
Are you kidding? They are still blaming it all on Bush and the Republicans. Somehowm the Democrats have been in control of Congress for over two years and they were able to blame everything on the Republicans and now, even though he has been out of office for a month and has not said a PEEP about what is happening, they are still being allowed to get away with blaming Bush.
Der Fuhrer can do no wrong, he can do no evil and anyone who says anything against him is a racist, jealous, loser who is just bitter about losing the election.
I have no idea how long they will be able to get away with this, but the fact that it is as blatant as it is now and still Der Fuhrer walks on clouds is frightening and shows the extent to which the MSM is in the tank for him. At some point, with Congress’ approval ratings being at the lowest point in recorded history, and with the economy and stock market in a seemingly uncontrollable tail-spin, SOMEONE will have to stop ignoring it and say something…but by then it just may be too late.
Soros was able to achieve the goal he wanted with his run on the banks on Sept. 18th…but the damage he had done was far too much and that includes getting a person elected without the first clue as to how it can be stopped, let alone repaired.
Congrats Libs…the destruction you have and continue to bring to this country will easily set us back 100 years financially and technologically.
If this has been mentioned, I apologize but if this stimulus bill was so urgent to be pushed down our throats, why now is it ok for the dufus we call a president to take a 3 day weekend before signing it?
He’s qualified to ruin it, doing a damn good job of it too.
Let’s see. Obama doesn’t know what he is doing and is arrogant about it. He has turned over the economy to Pelosi, Reid and the rest of his radical buddies. The Democrat policies are socialistic and completely useless when it comes to solving the current economic problems, and are obviously payoffs to the left.
The Republicans are finally getting rid of the RINO mentality – although I doubt it will be once and for all.
The next two to four years are going to be interesting – to paraphrase a Chinese curse.
Even more interesting is if you look back to June 2008, when Obama finally put Hillary out of the race (since McCain never really achieved ‘front runner’ status, the country has been preparing for Obama ever since that time). That decline is roughly 5,000 points!
It appears that Barack Obama is poisonous to the stock market.
Are we also supposed to imagine that the stock market was soaring until the election, then suddenly began to drop precipitously the moment Obama won? Because man, imagine that! Obama would be, like, the worst president of the stock market EVER!
To think this man is now president of our imagination. Scary.
My president isn’t just mearly unqualified, but he’s still 100% IDIOT!
The Dow has dropped 4 out of the last 5 weeks, 2000 point drop from when O’ was elected and people wonder why conservatives are very concerned.
GSP
“This is Sparta!”
you say that like I dream about him at night, huggybear; which I don’t.
Actualy this part of that statement is completely true.
obama signed it. America is now officaly bankrupt.
2cents: It isn’t just P-BO that is poisonous to the stock market and the free market in general; It is the entire Democratic party and their marxist agenda; Companies will continue to park their money and investments elsewhere, at least those that aren’t currently being nationalized.
Well, 2:24 pm Tuesday 2/17 bho did it. We are now a country that is going to be a distant memory. The ‘crap’ thing is signed.
L
Old MessiahBama in on TV now. If anyone can stand listening to him report on what he says; I am installing the PlayStation 3 that Julio sent me for Christmas and do not have the time nor patience to listen myself.
The Harpy Harridan, excellent use of our language and culture!
The US markets, if not the world, has chimed in on what they think of Obama’s capability with issues of the economic variety.
And that would be that they think Obama and company are worse than clueless. Worse in that they are purporting to be fixing the economy when in fact they are just using the economy to shove their dangerous liberal agenda down America’s throat. Rahm Emanuel even said so.
“Rule one: Never allow a crisis to go to waste,” Mr. Emanuel said in an interview on Sunday. “They are opportunities to do big things.”
bjc – you’re absolutely right! That would be the more accurate and complete statement. I stand happily corrected.
I had to turn off Fox – just don’t feel like being lectured or chastised today.
“The trouble with socialism is that you eventually run out of other people’s money.”
~Margaret Thatcher~
The MSM is reporting that the markets are tumbling today because investors think the stimulus is too small. That’s exactly what Krugman thinks and not in line with the Republican view.
Krugman is a hyper-partisan idiot.
That’s because the MSM hasn’t a clue…
*We must remember too that P-BO is not finished, in fact, he’s just getting started; There will be mortgage assistance, a TARP 2, and more good money thrown after bad to GM and Chrysler; Nothing they offer up will provide a cure, just further inflame the situation; They need to just let the free market system wash out the losers and allow the winners to come to the forefront, but it is not to be found in their DNA.
*And the Republicans need to muzzle Grahamnesty and his talk of nationalizing the banks; Now that is one guy who is poison to the RNC and their chances of gaining ground in 2010 and 2012.
That would be an argument (stimulus too small) if the market only leveled or showed a small incline. A tumble is the exact opposite effect. You are also glossing over the worries that many investors have over the potential nationalization of banks.
The MSM bears some responsibility for the investor uncertainty given their proclivity to show non-stop scare coverage of the market.
Amazing!! The MSM repeating the lefts talking points? Why that hardly ever happens!!
*The NYT is a rectal orafice that sends out a little pinch like Krugman once in a while for enlightened economists to go ewwww! whenever they are made to listen to him; He has zero cred in our free market system fighting for its’ life within our Constitutional Republic.
No kidding. It’s amazing that Graham took a liberal solution and yet still found himself on the other side of the issue from… Chuck Schumer?!
Who woulda thunk it?
The markets are tumbling after Obama gave his campaign speech today and signed the “stimulus” bill into law.
I bet he was counting on the markets rallying at the last 1/2 hour today (nice timing there Obama, but it didn’t work), which is something that happens often. In this case, it didn’t, and I’m sure he’s probably wondering what happened to his “magic touch”.
It’s called reality. The stimulus plan is a pork barrel spending bill that the Dems shoved through congress because they were unable to do so for the past 8 years.
2010 here we come. Let the real professionals take over once again. 1994 redux.
Thank god the markets closed. They were heading for 7500. obama, please for gods sake STOP SPENDING!!!!!
I know, deaf ears.
His 2000 point slide just added another 300 today.
Nice. I wonder what Mitt Romney’s thinking.
Obama donor R. Stanford Allen charged wth $8 billion invesment fraud.
Since the moment Obama was elected a friend of mine has been referring to the “Obama rally.”
If the market had gone up, you can be sure the MSM would be saying it was because of investor confidence in the administration.
On February 17th, 2009 at 4:09 pm, sonofdy said:
Thank god the markets closed. They were heading for 7500. obama, please for gods sake STOP SPENDING!!!!!
I know, deaf ears.
————————————–
Very large deaf ears.
The obama rally
-2300 POINTS!!!!!
wahoooo!!!!!
I guess you can think of it as that he is creating a Buy opportunity. You just have to wait until the market bottoms out and rational adults get back in charge.
Exactly who are these investors you are referring to?
And to be honest – I don’t care what Krugman thinks.. He can think all he wants. Does he have his own money in?
You won’t truly understand investment until you own your own company – otherwise it’s mostly just gambling.
That might be when the dow looks like the s&p.
In fact, they will soon ban all sports because in sports you have winners and losers.
Me neither. He’s a flat out, blatant socialist Kenseyan economist. He has never spent a day working in business, as he is a full time academic, had some experience in government and currently a columnist for the NYTs. When he gets some real hands on business experience, then maybe I’ll take him more seriously.
History has already proven that socialism does not work, and government spending gets you in more trouble.
Just look at what happened in Japan with their so-called infrastructure spending.
Boy, nothing like lgm demonstrating to the world just exactly how little he knows about the economy, Wall Street or…well anything.
And putting his faith in the MSM…do they still have those “dunce” caps in school? Because I would imagine he has his own.
As I said in post #58 this morning:
From CNN: http://www.cnn.com/2009/POLITICS/02/17/obama.foreclosures/index.html
Bull, Krugman and lgm might SAY it but they do not believe it either. The great killer of markets, business and finance is uncertainty which as did FDR Obama, Reid and Pelosi provide in spades. People will not invest or take chances without some reasonable expectation of stability.
With one Democratic Congressman and Senator after another talking of controlling the markets stability is not possible. Nixon’s price controls and Carter’s excess profits tax are prime examples. This stimulus package seems to be a compilation of the worst.
Look to France with their perennially high unemployment for encouragement-twit.
Why buy property or invest in my business when the govt will come in and devalue my capital investment by bailing out the moron next door to me.
While my Miami condo was sort of a dream, I DID in fact take $60K in cash investment in my business off the table until I see how this BS shakes out.
The One’s will be done!
http://americandigest.org/sidelines/archives/2009/02/_texas_rainmake.html
“lgm said:
The MSM is reporting that the markets are tumbling today because investors think the stimulus is too small. That’s exactly what Krugman thinks and not in line with the Republican view.”
Allow me to translate for you.
The “Stimulus” is not a stimulus. It is too small in that what they are putting the money into has little to do with the economy.
That making more sense for you now?
If you’d like it plainer… lets just say the stimulus package is pointless.
Hundreds of thousands of people are out of work, we’re bailing out companys that should have been allowed to self distruct if they couldn’t manage to walk and chew gum at the same time, the unions have not given up one red dime in concessions to keep their bloated with benefits jobs, we’re going to have the poor fund a medical scam for the middle class and their kids, state after state that has also inflated their governments are standing with their hands out, millions of illegals are hanging in there waiting for the coming amnesty so they can get what’s owed them, and the beat goes on…..’Bambi needs to take another trip to get the heck out of Dodge and campaign for 2012! Oh, I’m stunned Wall Street doesn’t like it and tanks.
I still wonder why unions are legal in this day and age.
They’re the problem, not the solution. Never will I ever buy an American car. I don’t drive one now, and never will.
That tumble you refer to could not possibly have been caused by the continuous drumbeat of badmouthing of the economy by the libs and the media, could it? All in the name of politics.
Remember that Schumer caused a run on a bank after a run of his mouth.
Bush and company tried to forestall the Freddie/Fannie debacle, and were accused of being racists by the Dems, in particular, the Black Caucus. Add to that the fuel price skyrocketing (something Obama wants to bring back) and you had the recipe for disaster.
Bush’s stimulus didn’t work. Why are we trying to repeat it with a bigger “stimulus” package? Remember the definition of insanity?
Stop trying to rewrite history. Bush WAS blamed for 9/11 even though there was nothing he could have done to prevent it. He didn’t proactively court the disaster as economic neophyte Obama is.