Another Obama-capulco Cliff Dive
I dug out an Acapulco Cliff Diver video last week when the Dow tumbled 251 points to its lowest close since Oct. 28, 1997.
Ready for another plunge this morning?
Stocks opened lower Monday morning, with the Dow falling below 7,000 for the first time since October 1997, after American International Group reported a massive quarterly loss and a restructuring of its bailout by the government.
The Dow Jones industrial average (INDU) was down 96 points, or 1.4%, to 6,966 points, 20 minutes after the opening bell. The S&P 500 (SPX) index slid 11 points, or 1.5% to 724 points. The Nasdaq composite (COMP) was down 0.7%.
Both the Dow and S&P are hovering at their lowest levels in about 12 years, as the market remains anxious about the state of the global economy and the world financial system.
“There’s a buyer’s strike right now in the stock market,” said Art Hogan, chief market strategist at Jefferies & Co.
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Patterico
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» The Church of Obama
I repeat,
F%^%$#@$ %$@#$!@ $%%#^!@!!@
Would obama STFU???
Can you spare some change?
Um… no…
Please?
Ok. Ok. Here you go. See that. I just put hope in your cup.
So, when do we officially credit Barry O with causing a depression?
The second he decided to spend our way out of debt.
Oh really? Hmmm…but there wasn’t one at 9,500, 8,500 and 7500? Pass the bong..dude.
You know, it used to be that times like these were good times to buy on the stock market but about the only thing I think is worth investing in at present would be gold, guns, ammo and maybe some really isolated property.
And I still don’t have my unicorn!
Ya know, when the stock market tanked in 1929, Ulysses Grant sent everybody a text message explaining what happened and how they were going to fix the problem.
Why all the negativity? The Obamas are throwing more parties than ever now that the White House has been returned to the people. This is undoubtedly meant to inspire us and fill us with us hope, unlike those Republicans who callously spent the peoples money on parties for their corporate friends while children starved in the street.
I haven’t gotten my invitation yet but am sure it is in the mail.
So, I can eliminate all my debt by spending a pile of money I don’t have?
Yeah, that’ll work.
“Bread and circuses”
Name the ruler…
The Acting President Obama is so enamored with his jive talk act that he will never shut up.
I believe it is on purpose, to do a Hugo Chavez “President for Life” trick on America. Keep your eyes open America.
OT
Dr. Hansen to lead ‘civil disobedience’ march against coal power and global warming in DC
Meanwhile, while the heaviest snow, after 8 inches, is winding down, temps in the mid 20s and winds gusting over 30 mph could cause pot smoking patchouli oil freaks to suffer hypothermia.
If we’re lucky.
Light snow, 21ºF and 40 mph wind gusts currently in Washington, DC
That’s funny!
The parties at the White House are unbelievably insensitive to “Main Street”; you know, those of us folks that BHO said he cared about. Keep it up, Barry. The world is now seeing what we knew all along: It’s not actually so hard out there for a pimp, now, is it?
does obama know how to play the fiddle???
the stock market drop….now thats change you can believe in!!
Get center fire ammunition while you can.
the stock market is UP IN SMOKE..
can you dig it??? power from the people..
since we’re going back to the 70s (30s?) thought I’d update one of the phrases from that time…
Got a blast of global warming here yesterday/last night here in Georgia. My wive’s car wouldn’t even start this morning. So now add dead car batteries to problems caused by burning fossil fuels.
Always a fine idea-short wave radio might help 2. My depression started around the time I knew our choice was McCain-Obama.
—
I’ll keep my guns, you keep the change.
http://www.answers.com/topic/bread-and-circuses
Interesting read. Highly relivent
That did not include the Gun-toting, Bible thumping Christians or Conservatives. Didn’t you get the telegram? Now when you can reach the status of a national hero like Bill Ayers in our illustrious leader’s eyes … then you can look forward to your invitation.
I think it was in ‘American Thinker’ that I read about a possible clinical disorder with B Hussein Obama.
BHO, thanks to abandonment by his father as an infant, abandonment by his mother before he was 10 years old, identity confusion being mixed race as a teen, has probably developed a narcissistic personality disorder.
He has extreme difficulty feeling empathy for ‘ordinary people’. He feels entitled.
Add to that the fact his grandfather, probably more than a little left of center himself, chose Frank Marshall Davis, member of the Communist Party USA and an admitted statuotory rapist of teenage girls as his mentor because young Obama ‘needed’ a Black father figure, and Obama’s mentors later included the actual students of Saul Alinsky, as well as Edward Said and William Ayers, and it would seem the ingredients are there for a Pol Pot or Josef Stalin type Marxist sociopath dictator.
Hey, it’s only having a negative impact eeeeevillll corporations and the eeeeevillll rich, after all, so what’s the big deal? Right, Obama?
/sarcasm
thats right..all you conservatives shouldn’t sully your hands with that dirty money….send it to me..I know what to do with it!!
Yes, Obama’s socialist policies continue to destroy the stock market.
Again, Rush was right and predicted that Obama’s policies would fail.
Yet again, clueless Republicans, like Steele and Cantor, are criticizing Rush for not being nice enough to the Messiah, and at the same time they are not criticizing nearly enough Obama’s policies that are causing this economic disaster.
We need some real Republican leadership.
Obama is the Hoover of our time.
Back during the election season I stated that the republicans losing this election would be a blessing in disguise. History will not look kindly upon Obama’s handling of Great Depression II.
It wouldn’t have looked kindly on McCain’s handling of it either. But that’s not our worry is it?
He can’t possibly be this dumb, can he? Surely, his fine team of Ivy League grads took Econ 101. Rewarding failure just isn’t a good scheme.
There must be some other agenda here besides fixing the broken parts of the economic machine.
What could that be, I wonder?
wanna read about Dear Leader?
start here:
2Ti 3:1 But realize this, that in the last days difficult times will come.
2Ti 3:2 For men will be lovers of self, lovers of money, boastful, arrogant, revilers, disobedient to parents, ungrateful, unholy,
2Ti 3:3 unloving, irreconcilable, malicious gossips, without self-control, brutal, haters of good,
2Ti 3:4 treacherous, reckless, conceited, lovers of pleasure rather than lovers of God,
2Ti 3:5 holding to a form of godliness, although they have denied its power; Avoid such men as these.
there is more at the link.
chillingly accurate.
Nothing about what Obama and the left are doing is surprising. Remember their mindset. Obama was elected KING. They view the Presidency as a monarchy.
expres12: fixed it for ya…
“He can’t possibly be this dumb, can he?”
Tx,
Do you still think his strategy is to FIX the financial market and our economy?
No he isn’t dumb. So when his actions don’t match the stated goal, why are folks still criticizing his actions? Why are they not looking at his REAL goals?
He has no interest in fixing anything. No interest in free markets or life liberty and the pursuit of happiness. He want to run the show, his show, his way.
A socialist, forcing socialism on us, with socialist strategies.
All his “fixes” are smoke and mirrors, a magician’s distraction, so that we won’t look at or see what is really going on and what the real goals are.
Why in the world Cantor said on TV that Cantor, and he implied the rest of us good citizens, want this President to succeed is both beyond me and flat out insulting. Who does Cantor think he is?
Didn’t he already do a stint on Rush apologizing or something like that for his previous comments? Cantor needs to go with Specter, Collins and Snowe.
http://hotair.com/archives/2009/03/02/epa-to-regulate-dust/
These are the guys LGM thinks will save the economy.
They are trying to regulate… wait for it….. DUST!!!
Yes fresh after regulating cow farts, these saviors of the enviroment way to fine farmers if dust from behind thier tractors goes over thier property line.
Just wait until he unveils his health care plan. You’ll be able to watch the market tank again when Obama grabs the only profitable industry still left in the US and moves it toward nationalization.
That made no sense but i hope you got it anyway.
It’s time for “Short-selling” Surfari, folks!
I’m with you, js,
I’m just wondering how nefarious all this bailout business is. It is difficult to talk rationally about what is happening to America right now. You sound like a crazed conspiracy nut if you speak the truth to the unwashed masses that are too busy watching ‘American Idol’ to notice what’s happening.
We, unfortunately, are living in interesting times. They are going to get much more interesting in the future, I’m afraid.
Just imagine what will happen when there’s not enough money for welfare payments or social security benefits.
I’m looking at 8″ of Global Warming piling up outside my window. The markets are tanking, in part, because of the fear of Cap & Trade. This will do for the economy as a whole what “mark to market” did for the banks.
You’re worried about guns? I’m afraid he’s going to take away my firewood! Ahh, with all this global warming, who needs a cozy fire anyway?
oops! “Sort-Selling” Safari…I gotta stop listening to Jan and Dean…
It’s soooo frustrating that the government, who according to BHO is the only entity capable of fixing our economic problems, allows problems like AIG to fester until there’s a total breakdown. I’m so frustrated that there has been absolutely nothing done to make necessary changes in the government’s entitlement programs with that crisis looming. I know GWB tried to do so, but the Dems resorted to fearmongering (I guess it comes naturally to them), and unfortunately the Pubs didn’t have any backbone to stand up to them, and thus nothing was ever done.
I agree with the previous poster who indicated that we were screwed when the match up was Obama and McCain.
I, however, am optomistic that the good Lord watches over us and that we’ll eventually overcome this madness and be a much stronger country as a result.
Maybe sending us into a depression is part of the plan in rebuilding the Country in Obama’s image…boy he really doesn’t get Americans – we are not all fools. He thinks he can get by with a core fool constituency. Americans put up with a lot until The Govt., puts their hand in American’s wallets or their purses.
Huge news if one has a job in oil and gas, or if one doesn’t want to pay $10/gallon for gas.
Obama wants to eliminate entirely the IDC deduction and depreciation for oil companies. IDC is the expenses involved, the cost of the drilling rig, the cement used to cement pipe in the hole, the wireline logging to measure rock properties, the acid or high pressure sand slurry pumping to increase the flow of the well. It is a business expense, and was treated as one, but the new Obama budget says it will be an expense oil companies must eat.
It will absolutely shut down new drilling in the United States, including most wells in the Gulf of Mexico. Oil can be imported from Venezuela and Saudi Arabia, of course at a higher cost because of reduced world supply as US production drops. Natural gas is harder to transport long distances, requiring expensive liquefaction plants to allow tankers to carry it across oceans. The end of drilling for gas in the US will mean people using gas for home heating will see trebling or more of their home heating bills.
Link
madshark: He watches over fools and drunks and, unfortunately, we have become a nation of fools spending like drunk sailors — apologies to any sailors who have spent while under the influence as the current Administration is taking this malady to new heights!
#30, not as king, but as supreme leader for life, and then to pass on to another gifted supreme leader. chavez, obama, kim, kaddafy, and virtually all the potentates of africa.
The Dow fell below 7000 this morning.
Obama is doing nothing but raping the treasury and destroying the country. Thank you enlightened voters . . . you really stuck it to us this time. Make sure you keep up the maintenance on you lawnmowers because soon we’ll all be eating grass.
somebody get love2rumba caffine, STAT.
Actually, I believe you may be incorrect.
It will only shut down American drilling in those locations. Already China and Russia are drilling closer to our shores than we are allowed to. We can simply buy our own oil back and spend more money for it … but then again, if they are by some miracle willing to sell us back our own oil, it may very well be cheaper than it would if we bought it from our own companies after our bloated bureaucracy gets done with our economy.
$10 gasoline is around the corner. Part of Browner’s (of the Socialist Internationale, ie, the Comintern)plan to reduce the US economy by almost 80% by reducing fossil fuel use by 80% in the next 40 years.
See my #41. Obama has declared war on US oil and gas. Only his Muslim friends and Hugo Chavez will be allowed to produce it.
Obama has carefully avoided mention of nuclear, because that might actually fill the gap if we’re forced off oil, gas and coal. Windmills and solar cells will not make up the difference, nor will a nation of Prius and Cooper Mini drivers.
BTW, good luck to people with more than 1 child when we are a nation of Prius, Smart car and Mini drivers.
I keep hearing Bon Jovi’s “Living On A Prayer” in my head. Too bad we’re not “half-way there”!
Obama (or his handlers) know exactly what they are doing. The market is going just where they want it to go. A poor country is easier to control than a rich one.
Welcome to serfdom suckers.
Serf’s UP!
NO.
Wonderful…the Dow is down another 200+ points now. I’m ready to jump off a cliff!
to Craig
Who ever said the “buyer’s strike” is over?
to Gabe
Elected officials have an obligation different than an outsider like Rush, therefore while Rush can legitimately wish for failure, an official sworn to the service of the US Government must (at least appear to unless they are liberal) make efforts for the success of the US, thus cannot openly be fro failure.
I think few Americans blame Obama for this chain of events set in motion during the Bush years. Maybe next year they will.
Keep your Money Market accounts free and at the ready: CD interest rates should go meteoric late this year/early next, when inflation and interest rates respond to Obama’s spending bill pressures.
Among other travesties, I wonder who, or rather where this $900M to rebuild Gaza that Hillary promised is buried. Our economy is tanking yet we have money to rebuild a strip of sand that Hamas owns – oh! sorry I’m racist.
Idiotic statement of the day goes to lgm!
Every policy implemented by BHO has sent the market down the day the policy was announced. On good days the press didn’t laugh at Geithner as he announced the latest round of idiotic policies. So much for “hope and change.”
But, it is somehow all Bush’s fault…
Nope I do not blame strictly B. Hussein O. or Bush for this mess although both certainly did their part in allowing or aiding it in happening. I blame the democrat controlled congress that created this mess. Just because the majority of America fails to see something does not mean that there is nothing to see … no matter what big brother may tell us.
I guess we now know why somebody would spend $750,000,000 to get a job that pays $400,000/year.
People will realize before too long and it will hurt.
The “chain of events” was set in motion during the Teddy Roosevelt years, with significant contributions thereafter from FDR, LBJ, Carter, GHWB, Clinton, and GWB. Neither party is completely at fault, and certainly neither is blameless. But the proximate causes of the disaster are the subprime mortgage market collapse and “mark-to-market” accounting rules, and for those, the Democrats bear primary responsibility.
I need a bucket next to my desk because I am about to agree with lgm and it will make me choke. The current economic downturn may well be the fault of BHO and the democrat congress. That doesn’t mean the economic illiterates won’t blame Bush.
On March 2nd, 2009 at 11:50 am, lgm said:
History as well as every credible pundit and economist around says it will begin this summer – during the “dog-days” of summer’s heat, when people usually grow discontent with the party in the WH/power.
lgm, will you ever stop blaming bush for everything wrong in this world. let’s see, clinton changed the banking rules to allow wall street gambling with mortgage backed securities. clinton mandated the banks through fannie and freddie to make subprime loans. bush went along with it, but tried in 2004-2005 to rein in this mess and tried to fix the great democrat ponzi schemes known as social security and medicare/medicaid. did he get 1 democrat bipartisan help. hell no. so now chuck shumer shoots off his big mouth, the msm runs 24/7 sky is falling messages from democrat sources in order to win the 08 election, and voila, we have a recession. then odopey fixes bush’s deficit spending by doubling down in his first 30 days, and it’s all bush’s fault. you have to be a teacher. no one but a union working socialist moron can look at facts and say yeah but. god, is it any wonder our kids are behind every civilized society on standardized test by the time they graduate high school.
Of course all of obamas bad acts are bushes fault!!!
sonofdy: My Serf’s UP! comment was meant to 1) be humorous and 2) to “ride the wave” of revolution that seems to be arising from those who are fed up with the current Administration’s attempt to change our nation to fit their concept of how things should be…
I refuse to be a serf and will fight it until lgm’s dying gasp.
Agreed. With the dow screaming down towards its lowest point ever I may be a LITTLE tense.
Do you feel a need to be completely and totally wrong on a daily basis? There’s got to be something seriously wrong with this chick.
This disaster which has been compounded by the OBAMA administration was set in motion by the actions of the CARTER and the CLINTON administrations and brought to hellish maturity by Barney Frank and Christopher Dodd.
Bush and McCain tried numerous times to regulate Fannie Mae and Freddy Mac but Barney and Dodd prevented that. You have no one to blame but your own worthless, anti-American party.
And every time this Kenyan jerk opens his mouth my 401 K draws closer to zero. This clown needs to learn to shut his pie hole and knock off his commie bloviations while the Dow is still in positive numbers. Thanks to his arrogant undisciplined mouth Obama is beyond a doubt the most unpresidential President we’ve ever had INCLUDING Jimmy “The Brain” Carter. If the MSM was doing their job and reporting what he says those damn fool global warming protesters in the snow today would be replaced by angry mobs with pitchforks and torches at the white house gate.
Woohoo! Dow down to 6836 at 12:30. Bet those liberal trust fund elites are loving the Messiah about now.
One thing that can’t be blamed on George Bush. That is, the stock market drops a 100 points everytime Duh One opens his mouth.
jjmurphy: The thug’s mug only a liberal mother could love!
Seriously people, great values in the stock market happen when the Dow is selling at 6 – 8 times earnings. There is a long way down before that happens. Many of you aren’t actually old enough to have seen it. Stay tuned…
Those people are all stupid enough to think he hasn’t thrown enough money away yet.
They aren’t worried, all thier money is quite safe I assure you.
This is the mind set that keeps liberals diseased and the country in chains.
I agree.
I doubt Soros, Lewis, the Kennedys, Kerry, etc. would risk shooting themselves in the foot this way, if this market were where they had their wealth stashed.
I found the roadmap for Obama’s complete disregard for the market and for capitalism in general. In fact he is down right hostile:
It from Leon Trotske:
You know they’re absolutely livid that the government is harassing UBS about their secret Swiss accounts.
True, dang it!
Once upon a time, a bank was allowed to recover their asset (they have the title to it – not the home-occupier) when the home occupier failed to perform their end of the contract. Then congress removed the “safety net” for making a loan. What does anybody think will happen to a) willingness to loan and b) the “value” of those who have loaned in the past?
BHO has yet to figure out that he can’t make people work, spend money, invest money, create businesses or hire people if they don’t want too. He’s going to watch the earning potential of the country stagnate while the debt rises. He failed to realize that he needs the cooperation of the American public, not bipartisanship in Congress. Those who create the wealth, control its creation. Without prosperity, BHO gains nothing. After BHO and his utopian, liberal cronies fail, The American public will rebuild the economy. Unfortunately, it may take more time and pain before we get our country back into our hands and out of the government’s strangle hold.
#58
The culprit is the US Supreme Court. The Progressives of the late 1930′s did away with the last vestiges of the government contraints placed by the Founders. In effect, the Progressives made rent-seeking constitutional which has only become inevitably worse over the past several decades. As rent-seeking has risen, so has the corruption of the People. So long as giving to special interests remains allowed, there is no politician or political party that will be able to withstand the pressures – the people will always prefer the Santa Claus pol to a Cato. Until the Founder’s constitution is re-instated, counting on a political savior to fix things is just a fool’s fantasy. It is that natural inclination of politicians and government thoughout time to accrete power to themselves – government is inherentl a corrupt beast. To expect otherwise is being a socialist. As I learned in econ class, how the players play the game is dictated by the rules. Change the rules, you change behavior.
That is one great post. It’s a shame Obama and his crew are operating on the opposite premise.
Down 300 points today. heckuvajob obama.
Im loving it. We’re a long way from the bottom and I’ve got cash to spend. Buying on the way down and then on the way back up too.
The only gambling part to this is whether the market recovers high enough to sell everything – the day before the Capital Gains Tax is raised.
Why is everyone worried? THIS IS THE BUYING OPPORTUNITY OF A LIFETIME that everyone has been waiting for!!!!! Come on, do your homework.
On March 2nd, 2009 at 11:50 am, lgm said:
I think few
Americansignorant drones blame Obama for this chain of events set in motion during the Bush years. Maybe next year they will.Yer do’in a heckuva job there Barry.
I wonder when the Pres. gets to take ownership of this debacle?
Pres. Obama’s rhetoric and actions are playing directly on our economy, when do we get to play pin the tail on the donkey?
“We’re probably in a depression now. But it’s not going to be acknowledged until years go by. Because you have to see it behind you,”
When the “52 percenter’s” are standing in line at the soup kitchen waiting for their bowl of gruel,they can be reassured by that perky little ditty from the early 1930′s playing over the loudspeakers…. “HAPPY DAYS ARE HERE AGAIN”!!!!!
good summary of how Barry O‘s minions are running out of excuses by the WSJ