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Remember back 4 years ago when all those investing geniuses out there were predicting the stock market would tank under Obama?
Funny, that didn't happen - and indeed the markets have rallied under Obama in a HUGE way. The S&P has now regained 91% of what it lost in the onset of the Great Recession and is now less than 100 points away from it's all time high. How soon it will break that old record no one can say, but clearly we've come a longgggggg way in just 5 years.
The problems are bigger than Red or Blue. Well, other than red ink.
You're all so busy trying to prove the Blues right you are ignoring the red ink. They make off with all the green and one day the whole country will wake up with a case of the blues.
It's definitely a bigger problem than politics but that's what getting in the way.
That red you speak is easy stuff to fix as most of it isn't going to be long term spending (hopefully), wars, bailouts, stimulus, unemployment benefits, etc. or things that can be fixed with reforms (healthcare and SS). Are long term problems are easily manageable if both sides could show some actual leadership instead of one-up-manship.
Except you were predicting this bull market for 2010. When that didn't happen, you disappeared from the forum. Three years late aren't ya, Ken?
You have a REALLY bad memory and an EVEN WORSE knowledge of history.
It was in early March of 2009 that I first said the market may have turned around - and it HAD. To begin with I was still uncertain, but as the following weeks progressed and the market continued to recover I became convinced we had indeed hit the bottom and were on the way back up (and jumped back into the market).
Here was my very first post where I speculated that the stock market may have bottomed. It was on Mar 10, 2009 - on what turned out to be the DAY OF the market turn around:
Quote:
Originally Posted by LordBalfor
Well, I certainly wouldn't break out the bottle of champaign yet (well, maybe the CHEAP stuff) - but still, there was some VERY GOOD NEWS today that propelled the market upward - so maybe, just maybe, we may have hit the bottom.
Lets wait and see what TOMORROW brings before we pat ourselves on the back too many times though.
Ken
Here are 2 followup posts of mine from Mar 12, 2009 & Mar 14, 2009
Quote:
Originally Posted by LordBalfor
Just so you know. It's not 250 points. It's 600 points or so over the last 3 days (up over 8%).
Can it go back down?
Of course it can.
But again, the OP's point was - the Obamabashers scream bloody murder about it going down and put the blame squarely on Obama - but don't make a peep when it goes up.
Are we at the bottom and working our way back up?
As I've said before, I don't know - and neither do you.
But for NOW, lots of good news this week.
Ken
Quote:
Originally Posted by LordBalfor
It is true that there is plenty of bad news still, but there are some signs that we may be at (or near) the bottom.
1) Citi, JPMorgan Chase, and Bank of America all announced they turned a profit the first 2 months of the year - since the problems with the big banks are what lead to the big market crash in October this is an indication that the bailout money has had a significant affect - a good sign.
2) Retail sale in February - while still down - were better than analysts had anticipated - possibly a sign we are approaching the bottom - and despite you comment about Wall Street treating bad news as good news, there is NOTHING NEW in Wall Street doing that. It OFTEN does that, responding poorly if good news is not as good as expected or responding positively if bad news is not as bad as expected.
3) GM announced it wouldn't need the latest installment of bailout money - again, a sign that perhaps they have gotten their themselves back on track
4) There are some good indications that the credit freeze is thawing and that money is beginning to flow again - again, a good sign.
These are all positive changes, so there IS some good news out there. Is it still outweighed by the bad? Of course it is, but any recovery will start that way - with a few indicators turning upward while the bulk are still downward, so PERHAPS these are signs that we are near (or at) the bottom - hence the big rally on Wall Street this week.
Yes, unemployment went up in 1938 - because (under pressure from folks like youself who felt the budget deficit had to be dealt with immediately) the programs were scaled back to save money. And surprise, surprise, when THAT policy was put in place the UE rate went back up - giving up HALF of the improvement of the previous 4 years - kind'a like what happened in Europe once the "austerity" measures were put in place.
Ken
Yet again you display a complete lack of understand about economics. Money was being taken out of circulation. Bank reserves were raised twice. SS payments were kicking in. Ever hear of the tax on undistributed profits? Of course not. Don't know why that's bad? of course not. The profits used in down times which go to R and D as well as retaining employees was taken from companies. No longer did they have funds to keep employees around in order to be ready when the upturn came. Companies like to avoid retraining costs
You've already proven you don't know what austerity is so you may want to stop commenting on it.
I've posted links to volumes of data - with virtually every economic indicator showing recovery. If you choose not to believe that data that's not my problem. The fact is, the economy will continue to improve - with ups and downs along the way (as is always the case). They UE will continue to slowly drop, factory orders will continue to rise, tax revenues will continue to rise, the yearly deficit will begin falling back down, consumer & business confidence will continue their generally upward path of the last few years, and overall the economy will continue it's slow healing process - and you will continue to say "doom and gloom", "the government is lying", "the collapse of the dollar is just around the corner", and "hyperinflation is on it's way" - and all the time look increasing out of touch with reality.
So what?
Tell me how your opinion will change anything?
Ken
You have shown time and time again you understand little in the economic field. Your cherry picked charts are incomplete and vapid, much like your posts, do not back up what you claim.
Why listen to you? You never saw the collapse coming and you said the recovery was happening before. Oh sure, lets keep YOUR big government manipulating the economy.
Bail outs work? nope Cash for clunkers help the lower and middle class? Nope
The manipulation of the housing industry by your big government caused our economic downfall yet you want the same hacks to fix the economy?
Got any cool charts for that?
Those kidders - they should have said that the dollar bill would be tanking.
Hyperinflation, let us sing the buck inflated.
Do you have a clue what hyperinflation is?
Here's a start:
People in Weimar Germany had to bring wheelbarrows to work and get paid twice a DAY because the inflation was so severe that money paid one day would be worthless the next.
$5 still buys me about the same amount of stuff that it did a decade ago. Maybe not 50 years ago, but inflation does that.
Housing is cheaper today than when Obama took office. Gas fluctuates a lot and is an idiotic energy source, but even that remains about steady to inflation when compared to prices from 35 years ago.
The 99 Cent store still sells all the same crap for 99 cents.
Electronics and other technological items actually get cheaper.
And my investment portfolio? Yeah, that's increasing far faster than everything else, hence my new condo, paid off car, new couch, washer-dryer, fridge, two HDTVs, a blu-ray player, hundreds to charity, two new sets of boxing gloves, I can go on...all of that this year. That would not be possible in an environment of hyperinflation.
Remember back 4 years ago when all those investing geniuses out there were predicting the stock market would tank under Obama?
Funny, that didn't happen - and indeed the markets have rallied under Obama in a HUGE way. The S&P has now regained 91% of what it lost in the onset of the Great Recession and is now less than 100 points away from it's all time high. How soon it will break that old record no one can say, but clearly we've come a longgggggg way in just 5 years.
So what do you think the current state of affairs says about the president?
Here are a few things to keep in mind before you answer that question.
1) We added 16 million new people onto Food Stamps, just in Obama's first term of office. That equals to over 10,000 signing up for Food Stamps each and every day.
2) We are at a fifty year high in poverty in the US
3) We had 43 months in-a-row with over 8% unemployment
4) We have all of this bad news for the poor and middle class, during four years where Obama spent nearly $6 trillion in new debt. Looks to me like it's clear which hands these Obama bucks are finding their way into, and sure as hell is not the poor or middle class, is it.
Those big money Wall Street types love all the money Obama is tossing their way. Obama is not called our country's biggest crony capitalist for nothing. I can hear them now, begging Obama to institute carbon cap and trade rules. $$$$$$
You have shown time and time again you understand little in the economic field. Your cherry picked charts are incomplete and vapid, much like your posts, do not back up what you claim.
Why listen to you? You never saw the collapse coming and you said the recovery was happening before. Oh sure, lets keep YOUR big government manipulating the economy.
Bail outs work? nope Cash for clunkers help the lower and middle class? Nope
The manipulation of the housing industry by your big government caused our economic downfall yet you want the same hacks to fix the economy?
Got any cool charts for that?
Don't break a nail scratching the surface.
What "cherry picked" charts?
Nearly EVERY chart on the tradingeconomics site (which shows ALL the major economic trends) shows improvement - in many case VAST improvement - from the crash, so apparently you have a "unique" definition of "cherry picked". The fact that YOU don't LIKE what the data SAYS is unimportant.
The data says what the data says.
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