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Yet, from Nov. 4, 2008 through Feb. 12, 2009, the DJI overall fell 18% -- a larger drop than during the Sept-Oct plunge. In January, when the Obama plan, promising far greater deficits than the two much smaller “emergency stimulus” plans signed by Pres. George W. Bush in 2008, was unveiled, the market tanked – the worst January performance in 113 years.
More pointedly, key political victories for the Team Obama spending plan have not been viewed as buying opportunities on Wall Street. A string of negative market reactions began with the December 18 announcement of a stimulus bill of $700 billion (Dow down 2.5%), continued with the January 7 announcement that the actual plan would be “on the high side” (-2.7%) and continued with last week’s 61-36 Senate vote supporting the Administration’s fiscal plan. The White House victory and the new bank bail-out plan announced the following day by Treasury Secretary Geithner were met with a 5% wipe-out in the DJI, and a decline in Treasury bond yields, indicating a “flight to quality.”
The projected 2009 deficit then stood at $482 billion. In January it was forecast by the Congressional Budget Office at $1.2 trillion. Pres. Obama’s new plan now ups that to $1.7 trillion. If W got the gold, the new Administration has landed the Platinum in just its qualifying heat.
If historic U.S. budget deficits are any indication, the economy is already “stimulated.” The predicted 2009 federal deficit stood at 8.3% of GDP before Obama’s package sent it to about 12%.
He is truly going to bury this economy.
Remember when Bush was running deficits of about $400 billion - all the gnashing of teeth by the Left? Where are they now when obama has run up the deficit to nearly $2 Trillion?
In January, when the Obama plan, promising far greater deficits than the two much smaller “emergency stimulus” plans signed by Pres. George W. Bush in 2008, was unveiled, the market tanked – the worst January performance in 113 years.
began with the December 18 announcement of a stimulus bill of $700 billion (Dow down 2.5%),
continued with the January 7 announcement that the actual plan would be “on the high side” (-2.7%)
The White House victory and the new bank bail-out plan announced the following day by Treasury Secretary Geithner were met with a 5% wipe-out in the DJI, and a decline in Treasury bond yields, indicating a “flight to quality.”
I'll just pull these out for you since reading and comprehension might be too great a task. I guess you haven't been listening to your messiah - he's been announcing his intentions for many months, and the market has reacted each time.
Not even one little squeak from you regarding the ballooning deficit, the majority from obama?
I'll just pull these out for you since reading and comprehension might be too great a task. I guess you haven't been listening to your messiah - he's been announcing his intentions for many months, and the market has reacted each time.
Not even one little squeak from you regarding the ballooning deficit, the majority from obama?
Try reading the article.
I was told by a VP of a financial investment firm that the market is dropping because people are losing their jobs. Apparently many people are liquidating their stocks to pay the bills. That is the #1 reason for the drop.
Remember when Bush was running deficits of about $400 billion - all the gnashing of teeth by the Left? Where are they now when obama has run up the deficit to nearly $2 Trillion?
The only problem with your argument is that Obama was only president for 23 of the days less than 1 out of the 6 imonths involved.
Quote:
The Bush Economy went up in smoke in September-October 2008. The financial meltdown hit Wall Street, devastating bank equities and laying waste to America’s 401-Ks. The Republican ticket, McCain-Palin, was a 50-50 bet on Sept. 15; by Oct. 15 it was a 5-1 long-shot. Voters saw the carnage: the Dow Jones Index lost 17% of its value from Sept. 2 through Nov. 3.
The scary part was that January 2009, though only one month, would constitute the worst year EVER for the bond market. That's bad as it indicates significant weakness in the US Dollar.
The scariest part about the Obama Admin is not the unemployment, declining equities markets, bigger Government or higher taxes. It's the potential for massive inflation.
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