Looking like another huge up day on Wall Street. (accuse, regime, claim)
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Yet another good day on the stock market, ending another good week. Go Obama!
"The Dow Jones Industrial Average closed Friday above 8,000 for the first time since early February, extending Wall Street's rally and showing resilience after a monthly government report showed the U.S. economy lost another 663,000 jobs in March.
The Dow closed at 8,017.59, up 39.51 points. The Standard and Poor's 500-stocks Index was up 8.12 points, to 842.50, and the NASDAQ closed at 1,621.87, up 19.24 points." Washington Times - Dow closes above 8,000
Yet another good day on the stock market, ending another good week. Go Obama!
I tend to agree with you, but every time I post something about the market liking the current president and his decisions, I am pummeled with explanations as to how it is temporary, or a "dead cat bounce," or because of George W. Bush's policies. There seems to be a group of people out there that will never agree that Obama has done anything well. That same group seems to think that stock market declines are the fault of President Obama, but when the market increases, it has nothing to do with the president. Have they been listening to Rush and his desire for President Obama (and by extension, America) to fail?
I tend to agree with you, but every time I post something about the market liking the current president and his decisions, I am pummeled with explanations as to how it is temporary, or a "dead cat bounce," or because of George W. Bush's policies. There seems to be a group of people out there that will never agree that Obama has done anything well. That same group seems to think that stock market declines are the fault of President Obama, but when the market increases, it has nothing to do with the president. Have they been listening to Rush and his desire for President Obama (and by extension, America) to fail?
Yeah, they are a pretty irrational bunch. I don't let it bother me. If they get too stupid making too many clearly bogus claims too many times I simply stop reading their posts and/or simply put those posters on "ignore" - considering them to be little more than either trolls or rabid racists.
I don't mind folks disagreeing with me, but when they reach the point where their claims are simply silly - as with the endless "Obama is not a citizen" threads, or the nearly equally dumb "the market is only up because Obama has left the country" type threads - where there is ZERO evidence to support their comment, then I can only conclude that such people have nothing of value to add to the conversation and are simply irrational in their hatred of Obama or that they are simply trying to stir up trouble and are trolls.
The fact is, Presidents CAN and DO affect the market all the time. They are certainly not the ONLY factor, nor necessarily even the MAJOR factor - but they DO have an impact on the market - and it's silly and ignorant to claim otherwise.
For example, I think a considerable amount of the massive 3000 point drop in the market last Sept/Oct during the onset of the economic crises was a direct result of the way in which Bush reacted - specifically his apparent panic and his "deer in the headlights" appearance when speaking of the issue. I think the market over-reacted to Bush's demeanor and sent prices down further than they really "deserved" to go.
Likewise, I think that the release of that money (and the psychological impact of the knowledge that the government is going to pump more money into the economy under Obama) is also starting to have a positive affect on the economy and the markets.
Now, one can certainly argue whether all that spending is wise in the long run. I happen to think it is pretty necessary to dig the economy out of the hole it's in - but I do recognize that such a strategy is not without considerable risk. The bills WILL come due and it cannot go on indefinitely. I just happen to think that it's at crises times like this that you NEED to dig deep and borrow if necessary.
To me, there is a critical difference between deficit spending in an economic crises (such as now) and the deficit spending that happened during most of the Bush 2 years. While I do think some deficit spending in the year or two following 9/11 (when the country was suffering an economic crises) was appropriate - for it to continue to grow dramatically year after year (getting larger and larger - once the economy was on the mend) was a tremendous blunder. Obama may very fall into that same trap as well, but for NOW the money IS needed.
In a couple of years time - once the economy has started to grow robustly again, if the US budget keep getting bigger and bigger - THEN I'll worry and complain - but for NOW I think it's more important for the government to push money out into the overall economy than it is to watch our spending.
There are of course people who disagree with that - and that's fine (it may turn out that those people are even right - though clearly I don't think that's the case). I have no gripe with people who make that kind of argument. Drastically increasing the deficit IS a valid and legitimate concern (and should be so for ALL of us) and opinions espousing those concerns have weight and value. It's also a valid concern that additional bonds floated by the US government may find fewer buyers (though again, I think the bond WILL be bought - at least for a bit longer (though not without some "gripes")) - but to make stupid claims like "Presidents can ONLY drive the market down - but NEVER up" contribute nothing of value to the debate and only show irrationality and ignorance on the part of the poster.
Too many silly and baseless posts like that and I eventually just stop reading entries from the particular member.
I understood where you posting was up until you reached this point.. at which your post went into lala land and because the most uneducated posting of the day. Dont fear though, its only 9:15 and another liberal will surely outdo you before the end of the day..
As I said, the attacks will start.
I was going to write something about how even I, who support the president, am getting concerned about the amount of money being thrown at this recession world-wide with some explanataion as to my hope that we begin to remove the deficit as soon as possible. But I am afraid pghquest will deem it another stupid post. After all, as pghquest pointed out, I am uneducated. It is a miracle that I can form a coherent sentence, I suppose.
Things will recover because thats what they do, not because of an Obama administration up top spending trillions but because its a normal economic business cycle. Obama will receive all of the credit and for decades massive deficits will be seen as the way to cure recessions until someone finally bankrupts the country..
Things will recover because thats what they do, not because of an Obama administration up top spending trillions but because its a normal economic business cycle. Obama will receive all of the credit and for decades massive deficits will be seen as the way to cure recessions until someone finally bankrupts the country..
OF COURSE things will recover naturally.
That's not the point OR the question.
The question is WHEN would it recover naturally - and how much additional pain and suffering will be inflicted on the country as a result?
Ken
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