Dow Jones tops 9,000 for first time since January (money, paycheck, state)
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Got to love how Obama walks into the mess, and for 6 months after he was in office, so many people want to point their fingers at him and scream. How many threads were created talking about "Obama's stimulus nightmare"?
When it starts to get better they want to bring the credit back to Bush, including the stimulus.
Seems a bit hypocritical to me.
It's to the credit of those who drafted and voted on it, and it's the fault of those who voted on the measures to get us here in the first place. Now it will be the responsibility of all those in the government to keep it going, and reduce the national debt.
Yeah, as more and more time goes by it will become abundantly clear just how stupid those "Obama has crashed the market" arguments were. For one thing the markets had been on a downward trend for 14 months or so before Obama was sworn in. Secondly, we see now that Obama didn't really have that long a period of downward movement in the markets - nor did it drop very much in relation to what it had dropped under Bush. Furthermore, within 7 weeks or so of Obama taking office the markets were on their way back up - and up DRAMATICALLY (one of the fastest rises in market history). Compare that 7 week drop with the 4 1/4 month gain that's followed it and becomes pretty obvious that this is not an Obama crash by any stretch of the imagination. It was a problem he inherited - pure and simple.
So far, Q2 S&P 500 revenues are off 27%. Also, projected 12 month earnings for Q3 are negative. That's never happened before. Okay, the negative yearly earnings won't last, but projected 2010 yearly earnings are printing a p/e ratio of approximately 26, and this years projected dividend yield is 2.2%.
These are not good valuations, especially against a backdrop of unpayable debt.
For all of those that think the recession is over, I have a simple question. What sector(s) will lead us towards a meaningful and sustainable economic recovery?
Yeah, as more and more time goes by it will become abundantly clear just how stupid those "Obama has crashed the market" arguments were. For one thing the markets had been on a downward trend for 14 months or so before Obama was sworn in. Secondly, we see now that Obama didn't really have that long a period of downward movement in the markets - nor did it drop very much in relation to what it had dropped under Bush. Furthermore, within 7 weeks or so of Obama taking office the markets were on their way back up - and up DRAMATICALLY (one of the fastest rises in market history). Compare that 7 week drop with the 4 1/4 month gain that's followed it and becomes pretty obvious that this is not an Obama crash by any stretch of the imagination. It was a problem he inherited - pure and simple.
Ken
We're still losing hundreds of thousands of jobs every month and we're not expected to get back to 5% unemployment until 2013.
Ok the stock market is up, where will it be in a month? Nobody knows.
We will recover like we have from every other recession. What amount of credit Obama gets is not clear and nobody really knows.
For all of those that think the recession is over, I have a simple question. What sector(s) will lead us towards a meaningful and sustainable economic recovery?
I don't know that - but in truth neither do you or anyone else, so what else is new? I sure didn't predict the tech boom, or the housing boom (not that those were all that sustainable either). The fact is, there is always something that comes along to propel growth - and predicting what it will be in never an easy thing to do. If it was, we'd all be billionaires several times over.
We're still losing hundreds of thousands of jobs every month and we're not expected to get back to 5% unemployment until 2013.
Ok the stock market is up, where will it be in a month? Nobody knows.
We will recover like we have from every other recession. What amount of credit Obama gets is not clear and nobody really knows.
And we WILL continue to lose jobs for a while - employment is always the last thing to recover - but it WILL happen. When will we get down to 5%?
I don't know.
And neither does ANYONE else (despite what they may want you to believe).
No, you're the one that been wrong - time after time after time.
Ken
Yeah, right. The Treasury isn't really auctioning $229 billion in securities next week... etc., etc.
Even HuffPo's on to it:
"It's curious to note that Goldman Sachs has admitted that it has developed trading software that could be used to, in their own words, 'manipulate markets in unfair ways,' yet nobody in the mainstream media has questioned whether Goldman Sachs was and is using its proprietary trading platform to manipulate markets in unfair ways. Only extremely naive investors with zero understanding of how global stock markets operate would deny that there has been continual and excessive intervention into US stock markets to prop them up over the past several months."
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