Carl Rove has been on TV explaining to America how the economic crisis has been caused by Obama. He articulates how the stock market began to deteriorate the closer Obama came to being elected and plunge after Obama took office.
Sensible folks may see this as humorous, but then they convinced the nation 4 years ago that Kerry, a decorated war hero, was a fake.
So…let’s name the new depression before the Republicans.
Bush Catastrophe
Bush Collapse
????
Please share widely!
Usually, the DJIA rises after an election and again at inauguration. I don’t think that happened this year and it seems to go down whenever Obama proposes a way to help the economy or a stimulus passes. It’s starting to feel like the stock exchange crowd is holding the market hostage with the attitude of if we don’t return to the policies that benefited us we’re going to make the economy tank. This feeling I have has crystalized after hearing the rants of Rick Santelli and Jim Cramer. If I’m right, it’s the best argument for communism I’ve heard in a long time. Does anybody else feel this way or am I being paranoid?
is that the equity markets have figured out that the fundamental problem– the frozen financial markets– remains.
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p>Without a functioning financial market, the multiplier for that stimulus package will be 1. The money will be spent on a “shovel-ready” project that employs a few people who will then have some extra dough, and they will us that dough to improve their balance sheets by paying down some debt, credit card, or mortgage, and the balance sheet of some insolvent financial institution will be marginally improved. But the financial institution can’t lend those dollars back out (hence no multiplier) because (i) there is no financial market in which to do so, and (ii) it is insolvent anyway, and is in no position to lend.
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p>Meanwhile, Treasury’s (both Bush and Obama) efforts to address this problem have been erratic and stymied by politics– the desire to pillory spendthrifts on the right, and the desire to pillory and the desire to pillory bankers on the left.
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p>In other words, in the present circumstances, the stimulus isn’t likely to be sucessful, but yet decreases our capacity to mount an effective response later.
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p>We’re beginning to look a lot like Iceland, and the markets know it.
The dominoes are falling and do not stop for an election. Every week there are new financial reports and new disasters. Each new collapse is part of a chain reaction, setoff by other crisis in the economy and triggering new collapses. This started in the credit market and will only end when the credit market is stabilized. Not an easy task.
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p>Tomorrow Obama could announce a cure for cancer, world peace and a permanant end to hunger. The stock market will continue to dive if the financial institutions and automakers are still hemorrhaging money.
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p>During the last depression the stock market did not react to elections.
It’s just one more entity in our country that tries to manipulate the government with it’s power. I believe the stock market is no longer free or legitimate.
It wouldn’t surprise me a bit if it ceases to exist as we now know it. In other words, it is also corrupt, like so many other things in today’s world.
the Bush Tax Hike, when in 2011, taxes go up.
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p>The media calls this “when the Bush tax cuts expire,” but they are actually pursuant to legislation promoted by then-President Bush and passed by the Republican-controlled house and Senate in 2001, because the tax cuts were not considered sustainable even back then.
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p>The Rs gave themselves a huge tax cut, but paid for it with a tax hike ten years down the road. I believe it is the biggest in U.S. history.
Not as dire, but snappy. Or, the Dubya Depression, the Republican Retrenchment, the Boy-King Bust, the Bush Bankruptcy, the Conservative Cataclysm, the Cheney Choke, the Elephantine Evaporation…