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Another Record!... Obama's Market Decline Worst For New Prez in 90 Years »
Posted By pc25 8 months ago in NewsObama keeps racking up those records...
** The stock market had its worst January in 113 years.
** This was followed by the worst February for the stock market since 1933.
** Don't forget the record unemployment rate.
** Obama's budget more than doubles the national debt held by the public, and adds more to the debt than all previous presidents -- from George Washington to George W. Bush -- combined.
And, now this...
The Dow has dropped faster under Obama than any other new president in 90 year
Read Full Story at gatewaypundit.blogspot.com »
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pc258 months ago
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Obama's Radicalism Is Killing the Dow
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A financial crisis is the worst time to change the foundations of American capitalism.
http://online.wsj.com/article/SB123629969453946717...
It's hard not to see the continued sell-off on Wall Street and the growing fear on Main Street as a product, at least in part, of the realization that our new president's policies are designed to radically re-engineer the market-based U.S. economy, not just mitigate the recession and financial crisis.-
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RedRiverJ8 months ago
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FTA- Obama keeps racking up those records...
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** The stock market had its worst January in 113 years.
** This was followed by the worst February for the stock market since 1933.
** Don't forget the record unemployment rate.
** Obama's budget more than doubles the national debt held by the public, and adds more to the debt than all previous presidents -- from George Washington to George W. Bush -- combined.
And, now this...
The Dow has dropped faster under Obama than any other new president in 90 years.
DON'T FORGET THIS.....he's racked up more trips on Air Force One than most Presidents.
Just for grins here's Reagans first few trips listed.
Foreign Trips
1981
March 10-11
CANADA:
Ottawa
July 19-21
CANADA:
Ottawa
[Economic Summit]
Montebello
October 21-24
MEXICO:
Cancún
[North-South Summit]
Domestic Trips
1981
March 13-15
NY:
New York
May 17
IN:
South Bend
[Notre Dame University commencement]
May 27
NY:
West Point
[US Military Academy commencement]
May 31
VA:
Woodeville
Michelle Obama is running over to Chicago for luncheons, already. I realize past Presidents and First Ladies have done that but the Obama's again are record breakers.
In hard economic times with american's worried to death about jobs, keeping their homes, retirement funds, food on their tables, kids in school, the Obama's are jetting about in AIR FORCE ONE THAT WE PAY TO KEEP FLYING.... -
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mesodude8 months ago
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LMAO...This is pure comedy.Bushbots love to let their hero off the hook and will eagerly claim Clinton set the stage for 9/11 and that Bush "inherited" a recession blah blah...So lo and behold, what do these nutless lying right wing freaks have to say now about the pile of CRAP Bush left behind for Obama to clean up?! OMG, cons on here are seriously brain damaged. No other excuse for such extremely bizarro logic. Wow. ;-x
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bluetexasvalley8 months ago
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You have to be pretty ignorant to believe that the markets are influenced exclusively by the actions of the president.
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Or -- more likely (I'm giving you benefit of the doubt) -- you think most Propellerites are ignorant in this regard. Which is it? -
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UnusualSuspect8 months ago
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I think pc is trying for two records...
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The most inane posts on Propeller...
And the most "drops" of any member posting articles on Propeller...
So far, pc, you're leading in both categories...LOL...
McCain didn't win in November...I guess you feel you have to win at something, huh!
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Goppy8 months ago
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Awww ... you must miss the old country ... your mother Russia. Does having the Russian Crest as your Avatar make you pine for your native land?
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I hear ya ... people like you LOVE Totalitarianism ... can't get it out of your blood.
Of course, that's why you gravitated to The Modern Republicans.
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slate8 months ago
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mesodude8 months ago
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"Gawd this will make a few on the left a bit livid, how dare you place any blame on Obama, why he's only been in office a few minutes and we all know anything for the next 200 years will be because of Bush."
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--But I think *cons* are lying through their teeth again. You're the ones who have been saying we have to reserve judgement on Bush's impact on the country and we won't know what his true legacy or whatever is until fifty or a hundred years from now. The important thing is, cons are the only ones who believe their sick fantasies about how we got into this mess. Just look at Obama's approval ratings and that tells us all we need to know about who Americans blame for the trainwreck Obama has to cleanup after. Deceitful cons are not even remotely credible, slate. Keep fantasizing. ;-P
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pc258 months ago
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Hey G this man just inspires utter confidence check this one out
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FDIC May Be Insolvent Within A Year
http://sayanythingblog.com/entry/fdic_may_be_insol...
The FDIC is a federal insurance program that guarantees your bank accounts up to $250,000. Basically, if your bank goes belly up, you’ll still get your money out as long as its under the threshold.
Unfortunately, thanks to the economic times, the FDIC is about to become insolvent.
March 4 (Bloomberg)—Federal Deposit Insurance Corp. Chairman Sheila Bair said the fund it uses to protect customer deposits at U.S. banks could dry up amid a surge in bank failures, as she responded to an industry outcry against new fees approved by the agency.
“Without these assessments, the deposit insurance fund could become insolvent this year,” Bair wrote in a March 2 letter to the industry. U.S. community banks plan to flood the FDIC with about 5,000 letters in protest of the fees, according to a trade group.
“A large number” of bank failures may occur through 2010 because of “rapidly deteriorating economic conditions,” Bair said in the letter. “Without substantial amounts of additional assessment revenue in the near future, current projections indicate that the fund balance will approach zero or even become negative.”
If the economic situation hasn’t scared you to date, you should be scared now. -
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pc258 months ago
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http://sweetness-light.com/archive/fdic-head-fund-...
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FDIC Head: Fund May Run Out Of Cash -
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nostalgia8 months ago
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Now, now
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Aren't you listening to Obama?
Bloomberg:
Obama Says Now May Be Good Time to Invest in Stocks
President Barack Obama said falling share prices may mean bargains for investors with a “long-term perspective.”
Obama, who is seeking to boost public confidence in his strategy to pull the U.S. out of recession, spoke a day after stock markets tumbled. The Dow Jones Industrial Average yesterday dropped below 7,000 for the first time since 1997. The Standard & Poor’s 500 Index closed at the lowest level since October 1996.
“What you’re now seeing is profit and earning ratios are starting to get to the point where buying stocks is a potentially good deal, if you’ve got a long-term perspective on it,” Obama said
Notice he said "profit and earnings ratios"
You have to wonder just how much he knows about the market. He needs a crash course on investing and looking at "price-earnings ratios" -
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mesodude8 months ago
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Wow...Cons gathering in a circle for another whack off frenzy over Obama. This is getting kinda scary. I think you guys need some intervention. You LOST. Move on. This is not helping the con movement or the GOP. You're wasting your time. Surely the last two elections must have shown you that. OMG. ;-O
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pc258 months ago
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hey jack ass how about facts to refute the article instead of your same inane, lame, boorish, and irrelevant comments. As usual when faced with facts the best you can come up with is a weak and pathetic answer..........how about this one mensa boy
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Dem's War on Small Business May Cause 14% to Fail In Next Year
http://gatewaypundit.blogspot.com/2009/03/dems-war...
Talk about a crisis...
14% of small businesses fear they are going to close their doors in the next 12 months because of Democratic policies.
And, it could be even worse than that.
In the 2.3 trillion dollars Democrat spent to stimulate the economy not one dime has gone to small businesses so far.
100% of that 2.3 trillion dollars so far has gone to the top 1% of American companies.
Small businesses are, of course, the engine of the economy.
Small businesses have been virtually ignored by the Obama Administration and Democrats in Congress (they aren't big Dem donors). As a result of the crisis, 14% of small businesses are likely to shut their doors in the next year.
it's not about winning or loosing now, it's about performance or in Obama's case the lack of. You apparently are too ignorant of the facts ( you stated your case so well, a highly lucid, thoughtful, intelligent and insightful answer.....NOT!!!!!!!) You and all the other little Abominoids are still basking the in afterglow of OBAMAGASM to realize that the wheels are starting to come off the country while all Obama does is fly around the country, give speeches, and throw parties at the White House. Obama's performance to date has been totally inept, inexperienced, immature, lacking judgment, leadership, insight, and most of all an instinctive gut feeling for what the public wants. He also has no work ethic whatsoever leaving everything to Reid and Pelosi. -
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tanglang8 months ago
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This is the 3rd thread in 2 days where libs immediately start talking about circle jerks/reach arounds and such.
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Is this a fantasy of the liberal mind? A bunch of guys sitting around masturbating? If so please keep that filth to yourselves. -
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pc258 months ago
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Hey Meso I can go on all day
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http://gatewaypundit.blogspot.com/2009/03/todays-o...
Today's Obama Economy May Be Worse Than Great Depression
Economists - Obama inherited a bad situation and made it much, much worse.
another disillusioned economist comes down hard on the Socialist in Chief.
Donald Luskin at Smart Money reported, via Free Republic:
Today's stock market isn't just the “worst since the Great Depression,” like they're so fond of saying. No, it's even worse than the Great Depression.
Take a look at the chart, below. It shows the daily progress of the S 500 in terms of percentage change from the very top. The brown line is the change from the recent all-time highs on October 9, 2007. The blue line is the change from the all-time highs just before the Great Depression, September 6, 1929.
As of yesterday's close (Thursday, March 5), the S 500 has lost 56.4% from its all-time highs 513 days ago. At the same point in the bear market associated with the Great Depression, that is at the 513 day mark, the S 500 had only lost -- only! ---
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bubba28 months ago
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More from your most favorite "gatewaypundit.blogspot.com" site ....
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The economy is bad. The stock market is really bad.
Charts don't prove "who's fault" it is that the stock market is bad.
That is not Obama's fault when he has only been in office for SIX weeks.
The economy and the stock market started going downhill MONTHS ago, almost a year ago, but I'm sure you'll still wrangle out some 'stuff' to claim THAT is also Obama's fault.
Bush is blameless, but Obama is TOTALLY to blame? What a load of hogwash!
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pc258 months ago
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Hey Meso one more for the road
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http://gatewaypundit.blogspot.com/2009/03/democrat...
Economic Disaster Continues-- Dow Tanks 4.1%... Jim Cramer Blasts Obama Team
The Dow sank to a 12 year low today.
Also today, CNBC host Democrat Jim Cramer blasted the Obama Administration and Democrats for the disaster we are witnessing.
Mainstreet reported:
I am a fight-not-flight guy, so I was on my hackles when I heard White House Press Secretary Robert Gibbs' answer to a question about my pointed criticism of the president on multiple venues, including the Today Show.
"I'm not entirely sure what he's pointing to to make some of the statements," Gibbs said about my point that President Obama's budget may be one of the great wealth destroyers of all time. "And you can go back and look at any number of statements he's made in the past about the economy and wonder where some of the backup for those are, too."
Huh? Backup? Look at the incredible decline in the stock market, in all indices, since the inauguration of the president, with the drop accelerating when the budget plan came to light because of the massive fear and indecision the document sowed: Raising taxes on the eve of what could be a second Great Depression, destroying the profits in healthcare companies (one of the few areas still robust in the economy), tinkering with the mortgage deduction at a time when U.S. house price depreciation is behind much of the world's morass and certainly the devastation affecting our banks, and pushing an aggressive cap and trade program that could raise the price of energy for millions of people.
and FYI Jim Cramer is a Democrat.
I tell you what why don't you pop a couple of more tabs and call us in the morning. -
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bubba28 months ago
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It is amusing to watch conservatives blame Obama for the stock market and the other economy problems, when he has only been in office less than 2 months.
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When the economy started to tank last summer and the mortgage crisis hit the fan and banks began to close, all the conservatives were OUTRAGED that anyone would blame that on Bush or his administration or his administrations policies of the last 8 years.
The defense - how could Bush have any control over the behavior of the markets, etc?? He can't be blamed for that!!
But look at you now - what a turn-a-round. What hypocrisy.-
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pc258 months ago
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I think this is even more amusing and from Bloomberg no less
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‘Obama Bear Market’ Punishes Investors as Dow Slumps (Update3)
http://www.bloomberg.com/apps/news?pid=washingtons...
March 6 (Bloomberg) -- President Barack Obama now has the distinction of presiding over his own bear market.
The Dow Jones Industrial Average fell 20 percent since Inauguration Day through yesterday, the fastest drop under a newly elected president in at least 90 years, according to data compiled by Bloomberg. The gauge lost 53 percent from its October 2007 record of 14,164.53, slipping 4.1 percent to 6,594.44 yesterday.
“Obama should be listening to the stock market more than talking to it,” said Kenneth Fisher, the billionaire chairman of Woodside, California-based Fisher Investments Inc., which oversees $22 billion. “He hasn’t gotten out of the gate well.” -
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pc258 months ago
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I don't know about that comment Bubba. Seems a lot more people with a hell of a lot more knowledge in these areas do not agree with your assessment of the situation
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Obama's Radicalism Is Killing the Dow
A financial crisis is the worst time to change the foundations of American capitalism.
http://online.wsj.com/article/SB123629969453946717...
the people who didn't know any better spoke at the polls November 4th, and the people who know better, the one's who know, understand and drive the nation's economy are speaking now. If people knew Nov 4th what they know now Obama would not be President.
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bubba28 months ago
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Obama's proposed budget does NOT "more than doubles the national debt held by the public" and does NOT "add more to the debt than all previous presidents".
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There is NO documentation to prove that, and the people trying to make that 'argument' conveniently forget that it is BUSH that doubled the national debt in the last 8 years, and it is BUSH and his administration that EXCLUDED all of the spending on the Iraq and Afghanistan wars from the federal budget numbers.
The Bush admin called all the war spending "supplemental", so you NEVER saw any of that 600 BILLION in the published federal budget.
It is true that Obama's proposed budget is a significant increase in the deficit that has not been seen in a while. But it is not the "of all time" exaggeration being spread around by right-wing 'pundits'.
The cost of the stimulus bill and the increased bailout support would push the deficit for this year to $1.75 trillion, nearly four times last year's record $455 billion and a percentage of the economy — just over 12 percent — not seen since World War II. The deficit would remain near $1 trillion over the next two years before dropping to $581 billion in 2012 and $533 billion in 2013, the year that Obama has pledged to cut the deficit he inherited in half.
http://www.msnbc.msn.com/id/29392964/-
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pc258 months ago
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http://www.thespendocrats.com/index.aspx
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pc258 months ago
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check the chart
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Obama Makes History... Breaks US Debt Record In Just 30 Days
http://gatewaypundit.blogspot.com/2009/02/obama-ma...
On Friday the 13th, the Democratic Congress will approve the largest transfer of private wealth to public officials in US history.
That move will put the 2009 Democratic Congress and President Barack Obama into the record books.
Via Powerline-- This chart shows the federal surplus or deficit as a percentage of GDP from 1965 to the present, with the 2009 deficit shown as estimated by Strategas Group with the stimulus added in. The debt currently being run up by the Obama administration exceeds anything in our peacetime history in at least the last 5 decades:-
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bubba28 months ago
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I'm not arguing that Obama's proposed budget will increase the deficit.
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But it is not the increase that the right-wing tries to make it into.
And the proposed budget is not what is causing the stock market to fall! It has BEEN falling for MONTHS.
The figures in your "blogspot" article show the increase in the deficit from Obama's proposed budget - that is all it shows. There is no way to even attempt to prove that it is specifically the proposed budget that is causing the market to fall and the economy to tank.
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pc258 months ago
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and Bubba since you bring msnbc into the icture here is one about one of Obama's staunchest supporters Chris Matthews
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http://www.propeller.com/story/2009/03/05/i39ve-lo...
I've Lost That Tinglin' Feelin'! Uh oh: Matthews sounding fed up with Obama’s earmark hypocrisy
what is this world coming to when one of the most liberal networks can not get it's facts straight and agree on what is happening to the country.......... -
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bubba28 months ago
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I haven't seen anyone attempt to claim that the economy would now - today - be great and the DOW back over 10,000 and lots of new jobs if MCCAIN had been President for the last six weeks.
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And they are right to not attempt that claim because it would have NO credibility whatsoever.
While exact numbers can be debated till the cows come home, the stock market and the economy would still be bad TODAY if McCain was President.
As noted above from Factcheck.org, The U.S. economy is enormously complicated. Screwing it up takes a great deal of cooperation. Claiming that a single piece of legislation [or politician] was responsible for (or could have averted) the crisis is just political grandstanding.
It took YEARS for the circumstances and actions and reactions of many people and many factors to set off the depression that started almost a year ago.
It will take YEARS for it to get better, and it may not yet be at its worst, REGARDLESS of who has been President for the last six weeks.
And ... IF McCain WERE President today - regardless of what he had or had not "done" up to now - you would absolutely NOT be blaming him, nor would you EVER blame him, for the continued downturn in the economy. -
PsychoHosebeastComment removed: Spammer, Abusive
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jordan118 months ago
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It isn't the first time a republican left a mess to be cleaned up, and it isn't the first time republicans have tried to blame the new administration for their failures. It's a generational thing. They just pass their flawed thinking onto their children, along with their goofy talking points. Sooooo boring.
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FrauBlucherComment removed: Retracted by user
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reallypsst8 months ago
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Here is a question for all, what if Obama wasn't elected,what if bush didnt approve the first bailout,so you see the market was on a down spiral years before and to blame obama for all your woes is sheer stupidity,this mess started a long time ago and was covered up by the last administration.If obama just sat down in the white house you a-holes would be bitching why doesn't he do something.This problem is the creation of the senate and if you think one man can change it your an idiot!
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rimbaud8 months ago
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The Republicans were opposed to even GW's and Paulson's bail-out. On his way out, GW became friendly with the Democrats. For 8 years, he gave the Republicans all the things they had been whining about for years, but, in the end, they were balking: the whole thing (cut and spend, de-regulate, etc) was a massive failure! I'm sure GW couldn't wait to be done with that suit-wearing, double-speaking gig as leader of the GOP. I bet he votes Democatic from now on. We will hear from him, eventually, in plain language, what he thinks of the Republican party.
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reallypsst8 months ago
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Here is a question for all, what if Obama wasn't elected,what if bush didnt approve the first bailout,so you see the market was on a down spiral years before and to blame obama for all your woes is sheer stupidity,this mess started a long time ago and was covered up by the last administration.If obama just sat down in the white house you a-holes would be bitching why doesn't he do something.This problem is the creation of the senate and if you think one man can change it your an idiot!
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jimdoze8 months ago
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There was bound to be a drop because of the correction of the real estate bubble. The fact is, the correction began in Bush's term so rightly or wrongly, Bush will get blamed for the correction. The bubble was the result of government intervention in the real estate/mortgage markets over the last half century... http://www.propeller.com/story/2009/03/06/presiden...
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A major part of the decline in all markets now stems from capital going on strike due to the demonizing of capital (and corporate management) and the punitive measures being proposed for capital by the Obama administration. It is further exacerbated by two uncertainties, one an error of commission by the current admin and the second and error of ommission. The error of ommission stems from the cluelessness currently abounding at Treasury. The error of commission stems from the left-wing orthodoxy that abounds in every proposal that deals with issues from housing to banking to energy.-
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rimbaud8 months ago
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What we are experiencing is no "correction". Capital is not "going on strike due to the demonizing of capital (and corporate management) and the punitive measures being proposed for capital by the Obama administration". Capital has shrunk and is on it's knees begging the Obama administration for sustenance.
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fsev418 months ago
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Not being an expert in economics it puzzles me that all of the so called economists are unable to come to a consensus on what caused our current problems, what the best cure for the problems might be and if it's even worth trying to "cure" the problem. "Econ 101" appears to be totally unable to validate either side of the argument because, I believe, its become too complex for simple solutions. The stimulus was a combination of spending and tax cuts. Some say too much spending some say not enough. Some say too many tax cuts some say not enough. I guess the only way to find out is to let it play out and see what happens. The Republicans have had eight years and the results don't seem to be very positive for most Americans. Lets give the Democrats eight and see if were better off or not (if were still here). If things get far worse in four years we can still cut the test period short and maybe try the libertarians or the green party.
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Wolfie20078 months ago
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What's Obumya doing right now to help the falling stock market and failing economy. Why, he's borrowing money to spend like a drunken sailor and threatening to tax everyone and everything. Then he tells us it will get worse before it gets better, now that's what Obumya is doing. What a guy!
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frctm58 months ago
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Yah, this collapse is the product of two months in office. This is consistent with Republican's levels of reasoning. We aren't at the bottom of this thing. This is like saying the damn burst and Obama didn't get the construction crew and the concrete on site fast enough to keep the town from getting flooded. No recession in history has been turned around in two months. The very definition of a recession precludes this and this recession is rippling around the entire world. If anyone can find evidence to the contrary,of a recession ending after two months in office please provide it, otherwise you just look foolish. You should at least think about this crap before posting it. When Reagan took office the economy tanked. So by your own standards, he was responsible for the failure and not Carter. I guess you all hate Reagan for the recession of 81 and 82. By your own standards, he can't be absolved of blame for it. So if you agree with the conclusion of this article, you must by extension blame Reagan for his bad economic condition during his early years in office. Good to know you're finally acknowledging Reagan's failures.
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