This would unbelievable but with Obama in charge the only “hope” we have is his resignation or impeachment (and Biden’s) so someone else can take over and do what’s right for this country.
Since November 5th 2008, the market has dropped TWENTY FIVE FUCKING PERCENT!!!!
It is now at pre-1997 levels.
Read this:
Most financial stocks were pounded even as government agencies led by the Treasury Department said they will launch a revamped bank rescue program that includes the option of increasing government ownership in financial institutions without having to pour more taxpayer money into them.
Although the government has said it doesn’t want to nationalize banks, many investors are clearly still concerned that this could be a possibility as banks continue to suffer severe losses because of the recession. They’re also worried that banks’ losses will keep escalating as the recession sends more borrowers into default.
“The biggest thing I see here is the incredible pessimism,” Springer said. “The government is doing a lousy job of alleviating fears.”
If Obama would only announce this: “For the next year, all capital gains taxes are suspended and all payroll taxes will be cut 20%, effective immediately while the provisions of the stimulus bill beyond 2009 are hereby canceled” the market would, within a few weeks (virtually overnight in market terms), climb 40%.
But no. We will continue of the Road to Serfdom and mediocrity.
This guy who calls himself “president” is a disgrace.
And to boost our confidence in this dimwitted foool’s failed policies who does he appoint to be the “Stimulus Czar?”
None other than that buffoon with the perennial foot in the mouth, Joe Biden.
President Obama has turned to his own vice president to oversee implementation of the $787 billion economic stimulus package, part of which will be available this week for state Medicaid programs.
Obama announced his decision before the National Governors Association in Washington on Monday, saying Vice President Joe Biden will help ensure the distribution of the money is not just swift, “but also efficient and effective.”
“The fact that I’m asking my vice president to personally lead this effort shows how important it is for our country and future to get this right,” he said.
Biden, in his new role, would meet regularly with key members of the Cabinet, governors and mayor to make sure their efforts are speedy and effective. He is expected to make regular reports to the president that will be posted online at www.recovery.gov.
With Biden at the helm, $15 billion from the recovery package will be freed up Wednesday for the health care programs, Obama said.
The administration projects the money will help states struggling with budget deficits and maintain Medicaid coverage for 20 million recipients.
WOW! I am really inspired with confidence, now!!!
Goodbye, America. It was nice knowing you!
My investments have taken another big fall. I’m kicking myself for not liquidating them last year when they started to fall. Everything I have made in savings over the past 20 years is gone and it will never get back to where it was only a year ago. Every time Obama opens is mouth, the market takes a fall. Why can’t he just shut-up for one week…just one week?
The American People wanted change and they sure got it. They elected an empty suite to the White House who doesn’t have a clue of what he’s doing and the market is reflecting this.
It’s a huge fiasco. Definitely aren’t seeing promised change but more of the same. With the DOW failing I’ve been watching the precious metals markets with the widget ExactPrice and it looks like a number of those dropping out of the stocks are putting money in gold and silver as a hedge. And given the way the printing presses at the FED are running on full tilt that may not be a bad bet.
What I wish they would do is let the banks fail, cover the FDIC insured accounts and be done with it. It’ll hurt in the short but the long term result is far healthier then what we’re doing now.