Friday, November 07, 2008
Obama Economics Already Hurting
The Market And Other Key Data
First, let's set in stone some key economic data from Thursday, November 6, 2008. We will retain this data, two days after the election of Pbama, and use it to compare and contrast in the future.
Will facts show that Pbama's policies and presidency will improve or deteriorate the economy in the future? Well, time will tell.
The data below is what we can use to measure the future performance of Pbama's economic policies. Again, all figures below gathered on Thursday, November 6, 2008:
* U.S. Price range for one gallon of gasoline: $2.40; National Average range: $2.78 (California) to $2.11 (Minnesota). Actually, many places in the Twin Cities are selling it at $1.98, $1.99. - Source: U.S. Department of Energy, Energy Information Administration
* Price for One Barrel of Oil: $60.35; - Source: N.Y. Mercantile Exchange
* U.S. Unemployment Rate: 6.1%, "The unemployment rate (6.1 percent) was unchanged in September,following a 0.4 percentage point rise in August. The number of unemployed persons was little changed at 9.5 million." - Source: U.S. Bureau of Labor Statistics
* U.S. Mortgage Loans, National Averages: Low - 5.38%; Average - 6.21%; High - 7.38%. - Source: MSN Money
* U.S. Auto Loans, National Averages: 36 month new car loan - 6.81%; 60 month new car loan - 6.58%; 36 month used car loan - 7.14%. - Source: BankRate.com
* Gold: $733/ounce. - Source: Monex
* Cost of one U.S. Gallon of Milk: around $3.50; - Source: Wiki Answers
* The U.S. Stock Market Big Three Indices closed for Thursday, November 6, 2008:
Dow Jones Industrial Average (DJIA): 8,695.79
S&P 500: 904.88
- Source: Nasdaq.com
Other relevant and pertinent news stories regarding the economy:
Wall Street falls sharply as investors, worrying about recess, ponder Obama impact on economy, From Yahoo Finance, Wednesday, November 5, 2008:
A case of postelection nerves sent Wall Street plunging Wednesday as investors, looking past Barack Obama's presidential victory, returned to their fears of a deep and protracted recession. Volatility swept over the market again, with the Dow Jones industrials falling nearly 500 points and all the major indexes tumbling more than 5 percent.
...as the session wore on investors were clearly worrying about the weakness of the economy and pondered what the Obama administration might do.
From Forbes, despite a stronger dollar, it failed to lift stocks while the Euro and the British pound also slipped.
From The Australian, Wall Street tumbles for a second day.
From CNN Money, Record-low consumer confidence.
Folks, this is not market reaction and low consumer confidence tied to President George W. Bush and his economic policies. This is market reaction - a reaction of fright and fear - directly related to the anticipated Marxist policies of Barack Hussein Pbama and a Marxist Congress.
Bookmark this post so that in 2010 or 2012 - or in the middle of next year - you can ask yourself the following question, and you can refer back to the above data and answer it honestly: "Am I better off than I was before Pbama's economic policies?"
The Market fears Pbama, and I don't blame it one bit.
Let's hope not.
Thanks again for the good info David!
I haven't heard anything about Obama/Sambo money. A quick google search matched the terms but nothing solid I saw matching to money art. Not that the google search is definitive by any means.
I guess I'd have to see it before making any conclusion that it didn't fall into parody or satire - not disagreeing with you that it may fall into "bad taste."
Obama on food stamps or on the EBT card. That is funny!
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