Wednesday, February 18, 2009
Pbama Signs Gloom And Doom Act;
U.S. & Global Markets Tank
"I hope with a veto-proof majority," [said Democrat Nancy Pelosi] in an Associated Press interview Thursday.
All the days after that: "Pay as you go," meaning no increasing the deficit, whether the issue is middle class tax relief, health care or some other priority.
President Barack Obama signed the $787 billion stimulus package today, and the clean energy industry — among the biggest winners — is celebrating.
How did the U.S. Stock Market fare on Tuesday, the day Barry signed the biggest stimupork bill ever? Oh, I would have bet the Market soared to new heights, confident in Barry and The Stimupork from Nanny Pelosi and Harry ReidTard.
Uh...not so much. The Dow slipped almost 300 points. CNN Money:
Stocks tumbled Tuesday on fears that the government's efforts to slow the recession won't be sufficient - even as President Obama signed the $787 billion economic stimulus bill into law.
The Dow Jones industrial average (INDU) fell nearly 298 points, or 3.8%, ending just above the bear market closing low of Nov. 20, 2008.
The Standard & Poor's 500 (SPX) index lost almost 38 points, or about 4.6% and also touched its lowest point since Nov. 21. The Nasdaq composite (COMP) lost 63 points, or about 4.1%.
On Wall Street, the Dow Jones industrial average came within sight of its lowest levels in more than a decade. Financial shares were battered. And rattled investors clamored to buy rainy-day investments like gold and Treasury debt. Markets from Hong Kong to Stockholm to London also staggered lower.
It was a global wave of selling spurred by rising worries about how banks, automakers - entire countries - would fare in a deepening recession.
At the close, the Dow was down more than 297.81 points, at 7,552.60 points, a drop of 3.79 percent. The index was just a few fractions of a point away from its lows of Nov. 20, when financial markets plummeted to their lowest point in a decade.
The broader Standard & Poor's 500-stock index slid 37.67 points, or 4.5 percent, to 789.17 points, unable to cling to what analysts said was an important trading threshold.
"If we get substantially below 800 then look out below," said Marc Groz, chief investment officer at Topos, a risk-advisory firm in Greenwich, Connecticut.
Well, I bet the GLOBAL MARKETS were pleased as punch, tickled pink, and soared to new heights over Pbama's Stimupork! Uh - not so much - the global market slumped into a big, fat, Michael Moore/Rose O'Moo sized Belly Flop. Forbes:
World stock markets slumped Tuesday as investors lost confidence in governments' ability to turn around the flagging global economy with expensive rescue plans.
Europe's indexes were already under severe pressure...
Earlier in Asia, concerns about the banking system dominated sentiment, too. Across Japan and other Asian-Pacific countries, the cost of protecting against defaults on bank debt rose.
"The news flow just hasn't stopped being negative about financials," said John Mar, co-head of sales trading at Daiwa Securities SMBC Co. in Hong Kong. "It doesn't seem like we've hit bottom yet."
Japan's Nikkei 225 stock average sank 1.4 percent to 7,645.51, as investors digested news Japan's finance chief was stepping down because of health problems after facing allegations he was drunk at last weekend's Group of Seven finance ministers' meeting in Rome.
Hong Kong's Hang Seng dropped 3.8 percent to 12,945.40, and South Korea's Kospi plummeted 4.1 percent to 1,127.19. Markets in Australia, India and Singapore also declined.
In China, where shares have surged in recent weeks on hopes its economy can sustain strong growth, the Shanghai benchmark lost 2.9 percent to 2,319.44.
Revised projections for job creation from the federal stimulus package indicate the measure would create or retain 133,000 Ohio jobs and 48,000 in Kentucky, White House officials said Tuesday.
The total, part of an estimated 3.5 million retained or created jobs nationwide, is down from nearly 142,000 jobs federal officials estimated earlier in the month. The earlier tally corresponded to versions of the American Recovery and Reinvestment Act that topped $800 billion when debated by the House of Representatives and the Senate. The total declined to $787 billion as the measure was finalized between both chambers. It’s headed to President Obama for his signature Tuesday in Denver.
According to the White House, the jobs created will be in a range of industries, from clean energy to health care, with more than 90 percent in the private sector.
From March 27, 2007, her own web site...Nanny Pelosi:
"...the Democratic budget takes America in a new direction, returning fiscal responsibility to Washington and funding the right priorities for our nation,” Speaker Nancy Pelosi said.
If all it takes for assured private sector stimulus is government spending, then the U.S. economy should be off-the-charts flying high from the spending, debt and deficit of The Iraq War, right? Government spending is Government spending...that's what pro-stimupork crowd is telling us with the Gloom and Doom Act.
Just in case you were unaware, we're FUCKED.
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