New plan to shore up the DOW and S&P500

Keep Obama off the freakin’ television. Every time this President makes a public statement on the economy things get worse.

Comments

  1. Randy in Richmond says:

    Don’t worry Cindy, they are having a ‘Community Organizer’ type meeting this afternoon in the Whitehouse. The topic is the economy and the President gave them 3 hours to not only name the problems but the solutions.
    Problems solved.

  2. Maybe they’ll join hands and sing at the end.

    America is starting to see through this guy. It’s bleak.

  3. Randy in Richmond says:

    Our President wants you and me to foot the bill for all the programs and projects he proposes to stimulate the economy.
    Let me ask a question. Do you want Tim Geithner or Tom Daschle lecturing you about paying your taxes?

    Read this and decide if you want your President lecturing you about paying your share:

    The following is owed by President Obama (or his campaign):
    City of Chicago………………………$2 million
    http://www.suntimes.com/news/politics/obama/1441157,CST-NWS-rally20.article

    City of Philadelphia………………….$24,000
    http://www.philly.com/philly/hp/news_update/20090220_Clout__Obama_s_campaign_owes_city_24G_and_it_would_be_welcome.html

    City of Springfield, Il…………………$65,000
    http://illinoishomepage.net/content/fulltext/?cid=71182

    It’s not the amount necessarily but the principle.
    Another example of style over substance.

  4. Randy in Richmond says:

    Today the President announced, to his economic summit group and the nation, that he wanted to go back to the financial policies of the 1990’s. The major stock market indexes’ closings gave him his wish. They closed at 1997 levels.

    http://biz.yahoo.com/ap/090223/wall_street.html

  5. …. hey and we’re just gettting started. Wait until corporate bankruptcies pick up steam and commercial real estate prices begin to collapse (prices have held up pretty well so far).

  6. Actually, that starts tomorrow. AIG is taking a huge write down on their commercial real estate and expected to post the largest corporate loss in American history.

    Of course, taxpayers pretty much own it now, so when AIG’s hand comes out again, we’ll be filling it.

  7. Hey I missed that. Looks like your right.

    Looks like we can start looking forward to sovereign defaults in eastern Europe and the EU (or German) bailout to follow. At least we won’t be on the hook for that tab (directly anyway).

  8. new story:
    In a Letter to Grandad:

    The Grand Daughter wrote: Guess you heard that 68% of “the youth vote”
    went to Obama. I was one of that group that voted for him.

    Grand Dad writes back:

    Sweetheart,

    The election of Obama comes down to this. Your grandmother and I, your
    mother and other productive wage-earning tax payers will have their taxes
    increased and that means less income. Less income means we will have to
    cut back on basic purchases, gifts and handouts. That includes firing the
    Hispanic lady who cleans our house twice a month. She just lost her job.
    We can’t afford her anymore.

    What is the economic effect of Obama’s election on you personally? Over
    the years, your grandmother and I have given you thousands of dollars in
    food, housing, cash, clothing, gifts, etc., etc. By your vote, you have
    chosen another family over ours for help. So in the future, if you need
    assistance with your rent, money for gas, tires for your car, someone to
    bring you lunch, etc… call 202-456-1111 . That’s the telephone number
    for the Office of the President of the United States. I’m sure Mr. Obama
    will be happy to send a check from his personal or business accounts or
    leave cash in an envelope taped to his front door.

    It’s like this. Those who vote for the president should consider what the
    impact of an election will be on the nation as a whole and not just be
    concerned with what they can get for themselves (welfare, etc..). What
    Obama voters don’t seem to realize is that the government’s money comes
    from taxes collected from tax-paying families. Raising taxes on
    productive people means they will have less money to spend on their
    families.

    Congratulations on your choice. For future reference, you might attempt
    to add up all you’ve received from us, your mom, Mike’s parents and
    others, and compare it to what you expect to get over the next four years
    from Mr. Obama.

    To congratulate Mr. Obama and to make sure you’re on the list for
    handouts, write to:

    The White House
    1600 Pennsylvania Avenue NW
    Washington , DC 20500

    Love you but call the number listed above when you need help. Grandpa

  9. 3 years sister, 3 years, then re-post.

  10. Randy in Richmond says:

    Obama just appointed a ‘Presidential Task Force on the Auto Industry’. I assume they mean the American auto industry. Of the eight already named, and ten Senior Policy Aides, 2 of the 18 own American made cars and the rest foreign made models. Many on the web are making an issue of this but I don’t see the problem. I believe Americans are free to purchase whatever they please.

    http://newsbusters.org/blogs/noel-sheppard/2009/02/23/obamas-auto-task-force-owns-foreign-cars-will-media-care

  11. Not to mention many of those “foreign” cars are built in the U.S. anyway.

  12. Randy in Richmond says:

    Tonight the President will be in his element. There is no question he is a gifted orator and can exude belief as he reads from a teleprompter. The fact that he follows President Bush accentuates these qualities as public speaking was not one of Bush’s strengths. Interestingly I believe it was unfortunate timing for President Bush to be sandwiched between two strong speakers and public political personas such as Clinton and Obama in these days of the 24 hour introspection that is cable TV, the internet, twitter, etc.
    As the ‘Come on Down’ Obama administration continues tonight with ‘Let’s Make a Deal’, I suspect we will hear the code words such as ‘recent’, ‘inherited’, ‘previous’, ‘tried’, ‘fix’, ‘prior’, ‘failed’, ‘new’, etc. as Obama will portray himself as the savior of all the wrong that Bush has wrought. I suspect the doom and gloom aura that this administration has steadily pitched will continue as we will most likely be told the world as we know it will end if universal health care is not implemented immediately. The government that could not effectively operate it’s own cafeteria and has made a joke of simply digitizing a few TV networks wants to digitize the medical records of over 300 million diverse individuals and regulate the best medical system in the world. Certainly it needs reform but having the government do it is not the answer. We will also hear the new liberal mantra that has become the rallying cry to justify Obama’s ‘New Deal Great Society’—‘we have to do something or…..’

    I will be doing something as he speaks, it’s bowling night.

  13. I was thinking about something this morning. How’s that privatization of social security idea looking right about now? Yikes.

    Thank god for small miracles.

  14. Randy in Richmond says:

    I have searched the web and am happy to report that I have the results of yesterday’s economic summit at the White House. And to make this more accurate I have seperated the talk and platitudes from the actual results.
    Here are the specifics of what was accomplished:

    .”

    Symbolism over substance.

  15. Randy in Richmond says:

    Strupp
    There are umpteen proposals for privatization but for one of the most popular this fall in the market would have very little, if any, effect. Firstly only those aged 30 and less would be eligible to partake in the program meaning they would have a minimum of 32 years in the market. Also only a percentage of withholding would be applied to the account, somewhere in the 20-30 % range. And most of the investing would be in funds , not specific stocks. If you look at the past 80 years, including the Great Depression, WWII, the 1970’s, numerous recessions, the dot com bubble burst, and 9/11/01 the average private return is 8%. This is a far higher return than the Social Security return of 1.5 % or less.
    If privatization had been enacted in 2006, 2000, 1995, 1990 or 1985 this recession would have had no impact because those on the plan wouldn’t be utilizing their accounts–they wouldn’t be old enough.
    If you were of retirement age today the Dow is about 7200 and in 1967 (assuming 42 years of working) the Dow was 943. In 1977 it closed at 831. I suspect those returns would bury the 1.5 % from Social Security.

  16. It was kind of a light-hearted statement Randy. I wasn’t trying to bash your boy. This time anyway.