McCain's numbers started downward after he pulled that stunt of ceasing his campaign, rushing to Washington, helping negotiate an additional $150 billion pork to the $700 billion bailout, and voting for it.
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This was a ‘made up’ disaster from the start.
Everything was fine until just before the election, when stupd W was bullied (like his father) into signing into law the biggest piece o’ crap legislation in history (also like his father)
If they had just shut up about the mortgage ‘crisi’ and let the houses go into foreclosure then we would have had a simple capitalist solution to the problem - MARKET FORCES.
Sure some banks would have failed, but it was their fault for embracing Bawnet Fag and allowing themselves to be told to give loans to unqualified people.
PING
The date he was officially nominated, Aug 27th (not on chart), really starts a big decline. DOW was 11,715 at that time; down about 40% since then.
The period you cite was when the curtain was raised and the scene shown was the state of collapse of American economy operating without a future. Wall street financiers could no longer see a way out of the schemes they fashioned to create something out of nothing with multimillion salaries and bonuses to boot.
It’s like the Wizard of Oz hiding behind the curtain that has been raised. We ain’t going nowhere, nohow until we become again a producing economy instead of a consuming economy. We have to get back to the real world in Kansas again where we make things instead of buying them.
Obama is intentionally trying to destroy private industry and Wall Street. ie., Greedy Capitalists. Im still shocked in what we are witnessing; complete takeover of healthcare, mortgages, auto industry, banks etc. Just look what the Dems have done in 30 days.
This is just the beginning. With the banks so close to being run by the G Man, and jobless claims numbers last week not helping at all, we’re just getting started. Wait till earnings season and the next big dump truck load of “stimulus” money is thrown at the problem. (Thus prolonging the problem, instead of helping it).
It is why inverse ETFs like SDS, QID, and SKF are soaring.
Unfortunately there is still a ways to go I believe.
Especially since the banks know there is another 750 billion on standby just for them...
One more arrow is needed: In late September, George Soros, in coordination with several countries (mostly oil-producers) who do not want another Republican president, attempt to break the Federal Reserve by 1. withdrawing, in concert, all of their dollars from the money market system, and 2. rampant naked short selling. The stock market craters, and the Fed has to shut the window to avoid worldwide economic collapse. McCain’s election chances evaporate in the wake of this financial terrorist attack.
Unmitigated horse shit
See this report...3rd quarter 2008 investment bank derivative exposure.....you have to go all the way down to table 9 ...page 29..to see..very small, fine print,...that notes JP Morgans total derivative exposure of over 87 TRILLION dollars..the top five American investment banks carry a total over 170 TRILLION dollars of derivative exposure.
http://www.occ.gov/ftp/release/2008-152a.pdf
Now...not all these derivative positions are (or probably should say “were” ) necessarily “bad” positions...but they for sure were probably not taken in anticipation of the volatility and declines we’ve seen. In other words...they may well be almost all “bad” at this point. To tie the US Treasury to this mess could well take the US Gov’mt under.
Now...the reason the Democrats WON’T unlink the Treasury from the investment banks...is THEIR greed. They WANT to own them..whereby they think they will control the entire economy and with 170 TRILLION of derivatives, quite possibly the world....and most importantly...WHO gets WHAT. That’s worth a roll of the dice to them...not the possible consequences to US. Their desire for power, combined with W’s failure to have told Paulson to go pound sand, and, Oh, BTW, you’re fired, have doomed the gov’mt.
I have bookmarked your blog.
It is all true, the market reflects the real sentiment of the investors. They are destitute and hopeless. The money changers are working on ways to make money in this market and will but those of us who were doing all the responsible things to provide a future for ourselves are destroyed.
Not enough years to recover even in a good economy. I just keep trying to figure out what to do and what will become of us? All the pictures I see are not good.
Sad, very sad, I do not want to linger.
I wanted to thank NEPA for posting my article here. He’s a colleague of mine from over at The American Sentinel, and he was nice enough to post my article here, so I decided to create a login and join FR. (Typical White Person was taken!) My goal for my “part Deux” article was to move past the initial graph which shows a peculiar drop off after Clinton conceded, to another graph (up on my TWP blog) showing that this steady downhill angle has continued right through Jan-Feb ‘09, because I felt that although Obama inspired the market briefly during the inauguration hoopla, he quickly confirmed the worst fears by showing that his labels of “most liberal member of the Senate,” and “tax and spend liberal” were not only true, but he’s turning out to be worse. Instead of “pragmatic” (the favorite word of moderates around election time) he’s more akin to a communist manipulator of the poor masses, and the number of those that are poor are on the rise. But I know the October bailout plunged the market further which was already on shaky ground, but my original thesis was that the downturn started earlier.