Posted on 08/05/2011 9:00:12 AM PDT by SeekAndFind
John Boehner said Tuesday the Republicans got “90 percent of what we wanted” from the budget deal. So presumably he and his colleagues are willing to take responsibility for some 450 points of yesterday’s mammoth 513-point drop in the Dow Jones Industrial Average.
I’m being a bit facetious – but only a bit. It’s always dangerous to read too much into one day’s move in the stock market. As we’ve learned painfully over the last several years, Wall Street investors are not entirely rational.
Yet the stock sell-off – not just yesterday’s, but that of the last days – cannot be easily dismissed. It marks Wall Street’s largest losing streak since 2008.
Republicans repeatedly assured the nation that once the debt-limit deal was done – capping spending, cutting the budget deficit, and getting “90 percent” of what they wanted — the economy would bounce back.
Just the opposite seems to be happening.
Call it the Republican’s double-dip recession.
Wall Street investors aren’t ideologues. They don’t obsess about budget deficits ten years from now, or the size of the government. They invest on the basis of hard, cold realities.
Here are the two hard, cold realities investors are worried about:
First, the economy looks like it’s dead in the water. The Commerce Department reports almost no growth in the first half of the year. And job growth is just about at a standstill. Far fewer jobs were generated in May and June than necessary just to keep up with the growth in the potential labor force – meaning the employment picture is actually worsening. Investors fear tomorrow’s (Friday’s) jobs report for July will show more of the same.
Secondly, investors now know the federal government’s hands are tied. The original stimulus is over; the Fed’s “quantitative easing” is over.
(Excerpt) Read more at businessinsider.com ...
He is now worried that Obama and the Democrats will have a much harder time passing anything close to the stimulus necessary to breach the gap between what consumers (who are 70 percent of the economy) are willing to spend and what the economy can produce at or near full-employment.
IN OTHER WORDS --- REICHHHHHHHH's SOLUTION TO OUR DEBT PROBLEM IS MORE STIMULUS.
Did He and Paul Krugman have the same teacher?
Stand up and say that, ya’ little creep! Oh . . . I’m sorry . . . You are standing!
Why even given a forum to this biased little know-nothing? It’s the same old crap. At least let someone who shows some sense of intelligence and objectivity write the column, not this little Clinton pimp.
The guy is a troll who shills for the libs. I don’t know one economists who respects the guy.
” IN OTHER WORDS -— REICHHHHHHHH’s SOLUTION TO OUR DEBT PROBLEM IS MORE STIMULUS.
Did He and Paul Krugman have the same teacher? “
Marx
Lenin
Cloward-Piven
The usual suspects.
Unfortunately, the Republicans keep giving them the ammunition they need to make these statements. They wouldn’t have passed that horrible budget agreement without full help from McConnell, Boner, and Company.
And although Obama is responsible for spending beyond anything known before, Bush was a big spender, too. So they can blame it on him with some degree of plausibility. Sure, the worst of it began after the Dems took over congress under Bush, and the Dems were responsible for CRA and the refusal to regulate derivatives. But Bush let them do it, and didn’t raise much of a fuss when they did.
The Dems are the active force behind this mess, but the RINOs are only too happy to go along with it. And there are more and more RINOs every day, even after the last elections.
How’s the Progressive Libtard idiocy Koolaid these days, ReichIdiot? =.=
Someone’s garden gnome is missing.
Did He and Paul Krugman have the same teacher?
_____________________________
PERSONAL FOUL on Seek and Find. Player mention Former Enron Adviser Paul Krugman without mentioning that he is a Former Enron Adviser. 15 yards from the spot of the foul, loss of down. FOURTH DOWN!
Short people got no . . .
Stupid Reich.
The Messiah claimed he won, claimed he did not cave to the GOP on the “debt ceiling” deal, and in fact he got (1) a debt ceiling increase and (2) NO actual reduction in HIS actual spending this year and next. Pretty much all he needed.
So, will Reich blame the Messiah for 500+ points of the drop in the Dow?
Of course not. To use his own method of analysis honestly would make him an unbiased observer, and not the political shill that he is.
Never mind that he's quite clueless outside of the liberal political world of unreality.
What I remember of the little twit is that on one April 15th, he and
another clueless academic bureaucrat hack (then HHS Secretary)
announced the need for higher taxes, insulting all of the taxpayers
on that day.
This guy should go into a line of work that he is more suited for. Circus Midget.
It aggravates the hell out of me when Rush does that. It makes me turn off the radio.
2006 Last GOP Congress and President budget deficit $160 billion.
2010 Last Democrat Congress and President budget deficit $1.7 Trillion.
How about we deal in facts rather then slogans? Find it odd how supposed "Conservatives" on this board always look for any excuse to divert any criticism on any thread off the 0bama Democrats onto Bush and the GOP.
Odd thing, that is the exact same debate tactic the 0-Bots in the US media use. Never address the facts of the issue, find an excuse to blame Bush and the GOP.
How about you all actually try holding the Democrats accountable for their actions for a change?
Reich himself was the one that started that.
I guess someone pronounced it “Rike” as in “third”,
and we know the left gets really uncomfortable when Nazi (national socialist) or Communist labels get associated with them.
What a small man ...
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