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70 Comments
- SheilaNoya, on 01/21/2009, -3/+38The drop on inauguration day had nothing to do with Obama.
Monday, when the U.S. stock market was closed for the MLK holiday, the Royal Bank of Scotland announced it was near collapse. The British government had already given them a huge bailout, but they were failing again. The British government had to step in and do a 2nd emergency bailout which now gives them over 70% control of the bank (in essence, they just Nationalized it).
This freaked out the stock markets all over the world. The world markets had already crashed BEFORE the U.S. market even opened.
To make matter worse, Bank of America came out with a new credit problem over the weekend and their stock plummeted. Citibank also announced they are dropping their dividend to 1 penny per share and took a hit for it.
The Consumer Confidence Report also came out which showed new lows, etc, etc, etc. There was a whole slew of bad financial data that hit all at once. This didn't have squat to do with Obama, despite the fear mongering from some Obama bashers. - bixby1, on 01/20/2009, -6/+32I see a lot of Democrats lowering the bar for the first 100 days and rightfully so. Obama isn't an economic silver bullet, but I very much hope he succeeds in the long run.
- dshPls, on 01/21/2009, -4/+20The two barely had anything to do with eachother, the market was headed downwards all morning, because of more bad news in regards to banks, lack of confidence and other factors.
- JeffH, on 01/21/2009, -1/+17Bailouts won't work in the long run.
So I very much hope he finds a better way. - LMN8R, on 01/21/2009, -2/+16Really quite sad how some "conservatives" I know are actually rooting for the economy and Obama to fail just so it proves their "point".
Aren't these the same people who accused Obama for a "lack of patriotism" because he didn't wear a ***** flagpin? Isn't wishing failure upon your country a bit unpatriotic?
Oh well, not like I expect common decency, sense, and logic coming from the people who wanted another four years of the last terrible eight. Hopefully things improve from here, and Obama manages to deliver on his promises. - hansk, on 01/21/2009, -1/+8my damned mutual funds dipped 20% last year, QUIT SUCKING ECONOMY
- inactive, on 01/21/2009, -2/+8Dont worry Obama promises y'all 3 million new jobs and tax cuts.
- freakstyle571, on 01/21/2009, -1/+7Thank you for actually having a clue what is going on.
- Dumbledorito, on 01/21/2009, -1/+6Or perhaps they realize the free ride is over, everyone knows their investments are based on unsustainable *****, and even if all Obama does is restore the SEC to what it was before 2000 and actually has the odd investigation then most of these Wall Street traders are going to see the end of their imaginary money.
- katorga, on 01/21/2009, -0/+5Most stocks, and almost all of the financial stocks are down 50%-75% in the last 5 months. Bailout or no, there is not enough cash to keep them floating without so impoverishing the tax base that the governments begin to fail. The UK banks will fail in the next 2-3 weeks, and the UK will go the way of Iceland. After that the EU and the USA will follow in quick succession as their bailouts fail. It is going to be a bad, bad year.
The world economy lost 40-50% of its value. Individuals lost 25-30% of the value of their core asset, housing, and a good chunk of any retirement plans. Their taxes will be going up, further deflating their buying power. Companies, seeing this, are laying off 10-30% of their workforces to deal with the loss of demand. It is a classic deflationary cycle.
Obama is the Man now. He will be held responsible, and I fear it will be brutal because of the almost impossible levels of hype the media has surrounded him with. - mwrl, on 01/21/2009, -6/+11Where were the celestial choirs? The singing? Doesn't everyone know we should do the right thing and the world will be perfect now that Uhbama is President?
- Bartboy919, on 01/21/2009, -1/+6Costco owner James Sinegal probably would say otherwise.
http://www.newsmeat.com/ceo_political_donations/Ja ... - darkciti2, on 01/21/2009, -0/+4The CPI numbers don't come out daily, dude.
It's going to take AT MOST 2 quarters (3 to 6 months) until things start turning upwards. We've pretty much bottomed out and we're headed for a nice upward swing next year.
I'd be heavy in GM / Chevorlet if I were an investor. Kerkorian put a ***** of cash into GM a couple of years ago and he's pretty savvy. - crabbypaddy, on 01/21/2009, -4/+8Presidents are over-hyped. Most of them are only good at one thing and that's politics. It's the cabinet and advisers who are really going to bring any change and to be honest I don't see anything special in Obama's cabinet.
- blaker00, on 01/21/2009, -2/+6Kill the fed!
- thefish185, on 01/21/2009, -2/+6The market prices in expected future events and rapid price changes are a reflection of unexpected events. Obama's inauguration was entirely expected. You'll see haters try to cite Tuesday's decline on the inauguration but they are simply ignorant.
- Skywise, on 01/21/2009, -0/+3Well you non-Americans certainly thought that about Bush...
- skywake, on 01/21/2009, -1/+4damn straight. If a known and planned event had any effect on the stock market then millions would be rich. It would be like someone saying "lets invest in retail stores before Christmas!"... It doesn't work like that, the markets reflect what will happen in the likely future and how that will reflect long term profits.
- FearlessFreep, on 01/21/2009, -2/+5Whenever you win you still have to remember that a few *million* people voted *against* and that should give you pause
- darkciti2, on 01/21/2009, -1/+4The Dow is down over 2,500 points from Bush Inauguration Day to Obama Inauguration Day.
GW Bush failed in a major way: Largest drop in the Dow of any US President, EVER.
Bush Fail.
(oh, and your nickname, Baracklypse doesn't lend you any credence / value; ( Barack + Apocalypse = cheap shot at a President not in office) - freakstyle571, on 01/21/2009, -0/+2He said today (not an exact quote) but something to the effect of, "we are all still here. We all still need to have things and get stuff done. We all need work. We all need money." (If anyone else knows the quote or w/e please correct me or post the proper quote/statement)
But to me he was talking about a general restructuring that would generate jobs. Things still need to get done, and we can't just sit on our hands and keep asking for bailouts to companies that have a business model that doesn't work anymore. I think he is absolutely correct that we need to have projects and incentives for companies to build green. Let "green" jobs be the new "back to work" program for Americans.
Thoughts? - darkciti2, on 01/21/2009, -1/+3He's less fail than Bush.
Why didn't you answer our questions about the failures of Bush over the past 8 years? Suddenly you want us to justify the new President?
No thanks. We're not taking your FAILURE bait.
My friends and I are going to work our asses off to get out of the current Bush disaster (not Katrina, or Iraq, or Afghanistan), but the current US Economy that GWBush put us in. - ladyattis, on 01/21/2009, -0/+2Landslide is usually defined as a major gap between one candidate and the other in regards to votes. A few digits of a percent of less than half of the potential voting population is not a landslide. It's a solid win as RevJon stated before. Then again, I don't expect you to know the difference in this age.
- freakstyle571, on 01/21/2009, -2/+4I agree that he should ignore the voices from MoveOn, Code Pink, and Huffington Post.
But I think he needs to govern a little more to the left now considering how far right our country was pushed the last 8 years. I don't think growing the government is inherently bad as long as its done efficiently. A lot of good can come out of new incentives and new programs. Right now I think we've seen that the American people need a helping hand and that can't come from anyone but ourselves, but the government should be there to help us and make it easier for us. And to me, if that means more social programs, so be it. America needs more than just bailouts and lofty promises. - darkciti2, on 01/21/2009, -1/+3Yes.
- RevJonathan, on 01/21/2009, -3/+4I'm a Republican who voted for the McCain/Palin ticket. Even though McCain didn't win, I was hoping there'd be enough investor confidence in Obama to bring up the market. Truth is, it didn't happen on the day after the election nor on Inauguration Day.
I guess the truth is Obama only won by 7%. A solid win, but no where near a blowout. Like winning a football game by 14 points. I sincerely hope he doesn't make the same critical error George Bush did in 2005- acting like he has a sweeping mandate when he doesn't have one. We need stability now, and we need Obama to succeed. I just wish I believed in him. - edyang, on 01/21/2009, -4/+5I don't want America to fail.
But if Obama's agenda is to expand government, grow the deficit, expand the agenda of pro-abortion, weaken national security and pander to unions and illegal immigrants, then yes, I DO want him to fail at that.
My hope is that he governs from the center and ignores the shrill voices from the MoveOn.org, Code Pink, HuffPo crowd. So far he's giving me some hope. - blitzkriegpunk, on 01/21/2009, -3/+4We don't need your facts here. Good DAY to you, sir.
*monocle - FearlessFreep, on 01/21/2009, -2/+3but popular vote does indicate how many people you are not the representative off actually voted in favor of you or voted against you. You can decide only to represent those who voted for you, or you can represent everyone in the nation...
- cowman80i9, on 01/21/2009, -3/+4Would have thought the opposite.
Lots of people I know believe the second he became president the world was fixed. I would think it would drive them to stop worrying about the financial crisis and spend again because they think its going to be alright. - Barackalypse, on 01/21/2009, -4/+5"Wall Street greeted the new U.S. president with its worst inauguration day ever."
See, Obama's already setting records! The Dow closed down just over 4% today, which doesn't bode well at all because Wall Street is usually stupidly optimistic when big leadership changes like this occur.
http://finance.yahoo.com/q?d=t&s=%5EDJI - Dr3w, on 01/21/2009, -1/+2Well I can see this little experiment obviously didn't work. Let's scrap and start again.
/s - inactive, on 01/21/2009, -2/+3...because pushing for a pro-choice policy is sooooo bad.
- korvan504521, on 01/21/2009, -0/+1You can't claim that much in stock losses unfortunately.
- ShyGuy91284, on 01/21/2009, -0/+1Although the current situation is "a consequence of greed and irresponsibility on the part of some", I think the current economic system of the major powers (With the US leading the way) is a consequence of greed and irresponsibility on the part of the many. Beyond the issue with overusing credit in the United States, the countries that we rely on for cheap labor and goods probably won't always be 3rd world. And we will have to re-prioritize our spending as things change due to that.
- kaelyiesta, on 01/22/2009, -0/+1Quit voting for monetarists and keynesians America.
- Bloodwine, on 01/21/2009, -0/+1I agree that the stock market plummet has nothing to do with Obama. Obama's effect on the stock market was on the day it was announced he won the election and the uncertainty of who will be our next president was taken out of the equation.
I just want government to call out the banks on their behavior. I've read about banks using the bailout money to stockpile reserves or even buy back some of their shares. That wasn't what the money was meant to do, and the government isn't slapping the banks around. I don't want nationalized banks, but something has to be done to pimpslap the bankers. - davidg11, on 01/21/2009, -3/+4Lets not forget, the economy was in a downspin after Clinton, Bush inherited the after effects of dot com mania and then Sept 11 happened. The economy soared until last year.
NOW its Obama's turn to inherit a weak economy. No excuses. You have a dem congress and you're the dem president. FIX IT or lose all power in 2 years. - tomasII, on 01/21/2009, -1/+2Bull, It is in direct relation to the Obama economic spending plan. You know, the one that Carter tried and succeeded in getting 22% interest and high unemployent.
- edyang, on 01/21/2009, -1/+2It is when the choice is murdering innocent babies.
- dazmax, on 01/23/2009, -0/+1And investors didn't realize he was going to be president until the inauguration?
- edyang, on 01/21/2009, -1/+2Government has never managed anything well. Look at Social Security. The funds were supposed to be in a lockbox but now is teetering on being bankrupt.
That's also the not-so-subtle difference between progressives and true conservatives. I don't want a handout from the government. I don't want them to give me a job. I want them to stay out of my way, lower the huge bite they take out of my income and create an environment where taking risks for entrepreneurs is encouraged. - AlbinoRaven, on 01/21/2009, -0/+1He unfortunately walked into a death trap.
It's really not looking that good right now. It doesn't matter what restructuring occurs or if he runs new "jobs" off the money press. There is serious trouble with this approach.
Running money off the printing press just to make jobs doesn't mean a hell of a lot. And for some reason people assume that all these jobs will be 60k a year. I bet you they won't. Probably just over minimum wage. Sad thing is if the feds start running the presses, the minimum wage might be enough to buy a loaf of bread due to inflation.
- inactive, on 01/21/2009, -0/+1I already sewed a hammer and sickle patch on my jacket just to be safe.
- JohnFlux, on 01/22/2009, -0/+1Idiot, the markets have known about his economic spending plan for months.
- bigbangbuddha, on 01/21/2009, -1/+1Trust me, you dont want a populist voting system in the US. If that happened the only states that would have proper representation would be the coastal ones, with major population centers. In this system 1000 new yorkers ≠ 1000 Oakies. The electoral college may seem unfair but it makes a lot of sense in a country as large and diverse as the US. So, with that, he won by a land slide. More states switched sides on that election than any in recent history. Cripes, nearly the entire country went blue.
- FearlessFreep, on 01/21/2009, -4/+4What in his background and experience or any of the people he's surrounded himself leads anyone to believe he has a clue about how to actually fix the economy?
- darkciti2, on 01/21/2009, -2/+2@RevJonathan:
Your god/invisible friend must not want you to make money these days. You voted for McCain/Palin in hopes of them/her bringing up the market, but clearly God didn't want McCain to win.
Truth is that Obama won by a landslide.
Either your God wants you to fail, or most likely he wants you to succeed by challenging you to be the best person you can be for the sake of being a good person.
Perhaps his message is, "Be RESPECTFUL and KIND to EVERYONE, EVERYWHERE"... - Skywise, on 01/21/2009, -2/+2Yeah because 3 months ago you didn't feel the same way...
Admit it. -
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