The POR (Pelosi-Obama-Reid) Economy Takes Us Back ….
…. to 1997:
The major stock market indexes have staggered to their lowest levels in more than a decade, pulled down by investors’ rapidly waning confidence.
The Dow Jones industrial average and the Standard & Poor’s 500 index are at the lowest point since 1997, succumbing to growing worries about a
recessionPelosi-Obama-Reid (POR) Economy the country has endured since June of last year that has no end in sight.Most financial stocks were pounded even as government agencies led by the Treasury Department have said they will launch a revamped bank rescue program. It includes the option of increasing government ownership in financial institutions without having to pour more taxpayer money into them. (**) (***)
Thanks, guys.
Yeah, the edit in bold was mine. Somebody’s got to say it straight out.
(**) — This is known as the government getting something for nothing. It’s a wonder the market didn’t retreat to 1897 levels.
(***) — Actually, it’s Michelle Malkin’s “fault” for showing us just how brazen the lawbreakers at ACORN are and how they, along with the administrations “loan modification” plan, threaten to nullify the rule of law, especially as it pertains to business contracts. If there are no reliable rules of the game, there is ultimately no market — just the law of the jungle.
UPDATE, 11:45 p.m.: Aw, what the heck, let’s update those POR Economy benchmarks again –
- Unemployment — was 5.5% as of the May 2008 BLS report); now at 7.6%.
- Dow Jones Industrial Average — was at 12638, closed today at 7115, down 43.7%.
- S&P 500 — was at 1400, closed today at 743, down 46.9%.
- NASDAQ — was at 2523, closed today at 1471, down 45.0%.
- GDP Growth — was 2.06% in the 12 months preceding July 1, 2008; has been an annualized -2.15% since (-0.5% in the third quarter, -3.8% advance estimate for the fourth).
- Inflation — was 4.2% in the 12 months ended May 31, 2008; prices have dropped about 2.5% in the eight reported months since then (through January), and are up about 1.1% in those seven months excluding food and energy.
- Prime rate — was 5.0%, is now 3.25%.
What did they expect when announcing they were intending to raise taxes and allow the tax cuts to expire???? You know what was really the epitomy of absurdity was today’s announcement during the Governors meeting that the they needed to trim the federal budget deficit!!!! These are the same bozos who said give us money, i.e. the Economic Stimulus bill. So here they deficit spent on this bill and then proclaim we need to see savings in the federal budget. You all know where this stupidity is going, the rationalization of cutting the military budget to extreme levels. Obama already has been talking about cutting the military budget to “save” money. BS! this is nothing more than a reallocation to some other more politically correct spending.
Comment by dscott — February 23, 2009 @ 4:29 pm
#1, What you’ve described is so bizarre you literally don’t know what to say.
Comment by TBlumer — February 23, 2009 @ 11:36 pm
I can’t decide whether Obama is Machiavelli purposely ruining the economy or a moron doing the same thing. I’m leaning towards the latter.
My assessment is that he is in over his head, and has been for a month. He is panicked, but unlike Strickland, his response is to do a lot of stupid stuff instead of rocking in the corner in a fetal position. When he does not know what to do, he falls back on what he does: campaigning, leftist rhetoric, let other people who’ve actually had a job decide, blame them but take credit for all good.
I think people are giving this administration too much credit by assuming they’re tanking the economy to soften it up for a socialist take-over. It’s really just the 3 Stooges supervising the Keystone Kops.
Comment by Joe C. — February 24, 2009 @ 6:22 am
#3, it may get to the same result before it’s stopped.
But we may be perversely fortunate if you are right. It means there’s some hope for adult supervision until real adults can be in charge again. The need to be re-elected may facilitate that, esp in Congress.
Comment by TBlumer — February 24, 2009 @ 6:30 am