March 2, 2009

POR Economy Benchmarking Update (Also, Rush Almost Gets It: Obama and Dems Have Owned This Economy Since June)

Filed under: Business Moves,Economy,Taxes & Government — Tom @ 10:56 pm

Wow. It’s one thing to lose 300 points on the Dow when it’s where it was in October 2007. It’s another to watch another 4% of equity value vanish in one trading session.

The updated POR (Pelosi-Obama-Reid) Economy benchmarks, in most cases using June 1, 2008 as the best approximation of it start date, are as follows:

  • 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 6763, down 46.5%.
  • S&P 500 — was at 1400, closed yesterday at 701, down 49.9%.
  • NASDAQ — was at 2523, closed yesterday at 1323, down 47.6%.
  • GDP Growth/contraction — was 2.06% in the 12 months preceding July 1, 2008; has been an annualized -3.39% since (-0.5% in the third quarter of 2008, -6.2% preliminary estimate for the fourth, including negative compounding).
  • 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%.

Way to go, guys.

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UPDATE: Not surprisingly, Rush gets it (link will be gone behind the subscriber wall in a week), though he’s still a couple of months late with the POR Economy’s start date (additional paragraph breaks added by me) –

Barack Obama is doing exactly what he campaigned on. I often say that I am America’s Truth Detector. Well, here’s some truth for you. President Obama campaigned for two years. His policies were announced that long ago. He won the Democrat nomination last August, six months ago. Every smart money guy, every smart money woman on Wall Street and around the world knew Obama was a shoe-in to be president six months ago. If they didn’t know it in August, they knew it on September 15th when McCain suspended his campaign to fix the crisis.

They knew, with the plunging stock market, they knew that Obama was going to be the next president. Every entrepreneur around the country and around the world knew it, too, which led to two events: heavy donations to the winner — i.e., Obama — and let’s wait and see on investments, let’s wait and see on expansion plans.

So the economy stopped. The stock market started tanking. They knew Obama was going to win. They knew what his policies were. They knew because he had said them. During his transition, he did not alter any of his economic policies. He stuck with the campaign policies regardless of the tanking economy.

To say that Obama has been in office only one month is not accurate from an effect on the world and an effect on the country standpoint. Barack Obama has been the controlling political authority on the economy for six months. You really think TARP 1 was developed without his or his people’s blessing? I mean his Treasury secretary Timmy Geithner was the Treasury secretary Paulson’s co-collaborator on the plan. Geithner too big to fail. Obama was in on the TARP plan, but wait, it gets worse. When Obama won the Democrat nomination and became the president-in-waiting, he had no idea the economy would weaken this much, this quickly. But I think he’s happy that it did. Not doing anything to change it. In fact, he’s continued to talk it down. He’s continuing to utter depressing statements about the future. He is encouraging such statements from his minions who appear on television.

The last bolded item is a hint that Rush knows that Pelosi, Obama, and Reid were the “controlling political authorities on the economy” well before mid-September, i.e., for more than six months.

Try June, Rush. Obama claimed the Democratic nomination on June 3, which “just so happened” to be the first month during which evidence that economy was beginning to go seriously into the tank began to appear. The August date Limbaugh cited was the mere formality of the Democratic convention confirming what was known two month earlier.

Welcome aboard the , Rush. Almost.

Things I’d Like to Post About Today …. (030209, Morning)

Filed under: TILTpatBIDHAT — Tom @ 6:08 am

….. But I Don’t Have Any Time For:

  • Irwin Stelzer at the UK Times Online — “Big spender Obama sets the red ink flowing” (HT Instapundit). Money quote: “Even more important, the underlying assumption of this budget is that the world will be willing to buy a flood of Treasury IOUs.” Gulp.
  • Totally unrelated” (we wish) — “Clinton wraps Asia trip by asking China to buy US debt.” If they say no now, or a few months from now, then what? (Fearful prediction: China will threaten not to buy US debt if the US electorate appears likely to defeat Obama and/or the current congressional majority.)
  • An important leftover from Feb. 18 is John Kass’s “Blame for Burris mess isn’t Blagojevich’s alone” at the Chicago Tribune. The last eight paragraphs make you wonder if President Obama knew that Roland Burris was compromised and corrupt, but prevailed on Harry Reid to rush Burris’s Senate appointment to ensure a filibuster-proof majority for the mislabeled “stimulus” bill. At the time it wasn’t known how many Republican senators could be turned. If Kass is right, and if George Bush had done something similar, Washington would be abuzz with impeachment talk right now.
  • “Rick Santorum attacks Republican leaders” — That would be the Rick Santorum who supported incumbent Senator Arlen Specter over Pat Toomey in the 2004 Pennsylvania GOP Primary. Specter was one of three GOP senators who supported the mislabeled “stimulus.” How’s that workin’ out, Rick?
  • From the WSJ’s Joseph B. White — “Tax the Streets; New Funding Ideas Are Needed for U.S. Roads and Highways.” Horse manure. Getting rid of misguided red tape and bureaucratic rules would easily provide the savings needed to keep the gas tax right where it is, without a privacy-invading, more expensive road use tax (the Journal pegs the current proposal as the equivalent of at 48-cent gas tax vs. the current 18 cents). Example: The rebuilding of the Santa Monica Freeway after the 1994 California earthquake. There is no reason this feat can’t be replicated consistently elsewhere — except political will.
  • From a Christian Medical & Dental Associations news release — “The move to rescind the healthcare provider conscience regulation imperils women’s healthcare access, threatens healthcare professionals’ freedom to practice medicine according to ethical standards, and exposes the myth of moderation in Obama’s abortion policy.” The CMDA’s reaction is to this: “White House set to reverse health care conscience clause.”

Positivity: Quick Acting Saves 7-Year-Old Stroke Victim’s Life

Filed under: Positivity — Tom @ 5:20 am

From Denver (video is at link):

February 21, 2009

A 7-year-old girl suffered a stroke at school on Thursday and luckily teachers and paramedics recognized the signs in time to save her life.

It is very rare for anyone under the age of 18 to suffer a stroke, but it does happen. And when it does, time is of the essence.

Kayleigh Connor’s teachers and classmates were the first to notice something was wrong. Then paramedics had to get past their own disbeliefs in order to make the crucial decisions that brought her to the hospital and saved her life.

“All I remember is me playing outside and getting a huge headache,” Kayleigh said.

Kayleigh quickly deteriorated and her teachers called 911.

“At first we all kind of went, ‘No this can’t be happening.’ But then we kind of have to step back, take a more clinical approach to it,” James McCoy with West Metro Fire said. “If it smells like it, looks like it, tastes like it, that’s what’s going on and we ran with it.”

A quick diagnosis and quick thinking by paramedics brought Kayleigh to the stroke center at Swedish Medical Center.

“It’s hard to have more concern for a patient than what we had for Kayleigh at this time,” Dr. Ben Ross said.

It was one of the biggest strokes the center had ever seen.

“So very active and intelligent and to have something like this happen that could possibly take all that away for her and her future; just something that you just can’t fathom,” Kayleigh’s father Dennis said.

Also unfathomable was what happened next. The blood clot in Kayleigh’s brain went away. Doctors say it was nothing short of a miracle.

“We did not expect it to resolve like that. It was very lucky and fortunate that it did,” said Dr. Martin Alswang, Swedish Pediatric Intensivist.

On Saturday Kayleigh got to greet everyone who helped her and she gave them all roses.

“I would like to give them many things besides just a rose but I think a rose will say ‘thank you;’ a huge thank you to everybody who helped me and who was there with me while I was having my kid stroke,” Kayleigh said.

“For all those pieces to fall together is what’s important for everybody,” Kayleigh’s mother Maggie said.

Kayleigh says she is feeling much better. She will be able to go home some time on Sunday or Monday. She says she’s excited to see her dogs. ….

Go here for the rest of the story.