Tuesday, February 17, 2009

Wall St: Can you hear the cracking sound of something breaking down?

1:37 PM, S&P 500 down 4.11% on the day.

Gee - I guess that stimulus package isn't what inverters were hoping for, is it?

Obama waves goodbye to America as we knew it...

Economy and bank worries drag Wall Street lower
Stocks tumbled on Tuesday, pulling the benchmark S&P 500 index to its lowest in three months, after a regional manufacturing report fell to a record low and financial shares slid further on signs of more trouble for European banks.

Dismal economic data from Japan added to the gloom and made oil prices sink. Energy shares were the biggest drag on the Dow and S&P stock indexes, with Exxon Mobil Corp down 3.8 percent.

Adding to the negative sentiment, Moody's Investors Service said various eastern Europe banks faced downgrades and that recession in emerging Europe will be more severe than elsewhere due to large imbalances. Investors fled some western banks seen having a crucial role in keeping the former Communist bloc afloat after financing growth in recent years.

As you can read - there are many other reasons for the ear blowing sound of collapse at Wall St, but lest we forget, Mr. "Urgently needs a bill" - waited 3 days until today to sign his stimulus billilus in a ceremonial atmosphere. Are you celebrating with him right now? He went partying. The economy is crashing - and he took a vacation. Where's Micheal Moor with his "documentaries" mocking Bush's golf escapes?

Obama poised to sign stimulus into law
President Barack Obama is poised to sign into law the most sweeping economic package in decades, a rescue plan designed to create millions of jobs, spur consumer spending and revive the nation's outlook.

Capping the biggest victory of his month-old administration, Obama will sign the economic legislation Tuesday in Denver.

The setting, the Denver Museum of Nature & Science, is meant to underscore the investments the new law will make in "green" energy-related jobs.

Ahead of Obama's arrival in Colorado, the White House went live with a Web site, http://www.recovery.gov, that will allow people to track where the money is being spent. The White House press office also promoted the projected job growth for each state and congressional district.

The flailing economy continues to dominate Obama's time.

Tuesday is when General Motors Corp. and Chrysler LLC, which are living off a combined $13.4 billion in federal bailout loans, are due to hand in plans to the government about how they can remain viable.

And on Wednesday in Arizona, Obama will unveil another part of his economic recovery effort -- a plan to help millions of homeowners fend off foreclosure.

But first comes the $787 billion economic stimulus bill, which tries to address the nation's economic free fall on multiple fronts.
As Obama Signs $787 Billion Stimulus, the Question Is, Will it Work?
Ehh... probably not... :-(

I'm not the one who made this prediction, Presidential spokesman Gibbs did:
NPR: Obama Poised To Sign Stimulus Bill


White House spokesman Robert Gibbs warned it would take time for the economy to improve. "Things have not yet bottomed out. They are probably going to get worse before they improve," he said.


I said it before, and I'll say it again - it's astounding how the left and Obama's people have talked down the economy during the election - and now that he's elected - he's still using economic fear mongering to get his way. And again, I'm not alone while saying this:
Marketwatch: President Obama's speeches on the economy are needlessly scaring the daylights out of the American people.
In an effort to ensure swift passage of his fiscal stimulus plan, which is aimed at arresting the recession, the president and his aides have used jargon that risks making it worse, to say the least.
For example, while addressing the residents of Elkhart, Ind., last week, Obama warned that "if we don't act immediately, our nation will sink into a crisis that, at some point, we may be unable to reverse."
A few days later, when asked at his first press conference as president to elaborate on why he used such "dire language," the president referred to a "potentially negative spiral that becomes much more difficult for us to get out of."

1 comment:

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