Aug 052011
 

The market has been on a ten day slide, and I have heard more than one Republican pundit comment, that the market would respond favorably to the deal.  Boehner said he got 98% of what he wanted, but the deal is so bad for the economy that the market did respond, with it’s worst day since December 2009.  Now I won’t try to say that the deal alone is responsible, but the knowledge that the deal will cost 1.8 millions jobs, and that the deal will cause the GDP to lose 1 3/4% had to make it worse.

5marketThe stock market is finishing its worst day since the financial crisis.

The Dow Jones industrial average plunged more than 500 points Thursday. Investors are concerned that the U.S. economy will enter another recession and that Europe’s debt problems are not closed to being solved.

Major stock indexes fell more than 4 percent.

The Dow is closing with a loss of 513 points, or 4.3 percent, to 11,384.

The S&P 500 is down 60, or 4.8 percent, to 1,200. The Nasdaq is down 137, or 5.1 percent, to 2,556.

Twenty stocks fell for every one that rose on the New York Stock Exchange. Volume was very heavy at 7.5 billion shares.

Financial analysts say what happened on U.S. markets has been building for some time. Nigel Gault, chief U.S. economist at IHS Global Insight, says "real risks" of the economy falling back into recession and Europe’s widening debt crisis may have been obscured by the recent debate over the US debt ceiling… [emphasis added]

Inserted from <NPR>

The effects of Republican blackmail make a double dip recession far more likely, because it hamstrung attempts to stimulate the economy.

Keith Olbermann explains it with Paul Krugman on Countdown.

The damage done by the Bush Regime was far worse than anybody knew.

Lawrence O’Donnell also covers the crash with Howard Fineman and Robert Reich.

Visit msnbc.com for breaking news, world news, and news about the economy

Note that Bought Bitch Mitch McConnell promised another Republican hostage crisis in 2013.  There is only one way we can prevent it.  For effective Democratic government, we need a majority in the House and a super-majority in the Senate.  That does not include DINOs, like Ben Nelson (DINO-NE), who goose-steps with the Republicans on almost every vote.

Share

  14 Responses to “Market Tanks; Bad Policy Contributes”

  1. Disturbing biz all this! I imagine according to the “fat cats” this “tank” bust is due to the democrats – and the fact that we got our 2% of the “deal”! Why do they call it a “deal”? Implicit in that word is that there is more than one player! Is the “deal” just between the R’s and T/B’s ? I didn’t see the dems do anything but serve their hind parts!
    Thanks Tom, I guess – at this point I’m just waiting for more catastrophic news! Wouldn’t a shoot out at a school, or a tsumami, or earthquake be refreshing for a change!

    • I hope you’re just being sarcastic, but no – I don’t think any of the things you listed would be “refreshing for a change.”

    • I agree with Nameless. I know it’s cynical sarcasm, but people who don’t know you will misinterpret.

  2. One hopes that, given the results of today’s New York Times poll, that maybe Americans are waking up to what the Teapublican party has wrought:

    Republicans in Congress shoulder more of the blame for the difficulties in reaching a debt-ceiling agreement than President Obama and the Democrats, the poll found. The Republicans compromised too little, a majority of those polled said. All told, 72 percent disapproved of the way Republicans in Congress handled the negotiations…

    The public’s opinion of the Tea Party movement has soured in the wake of the debt-ceiling debate. The Tea Party is now viewed unfavorably by 40 percent of the public and favorably by just 20 percent, according to the poll. In mid-April 29 percent of those polled viewed the movement unfavorably, while 26 percent viewed it favorably. And 43 percent of Americans now think the Tea Party has too much influence on the Republican Party, up from 27 percent in mid-April.

    • The Democrats had complete control of Congress for four years and the White House for the last two, and what did they do with all that power?

      Took impeachment off the table
      Made the continuing funding of unconstitutional oil wars their top priority
      Refused to look back at war crimes and the greatest act of fraud in history that put the entire planet into a Great Recession
      Bailed out big banks, Wall Street and multinational corporations with $16 trillion and let Main slip into unemployment, bankruptcy, foreclosure and poverty
      Renewed the unconstitutional UNpatriot Act
      Renewed regressive tax rates for the wealthy
      Bargained away hundreds of millions of dollars worth of benefits and entitlement for the people who need help the most
      Now want to cut SS and Medicare

      They didn’t need any help from the Teabaggers. The DINOs within the Democratic Party did it all by themselves.

      Vote for Progressive Democrats only, because a vote for the lesser of two evils (DINO vs. Republican), is still a vote for evil.

      • Kevin, here’s where you’re mistaken. When a Republican and a DINO are opposing each other, a vote for a third party candidate is a vote for the Republican. Even DINOs are fairly reliable when it comes to Supreme Court nominations. The lesser evil is the only way to keep more like Roberts, Alito, Scalia, Thomas, and Kennedy off the court.

        I am all for challenging DINOs in primaries, but in the general, if Republicans take power, America is over.

    • Sadly that means one out of three are insane.

  3. Boehner gets 98% of what he wants. His comment is just further proof that the GOP wants to crash the economy in hopes of crashing Obama’s chances at a second term, and further proof that the GOP does not care about the country.

  4. I look at this deal and notice that it is void of leadership; and that includes the President.
    The rest of the World wants to invest in America even in these bad economic times. But America is scared to invest in America.That’s a bad place to sit in to long.

    • I agree Tom. The only reason the rest of the world wants to invest in America, is because the Republican recession screwed Europe too.

  5. That’s MON$TROU$LY DEPRAVED POLITI¢$!

Sorry, the comment form is closed at this time.