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EVERY TIME DEMOCRATS DO SOMETHING, STOCKS PLUMMET
There’s no doubt that a small group of Republicans like South Carolina political boss Warren Tompkins nearly destroyed the GOP over the last few years. And they deserve a great deal of blame for thrusting America into the current economic mess.
But the new Democratic leadership under President Barack Obama isn’t doing much better. In fact, things are getting a whole lot worse as they continue to institute one bad policy after another.
It’s become so bad that pretty much every time Obama and the Democrats do anything, the financial markets tumble. Just take a look at the charts below courtesy of The Constitution Club.
Notice the 355.95 point drop in the Dow Jones Industrial average between 3 pm on Feb. 13 when Congress passed Obama’s massive spending package and 4 pm on Feb. 17 after Obama signed it. Or check out the 35.4 percent slide in the S&P 500 since September 2008 Obama overtook opponent John McCain in the presidential election and January 2009 when he was sworn into office.
The bottom line? Stop blaming Republicans for the economic crisis. Sure, the old guard like Tompkins didn’t help any, but Democrats are scaring off investors at a much, much, much faster rate.
So if Democrats have to accept responsibility for the Stock Market losses since January 20, 2009, will Republicans accept responsibility for the losses from Jan 20, 2008 to Jan 20, 2009? Why don’t you show that chart? Just so you don’t have to, that would be a loss of 4,650 points vrs. 630 points.
Intellectual dishonesty at work, Adam. The situation where we are in now was the result of at least 8 years of policy decisions by a Republican President, six years of which the Republicans held a clear majority in Congress and did the President’s bidding. President Obama, need we remind you, has been in office just over ONE MONTH. Sorry for the caps, but I think it may help you comprehend the concept. Secondly, stock prices are apropos of absolutely nothing other than the often irrational sentiment of the market. A market, since this is probably new to you to, overreacts to almost everything. So the data you present means absolutely zilch (and that means nothing) as to the effectiveness of the stimulus plan or the long-term benefits of such. Perhaps you are lucky to be employed by the BS factory you work for, but there are many decent and hard-working South Carolinians that are out of work in the real world. The headline unemployment is cracking ten percent and on the streets it is looking worse than that.
It is obvious the authors of the two previous comments do not understand the mot basic market economics, never created a job nor made a payroll, and most probably live dependant upon a weekly check to keep themselves in shelter.
Bravo, great post. The markets are sending the signal loud and clear: no confidence.
I run a small business which I started about 12 years ago. I employee 2 full time and 2 part time employees plus myself. I work about 60 hours a week, and my gross receipts were $390,000 last year on which I turned about $180,000 in profit. Not a lot but I’m proud of it. I pay about $3000 per month for health insurance for my two full time staff people and my family. I own a home, the building where my business is located, and a retirement account which is worth about 65% of what it was last year.
What more information do you need? Although I doubt you would understand as what I do is somewhat complicated and you’re probably a frat boy working for daddy’s business, somebody who never created a job that wasn’t minimum wage, someone who hires illegal aliens so he doesn’t have to pay minimum wage, or someone who works for a corporation someone else built.
Don’t blame democrats.
Let’s look at the past 16 years instead of the past week.
http://www.academycomputerservice.com/economics/charts.htm
That’s some fine analysis work, Lou.