Looks Like Another Bad Day On Wall Street

[Kathianne]

4:10 am Dow futures down over 100.

BTW, did you see where Obama blames Bush for his socialism? :laugh2:

http://www.americanthinker.com/blog/2009/03/obama_bush_made_me_do_it_1.html


March 09, 2009
Obama: Bush Made Me Do It
Larrey Anderson
Even Obama’s socialism is Bush’s fault. Last Friday a reporter from the New York Times asked President Obama: "Are you a socialist as some people have suggested?"


Obama answered, “You know, let’s take a look at the budget -- the answer would be no.”

Apparently, the question (and his vapid response) bothered President Obama. The Washington Times reports that Obama later called the NYT reporter from the Oval Office to clarify his response:


"It was hard for me to believe that you were entirely serious about that socialist question," he told reporters, who had interviewed the president aboard Air Force One on Friday.

Opening the unusual presidential call to reporters by saying that there was "just one thing I was thinking about as I was getting on the copter," he said it wasn't he who started the federal government's intervention into the nation's financial system.

"I did think it might be useful to point out that it wasn’t under me that we started buying a bunch of shares of banks. It wasn’t on my watch. And it wasn’t on my watch that we passed a massive new entitlement -- the prescription drug plan -- without a source of funding. And so I think it’s important just to note when you start hearing folks throw these words around that we’ve actually been operating in a way that has been entirely consistent with free-market principles and that some of the same folks who are throwing the word 'socialist' around can’t say the same." [Emphasis added.]....

[Noir]

I don't really get the obcession with linking the falling Dow to Obama, or anybody else for that matter. Is it not a conservitive belief that the market will correct itself and that's that? If do how can you then blame Obama for the size of correction? By all means have a go at him for spending policies ect, but not the Dow.

And before anyone says it, I know that if McCain was in office that the dems would be blaming him for the fall in the Dow, however, I thought the idea was to try and be better than your opposition, and not sink to their level.

[Kathianne]

I don't really get the obcession with linking the falling Dow to Obama, or anybody else for that matter. Is it not a conservitive belief that the market will correct itself and that's that? If do how can you then blame Obama for the size of correction? By all means have a go at him for spending policies ect, but not the Dow.

And before anyone says it, I know that if McCain was in office that the dems would be blaming him for the fall in the Dow, however, I thought the idea was to try and be better than your opposition, and not sink to their level.

True Conservatives would say 'yes', the markets will correct themselves. Most however recognize that in periods of severe economic failure, which this time feels like, one has to weigh the problems with the air out of the balloon, along with the possibility of civil unrest. So some intervention is necessary, which is why there was skeptical acceptance of the fall financial bailout. It didn't touch the problem, AIG has been back at least 3 more times. Citi is still tanking, becoming a penny stock. Chase will probably be downgraded.

What Obama has done in the past 8 weeks has accelerated the failures, that is what the markets reflect. He talks about bailout for mortgage holders, the banks and construction stocks fall drastically. They talk about cap & trade, market goes into free fall. Car czar? GM is going the way it should-but it's not what Obama wanted.

So while the economy as a whole is really outside the control of the President, the markets are reactionary. I think they are trying to figure out if he's incompetent or deliberately doing what he's doing.

[Binky]

Get used to it as you'll see more drops in the near future before the economy is back on track.

[Mr. P]

Get used to it as you'll see more drops in the near future before the economy is back on track.

Your assuming there will be an economy to "get back on track".

If so, just what track is that, the left track or the right track?