US Stocks Down 15% in 2 Weeks

[rwoy]

Well done Congress ... well done.

[J. J.]

And thank you President Obama for providing this leadership to new depths.

[Lief 🗽]

The reason stocks are down 15% is because the economy is terrible, and the economy is terrible because Republicans have forced the conversation to unnecessary austerity which is just making the economy worse instead of the very necessary trillions in immediate Keynesian deficit spending. Of course Obama is partly responsible for buying into their framing, but the GOP does effectively control the legislative branch.

The GOP will be very, very happy about this news though. Destroying the economy is central to their plan to defeat Obama.

[King]

And thank you President Obama for providing this leadership to new depths.

Yes, I'm sure if he just had some leadership, people like Eric Cantor and Rand Paul were more than willing to fall in line behind him.

[Sbane]

The S&P downgrade is almost completely the Republican's fault. Democrats were willing to cut Medicare if Republicans would raise taxes. But the ideological dimwits wouldn't budge. Thanks for destroying America's credit rating assholes.

 That $4 Trillion compromise needed to pass (or something like Simpson-Bowles). Unfortunately nothing like that can pass with the Republicans in charge of congress. Are the American people going to wake up or keep sending the children back to Washington?

[Beet]

The G7 central bankers met this weekend. Supposedly they discussed something, but we haven't heard anything except a vague statement from Japan this morning that they were prepared to "take action."

The Fed needs to act to put a floor under this now. It is all psychological at this point. They really need to move before the FOMC meeting tomorrow, the liquidation could be a lot worse by then.

[Sbane]

And thank you President Obama for providing this leadership to new depths.

Yes, Obama's leadership can be blamed.  But what about the GOP's unwillingness to raise taxes? We got into this mess due to tax cuts and we have to get out of it by slowly raising the tax rates back up. If anyone thinks we can escape the mess without raising taxes, they don't deserve to be in Washington. Those people are completely naive and unwilling to face reality. (and yes the Dems who won't cut Medicare are the same, but they aren't so powerful, are they now?)

[J. J.]

The reason stocks are down 15% is because the economy is terrible, and the economy is terrible because Republicans have forced the conversation to unnecessary austerity which is just making the economy worse instead of the very necessary trillions in immediate Keynesian deficit spending. Of course Obama is partly responsible for buying into their framing, but the GOP does effectively control the legislative branch.

The GOP has one House, and who is calling this "unnecessary austerity."  It is necessary austerity, and the economy is reacting to the lack of it.

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When did Obama switch parties?

[J. J.]

And thank you President Obama for providing this leadership to new depths.

Yes, Obama's leadership can be blamed.  But what about the GOP's unwillingness to raise taxes? We got into this mess due to tax cuts and we have to get out of it by slowly raising the tax rates back up. If anyone thinks we can escape the mess without raising taxes, they don't deserve to be in Washington. Those people are completely naive and unwilling to face reality. (and yes the Dems who won't cut Medicare are the same, but they aren't so powerful, are they now?)

Who is disagreeing?  I think part of this increasing income taxes.  I think it takes someone to do both.  I'd be willing to give Obama a pass on being a tax and spend liberal if he wouldn't do the spending part.

[Sbane]

And thank you President Obama for providing this leadership to new depths.

Yes, Obama's leadership can be blamed.  But what about the GOP's unwillingness to raise taxes? We got into this mess due to tax cuts and we have to get out of it by slowly raising the tax rates back up. If anyone thinks we can escape the mess without raising taxes, they don't deserve to be in Washington. Those people are completely naive and unwilling to face reality. (and yes the Dems who won't cut Medicare are the same, but they aren't so powerful, are they now?)

Who is disagreeing?  I think part of this increasing income taxes.  I think it takes someone to do both.  I'd be willing to give Obama a pass on being a tax and spend liberal if he wouldn't do the spending part.

Dude Obama already agreed to huge spending cuts, and has been more than willing to cut taxes (idiotically, of course). I don't see how he is a tax and spend liberal (even the stimulus only increased SPENDING by about $600 Billion).Right now it's the GOP's turn to step up and be willing to raise taxes. I think a 2:1 or even 3:1 ratio of spending cuts to tax hikes would be reasonable. It's absolutely ridiculous the GOP couldn't even agree to that.

[opebo]

And thank you President Obama for providing this leadership to new depths.

The Republicans did it.

[J. J.]

And thank you President Obama for providing this leadership to new depths.

Yes, Obama's leadership can be blamed.  But what about the GOP's unwillingness to raise taxes? We got into this mess due to tax cuts and we have to get out of it by slowly raising the tax rates back up. If anyone thinks we can escape the mess without raising taxes, they don't deserve to be in Washington. Those people are completely naive and unwilling to face reality. (and yes the Dems who won't cut Medicare are the same, but they aren't so powerful, are they now?)

Who is disagreeing?  I think part of this increasing income taxes.  I think it takes someone to do both.  I'd be willing to give Obama a pass on being a tax and spend liberal if he wouldn't do the spending part.

Dude Obama already agreed to huge spending cuts, and has been more than willing to cut taxes (idiotically, of course). I don't see how he is a tax and spend liberal (even the stimulus only increased SPENDING by about $600 Billion).Right now it's the GOP's turn to step up and be willing to raise taxes. I think a 2:1 or even 3:1 ratio of spending cuts to tax hikes would be reasonable. It's absolutely ridiculous the GOP couldn't even agree to that.

You don't hear me praising the GOP for holding the line on taxes.  I'm basically saying if Obama would come forward with serious cuts and said, "and we have to raise income taxes," I'd agree.  The only thing would be to cut capital gains taxes, in order to stimulate the economy, even a temporary cut.

We need austerity, but that included revenue increases.  (And yes, I'm emphasizing the fiscal in fiscal conservative.)

[J. J.]

And thank you President Obama for providing this leadership to new depths.

The Republicans did it.

Wow, I had no idea Obama was a Republican.  Was that in the papers?

[John Doe]

Thank the Lord I have an army pension.  Without that, I don't know how I would have gotten along with only Social Security checks and my retirement fund, which continues to take beating after beating.

Coming from a man who has been drawing Social Security for over a decade and a half, leave the system in place.  Privatizing it is a sure-fire way to kick less economically fortunate seniors on the curb.  From what I've heard, the Ryan plan for both Social Security and Medicaire is absolutely horrid.  I understand they have to make the system work for the baby boomers, couldn't the money be found in other ways?  Like withdrawing from our second Vietnam in the Middle East?

Regards,
John Doe

[opebo]

And thank you President Obama for providing this leadership to new depths.

The Republicans did it.

Wow, I had no idea Obama was a Republican.  Was that in the papers?

Obama had nothing to do with it.

[J. J.]

And thank you President Obama for providing this leadership to new depths.

The Republicans did it.

Wow, I had no idea Obama was a Republican.  Was that in the papers?

Obama had nothing to do with it.

So, if Obama has no role in legislation, we should elect someone who will. 

That is basically your choice, either Obama made some mistakes that he has to fix, or he just isn't up to leading the country.  Sounds like, shall I say it, Jimmy Carter.

[KEmperor]

This is the perfect time to buy and hold.

[they don't love you like i love you]

As usual, opebo is dead on.

[Sam Spade]

What's funny is that this is basically TARP-redux.

Threaten end of the world if we don't pass TARP (in this case, raise debt ceiling with fake cuts and revenue increases).  Pass TARP (debt ceiling raise, etc.), market crashes.

Am I basically the only poster here who was against both pieces of legislation?  Serious question really.

[Beet]

Stocks are down even more in aftermarket trading. This thing is feeding on itself. The only thing that can stop it is official action, but we hear nothing.

[courts]

What's funny is that this is basically TARP-redux.

Threaten end of the world if we don't pass TARP (in this case, raise debt ceiling with fake cuts and revenue increases).  Pass TARP (debt ceiling raise, etc.), market crashes.

Am I basically the only poster here who was against both pieces of legislation?  Serious question really.

Most non-gullibles could determine such.

[Ban my account ffs!]

This is exactly 2008 all over again.  Hell, even the global weather is analogous to 2008.

[BigSkyBob]

And thank you President Obama for providing this leadership to new depths.

Yes, Obama's leadership can be blamed.  But what about the GOP's unwillingness to raise taxes? We got into this mess due to tax cuts and we have to get out of it by slowly raising the tax rates back up. If anyone thinks we can escape the mess without raising taxes, they don't deserve to be in Washington. Those people are completely naive and unwilling to face reality. (and yes the Dems who won't cut Medicare are the same, but they aren't so powerful, are they now?)

Who is disagreeing?  I think part of this increasing income taxes.  I think it takes someone to do both.  I'd be willing to give Obama a pass on being a tax and spend liberal if he wouldn't do the spending part.

Dude Obama already agreed to huge spending cuts,

Reality check, Obama had little choice but to agree to reducing the growth of spending from its projected growth of nine trillion dollars to, maybe, five trillion dollars. Only in Washington is spending five trillion dollars more a "cut."

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[BigSkyBob]

What's funny is that this is basically TARP-redux.

Threaten end of the world if we don't pass TARP (in this case, raise debt ceiling with fake cuts and revenue increases).  Pass TARP (debt ceiling raise, etc.), market crashes.

Am I basically the only poster here who was against both pieces of legislation?  Serious question really.

No.

[Ban my account ffs!]

And thank you President Obama for providing this leadership to new depths.

Yes, Obama's leadership can be blamed.  But what about the GOP's unwillingness to raise taxes? We got into this mess due to tax cuts and we have to get out of it by slowly raising the tax rates back up. If anyone thinks we can escape the mess without raising taxes, they don't deserve to be in Washington. Those people are completely naive and unwilling to face reality. (and yes the Dems who won't cut Medicare are the same, but they aren't so powerful, are they now?)

Who is disagreeing?  I think part of this increasing income taxes.  I think it takes someone to do both.  I'd be willing to give Obama a pass on being a tax and spend liberal if he wouldn't do the spending part.

Dude Obama already agreed to huge spending cuts,

Reality check, Obama had little choice but to agree to reducing the growth of spending from its projected growth of nine trillion dollars to, maybe, five trillion dollars. Only in Washington is spending five trillion dollars more a "cut."

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Say you get paid $55,000 in 2011.  And you get paid $55,000 in 2012.

You go out and buy $55,000 worth of groceries in 2011.  You inventory them.

Then you go and buy $55,000 worth of groceries in 2012 after a 5% inflation in foodstuffs prices.  You inventory them.

You find you have 5% less food than in 2011.

Only in the mind of a hack Republican is that not a cut.