The Obama recession is underway


when there's nothing good for the markets to expect from the incoming administration

dow drops

The DOW plunges even further, to an 11 year low

While President-Elect Obama doddles in Chicago floating names of rumored cabinet appointees and libs beg that he comes out to address the nation, I pause to wonder what would be happening if we were facing a McCain economic plan. Cutting capital gains tax rates, protecting 401Ks for Seniors, actually stabilizing the housing market with the bailout funds… sigh.

It will be interesting what President-Elect Obama does with the $350 billion gift President Bush leaves him. Based on his last radio address (click doddles above), it’ll probably entail a bailout of inept Granholm, unions, big cities and such. Redstate counties will be milked as the wealth gets spread around.

I’m dubbing this Obama’s recession. The conditions may have precipitated him, but he has brought it on by offering zero hope, zero intervention. I guess the world can wait for two more months.

since obamas radio address

*This since his last radio address


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Snowball rolling down a hill.

Michael DeWeese (Diary) Thursday, November 20th at 10:54PM EST (link)

It’s a democrat recession. It was started by a little change to the Community Reinvestment Act by Bill Clinton in 1995 and has simply snowballed over the years and taken much of the world down with it.
http://www.redstate.com/diaries/michaelbdr/2008/oct/15/butterfly-effect/

 

Yep, didn't 200 economist's that supported McCain...

izoneguy (Diary) Thursday, November 20th at 10:54PM EST (link)

said this is where we were going? I even said it. With an empty suit and an empty head Obama will walk in the White House with nary a clue of what to do. He is a borderline communist with no economic skills. He surrounds himself with other communists that do not believe in the capitalist economic system. As millions lose their jobs and the other millions that will not find any then good luck to any industry surviving even it is doing well now. Manufacturing, retail, banking will all do a swan dive. Government will be the only business left and a long period of doubt and uncertainty will be cast upon America. Obama’s socialist agenda and his fight on Global Warming will only push the world into depression.
What happens then is anyone’s guess.

The point cannot be made often enough: Modern liberalism, as embodied in the Obama presidency, is the defender of the status quo. And the status quo is a road to economic ruin. Political forces cannot redistribute the wealth that the economic system does not produce.

 

"Obama Depression" Needs To Be Repeated Over and Over and Over Again

IJB Friday, November 21st at 12:05AM EST (link)

That’s just smart politics.

Spread the word: every Republican who’s interviewed, anywhere, from this time forward needs to tie the plummeting economy around Obama and the Democrats necks.

 

Oh yeah, it is definitely Obama's

c17wife (Diary) Friday, November 21st at 2:41AM EST (link)

depression. I’ve been in it since Nov 5. and I see no signs of coming out of it anytime soon.

Every single decision I am making now is couched with this-How will Barack’s incompetence/inexperience affect this part of my life? Sucks, sucks, sucks!!!

Duty is ours, outcomes belong to God.~Mike Pence

 

Not only will asset prices

redneck_hippie (Diary) Friday, November 21st at 8:12AM EST (link)

continue to be depressed, but waiting to sell them until Obama/Reid/Pelosi double cap gains would be kinda silly.

Local governments are already slashing jobs. Goody, more excuses for the Feds to take over more of our liberty and self-determination.


Activists Taking Action: Unified Patriots

 

The current slump

kyoufuu (Diary) Friday, November 21st at 9:00AM EST (link)

will not end until Government stands aside and lets market forces do their work. As it is, investors don’t want to spend any money, since they have no clue where the Fed will decide to intervene next. As long as that $350b is still hanging over our heads, investors will sit back and wait. This means that the DOW will not even come close to recovery until at least january, probably later.

“There are more instances of the abridgment of the freedom of the people by gradual and silent encroachments of those in power than by violent and sudden usurpations.” — James Madison

“I swear by my life, and my love of it, that I will never live for the sake of another man, nor ask another man to live for mine.”

 

Wishful thinking again.

deltar (Diary) Friday, November 21st at 1:41PM EST (link)

Obama didn’t cause the nation’s depression, just yours. We need to review the facts as they are, not as we wish they would be.

2/3 of the public have a hopeful, positive view of Obama. polls

You can hate this data, but that doesn’t change it. The public is not gonna buy this “Obama Depression” stuff (not yet anyway), and you simply lose credibility by promulgating it.

 

Fail

uninformed Friday, November 21st at 8:38PM EST (link)

the dow closed up 500 today after Obama
leaked the new treasury sec
and apparently the markets like his pick

why don’t we wait until he is actually sworn in before we attack him

we just look like jack asses when we make silly attacks like this

this is the reason why we are losing credibility

and when legit Criticism arises (trust me it will) no one will listen because we cried wolf too many times

8 years of failure

Gerry59 Saturday, November 22nd at 12:27AM EST (link)

It is amazing, how Hannity is stating this is the Obama recession. Did I miss 8 years of lies, deceit, deficits, debt, a failed ideology, a war on a lie, ignorance, arrogance, blunders, and incompetence.

Is it any wonder that the republicans are so lost.

But to be fair, both parties go to far to the left or to far to the right. This time Bush took us too far to the right. It is amazing how the money is going to the rich, neoconism, ideology, and the putting of religion in government.

Not a bad 8 years economically

Freedoms Truth (Diary) Saturday, November 22nd at 12:36AM EST (link)

We had 8 million new jobs, we had economic growth from 2003- right until Q2 2008, and we were actually weathering the housing bubble burst storm until recently…

What fell apart since March was the commodity price bubble with oil — WTF was that about, it went from $100 to $140, now its at $50!?!? … Had oil not done that, the economy and the financial crisis would not have played out as bad as it did.

Still, the markets surely have react poorly to the Pelosi congress.

Most of the fall of the economy has occured in just the last few months and a LOT of that is due to investor FEAR AND UNCERTAINTY ABOUT THE FUTURE…. Now WHAT pray tell is uncertain about the future that could knock the wind out of the sails of the economy? Any guesses?

Maybe the drop in the market since election day would clue you in?

5 5 5

JadedByPolitics (Diary) Saturday, November 22nd at 12:39AM EST (link)

the Oil issue

JLenardDetroit (Diary) Saturday, November 22nd at 1:16AM EST (link)

30+ years of Energy Production obstruction by Democrats came to a head, just like the CRA (from over 30 years) finally burst!

You are right, even the Mortgage meltdown would not have been as bad if $4.00/gal gas prices not driven more people over the edge. As the Democrats continue to stall/delay (despite the Drilling ban lift, which was just for show) any actual Production increases we will see us start to creep back up again in 2009. If for no other reason than Cap-and-Trade and other tax impositions they can’t wait to pile on.

refs: (Democrat Energy agenda for decades) (Military solution to Oil problem, no not bombs) (CRA) (return to $4/gal gas?)

Regards from NoMoTown (the MOTORlessCITY)
“Liberals, looking to do for? America what they’ve done for? Detroit! which is DESTROY IT!”
“I think, therefore I am Conservative”
“Conservative by choice, Republican by necessity”
“You can lead a Liberal to the Truth/Facts, but you cannot make them THINK!”
“Romney [No, not my first choice] does NOT have a MORMON problem. He has a, far too many Americans; these days; are MORONS problem!”


(RS:Help) (JLD) (Hollyweird) (Brain-deads) (SPIN-cycle) (Obamaocare) (Party of kNOw) (Conservatism) (TEApeats) (respectful) (message) (Warning: Children Will Die!!)
Heil “O” Hell No Obamao is NOT MY PRESIDENT! “No U won’t”
I want “O” to FAIL (here, here, & whole Diary (Ofail) here, is why)
The first Liberal was Satan” – a Rush caller (other Quotes)

8 years of failure

Gerry59 Saturday, November 22nd at 9:44AM EST (link)

We saw the deficits 5 years ago. The fact is deficits is borrowed money from other countries. So all Bush did is run our economy on deficits and borrowed money, giving the false illusion that the economy was good. Add to that a multitude of other problems. Bush talks of free trade, but then the factories close up. So we are in the age of globalization and no one is doing anything about it.

What Bush has done is the old “guns and butter” trick.

Bush is a deficit spender. His supply side trickle down voodoo economics failed. There is another word for this and that is called “guns and butter.”

This “guns and butter” was first tried under LBJ. LBJ could not raise taxes as Kennedy lowered taxes. So LBJ had the federal reserve print money for the Vietnam war and for the Great Society programs. Printing too much money creates inflation. Inflation is a lagging indicator of some 3 years. Nixon battled inflation and used “wage and price controls” and failed. Ford dealt with inflation as it went higher and used WIN buttons and failed. Carter had no idea what to do as inflation, interest rates, and unemployment went higher. Carter did get in Paul Volcker into the federal reserve and under Reagan, Volcker raised interest rates (taking out the counterfeit money) at 21 1/2%. This killed inflation and the result was that unemployment went over 10%. But as this killed inflation, inflation, interest rates, and unemployment went down for over 20 years.

Bush is doing the same “guns and butter.” That is Iraq and tax cuts and no cuts in spending. Bush is using deficit spending. Just borrowing. Today we see the results of going to 500 billion to 1 trillion dollar yearly deficits and Bush has added 4 trillion dollars to the debt. We have our jobs going overseas, our money going to Iraq, and our infrastructure seeing signs of neglect. Our military is stretched thin, everything in our infrastructure needs repair, upgraded, or is stretched thin. We are losing the middle class and half of the states and a lot of cities are going broke as factories are closing. Bush has stayed the course, only to see the economy get worse. All we are doing is borrowing from other countries to keep our economy going with tax cuts and stimulus packages. We also see a high level of personal debt, our economic growth will slow with a recession, and even getting out of a recession will be slow as we have so much debt and the federal reserve can only lower interest rates so far without creating inflation and the protection of the dollar. And we will see China with 9% growth or higher as they create a middle class. This high growth by China means we will lose our standard of living as we waddle in debt. It will take 20 years to clear up the Bush mess. Bush was handed a surplus when he came into office. Really, amazing on how one guy destroyed this country.

Economy tanked after Democrats took Congress

Spiral (Diary) Saturday, November 22nd at 10:04AM EST (link)

It wasn’t until the Democrats won control over Congress that the economy and the stock market turned South.

A Republican Congress and a Republican president is, despite the deficiencies of the Republican party, America’s best bet for a strong economy.

Even during the Clinton years when the stock market and economy were strong, you had a GOP congress preventing too many Leftish ideas from sinking the economy.

I am sick of being told I have to take the high road

Christine (Diary) Saturday, November 22nd at 10:04AM EST (link)

when the libs happily slither along whereever they choose.

If McCain had won the leftwing sites would be flooded with attacks way worse than anything we have tried.

Taking high road is just making it easier to target us.

I’m not saying we should sink to the gutter like the liberals, but we should step down and throw a few punches.

The primary process is FLAWED. Two states should not decide our candidate.

“I would be a poor Commander in Chief”
– Barack Obama, July 3 2008

hey uninformed

kyle8 (Diary) Saturday, November 22nd at 10:07AM EST (link)

I am going to be a better man than any on the left. I am going to give Barack Obama exactly TWICE as much of a chance as Bush got. Twice as much benefit of the doubt.

2 X 0 = 0

“Nothing works like freedom, Nothing succeeds like liberty”
Kyle

Those 2/3 probably work for somebody else.

izoneguy (Diary) Saturday, November 22nd at 10:14AM EST (link)

Most Americans don’t have a clue about economics or business.
2/3 may be hopeful but Obamas Hope & Change is neither.
With a pseudo communist ready to take control I am not hopeful of the change that is about to shackle our economy.
The only way it will get better is when Obama is booted out along with Pelosi, Reid & Frank. NOW that would be change you could bank ON!!!

The point cannot be made often enough: Modern liberalism, as embodied in the Obama presidency, is the defender of the status quo. And the status quo is a road to economic ruin. Political forces cannot redistribute the wealth that the economic system does not produce.

I will never support...

izoneguy (Diary) Saturday, November 22nd at 10:16AM EST (link)

…a terrorist loving pseudo communist as Commander in Chief.

The point cannot be made often enough: Modern liberalism, as embodied in the Obama presidency, is the defender of the status quo. And the status quo is a road to economic ruin. Political forces cannot redistribute the wealth that the economic system does not produce.

Gerry59 a lot of what you say is true, and a lot of is is exaggeration.

kyle8 (Diary) Saturday, November 22nd at 10:19AM EST (link)

Or at least dwelling on the negative and not looking at any of the positive. But given that I agree with you generally on Bush’s performance, tell me what, in all of that did it have to do with conservatism.

Many of us here are equally sick of Bush, and were never big supporters of him, precisely because he was never really a conservative. Neither was his father.

I also want to disabuse you of the notion that somehow Volcker “saved us”. Volcker nearly singlehandedly destroyed the economy in a way which was totally unnecessary. I say unnecessary because Great Britain had exactly the same problems as the USA at the time, only worse and they came out of their crises without the sharp, hard recession we had. Eventually it was not Volcker, but Reagan’s fiscal policies that brought us out of the 1970′s doldrums.

It does not make me feel good that that old cigar chomping economy wrecker Volcker is advising Obama.

“Nothing works like freedom, Nothing succeeds like liberty”
Kyle

 
 
 
 
 
 
 
 
 
 
 
 

Must Conservatives Rally Round the Messiah?

izoneguy (Diary) Saturday, November 22nd at 10:33AM EST (link)

However, if one judges Mr. Obama by his deeds and his history, America is in store for a siege engine of leftism. That the impending avalanche will be followed by a liberal crack-up is of little consolation.

Must Conservatives Rally Round the Messiah?

The point cannot be made often enough: Modern liberalism, as embodied in the Obama presidency, is the defender of the status quo. And the status quo is a road to economic ruin. Political forces cannot redistribute the wealth that the economic system does not produce.

8 years of failure

Gerry59 Saturday, November 22nd at 11:05AM EST (link)

Reagan’s fiscal policy? Reagan left deficits and Bush 41 raised taxes to pay for them.

Inflation was out of control, and it was Paul Volcker who raised interest rates to be inflation.

Mind you Nixon used wage and price controls and failed. Ford used WIN buttons and failed. Carter did not know what to do.

I was not aware at the time on what England did. However, interest rates usually go up or down with ours around the world or in tandem. So I am sure that they raised interest rates too.

8 years of failure

Gerry59 Saturday, November 22nd at 11:21AM EST (link)

And how do you get out of this recession? You fix the infrastructure, mandatory vocational training, energy independence, high speed rail, and embryonic stem cell research. We have to deal with globalization, you do anything to create jobs that will stay in this country and those jobs will pay the taxes to the cities, the states, and the federal government. This is more in deficits, but this is the only way you can fix the economy. You have Iraqi oil to pay for the war, if you can get around the deteriorated pipelines and the fatwa. When the economy gets better, then you cut spending as we also have 50 trillion dollars of unfunded programs. In the meantime, the deficit will get worse before it gets better.

And the reason you do the above is that we have had 7 years of tax cuts. It is like crying wolf too many times. Tax cuts have become ineffective and are only creating deficits. The federal reserve can do no more. So it has to be jobs programs.

So all the talk of less government will bring more government.

But as Bush says “America, has no problems.
http://www.youtube.com/watch?v=keN12U2coK8

8 years of failure

Gerry59 Saturday, November 22nd at 11:32AM EST (link)

Yes, ignore 8 years of failure.

You're really going to hate the next four years, Gerry59.

Moe Lane (Diary) Saturday, November 22nd at 11:49AM EST (link)

It’s quite fun to contemplate, really.

Moe

PS: Hate Arabs on your own time, Sparky.

Blam.

Bush did ok until the Dems took over Congress

David123 (Diary) Saturday, November 22nd at 2:07PM EST (link)

The economy from 2001 to 2006 did pretty well considering the terrible events of 9/11 which would have challenged any president. Anyway the economy under Bush recovered pretty well from 9/11 until the Democrats took over Congress and then things started to go down the toilet.

David123

Bush most certainly did NOT "do OK".

mbecker908 (Diary) Saturday, November 22nd at 2:20PM EST (link)

Let’s see, NCLB. Med Part D. The Farm Bill. Unrestrained spending on the part of Congressional Republicans. Not a single veto. He brought up Fannie/Freddie when he had control of Congress and made no fight over it. Hell, he made no fight over anything.

Let’s get real. This recession belongs to George W. Bush, the moderate Republicans who ran Congress and the conservatives who didn’t wage war (pretty much all of us). Obama is a fringe player at best and the Harry/Nancy show was the result of Republicans standing for nothing for too long.

5! n/t

Vegas_Rick (Diary) Saturday, November 22nd at 2:54PM EST (link)

n/t

“God is great, beer is good and people are crazy.”- Billy Currington

“Nothing in this world can take the place of persistence. Talent will not; nothing is more common than unsuccessful people with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent. The slogan ‘press on’ has solved and always will solve the problems of the human race.” Calvin Coolidge.

5 by 5

kowalski (Diary) Saturday, November 22nd at 3:19PM EST (link)

Sadly that is the truth. Or at least it’s a large part of the truth.

And some salt in the wound...

kowalski (Diary) Saturday, November 22nd at 3:50PM EST (link)

I won’t express it as well as Paul Cella did, because I don’t have to, but one of the other serious problems with the W Presidency that we really do need to understand is that the President has to have a personality and a speaking style that connects with the population. I will go to my grave believing that GWB simply didn’t have what it took when it came to making his case to the American people.

Anyone who doubts that we’re now — for better or for worse — in a media-driven age where people attempt to shape the “climate of opinion” and “construct the narrative” through their public speaking ability is foolish. In the world of YouTube and Citizen Journalism and instant fact-checking and relentless reinterpretation of statements, both parties will always have to have a good and a naturally confident public speaker in the leadership of position of the Party.

Even if people understand that the speeches are written by someone else, the “President as Spokesperson” has to deliver them impeccably. Bush’s inability to do so consistently hurt his Presidency on many occasions.

We live in a world where people can watch video clips on their cell phones while they’re riding on the subway home from work, then forward them along with commentary to their social networks. The “broadcast” has become “personal cast” — at the time of the individual’s choosing — and I think it means that one of the qualifications for President, like it or not, is the ability to connect in a video clip.

Slight disagreement K.

mbecker908 (Diary) Saturday, November 22nd at 4:14PM EST (link)

I really think that GWB could communicate with the American people very effectively when he wanted to. He is a very effective speaker on subjects near and dear to his heart.

The problem is simply, he didn’t want to. And I think he didn’t want to because what was required was to attack the Democrats and to attack the idea that government is the problem not the solution. I don’t think the guy is able to do the former and I don’t think he believes the latter.

Yes, when he wanted to.

kowalski (Diary) Saturday, November 22nd at 4:38PM EST (link)

And for which reasons? Presidential scholars will debate it for a long time, but by my reckoning he managed to alienate a lot of of his base while unsuccessfully pandering to people who would never like him anyway. And he was unskillful at both. ‘Nuff said.

5+...

mbecker908 (Diary) Saturday, November 22nd at 4:52PM EST (link)

agreed.

gerry, you are not really very smart

kyle8 (Diary) Sunday, November 23rd at 8:21AM EST (link)

jobs programs? higher taxes? mass transit? talk about ideas that have failed.

BTW embryonic stem cells have never done anything except produce cancer.

“Nothing works like freedom, Nothing succeeds like liberty”
Kyle

18.4% DOW drop since the election

Hammer2008 (Diary) Sunday, November 23rd at 11:24PM EST (link)

Friday’s SecTresury nomination was a blip. And look what we can expect, another $500-$700 billion ‘bailout/stimulus’… President-Elect promising an underwhelming 2.5 million new jobs by 2011 (half as many under GWB for the two years post recession/9-11/Katrina).

2009 is going to be a mess and 2010 even worse for the democrats; they’ll be the ones holding the big bag of poo.

~~~~~~~~~~~~
Too much noise! “Noise! You’ll have noise enough before long. The Regulars are coming out.” ~ Paul Revere (April 18th, 1775′s eve…)

that 2/3 positive view of Obama...

Hammer2008 (Diary) Sunday, November 23rd at 11:29PM EST (link)

will last about as long as G.W. Bush’s 92% approval rating did

~~~~~~~~~~~~
Too much noise! “Noise! You’ll have noise enough before long. The Regulars are coming out.” ~ Paul Revere (April 18th, 1775′s eve…)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

President Obama making 112 year-old history!

Hammer2008 (Diary) Sunday, January 25th at 3:24AM EST (link)

(For the record, I’m telling relatives to skip savings bond gifts for my boy’s upcoming baptism. Growing uneasy that under this Administration, they too won’t be worth the paper they’re printed on.)
—————————
> http://www.thedigeratilife.com/blog/index.php/2009/01/21/historical-stock-market-closings-presidential-inauguration-days/
Just as Obama made history, so did the stock market, by marking this movement as the largest Inauguration Day drop for the Dow in its entire 112 history.
—————————
> http://news.smh.com.au/breaking-news-business/rocky-wall-st-debut-for-obama-presidency-20090124-7p12.html
Kevin Giddis, analyst at Morgan Keegan, said the 44th US president faces “an economy that has too much personal debt, too little personal savings and too few jobs.”
“It is also an economy that has rotting homes and mortgages attached to much lower stock and bond prices,” Giddis said.
“Do you really believe that the new administration will be able to just simply float 850 billion dollars back into consumers’ hands and make it all better? This will likely take all of 2009 and maybe even some of 2010 to right the ship.”

The answer to his last question is a resounding, “No!”
—————————
> http://itulip.com/forums/showthread.php?p=71607
With a 4.2% stock market loss, and a DJIA close below the psychologically significant 8,000 market level, President Obama was off to the worst start of any president on record.

~~~~~~~~~~~~
Too much noise! “Noise! You’ll have noise enough before long. The Regulars are coming out.” ~ Paul Revere (April 18th, 1775′s eve…)