Archive for the ‘stock market’ Category

Roubini Says Stocks Will Drop as Banks Go ‘Belly Up’

March 26, 2009

The rise in the stock market shows promise, but we at Peace and Freedom are looking for businesses to re-hire workers and for consumer spending to rebound before we hire a band and celebrate economic recovery….

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From Bloomberg

U.S. stocks will fall and the government will nationalize more banks as the economy contracts through the end of 2009, said Nouriel Roubini, the New York University professor who predicted last year’s economic crisis.

“The stock market is a bit ahead of the real macroeconomic and financial news,” Roubini, a professor at NYU’s Stern School of Business and the chairman of consulting firm Roubini Global Economics, said in an interview with Bloomberg Television in London today. “We’ll have some major banks going belly up that will need to be taken over.”

The global equity rebound in March that sent the Standard & Poor’s 500 Index to its best monthly advance in 17 years is a “bear-market rally” and U.S. Treasury yields will “remain relatively low” as investors flock to the safest assets, Roubini said. Treasury Secretary Timothy Geithner’s new plan to remove toxic debt from financial companies won’t be enough for insolvent banks, he said.

Roubini’s outlook contrasts with predictions this week from Templeton Asset Management Ltd.’s Mark Mobius and Traxis Partners LLC’s Barton Biggs, who said that equities are poised to rally as government efforts to revive the economy and banking system begin to work. Investors are “way too optimistic” about the prospects for a recovery in the economy and earnings, Roubini said.

Read the rest:
http://www.bloomberg.com/apps/news?pid=
20601087&sid=aCvWs8KIIsUo&refer=worldwide

Stocks manage moderate gain after erratic session: weak demand for toxic assets

March 25, 2009

The Geithner plan is now on the market….and the demand for “toxic assets” was weak on day one…

******************

Wall Street has managed a moderate gain after an attack of nerves had investors giving back a big early advance and then barreling back into the market right before the close.

Tim Paradis, AP Business Writer

Trading was extremely erratic — the Dow Jones industrials rose as much as 203 points in early trading in response to upbeat economic data, then fell nearly 110 during the afternoon before closing up 90. Analysts said weak demand during an auction of government debt stirred up worries about how easily Washington will be able to raise money to fund its economic rescue program. The fear in the market is that the government might not be able to easily raise the hundreds of billions of dollars it needs.

The day shows how fragile Wall Street remains despite a two-week rally that saw the Dow regain more than 1,000 points. The market was pulled in different by opposing forces Wednesday that led to choppy trading — which may well be the pattern for stocks going forward.

Read the rest:
http://finance.yahoo.com/news/St
ocks-manage-moderate-gain-apf-1
4746401.html

Related:
 Obama, Economy: So Much Uncertainty Spins Off More…. Uncertainty

Michelle Malkin:
http://michellemalkin.com/2009/0
3/25/wonderboy-strikes-again/

http://americanheartland.wordpress.c
om/2009/03/25/325-voices-from-t
he-heartland-a-business-perspective/

What if Obama Had Been Honest During the Campaign?

March 15, 2009

Imagine that last fall before being elected, Barack Obama had outlined the positions he has embraced since being inaugurated as president. An honest campaign speech could have gone something like this —

”As we approach Election Day, the American people should not waste the crisis we find ourselves in.


The Washington Times
Sunday, March 15, 2009

“Consequently, if elected, I promise to get us over the Bush financial meltdown with a stimulus program that will borrow $787 billion – which, of course, will add to the already sizable budget deficit (nearly $500 billion) projected in the Bush administration’s last budget.

“By March of next year, my new $3.6 trillion budget will include a spending bill with more than 8,500 budget earmarks to target in-need constituents.

“In addition to the stimulus/borrowing plan, I intend to devote $634 billion to fund a new supplementary national health-care system. But that is not all. Unfortunately, the initial Bush bank bailout of some $700 billion also may well have to be augmented by an additional $750 billion.

“Although my new spending proposals may raise the federal deficit in my first year to $1.75 trillion, I promise the American people that by the end of my first term, I will halve the federal deficit – albeit adding another $3 trillion to $5 trillion to the national debt.

”Those savings can be accomplished by upping the federal income tax to about 40 percent on those rich 5 percent of Americans who currently pay only 60 percent of our aggregate income taxes – as well as lifting Social Security caps on their payroll taxes and cutting out many of their tax deductions.

”With state income taxes, federal income tax, Social Security and payroll taxes, along with new cutbacks in deductions, some of these rich will pay over 60 percent of their incomes in taxes. That is not an unreasonable rate in comparison with past levels – or the fact that well over 40 percent of Americans do not make enough to pay any federal income taxes.

“I expect that Wall Street may react negatively to these proposals. We may see the Dow fall an additional 2,000 to 3,000 points after I’m elected. It may descend to under 7,000 during my first weeks of office. And this may be the moment when the economy continues to cool and unemployment rises.

Obama’s Next Challenge: Iran, Israel, Russia? It’s Here Now

March 8, 2009

“Mark my words,” Democratic vice presidential nominee Joe Biden warned last October. “It will not be six months before the world tests Barack Obama like they did John Kennedy. The world is looking.”

“Remember I said it standing here if you don’t remember anything else I said. Watch, we’re gonna have an international crisis, a generated crisis, to test the mettle of this guy.”

Today Iran tested a new long range ballistic missile.  Israel sees Iran as an existential threat armed with such missiles and nuclear weapons.

A right wing government headed by Benjamin Netanyahu is being formed in Israel and Netanyahu has made noise about attacking Iran in the past.

The Jerusalem Post wrote today about Israel’s Military Intelligence chief Maj.-Gen. Amos Yadlin, who told the cabinet on Sunday that Iran had “crossed the technological threshold” and that its attainment of  nuclear military capability was now a matter of “incorporating the goal of producing an atomic bomb to its strategy.”

See:
http://www.jpost.com/servlet/Satellite?cid
=1236269373103&pagename=JPost%2FJP
Article%2FShowFull

And all of this includes Russia.

Since President Obama’s inauguration, Russia has been testing Mr. Obama and his administration rigorously and continuously.

Russia has been jerking around all of Europe, showing who is boss of the gas and winter heating fuel for NATO which inludes the U.S.

Russia has even managed to withstand a threatened NATO boycott of ties as a direct result of Russia’s invasion of Georgia and South Ossetia last summer.  Today NATO members scrapped their threatened cut off of Russian ties just as Russia threatened to again stop the flow of Russian oil to Europe.

And the New York Times and other media reported that President Obama sent Russian President Medvedev a letter which may have offered to scrap U.S. missile defense plans in Europe in exchange, some believe, for Russian help in stopping Iran’s nuclear program.

America’s missile defense effort in Europe was planned to stop Iran’s long range ballistic missiles: which were demonstrated as real and advancing again today.

Russian leaders are certain to be gloating at the pliability of the Obama Administration and the West since Obama became president.

Despite Joe Biden’s warning last October, the international “testing” of Obama is ongoing — just not as obviously and  publically as Russia tested JFK during the Cuban missile crisis.

It seems that Russian leaders may have matured and become more subtle since the 1960s.  U.S. leaders have not….

So, even before America’s economic problems are solved, even before the stock market has started to recover, even before the stimulus has worked any magic, and even without a real start of revolutionizing health care and turing our thirst for oil into a love of wind: the Biden predicted testing is ongoing.

And the clock is ticking.

John E. Carey
Wakefield Chapel, Virginia
March 8, 2009

Iranian clerics watch the launch of a Shahab-3 ballistic missile ... 
Iranian clerics watch the launch of a Shahab-3 ballistic missile outside Qom in 2006. A top Iranian military commander said that the country has missiles that can reach the nuclear sites of its arch-foe Israel.(AFP/File/null)

Related:
 Iran test-fires new long-range missile
.
Fox News on missile test:
http://www.foxnews.com/story/0
,2933,506813,00.html

.
Russia, U.S. Missile Defense Dispute

Russian Relations With U.S., Europe Improve: But Putin, Medvedev Understand Strength, Power More than Diplomacy

 Russia Sees Obama, U.S., Others As “Weak,” “Naive”
.
Israel Ponders War on Iran; Obama, Russia HaggleRussia Testing Obama: Just as Biden Predicted
.
Russia building anti-satellite weapons

 Russia: Medvedev Pushing Putin Out?

Russia Verifies “American, Western Weakness”

Russia Sees Obama, U.S., Others As “Weak,” “Naive”

Mr. Obama and Russia
NYT Editorial: Russia only understands strength….

 Chutzpah: Admire Russia’s Arrogance

Russia, Obama and the Strategic Chess Tournament

Iranians walk past a replica of a Shahab-3 missile on display ... 
Iranians walk past a replica of a Shahab-3 missile on display in Tehran. The Fars news agency says Iran has “successfully” tested a new air-to-sea missile with a range of 110 kilometres (68 miles).(AFP/File/Atta Kenare)

Obama Doesn’t Understand What Many Americans Are Thinking

March 8, 2009

“First of all, let me assert my firm belief that the only thing we have to fear is fear itself—nameless, unreasoning, unjustified terror which paralyzes needed efforts to convert retreat into advance. In every dark hour of our national life a leadership of frankness and vigor has met with that understanding and support of the people themselves which is essential to victory. I am convinced that you will again give that support to leadership in these critical days.”

Words from Barack Obama?  Hardly.  Those are words from Franklin Roosevelt’s first inaugural address.

See:
http://historymatters.gmu.e
du/d/5057/

I am disappointed in my president, our president.

He has changed some really great rhetoric like FDR’s “the only thing we have to fear is fear itself” into this:

“I don’t think that people should be fearful about our future.  I don’t think that people should suddenly mistrust all of our financial institutions.”

“I don’t think” indicates an Obama-centric view of the financial turmoil of Americans — not a “people centric” view.

And by guessing at what Americans really do fear, “financial institution,” Obama is saying it is these evil “financial institutions” that many of us do fear.

Well, maybe in Obama World and Obama’s White House, people fear financial institutions because they have no understanding of capitalism, business, the stock market and the American dream.

I am afraid that President Obama has no clue….That’s my fear.  And I resent Him telling me what I think.

I believe generally that “the only thing we have to fear is fear itself” and I also believe in JFK’s famous challenge: “Ask not, what your country can do for you.  Ask what you can do for your country.”

I also believe in Ronald Reagan’s exoration: “Government is not the solution.  Government is the problem.”

I am afraid now because President Obama, Nancy Pelosi, Harry Reid and a lot of other well meaning folks think the government is the solution.

America’s founders wrote down the Declaration of Independence, the Constitution and the other parts of our national fabric because they were living in fear of a far off all knowing and uncaring English Government.

And their spirit lives today in the saying, “I’m from the government and I’m here to help.”  Many of us fear such naive, ignorant hubris.

I am starting to fear Washington.  Obama’s Washington.  A far off, all knowing and uncaring government about five miles from my house, which is surrounded by other foreclosed houses.

I really do fear that Obama and many Democrat’s don’t get it.

Just last week, on Tuesday, President Obama, while speaking about the economy and the stock market, mentioned the “profit to earnings ratio.”

And I thought he went to Harvard.  There is no “profit earnings ratio.”  There is a “price to earnings ratio” or PE.  Investors care more about their return on the dollar, reflected in the price they paid and the earnings that resulted.

Tom Petruno wrote in the Los Angeles Times on March 7, “He didn’t get the lingo right, assuming he meant to say ‘price-to-earnings ratios,’ a measure of stock prices relative to earnings per share. That flub caused snickering among market pros.”

See:
Obama, Socialism, Fear, Lack of Confidence: Tanking Stocks, Skyrocketing Debt, Recovery Doomed This Year

I was even more disappointed when the president repeated this ignorant flub in a New York Times interview late in the week.  That meant to me that nobody in the White House was smart enough to straighten out the president by holding a little school call on him.  Or maybe they just don’t know; and don’t read.  They certainly don’t listen.

But they’re thinking about curing all my education and health care problems, undoutedly….

So Obama’s lack of stock market lingo doesn’t mean to me that he slept through high school: it means he has no idea what drives capitalism because he was reading socialist doctrine instead of paying attention to America, as he himself indicates in his books.  Maybe he never invested in anything but himself.

*****

What is wrong with America?  Everything, in Obama World:

“Look, I wish I had the luxury of just dealing with a modest recession or just dealing with health care or just dealing with energy or just dealing with Iraq or just dealing with Afghanistan,” Obama said. “I don’t have that luxury, and I don’t think the American people do, either.”

Related:
From CNN:
http://edition.cnn.com/2009/POLITIC
S/03/07/obama.interview/index.html

Related:
 NYT Interviews Obama; No Economic Recovery This Year
.
NYT: After March 6 Economic News, “2009 is Probably a Lost Cause”

Related:
Obama: Crisis is time of ‘great opportunity’

 President Pelosi?

 Obama, Socialism, Fear, Lack of Confidence: Tanking Stocks, Skyrocketing Debt, Recovery Doomed This Year
.
Can Democracy Fail With Obama’s Socialist Help?

*****

It seems to us that the attacks on Rush Limbaugh fromTeam Obama are an effort to tell Americans what to think and what not to think.  This kind of arrogance often manifests itself in unusal ways: Limbaugh’s radio show ratings doubled.

So I really do fear that President Obama and his guys don’t get it….

Democratic Attacks On Limbaugh Boost His Ratings — But He’s Not The Problem

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I fear that the president doesn’t understand that many of us don’t want to pay more taxes, however they are hidden or veiled and whatever thay are for, many of us DO MIND paying for por, even though Chick Schumer thinks we don’t, and many of DO want to further understanding of the good news/bad news behind such huge spending on health care and other Obama projects.  And I certainly DO WANT to understand how all this government debt will degrade American growth and quality of life in the future.  I don’t like sending money for oil to Saudi Arabia and I don’t like sending debt/interst payments to China eaither….

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WASHINGTON (AP) — President Barack Obama offered his domestic-policy proposals as a “break from a troubled past.” But the economic outlook now is more troubled than it was even in January, despite Obama’s bold rhetoric and commitment of more trillions of dollars.

And while his personal popularity remains high, some economists and lawmakers are beginning to question whether Obama’s agenda of increased government activism is helping, or hurting, by sowing uncertainty among businesses, investors and consumers that could prolong the recession.

Although the administration likes to say it “inherited” the recession and trillion-dollar deficits, the economic wreckage has worsened on Obama’s still-young watch.

Every day, the economy is becoming more and more an Obama economy.

More than 4 million jobs have been lost since the recession began in December 2007 — roughly half in the past three months.

Stocks have tumbled to levels not seen since 1997. They are down more than 50 percent from their 2007 highs and 20 percent since Obama’s inauguration.

The president’s suggestion that it was a good time for investors with “a long-term perspective” to buy stocks may have been intended to help lift battered markets. But a big sell-off followed.

Presidents usually don’t talk about the stock market. But the dynamics are different now.

A higher percentage of people have more direct exposure to stocks — including through 401(k) and other retirement plans — than ever.

So a tumbling stock market is adding to the national angst as households see the value of their investments and homes plunge as job losses keep rising.

Some once mighty companies such as General Motors and Citigroup are little more than penny stocks.

Many health care stocks are down because of fears of new government restrictions and mandates as part a health care overhaul. Private student loan providers were pounded because of the increased government lending role proposed by Obama. Industries that use oil and other carbon-based fuels are being shunned, apparently in part because of Obama’s proposal for fees on greenhouse-gas polluters.

Makers of heavy road-building and other construction equipment have taken a hit, partly because of expectations of fewer public works jobs here and globally than first anticipated.

“We’ve got a lot of scared investors and business people. I think the uncertainty is a real killer here,” said Chris Edwards, director of fiscal policy for the libertarian Cato Institute.

Some Democrats, worried over where Obama is headed, are suggesting he has yet to match his call for “bold action and big ideas” with deeds.

In particular, they point to bumpy efforts to fix the financial system under Treasury Secretary Timothy Geithner.

Obama may have contributed to the national anxiety by first warning of “catastrophe” if his stimulus plan was not passed and in setting high expectations for Geithner. Instead, Geithner’s public performance has been halting and he’s been challenged by lawmakers of both parties.

Republicans and even some top Democrats, including Rep. Charles Rangel, D-N.Y., chairman of the House Ways and Means Committee, have questioned the wisdom of Obama’s proposal to limit tax deductions for higher-income people on mortgage interest and charitable contributions.

Charities have strongly protested, saying times already are tough enough for them. The administration suggests it might back off that one.

Even White House claims that its policies will “create” or “save” 3.5 million jobs have been questioned by Democratic supporters.

“You created a situation where you cannot be wrong,” the chairman of the Senate Finance Committee, Montana Democrat Max Baucus, told Geithner last week.

“If the economy loses 2 million jobs over the next few years, you can say yes, but it would’ve lost 5.5 million jobs. If we create a million jobs, you can say, well, it would have lost 2.5 million jobs,” Baucus said. “You’ve given yourself complete leverage where you cannot be wrong, because you can take any scenario and make yourself look correct.”

Republicans assert that Obama’s proposals, including the “cap and trade” fees on polluters to combat global warming, would raise taxes during a recession that could touch everyone. “Herbert Hoover tried it, and we all know where that led,” says House Republican leader John Boehner of Ohio.

The administration argues its tax increases for the households earning over $250,000 a year and fees on carbon polluters contained in its budget won’t kick in until 2011-2012, when it forecasts the economy will have fully recovered.

But even those assumptions are challenged as too rosy by many private forecasters and some Democratic lawmakers.

Many deficit hawks also worry that the trillions of federal dollars being doled out by the administration, Congress and the Federal Reserve could sow the seeds of inflation down the road, whether the measures succeed in taming the recession or not. The money includes Obama’s $3.6 trillion budget and the $837 billion stimulus package he signed last month.

Polls show that Obama’s personal approval ratings, generally holding in the high 60s, remain greater than support for his specific policies.

“He still has a fair amount of political capital, so the public is willing to cut him some slack and go along with him for a while,” said pollster Andrew Kohut, director of the Pew Research Center. “But the public will have to get some sense that the kinds of things he’s proposing are going to work, or are showing some signs that they are working.”

Allan Sinai, chief global economist for Decision Economics, a Boston-area consulting firm, said the complexity and enormity of the crisis make it hard to solve.

“There’s no way to get it all right, regardless of which president is making policy,” Sinai said. “The problem is the sickness got too far. The actions taken, medicine applied, were mainly the wrong actions. So it’s just worse, and it gets harder to deal with. At this stage, there is no easy answer, no easy way out. It’s a question of how we fumble through.”

http://michellemalkin.com/2009/03/07/tea-part
y-on-taxpayer-revolts-in-green-bay-lafayette-olat
he-and-harrisburg/

Obama’s Radicalism Is Killing the Stock Market

March 6, 2009

It’s hard not to see the continued sell-off on Wall Street and the growing fear on Main Street as a product, at least in part, of the realization that our new president’s policies are designed to radically re-engineer the market-based U.S. economy, not just mitigate the recession and financial crisis.

By Michael Boskin
The Wall Street Journal
.
The illusion that Barack Obama will lead from the economic center has quickly come to an end. Instead of combining the best policies of past Democratic presidents — John Kennedy on taxes, Bill Clinton on welfare reform and a balanced budget, for instance — President Obama is returning to Jimmy Carter’s higher taxes and Mr. Clinton’s draconian defense drawdown.

[Commentary]
Martin Kozlowski

Mr. Obama’s $3.6 trillion budget blueprint, by his own admission, redefines the role of government in our economy and society. The budget more than doubles the national debt held by the public, adding more to the debt than all previous presidents — from George Washington to George W. Bush — combined. It reduces defense spending to a level not sustained since the dangerous days before World War II, while increasing nondefense spending (relative to GDP) to the highest level in U.S. history. And it would raise taxes to historically high levels (again, relative to GDP). And all of this before addressing the impending explosion in Social Security and Medicare costs.

To be fair, specific parts of the president’s budget are admirable and deserve support: increased means-testing in agriculture and medical payments; permanent indexing of the alternative minimum tax and other tax reductions; recognizing the need for further financial rescue and likely losses thereon; and bringing spending into the budget that was previously in supplemental appropriations, such as funding for the wars in Iraq and Afghanistan.

The specific problems, however, far outweigh the positives. First are the quite optimistic forecasts, despite the higher taxes and government micromanagement that will harm the economy. The budget projects a much shallower recession and stronger recovery than private forecasters or the nonpartisan Congressional Budget Office are projecting. It implies a vast amount of additional spending and higher taxes, above and beyond even these record levels. For example, it calls for a down payment on universal health care, with the additional “resources” needed “TBD” (to be determined).

Mr. Obama has bravely said he will deal with the projected deficits in Medicare and Social Security. While reform of these programs is vital, the president has shown little interest in reining in the growth of real spending per beneficiary, and he has rejected increasing the retirement age. Instead, he’s proposed additional taxes on earnings above the current payroll tax cap of $106,800 — a bad policy that would raise marginal tax rates still further and barely dent the long-run deficit.

Increasing the top tax rates on earnings to 39.6% and on capital gains and dividends to 20% will reduce incentives for our most productive citizens and small businesses to work, save and invest — with effective rates higher still because of restrictions on itemized deductions and raising the Social Security cap. As every economics student learns, high marginal rates distort economic decisions, the damage from which rises with the square of the rates (doubling the rates quadruples the harm). The president claims he is only hitting 2% of the population, but many more will at some point be in these brackets.

As for energy policy, the president’s cap-and-trade plan for CO2 would ensnare a vast network of covered sources, opening up countless opportunities for political manipulation, bureaucracy, or worse. It would likely exacerbate volatility in energy prices, as permit prices soar in booms and collapse in busts. The European emissions trading system has been a dismal failure. A direct, transparent carbon tax would be far better.

Read the rest:
http://online.wsj.com/article
/SB123629969453946717.html

 

Related:
NYT: After March 6 Economic News, “2009 is Probably a Lost Cause”

Obama’s First Weeks: Economic Disaster, Socialist Agenda, Congressional Pork, Limbaugh Attacked, and “We Won”

Debt:
http://deadenders.wordpress.com/2009/0
3/07/cbs-show-us-how-its-done/


http://nobamablog.wordpress.com/2009/
03/06/deception-at-core-of-obama-plans/

Obama’s Brazen Deception: Why The Stock Market Won’t Recover Soon

March 6, 2009

Forget the pork. Forget the waste. Forget the 8,570 earmarks in a bill supported by a president who poses as the scourge of earmarks. Forget the “2 trillion dollars in savings” that “we have already identified,” $1.6 trillion of which President Obama’s budget director later admits is the “savings” of not continuing the surge in Iraq until 2019 — 11 years after George Bush ended it, and eight years after even Bush would have had us out of Iraq completely.

By Charles Krauthanmmer
The Washington Post
.
Forget all of this. This is run-of-the-mill budget trickery. True, Obama’s tricks come festooned with strings of zeros tacked onto the end. But that’s a matter of scale, not principle.

All presidents do that. But few undertake the kind of brazen deception at the heart of Obama’s radically transformative economic plan, a rhetorical sleight of hand so smoothly offered that few noticed.

The logic of Obama’s address to Congress went like this:

“Our economy did not fall into decline overnight,” he averred. Indeed, it all began before the housing crisis. What did we do wrong? We are paying for past sins in three principal areas: energy, health care and education — importing too much oil and not finding new sources of energy (as in the Arctic National Wildlife Refuge and the Outer Continental Shelf?), not reforming health care, and tolerating too many bad schools.

Read the rest:
http://www.washingtonpost.com/wp-dyn/co
ntent/article/2009/03/05/AR200903050
2951.html?hpid=opinionsbox1

Realted:
Stock Markets: When Will the Bull Return?

 Households, Businesses Have Stopped Spending; Now It’s Congressional Responsibility Time

Malkin: “People that create American wealth are going on strike”

March 5, 2009

“People that create American wealth are going on strike,” conservative columnist Michelle Malkin told Neil Cavuto on the Fox News Channel on Thursday (4 PM Eastern hour).

Malkin says the “creators of American wealth” are hiring fewer people, planning only very limited future spending and drastically cutting investments.

She said that the “creators of wealth” now have a fear of those that are the middle-men like Congress.  The middle men are taxing the creators of wealth too much and spending tax dollars with little concern for future wealth, investment and debt.

The stock market was down again Thursday indicating that Ms. Malkin may be on to something….even as the White House gears up to spend even more on health care, the bank bailout and a foreclosure rescue plan…..

Related:
Obama Urged Investors to “Buy,” But Stocks Dive Again Thursday

NYT Urges Obama To “Bail Out” Third World Too

 Most Americans Now Say America Could Go Bankrupt

 Obama Can’t Revive Economy With Socialism

American Workers, Businesses Cut Back; Obama Launches Spending Spree

Presidency of Fear

Obama’s Brazen Deception: Why The Stock Market Won’t Recover Soon

 Senate Halts Obama Spending; At Least For The Week End

 Obama plan to prevent foreclosures won’t help many California homeowners

Michelle:
http://michellemalkin.com/2009/03/05/finall
y-a-show-of-cojones-senate-gop-forces-delay-o
n-omni-pork-bill/

Most Americans Now Say America Could Go Bankrupt

March 5, 2009

With the stock market in a nose dive and the U.S. government spending borrowed money like a drunken sailor, more than 60% of Americans now believe the U.S. could literally go bankrupt.

And as Americans watch news reports on how all this federal money (ie your money and my money) is being spent by the likes of Barney Frank, some are starting to wonder if all this spending will do any good, if it is fair and honest, and if it will prevent disaster (or as Barack Obama has sermonized: “catastrophe”).

Even if the “stimulus” and other Obama spending measures slow the economic downward slide, it is getting more doubtful that the Obama plan will restore investment, prosperity and economic growth in America — as investors seem to be saying in the stock market.

And is it all fair?  Should luxury car salesman Chadi Moussa get a new mortgage with your money and my money?  Should Americans and American companies be allowed to fail?

In the every-player-gets-a-trophy never-never land of liberal American, apparently nobody will be allowed to fail.  So the net reult may be that we all fail….

 

Chadi Moussa bought his home in Dublin, Calif, for $2.24 million in 2005. Its value and his income have since fallen by half. Now he wants a government bailout.  Heidi Schumann for The New York Times

*******

The stock market has plunged to its lowest point in decades, unemployment is up, and home foreclosures are sweeping the country. Still, Americans think it can get even worse – a lot worse. Fully 61 percent of Americans think it is possible the United States government could literally go bankrupt. That’s according to a new Fox News poll released Thursday.

By Chris Anderson

And what about the billions of dollars the government has spent since last fall to get the economy back on track? Many Americans think its simply not working: 44 percent say “things would be the same as they are today or even better” without the spending, while 38 percent think “things could have been a lot worse,” without the spending. Another 14 percent think it is too soon to tell.

Some 60 percent of Americans now describe themselves as confident “about the future security of your job,” down from 64 percent in September 2008 and 82 percent in October 2007.

Lower earning workers are the least confident in their job security. Nearly half (45 percent) of households with annual incomes under $50,000 are confident in their job security, compared to 70 percent of higher earning households.

Opinion Dynamics Corp. conducted the national telephone poll of 900 registered voters for FOX News from March 3 – March 4, 2009. The poll has a 3-point error margin.

Read the rest:
http://www.foxnews.com/story/0,2
933,505184,00.html

Related:
http://michellemalkin.com/2009/03/05/boo-freak
ing-hoo-million-dollar-home-owner-whines-about
-bailout-limits/

http://www.nytimes.com/2009/03/05/
us/05mortgage.html?_r=1&em

Obama’s Responsibility, Mandate To Make The American System and Economy Work

January 21, 2009

Everybody in the world knows we are in a global financial crisis like never before.

Many in the world are looking to America for strength and solutions.  And as of this morning people are looking to Barack Obama.

And the American people have given Barack Obama a mandate to solve the problem.

“That we are in the midst of crisis is now well understood,” the President said during his Inaugural Day Address.

Former Secretary of State and Chairman of the Joint Chiefs of Staff Colin Powell said, “The American people I think fundamentally bet on President Obama because of the economic situation we are in.”
.
“The stock market dropped another 300 points on this glorious Inauguration Day and people are losing jobs, and that will be No. 1 for him,” Powell said.

America is inching each day closer to an economic stimulus that will give our children and grandchildren more than $2 Trillion in debt.

Yet no one is certain the stimulus will work.

If there is doubt that the American economy will recover as a result of the actions we are taking, we are either taking the wrong actions or we need to ask ourselves “what else should be done? What should we do differently?”

There will be no national security without a strong American economy.  No social security.  No health care.

A news story yesterday said the only segments of the California economy showing “growth” were in the sectors of government and  medical services.  That won’t produce “wealth” for future investment….

If we all believe in the American System of Government, and I sure do, why are we not tasking Congress to create solutions?  After the stimulus is passed, where is “Plan B”?  Why aren’t Nancy Pelosi and Harry Reid being asked to shut down all the small talk and crap and hold hearings that will give the experts of the world a chance to give the Congress new ideas?

Yesterday the President told us, “America has carried on not simply because of the skill or vision of those in high office, but because we the people have remained faithful to the ideals of our forebears, and true to our founding documents.”

Time to end politics as usual….

Experts around tables in the White House are great and we all applaud “Blue Ribbon” committees; but where is our use of our time-tested system?

Time to make it work for us….

“Today I say to you that the challenges we face are real. They are serious and they are many. They will not be met easily or in a short span of time. But know this, America — they will be met.”

Time for action.  Enough with the foolishness and fal-de-ral…

President Obama renewed his call for a massive plan to stimulate economic growth.