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It's the Economy, Stupid
Author: BobR    Date: 10/22/2008 12:29:35

John McCain says he wants to focus on the economy. All research shows that the electorate trusts Obama on the economy more than McCain. So if talking about the economy helps Obama, and that's what McCain wants to talk about, let's do it! Cue the organ music as we enter the Big Top of this 3 ring circus...

In the first ring, we have the stock market. Despite the bailout rescue package, there are still fears about a recession. The futures market is a good indication of where Wall St. thinks the market is headed, and it fell 250 points:
Wall Street headed for a sharply lower open Wednesday as investors again shifted their focus away from improving credit markets and fixated on corporate earnings that are raising worries about a deep and protracted recession. Ahead of the market's open, Dow Jones industrial average futures fell 250, or 2.76 percent, to 8,785.

On Tuesday, the Dow retreated 231 points after forecasts from DuPont Co., Sun Microsystems Inc. and Texas Instruments Inc. raised fears that companies' outlooks for the fourth quarter and beyond could signal a severe economic downturn.

The Standard & Poor's 500 index futures fell 32.80, or 3.42 percent, to 926.50, and the Nasdaq 100 index futures fell 25.50, or 1.97 percent, to 1,267.00

While reduced strains in world credit markets have eased some investors' nervousness about the economy, market anxiety remains high as hundreds of companies this week release third-quarter earnings and in some cases fourth-quarter forecasts that offer a glimpse of the rough conditions that may lay ahead.

Over here in the center ring, we have the world markets. While our military strength is ebbing, we still have the power to create a global recession. That's pretty impressive, right?
Stock markets around the world fell sharply again on Wednesday after concerns about economic recession and falling commodity prices were fueled by a fresh spate of gloomy corporate earnings.

Emerging markets were hardest hit by the global retreat and the fresh commodity pressure, with the U.S. dollar and government bonds the big gainers.

MSCI's main index of emerging equities fell some 4.5 percent to its lowest level since June 2005, sharply underperforming the 2.45 percent loss in MSCI's index of world stock markets.

Global miner BHP Billiton warned on Wednesday that Chinese demand was set to weaken, echoing concerns last week from rival and takeover target Rio Tinto.

China said on Monday its annual economic growth fell to 9 percent in the third quarter from 10.1 percent previously and that factory output in September was at a six-year low.

"There is an increase in risk aversion. The emerging market world appears to be starting to collapse; that means it'll be much more difficult for the global economy to recover," said Peter Mueller, rates strategist at Commerzbank in Frankfurt.

Commodity price losses mounted everywhere. U.S. crude oil futures fell under $70 per barrel and London copper futures were down almost 4 percent to their weakest since December 2005.

The "silver lining" in all this?

The commodity slide and emerging markets retreat all helped boost the U.S. dollar to two year highs, while gold prices fell to their lowest in over a month.

The dollar: as seemingly worthless as the paper it's printed on, and yet, it's headed back up. That's bad news for those that invested recently in gold though...

Over in the third ring we have - yes, you guessed it - yet another proposed economic stimulus package being debated by our fine elected leaders:
...Democrats have been pushing for a second stimulus package for months. Many of their proposals have featured direct cash assistance, while Republican plans have been focused more on providing tax incentives and tax breaks.

Among the proposals from Democrats: extend jobless benefits, increase food stamps and invest more money in infrastructure projects to create jobs in the near term.

Critics of the infrastructure spending idea say it takes too long to work as economic stimulus. But proponents say it can create jobs if the money is put toward projects that are ready to go but for the funding.

The American Association of State Highway and Transportation Officials estimates that $18.3 billion worth of such projects are pending.
[...]
Republicans would prefer that stimulus measures include more tax breaks than direct payments. Among them: a temporary reduction or elimination of the capital gains tax on stocks and lower income tax rates for companies that buy distressed assets.

House Republicans are also calling for purchasers of homes that are not primary residences to be entitled to the same capital gains exclusion as owners who sell their primary residences. Currently, a single homeowner can exclude $250,000 of capital gains on a sale, while couples can exclude $500,000.

So the Republicans want people to be able to dump all their stocks without having to pay taxes on the profits? How's THAT going to help the stock market? Besides - how many people struggling in this economy have stocks (or rental properties) to sell anyway? Oh yeah - the rich. Are you surprised?

As we exit the circus tent, it seems that the lurching extremes and the waves of fear have settled down, but the ripples are still flowing around the planet. The bubble has burst, and we'll have this economic malaise for a few years until the balloon is patched up, and we can start inflating it again.

With Democrats in charge, perhaps we can get some regulations back in there so that the balloon is kept under control... this time.

13 Days.

 

256 comments (Latest Comment: 10/23/2008 12:15:43 by Random)
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Comment by Scoopster on 10/22/2008 12:40:05
Morning! Firsty first!



Friggin' McCain man.. that flub he had yesterday was absolutely epic.

Comment by wickedpam on 10/22/2008 12:41:40
Morning :hug:

Comment by Random on 10/22/2008 12:47:51
Quote by Scoopster:

Morning! Firsty first!



Friggin' McCain man.. that flub he had yesterday was absolutely epic.


Oh, the, he couldn't agree more?

Comment by Scoopster on 10/22/2008 12:50:20
Comment by Scoopster on 10/22/2008 12:51:54
Quote by Random:

Quote by Scoopster:

Morning! Firsty first!



Friggin' McCain man.. that flub he had yesterday was absolutely epic.


Oh, the, he couldn't agree more?


Yeah that.. err this one:



Comment by TriSec on 10/22/2008 12:57:39
Morning, comrades!



Hey Scoop, big story in the Globe today about RI's fading economy...I posted it over on the MB.





Comment by Scoopster on 10/22/2008 12:57:41
Trying something new today on the netradio machine.. 1club.fm's folk channel. It's not quite folks as like a mix of folk, older soft rock and hippie tunes, and mainstream country.



Like right now they're playing Bob Seger's Against the Wind. What a great friggin' song.... makin me a lil' misty eyed too lol

Comment by TriSec on 10/22/2008 12:59:24
McCain accidentally locked on campaign bus overnight...





Comment by Scoopster on 10/22/2008 13:00:17
Quote by TriSec:

Morning, comrades!



Hey Scoop, big story in the Globe today about RI's fading economy...I posted it over on the MB.


Oh man.. my boss was just tellin me about the RI Hospitality meeting yesterday. Industry's down 3% so far this year, due to lack of business travel and bad planning (meaning they opened a bunch of new hotels and expected the beds to get filled). There was a job fair for a new Hampton Inn down here the other day - 5 thousand people showed up to apply for 50 jobs.





And the unemployment rate.. what the heck man we're further in the shitter than Michigan now. And of course our douche nozzle of a governor "Don" Carcieri comes on the teevee this morning and says "well I got 20k jobs on the roll in my first term and they're still going" HEY DUMBASS WHAT ABOUT THE OTHER 30K WE'VE LOST?!

Comment by Scoopster on 10/22/2008 13:02:29
:rofl: THEY LEFT HIM ON THE BUS!! :rofl:



I predict the campaign's travelling home aide is going to be fired today..

Comment by Random on 10/22/2008 13:05:57
Quote by Scoopster:

:rofl: THEY LEFT HIM ON THE BUS!! :rofl:



I predict the campaign's travelling home aide is going to be fired today..


God...treating like a child/dog. :rofl: :rofl:

Comment by TriSec on 10/22/2008 13:17:37
erm....that was The Onion, guys.



:redface:





Comment by BobR on 10/22/2008 13:20:04
Quote by Scoopster:

:rofl: THEY LEFT HIM ON THE BUS!! :rofl:



I predict the campaign's travelling home aide is going to be fired today..


um... you DID notice that was The Onion, right?.... :whistling:

Comment by clintster on 10/22/2008 13:25:03
Rudy Ray Moore is gone to stick it to The Man in the afterlife.

Comment by Grumpymann on 10/22/2008 13:25:42
GOOD READ!

Hello!

Comment by Scoopster on 10/22/2008 13:27:40
Quote by BobR:

Quote by Scoopster:

:rofl: THEY LEFT HIM ON THE BUS!! :rofl:



I predict the campaign's travelling home aide is going to be fired today..


um... you DID notice that was The Onion, right?.... :whistling:


Hehehe.. it was hard not to notice the oozing of snark.

Comment by BobR on 10/22/2008 13:33:32
What does it say when satire is so hard to differentiate from reality?

Comment by Scoopster on 10/22/2008 13:33:49
Quote by Grumpymann:

GOOD READ!

Hello!


Wow that was awesome.. I am just a knight to that Jedi Master.

Comment by TriSec on 10/22/2008 13:34:33
Quote by Grumpymann:

GOOD READ!

Hello!




Senator John McCain (R-Hanoi).





Comment by Grumpymann on 10/22/2008 13:36:20
Quote by Scoopster:

Quote by Grumpymann:

GOOD READ!

Hello!


Wow that was awesome.. I am just a knight to that Jedi Master.


Not my work young padowan

Comment by Grumpymann on 10/22/2008 13:39:35
Comment by Grumpymann on 10/22/2008 13:41:30
Comment by velveeta jones on 10/22/2008 13:55:24
Hey Hey! Peeking in to the blog....



How's everybody?

Comment by TriSec on 10/22/2008 13:56:53
Ya know, I'm planning on voting "straight ticket" here in Mass....but we don't have that option to fill in a little bubble saying so.



We still have to go through all the candidates and mark off each one.



Oh, and no on 1 (eliminate state tax) and yes on 2 and 3 (legalize pot, end dog racing)





Comment by BobR on 10/22/2008 13:57:41
Quote by Grumpymann:

This ALOMST made me cry,


awesome :clap:

Comment by BobR on 10/22/2008 13:58:03
Quote by Grumpymann:

THIS MADE ME


:thud: :rofl:

Comment by BobR on 10/22/2008 13:58:34
Quote by velveeta jones:

Hey Hey! Peeking in to the blog....



How's everybody?


hey darlin'! :hug:

Comment by BobR on 10/22/2008 13:59:26
Comment by Grumpymann on 10/22/2008 13:59:56
Quote by velveeta jones:

Hey Hey! Peeking in to the blog....



How's everybody?


Fine and you?

Comment by Scoopster on 10/22/2008 14:00:59




Okay this one just takes the damn cake. Reading up on the gaming blog's political thread and I'm just amazed.



About half way down, where the conversation turns to the Wasilla rape kits..



My response is on the next page (Olo401 is my nick there).

Comment by Grumpymann on 10/22/2008 14:03:08


I am of 2 minds on this but in the end it comes down to this.

How far and how hard is it to get to a REAL Pharmacy?



And DO YOUR FUCKING JOB YOU FUNDIE ASSHOLE!

Comment by Grumpymann on 10/22/2008 14:10:33
Quote by Scoopster:





Okay this one just takes the damn cake. Reading up on the gaming blog's political thread and I'm just amazed.



About half way down, where the conversation turns to the Wasilla rape kits..



My response is on the next page (Olo401 is my nick there).
My hero.





Comment by wickedpam on 10/22/2008 14:12:17
Quote by Grumpymann:



I am of 2 minds on this but in the end it comes down to this.

How far and how hard is it to get to a REAL Pharmacy?



And DO YOUR FUCKING JOB YOU FUNDIE ASSHOLE!






can't swing a dead critter without hitting a grocery store, discount store, cvs, rite aids all with real pharmacys in this area



their business plan doesn't sound great but those little religious store make just enough to keep their heads above water



Comment by TriSec on 10/22/2008 14:13:50




Well...it does seem to be a faith-based pharmacy, so I suppose that's within their rights.



Caritas Health, the former hospital arm of the Boston Archdiocese, does not provide abortion services in any of their 4 hospitals in the city. (of course, you can go across the street and have one); they famously fought for the right to deny abortion coverage under their employee health plan but ran afoul of state law and reluctantly provide it.



Catholic Charities in this state also stopped providing adoption services, rather than comply with state law and allow same-sex couples to adopt.



Comment by BobR on 10/22/2008 14:14:15
Quote by wickedpam:



can't swing a dead critter without hitting a grocery store, discount store, cvs, rite aids all with real pharmacys in this area



their business plan doesn't sound great but those little religious store make just enough to keep their heads above water



That's what I'm thinking. Put all the fundie pharmacists that don't want to dispense birth control or the morning after pill into one location so normal people know where NOT to go.



Comment by Grumpymann on 10/22/2008 14:15:19
Quote by wickedpam:

Quote by Grumpymann:



I am of 2 minds on this but in the end it comes down to this.

How far and how hard is it to get to a REAL Pharmacy?



And DO YOUR FUCKING JOB YOU FUNDIE ASSHOLE!






can't swing a dead critter without hitting a grocery store, discount store, cvs, rite aids all with real pharmacys in this area



their business plan doesn't sound great but those little religious store make just enough to keep their heads above water



In other words.

These fundie places are betting that other fundies will go only there.



Rethugs and Logic?

No relation.

Comment by Raine on 10/22/2008 14:16:07
Good Morning!!

Comment by velveeta jones on 10/22/2008 14:19:25
AH! Did I hear Steph say Elivira coming up?









Comment by wickedpam on 10/22/2008 14:27:04
yep - Mistriss of the Dark will be joining the show soon I believe

Comment by Raine on 10/22/2008 14:28:12
Quote by Grumpymann:

This ALOMST made me cry,
Damn dust in the air...



That was amazing. It's stories like this that make me fall in love with America all over again.



Comment by Scoopster on 10/22/2008 14:29:09
Quote by Grumpymann:

Quote by Scoopster:





Okay this one just takes the damn cake. Reading up on the gaming blog's political thread and I'm just amazed.



About half way down, where the conversation turns to the Wasilla rape kits..



My response is on the next page (Olo401 is my nick there).
My hero.





Wow.. the guy just posted claiming that he never said any of it.



I suppose at some point I should have expected this kind of thing, right?

Comment by Grumpymann on 10/22/2008 14:29:12
Comment by TriSec on 10/22/2008 14:29:43
*sigh*



Still no sign of Momma in either Boston or the People's Republic of Cambridge.



Arguably the most liberal area of the country (sorry, San Francisco!) and we don't have any liberal media outlets. Even local stalwarts WBZ, WEEI, and WRKO carry right-wing radio when there's no sports talk.





Comment by Grumpymann on 10/22/2008 14:31:47
Quote by Scoopster:

Quote by Grumpymann:

Quote by Scoopster:





Okay this one just takes the damn cake. Reading up on the gaming blog's political thread and I'm just amazed.



About half way down, where the conversation turns to the Wasilla rape kits..



My response is on the next page (Olo401 is my nick there).
My hero.





Wow.. the guy just posted claiming that he never said any of it.



I suppose at some point I should have expected this kind of thing, right?


That shit really pisses my off.

"I didn't say what I said!"

These "people" try like hell to be tuff till someone calls them on their inhuman assholeishness.

Then all of a sudden they cry.



Fuck these asshats and feed them dog shit.

Comment by Grumpymann on 10/22/2008 14:34:27
Quote by Raine:

Quote by Grumpymann:

This ALOMST made me cry,
Damn dust in the air...



That was amazing. It's stories like this that make me fall in love with America all over again.



I know it kind of blunts my anger when some kid thinks singing "Jungle fervor" is funny when I walk by with my lady.



(Not really I LOST IT! when that happened.

... and it was not my wife it was some psyco I was schtooping at the time.)

Comment by wickedpam on 10/22/2008 14:35:25
Quote by Raine:

Quote by Grumpymann:

This ALOMST made me cry,
Damn dust in the air...



That was amazing. It's stories like this that make me fall in love with America all over again.





stupid dust.



Comment by Grumpymann on 10/22/2008 14:38:45
These "people" ONLY fuck with people that they think they can push around.

Comment by Scoopster on 10/22/2008 14:45:17
Quote by Grumpymann:

Quote by Scoopster:

Quote by Grumpymann:

Quote by Scoopster:





Okay this one just takes the damn cake. Reading up on the gaming blog's political thread and I'm just amazed.



About half way down, where the conversation turns to the Wasilla rape kits..



My response is on the next page (Olo401 is my nick there).
My hero.





Wow.. the guy just posted claiming that he never said any of it.



I suppose at some point I should have expected this kind of thing, right?


That shit really pisses my off.

"I didn't say what I said!"

These "people" try like hell to be tuff till someone calls them on their inhuman assholeishness.

Then all of a sudden they cry.



Fuck these asshats and feed them dog shit.


Oh I fed it all right back to him.. rawr!

Comment by TriSec on 10/22/2008 14:45:39
Well gee, most of my pollworkers are wicked old...



But they all smell like coffee and Dunkin' Donuts. (which is a pleasing scent in these parts.)



: awaits incoming donut argument :





Comment by Grumpymann on 10/22/2008 14:46:40