Thanks Barack… Stock Market Tanks After Obama’s $447 BIllioin Stimulus Speech
Posted by Jim Hoft on Friday, September 9, 2011, 9:00 AM
Last night Barack Obama announced his latest spending plan to “revive the economy” would cost another $447 billion.
Today the markets tanked.
The Dow was down 172 points shortly after opening.
The Street reported:
In his speech last night to Congress, the President detailed a $447 billion stimulus package aimed at spurring job creation, a much more ambitious proposal than the $300 billion plan expected. It remains up in the air, however, which parts of Obama’s proposal would be able to pass Congress. Republicans are expected to show their support for the $253 billion in tax cuts but will likely oppose the payroll tax holiday component of Obama’s strategy.
Investors have been particularly uneasy as they await possible monetary and fiscal stimulus to jumpstart the sluggish economy. Federal Reserve chairman Ben Bernanke left the door open on a possible Fed stimulus in his speech Thursday, essentially leaving the market hanging for another two weeks before the next Fed meeting on Sept. 21. Meanwhile, any jobs proposal from Washington is not expected to pass until later this year, leaving the dismal U.S. jobs market staggering without help.
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Published May 22, 2012 at 5:04 am - 81 Comments
olm commented:
Yeah, it tough to miss that the stock market pretty much thought the speech was bull sh** too.
kansas commented:
Could be up by a bunch by the end of the day. Whoever is jerking the market around is doing it to screw the rest of us.
Betsy Ross commented:
The market tanked because anybody with even a smidgen of economic knowledge knows that the Federal governemnt doesn’t have to spend a single penny to get this economy back on track…
Not.
One.
Penny.
Just one example of what to do is to allow for domestic drilling, to allow for more refineries. Doing just those two things would immensely improve the American economy….
and every politician in DC knows that.
(p.s. doesn’t cost the feds a single penny)
mg4us commented:
People know that when the pilot (Obama) said that the economy has stalled, he was lying. We all know we are heading down. .
Obama trying to do what Air France pilots did and pull the nose up. . and we all know how that ends
http://online.wsj.com/article/SB10001424053111904140604576495932704234052.html?mod=wsj_share_tweet
Fasten your seat-belts! President Zero is utter incompetent, inept and inexperienced
We need a real leader in 2012 to take us soaring to new heights.
For now the vote on President Zero is No-confidence!
Obama – - president Downgrade. . .a Big Zero!
Carbon Pootprint commented:
I’m surprised the price tag on the damn thing isn’t at least 550 billion this morning. Still time for hopeychangey tho.
Greg commented:
ONE WTF is ceo of the largest corporation in the history and his basic mgmt skills demonstrate basic illiteracy. His plans change weekly, he cannot communicate sustainable policy for the fed employees to implement, his organization style allows the community of employees to do whatever they chose, and with no budget in the last 3 years prevents his departments from resource management.
If jeffy Immelt were interested in helping the country he would be an active coach for WTF in how to manage. He is not interested in helping the country as it would limit his opportunities for self wealth. Immelt will be a foot note in the management curriculum on management disasters
Tom in CA commented:
Greg,
IMHO Jeff Immelt has only one goal in mind. Self promotion of Jeff.
Learned, no doubt, in some Ivy League B-school where running a corporation takes a back seat to ‘screw everyone on your way up the ladder’.
Militant Conservative commented:
Kansas, FDR “stimulated” the economy 7 times. It was not till after he died and
sound fiscal policy (non socialist) was enacted that we crawled out of the cellar.
Everything Obama is doing has been done before with the same effect.
This is why the market is tanking. The world is getting ready to go into a tail spin.
powder is dry
KOMTM commented:
Translation of jobs plan: Hire government employees, hire minorities and hire union workers. The fine print will read a certain percentage of minorities are to be hired and union workers are to be hired. Approximately 85% of construction companies are nonunion.
big L commented:
It is all Axel Jarrett and Plouffe and those we don’t know behind the curtain.You have to have someone to be the TV guy and that is Obama. But as far as we know Obama knows nothingabout business or econ. We are being run by lefties that plan to sink the US on the one hand and the mechanics of kids talkiing at the sudent union when theyare 19. To wit: ‘if we ran things this is what we’d do…block all oil jobs and exploring, make the rich farmers pay for their water high prices, shut dn the farming across theland cuz it does violence to the dirt,’etc.
And one goofy/lefty kid idea after another. This is our govt now.
How many jobs does $450 billion (not million) create? Just one: Obama’s job after2012!
#1AMERICAN commented:
that is good news….odumbass opens mouth, market tanks.. I make $$$$$ buying stocks that are under valued…keep talking mooslum LOL
Scott commented:
Approaching 5 Trillion in defict spending in under three years…Communists are the worst money managers…They don’t know how to create wealth. They specialize in stealing it from others and distributing it as they please, paying themselves first of course. It works for awhile to the keep the proletariet happy. Then one day the money is all gone, the music stops, and you guessed it, another revolution…Rinse repeat…
rbosque commented:
The markets are pretty efficient and echo the mood of the business community and investors. I would call that a “no confidence” in Obama’s ability to properly stimulate the economy.
Patty commented:
The long a waited and hyped speech. If he had real solutions this administration would have done something couple of years ago.
What can he do when he has done so many things wrong. He would have to back track and eliminate the poor decisions he has made.
He could have said that Obama care is wrong for our nation. I bet the markets would sky rocket.
Sandy commented:
Obama speaketh and the seas rise. Floods and misery break out all over the world. The market crashes as traders fear the man who can’t stop spending other people’s money.
And what is this with 447 Billion. Is it supposed to sound like less than 450 Billion? Wasn’t it only 400 Billion a couple of days ago? Obama would prefer the Republicans fight him on this so that he can say he tried to create jobs but the Republicans wouldn’t let him.
Sandy commented:
Militant #8 — When Roosevelt stimulated the economy prior to WW2 the government had plenty of money. There was no such thing as a deficit.
Obama fought to raise the debt ceiling a few weeks ago and now its back to spending big time. There is no way that even if he gets this money it will make any difference to the economy in the next 14 months.
Dave commented:
This is up there with all the Kenneth Gladly “couldn’t speak” posts the day after his beat down. There is nothing more appealing to the retarded masses than proclaiming some political event caused the stock market to do something on some particular day. I think Obama is a dumbass, but seriously you could point to any down DOW day and say it was down because of something Obama said/did, but by all means don’t say anything when it rises. The market has fluctuated wildly the last few weeks if not months due to overall uncertainty, lets not pretend millions of people making independent investment decisions for many different reasons is not why. And “tanked”? Really?
Mutnodjmet commented:
WARNING! Toxic Dose of Irony. Obama’s “historic” speech lacked the word “energy”, while millions of Californians went without power last night during an “unprecedented” blackout and could not hear his speech.
Conservative Ken commented:
The predictable plummet. Like we don’t know that when Obama opens his mouth bad things are gonna happen.
John commented:
If anybody bothered look deeper, they would find that there was another reason the stock market tanked today, the situation in Europe. It is almost impossible to say at any point any one thing causes the stock market to move on any given day. It does make a great club to beat up on Obama.
volt007 commented:
Everything Obama touches turns to crap. It’s the opposite of the Midas Touch
FurryGuy commented:
When the new policy is just another repeat of past policy that failed utterly, it ain’t hard to figure out the markets see Barry as putting the pedal to the metal to drive the economy off the cliff.
RS commented:
Obama is the drunk who believes the cure for a hangover to be opening another bottle of booze.
The faster this guy is returned to the adjunct faculty lounge, the better off everyone (except his students) will be.
Estragon commented:
The markets are reacting more to their sudden realization that Greece will default sooner or later and precipitate a Euro-crisis of epic proportions – which has been clear to any sober observer for at least two years.
Obama has lost his ability to affect markets along with almost everything else.