World News: Financial Markets See More Contractions
26 Responses to “World News: Financial Markets See More Contractions”
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Is Obama destroying the retirements of most Americans with his Wall Street-demolishing agenda?
http://www.usnews.com/usnews/politics/bulletin/bulletin_090303.htm
Critics Blame Obama For Stocks’ Plunge
On its front page, the Washington Post also says that "more than any individual development, the continuing collapse in financial markets around the globe reflected an absence of faith that the trillions of dollars that governments have deployed to try to contain the damage will do the trick." Under the headline "The Obama Economy," the Wall Street Journal editorializes that "From punishing business to squandering scarce national public resources, Team Obama is creating more uncertainty and less confidence — and thus a longer period of recession or subpar growth." Similarly, CNBC’s Jim Cramer said last night, "Until the Obama administration starts listening, until they start paying attention to what you’re watching, to the stock market, until they realize that their agenda is destroying the life savings of millions of Americans, then all I can give you is caution. … I just want some sign that Obama realizes the market is totally falling apart. And that his agenda has a big hand in that happening."
ABC World News, in its lead story, reported that the Dow Jones Industrial Average "finished the day at levels not seen since 1997." The Wall Street Journal reports on its front page that "US investors joined a world-wide selloff that began in Asia and rippled through industries from financials to consumer durables to technology. The Dow dropped 4.2% to 6763.29, its lowest close since April 1997. It has lost almost one-quarter of its value this year and more than half since its high in October 2007." The Los Angeles Times notes "the broader Standard & Poor’s 500 index fell 34.27 points, or 4.7%, to 700.82, while the tech-heavy Nasdaq shed 54.99 points, or 4%, to close at 1,322.85." On its front page, the Financial Times notes "stock markets around the world fell to their lowest levels of the economic crisis on Monday as a spate of dividend cuts and faltering financial companies shook investor confidence," and the Wall Street Journal says "Asian shares fell again Tuesday with worries about the continued bleeding at large financial companies around the globe sending bank shares lower."
On its front page, the New York Times says "hopes that the American economy, which led the world into recession, might lead it back out this year have been fading." The AP says that "with each new hard-times headline, most recently an alarming economic contraction of 6.2 percent in the fourth quarter, it seems more likely that the next depression is on its way." Another AP article reports that the Commerce Department "said consumer spending rose 0.6 percent in January, the first increase after a record six straight monthly declines." However, the Institute for Supply Management’s "gauge of manufacturing activity showed contraction for a 13th straight month in February. And "construction spending plunged more than twice as much as expected in January."
Nope.
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Yup.
Among other heinous acts.
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He is certainly trying to. But I don’t think he will succeed, because he will lose the Congress shortly.
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I’m sorry. What was that third line in the second paragraph on p. 378 in chapter 5 again?
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yes
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That stuff has been going down since October 2008.
People CHOSE Obama to fix it because the administration at the time wanted to stay the course that got us into this mess.
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YES BUT HE IS AN IVY LEAGUE MILLIONAIRE WHAT DOES HE CARE?
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Bush already did that when the stock market 40% of its value while he was President. Most (actually all) the statistics you posted are the direct result of the Republican administration totally responsible for the current Bush Depression.
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Didn’t think somebody would actually read and understand that stuff, did you?
No, Wall Street destroyed itself. Due to stunts like spending over 1 million dollars on an office while going broke, like Merrill-Lynch did. Thank you for the 2 points.
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It is not a question. The proof is right there in black and white. It is a past-tense thing. Look at Wall Street.
Perhaps it will turn around, but this far, anyone who says anything to the contrary is unable to see facts or unable to make conclusions based upon facts.
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Anything that will make any US citizen dependent on government is the ultimate goal. It doesn’t matter how old they are.
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Obama is giving money to the banks and to the people to give to the banks. How is he responsible for anything happening in Wall Street?
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He’s putting a hurt on ‘em!
??? rules!
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Without reading all of what I figure is a bunch of blah blah blah. Wall Street has destroyed itself. Its inability to regulate itself and entertain greed and avarice is it’s own undoing.
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You say that like it is a bad thing, but to guys like Barry, it is a good thing. If you can’t depend on yourself then you have to depend on government and that’s sort of the master plan anyway. It is hard to control people who do not depend on you for everything.
Welcome to federal housing project America.
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He certainly is not helping the situation. Between he and Geitner every time they open their mouths the market drops again. The simple fact is that Wall Street does not have confidence in the administration plans. Anyone who states different does so purely from a partisan perspective. Many will state that Bush precipitated the market condition. Even if we choose to accept this, as it does hold some truth based on Bush’s actions in pushing through the first stimulus bill. It still does not negate the fact that Obama has not and will not restore confidence by following the same destructive spending patterns.
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This is foolish . He’s trying to save what was destroyed by Bush … This disaster is not of his making . He inherited this mess and is trying to fix it .
Do you blame the mechanic trying to fix your car after you tow it in with a seized engine because you didn’t take care of it?
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As a commited socialist Obama needs the masses to be enslaved by Government programs like Social Security. Its called job security for him
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Obama is reviving Wall Street not destroying it. Everybody has critics. Critics are like Monday morning quarterbacks.
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http://www.msnbc.msn.com/id/3683270/
If you had actually been paying attention to what has gone on during the past few years, you would realize that Wall Street has been destroying itself. If the stock market has to get back to fundamental basics before it can rise on firm ground, then so be it.
Obama was elected because the economy was collapsing after 8 years of Bush Republican economic policies. I hope he can turn it around but 6 weeks is obviously not enough time and I wonder why anyone would think that it was.
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Seems like if companies were making money then they wouldn’t have problems.
Seems like if the private industry had a solution they would have implemented it a while ago.
Seems like that Bush tax cut didn’t magically make the economy better.
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It is funny that people can be swayed by a Charismatic speaker, however, the Markets are not so easily fooled! Not even Obama can sway the Market with his emotional heartfelt speeches that are aimed at more Gov’t control of our lives. Russia experienced a tranformation from Communism to Capitalism… we seemingly are going in reverse! Karl Marx’s theories do not work, it has ALREADY been proven. Like I answer on another question, Obama is the reason the Democrats will lose many seats as even "moderate & conservative" Democrats are starting to go against his agenda by their constituents. Obamamania is here finally, what a record he has already begun to create.
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I do not know about anybody else but my investments are now 1/2 of what there were when Bush was in charge. So it looks to me since the market is based on futures, our future is looking bleak, thanks to BO.
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I think all this goes deeper than ‘Obama’ or any of the ’stuff’ you read in the media. They say a body in motion tends to remain in motion unless acted on by an outside force. So it is with the world we live in. Since the 1970’s mega-corporations, not out of malice or even simple greed have collectively suborned governments to their advantage…even our own. The drive for profits created not only honest competition, competition that was overseen by honest and impartial referees, but a darker form of competition that if not ‘played’ meant losing. Less ’supervision’ lead to more of this dark competition until the entire system, now running ‘in motion’ has come to its inevitable end….a system dominated by the greediest and the most corrupt. Wealth without work…commerce without morality and politics without principle brought us here. Dishonesty lead to where we are, not of simply individual ‘bad’ people, but of a system that encouraged good people to look the other way, to discount the dishonesty and to decide to ‘get theirs’ while the getting was good. P/Obama has the right idea….save the American wage-earner who ultimately through his labor pays all the taxes and creates all the profits. If he fails, we all fail. But either way, the world will never be the same for any of us…and that’s a fact. No kiddin’!
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He’s fixing Bushe’s policies. Look at the gas prices now. Don’t tell me Bush didn’t make us all pay high prices for gas? Now he has to fix the failed banks. The whole world nationalized their banks. Bush gave our banks a blank check. Tell me that’s gonna fix it haha. This is the second time the banks have failed us too (first was depression).
It’s gonna take time and money…
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