Quote:
Originally Posted by davidd
Correction, the markets have gone into the toilet since Obama was officially nominated.
The markets knew what was coming.
What the current administration fails to recognize is that every time they distribute money the market tanks further.
Lastly, who has held control of both houses for the last two years? Bush was a lame duck starting two years ago. Are you so fickle that you forgot who swept into power in 2006 + 2008?
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Quote:
Originally Posted by Pleasurepays
considering that each time that he or someone in his administration talks about the economy/plans/bailout, the stock market tanks.. uhmm.. i think its fair to draw a direct correlation.
markets are driven by confidence.... non-stop talk about how horrible things are non-stop and blaming it on others with a plan that does nothing to inspire confidence in the global financial markets isn't going to help slow the decline. Bush was a 1/2 retarded idiot and at least he had the sense to not stand up and talk down the economy to the entire planet everytime the subject came up.
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Yeah maybe he should be saying "the fundamentals of our economy are strong"
That wouldn't instill confidence, it would get him laughed off the stage and destroy his credibility.
Props to him for being willing to tell the truth about things instead of trying to sugar coat them. (Anyone remember "We're winning in Iraq"?)
How's this for "direct corrolation" and the timing of the markets going into the toilet?
On the day George W Bush took office
Dow - 11,351
S&P - 1445
NASDAQ - 4189
On the day George W Bush left office
Dow - 7949
S&P - 840
NASDAQ - 1440
This was after two rounds on income tax cuts (2001 and 2003) a capital gains tax rate equal to what the lowest income tax rate was when he took office (15%) and cutting the dividend tax rate in half, and a drastic scaling back of the inheritance tax.
Not to mention that any deregulation that wasn't passed by congress was still defacto deregulation because the executive branch had very lax oversight on all things "economy related" for 8 years.
Republicans controlled congress for 6 of those 8 years as well....and as for the democrats controlling it for the last 2 years, they weren't able to enact any of their agenda because the republicans filibustered or Bush vetoed everything they tried to do, so their effect on things was non-existant.
Now of course your proposed solution to the problem is more tax cuts and more deregulation? Yeah, cause it's worked so well for us up to this point.