23 February 2009

UPDATE 2: Another Day, Another Market Tumble

All three major US stock indicators (Dow, NASDAQ, S&P) are down again, the Dow sliding to levels below those seen after the tech/internet-bubble blew.

It seems every time President Obama, Sen. Dodd, Sen. Reid, Rep. Pelosi or any of the President's economic team speaks about the economy, the markets slide even further. Maybe they should just be quiet.

Meanwhile, the President insists he can cut the deficit in half by the end of his first term (talk about optimism), and is set for a third shot at the Secretary of Commerce with Gov. Locke of Washington State. He also managed to add on to his growing list of promises yet to be fulfilled, by promising that states would receive the first portion of the stimulus bill by the end of this week.

So, we're going to spend a ton of money on untested programs, most of which have nothing to do with stimulating anything except re-election campaigns, starting this week. Why would would any of us be surprised that the markets are reacting badly?

UPDATE 1: Reuters calls it like it is: the grand-standing today on the debt was an "all day talk fest."

UPDATE 2: Fox News is reporting that a good many of those at today's Fiscal Responsibility Summit were representing various special interests, none of which are more interested in fiscal responsibility than in promoting their own interests. The transparency pledge takes yet another hit.

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