yea, youtube is like that sometimes. obviously you are not interested in the root cause of the current problem. great body though.
It's pretty obvious. We cannot tax and spend our way to wealth and plenty. Socialism only makes things worse. The markets are forward looking and move in anticipation of future conditions, so they are not pricing the current conditions as much as pricing the future. That future is Obama and a strongly democrat congress, the most liberal federal government the US has ever had, higher taxes, massive government, stunning deficeits, jaw dropping debt and all the misery that accompanies this. Big government bailouts are unpredictable, delay the inevitable and ultimately make things worse. So the markets are telling us that things will get worse, and who knows how bad that worse will be. Add to this the half trillion dollar carbon tax. All in the first month and a half. The markets are saying "Holy Batshit! We still have almost 4 more years of this. What disasters lie ahead?"
Don't get me wrong, I'm not suggesting we'd have a raging bull market if McCain won, or if Bush were still in office. Or if the GOP were the Supreme Overlords and controlled Congress and The Whitehouse. The republicans believe in big @$$ government too, just not quite as big as the democrats. The ultimate problem is most of the planet has forgotten TANSTAFL and has a sense of entitlement to all sorts of things. Including free health care, which is why the democrats are ready to spring socializied medicine on the USA. Hello depression! Here we come.
ByLoSellHi talks about the economy and you talk about same-day market handles? That's a bit of a disconnect, wouldn't you say? Oh, and the market is forward-seeing and all-knowing? So the day before the market peaks after a long run up, while it is still going higher, that is an economic indicator of what the future will bring? And the day before it reaches its low, after descending for a length of time, is that an indication by this "reliable" economic indicator of the misery that will follow in the future? How quaint. And, no doubt, everything perpetrated by the Bush administration has already been fully discounted into the market because you are a firm believer in the Efficient Market Theory. Incoming economic and corporate reports are redundant, right? I recall how many people here correctly demonized Bernanke, and Greenspan before him, for pandering to the stock market. And now you are blaming Obama because he isn't doing so? Fascinating.
Here was the post I responded to: Note the "continued fall in equity markets". Seems like ByLoSellHi is discussing the markets as well as the economy. Nice job of reading though. That said, perhaps you could explain the Nobama/Geithner plan in regards to the banks. That should be sufficiently "economic" for you eh? No need to discuss their continued stock market collapse. And by the way, do you support the Democratic proposed Transaction Tax? OldTrader
Do you refer to the bank stock price collapse attributed to the complete lack of regulatory oversight of the subprime lending market, the securitization of these subprime junk mortgages and the ultimately worthless unregulated credit default swaps that collectively resulted in a perfect storm and could not have occurred without the Bush administration's willing blind eye? Is that the bank stock price collapse you refer to? Did that all just go away when Bush left office?
Once again, you illustrate your problem with reading comprehension. Here is what I asked you: Note I specifically said "no need to discuss their continued stock market collapse". What I specifically asked was for you to explain the Obama/Geithner plan for dealing with the banks. EDIT: I also asked you whether you supported the Democratic proposed Transaction Tax. OldTrader
I don't know who, specifically, proposed the tax. If I understand correctly what little I have seen about it, then no, I would not be a fan. And although I try to refrain from making predictions, I doubt the proposal will get any traction.
Rep Peter DeFazio, Democrat from Oregon, and several other Democrats proposed the "Let Wall Street Pay for Wall Street's Bailout Act of 2009". Here's a link: http://www.opencongress.org/bill/111-h1068/text OldTrader
Thank you. I don't like it and I think it is misguided. Further, I'd be willing to bet my lunch money that it won't fly.