Use access key #2 to skip to page content.

IBDvalueinvestin (99.66)

Keep laughing at this Stupidity caused by Greedy Shorts.

Recs

5

February 10, 2009 – Comments (7)

The Stimulus passes, the tax breaks that the republicans wanted were added, and the shorts just keep on attacking. But while the majority including myself now wait on the sidelines for the next short trap squeeze trigger, I will just keep laughing at your stupidity because all you are doing is giving me and the others on the sidelines better and better values. Keep shorting all you want, but sooner rather than later you will either get crushed for being too late to the trigger or will believe in your own misery and miss the chance to go long.

7 Comments – Post Your Own

#1) On February 10, 2009 at 2:26 PM, retailsails (94.19) wrote:

I think the "shorts" were thinking the same thing as the market was rising the last few weeks in anticipation of the stimulus/banking plan, and were rewarded with higher levels for short entry points.  It's important to differentiate between "buy and hold" investors and traders...I don't think many people have a "sell and hold" strategy - that is they will take some profits as the markets reach critical support levels and re-evaluate trades...

Report this comment
#2) On February 10, 2009 at 2:29 PM, IBDvalueinvestin (99.66) wrote:

By the way shorties, here is a list of stocks that I want to buy at a much cheaper values, So please go and short them so I can buy them when your done shorting:

 ENER, ASH, HAE, CRR, BMI, MCK, ICE, CXW

Report this comment
#3) On February 10, 2009 at 2:45 PM, IBDvalueinvestin (99.66) wrote:

JRtrader, the market did not rise the last few weeks, It rose just one day last week and was down the last 4 weeks straight....

Report this comment
#4) On February 10, 2009 at 2:57 PM, Varchild2008 (83.67) wrote:

Tax breaks the Republicans Wanted?  *WRONG*

There's not a single tax break in the stimulus bill.
There is not 1 single thing I as a 100% conservative support in the bill.

A tax break is a tax cut and no one is getting a tax cut.

Report this comment
#5) On February 10, 2009 at 3:46 PM, DemonDoug (78.44) wrote:

I guess the "shorts" (which make up a lot less of the market than longs) are all the cause, and the fact that earnings are dropping and the forward p/e of the S&P500 is over 20 has NOTHING to do with the market falling eh?

Did the shorts kill Lehman?

Did they kill Bear Stearns?  New Century? American Home Lender? Circuit City?

Short traders are the biggest red herring on the planet.  If anything, it's the longs that are propping up the market at unsustainable heights!

Report this comment
#6) On February 10, 2009 at 4:18 PM, IBDvalueinvestin (99.66) wrote:

Varchild your either being sarcastic or you never took the time to read whats in the Stimulus package and then come on here with a one liner saying there is not one single tax cut.

Who are you trying to fool? No one except yourself.

 "The bill provides $293 billion in tax cuts"

U.S. Senate Approves $838 Billion Stimulus Package (Update2)

By Brian Faler

http://www.bloomberg.com/apps/news?pid=20601103&sid=a7QWoBJRMbiE

Feb. 10 (Bloomberg) -- The U.S. Senate approved an $838 billion economic stimulus package, clearing the way for negotiations with the House over a compromise plan that President Barack Obama wants lawmakers to send him within days.

The Senate today voted 61 to 37 to approve its measure. The bill provides $293 billion in tax cuts and more than $500 billion in new spending that the legislation’s supporters call critical to preventing the economy from sinking deeper into recession.

“We face a grave economic crisis,” said Senate Appropriations Committee Chairman Daniel Inouye, a Hawaii Democrat who predicted the plan would generate 3.5 million jobs. “Our job losses are accelerating and, if the federal government does not take bold action immediately, those losses will only continue to worsen.”

Obama sought broad bipartisan support for a stimulus plan when Congress convened last month. The House version of the bill, totaling $819 billion, passed on Jan. 28 with no Republican votes. The Senate measure was approved by the chamber’s 58 Democrats and only three Republicans.

Senate Minority Leader Mitch McConnell, a Kentucky Republican, said most of his party colleagues doubted the plan would work.

“We’re taking an enormous risk -- an enormous risk -- with other people’s money,” McConnell said. “The president was right to call for a stimulus, but this bill misses the mark. It’s full of waste; we have no assurance it will create jobs or revive the economy. The only thing we know for sure is that it increases our debt.”

Difficult Negotiations

Potentially difficult negotiations between the House and Senate now begin over a compromise plan. House Speaker Nancy Pelosi, a California Democrat, has called for restoring most of the more than $100 billion in spending cuts made by the Senate. One Democratic senator who helped negotiate those changes differed with Pelosi today, saying the package should be cut further before reaching Obama’s desk.

“It has to be under $800 billion,” said Senator Ben Nelson, a Nebraska Democrat. “It’s not just me who believes that.” He said he only voted for the $838 billion package today to get the bill off the Senate floor and into negotiations with the House.

Weekend Talks Possible

House Majority Leader Steny Hoyer, a Maryland Democrat, said today that negotiators may work through the weekend and it might be Feb. 17 before the House approves a final package. When asked whether Congress would complete work in time to take a week’s recess scheduled to start on Feb. 16, the Presidents’ Day holiday, Hoyer said, “The time frame that’s left is between now and when we pass it.”

“I don’t know what Steny’s talking about,” said Senate Majority Leader Harry Reid, a Nevada Democrat, who said he and Pelosi met today with Obama to discuss a compromise. Much of what is needed to reach an agreement could be completed within the next 24 hours, he said.

He said lawmakers will not leave for a recess before completing work on the bill. “We need to get this done as fast as we can,” said Reid.

Obama held a town-hall meeting today in Fort Myers, Florida, where the unemployment rate has more than tripled over the last two years, to pressure Congress to act.

“Creating jobs and turning this economy around is a mission that transcends party,” Obama said. “When the town is burning, you don’t check party labels. Everybody needs to grab a hose.”

Press Conference

The president also made his case for swift action on the bill during a nationally televised press conference last night and a trip earlier in the day to Elkhart, Indiana, where unemployment reached 15.3 percent in December.

Obama had once hoped the Senate would pass the stimulus plan with 80 votes, which would require the support of half of the chamber’s Republicans. Last night he said that, while he made a “series of overtures” to the party, there have “been a lot of bad habits built up here in Washington and it’s going to take time to break down some of those bad habits.”

Senator Charles Schumer, the third-ranking Democrat, defended the bill today against Republican claims they were left out of negotiations.

“To pass a bill with 80 votes that would do nothing to help the average person would be a far greater failure than passing a bill with 61 votes that starts our economy moving again,” Schumer said. He said many Republicans would never vote for the bill unless it included much larger tax cuts.

Republican Support

Voting in favor of the plan were Republican Senators Olympia Snowe and Susan Collins of Maine and Arlen Specter of Pennsylvania. Republican Judd Gregg of New Hampshire, who is awaiting confirmation as Obama’s commerce secretary, didn’t vote and one of Minnesota’s Senate seats remains vacant.

The nonpartisan Congressional Budget Office yesterday issued a revised estimate pegging the total cost of the Senate bill at $838 billion. Previously, lawmakers had estimated the cost at $827 billion.

While the competing House and Senate plans are of similar size, they differ on several key points.

The Senate plan includes more tax breaks, including a $70 billion cut in the alternative-minimum tax, a $35 billion break aimed at helping the housing industry and an $11 billion plan to let new car buyers write off the interest on their loans. The Senate bill, unlike the House measure, also calls for spending $17 billion to send $300 checks to retirees who wouldn’t be eligible for a proposed $500 payroll tax cut.

Aid to States

The Senate plan makes room for those changes in part by dropping $40 billion in proposed aid to state governments struggling to balance their budgets. The Senate legislation would also spend $20 billion less than the House on school construction, $4 billion less for food stamps and would offer a smaller subsidy to help the unemployed buy health insurance from their former employers.

The Senate plan aims to save $2 billion by reducing the number of people who would qualify for Obama’s $500 payroll tax cut. The bill would begin to phase out that break for individuals with adjusted gross incomes topping $70,000 rather than $75,000, as approved by the House.

Hoyer predicted the final package would include the alternative minimum tax cut. Senate Finance Committee Chairman Max Baucus, a Montana Democrat, said the tax breaks added to aid the housing and auto industries will likely remain in a modified form.

To contact the reporter on this story: Brian Faler in Washington at bfaler@bloomberg.net

Last Updated: February 10, 2009 15:10 EST Report this comment
#7) On February 11, 2009 at 2:35 PM, IBDvalueinvestin (99.66) wrote:

Final deal reached at $789B just announced on Bloomberg 2:25pm

Stimulus pared to $789 billion in race for deal

Emergency stimulus cut to $789 billion as House, Senate negotiators rush for final deal David Espo, AP Special CorrespondentWednesday February 11, 2009, 1:10 pm EST Yahoo! BuzzPrint

WASHINGTON (AP) -- House and Senate negotiators agreed to pare economic stimulus legislation below $800 billion and reached for a final deal with the White House on Wednesday on a bill designed to create millions of jobs in a nation reeling from recession.

AP - President Barack Obama listens as Virginia Gov. Tim Kaine speaks during a visit to the construction site of ...

"Time's getting short," said Sen. Susan Collins, R-Maine, one of a handful of Senate moderates whose votes are crucial to the bill's passage.

As if to underscore the urgency, President Barack Obama said executives at Caterpillar Corp. told him they would rescind some of the 22,000 layoffs they recently announced once the stimulus is signed into law.

Several Democratic officials said there was an informal deadline of Wednesday afternoon for at least tentative agreement on an overall bill, a time that coincided with a scheduled formal meeting of House and Senate negotiators.

The real decisions were made in Capitol office suites where House Speaker Nancy Pelosi, Senate Majority Leader Harry Reid and other key lawmakers, often joined by White House officials and their own aides, worked late Tuesday night and picked up again in the morning.

Sen. Max Baucus, D-Mont., one of the negotiators, said there was agreement to hold the bill to $789 billion, tens of billions below the cost of both the House and Senate bills that had cleared in recent days, and that 35 percent of the total would be in the form of tax cuts.

The reductions in the bill's size caused grumbles among liberal Democrats, who described them as a concession to the moderates, particularly Sen. Arlen Specter, R-Pa., who are under pressure from conservative Republicans to hold down spending.

The principal components of the emerging measure included money to help victims of the recession, as much as $44 billion in aid for states, which face cuts of their own as a result of lower tax receipts, and the president's proposed tax cut for lower and middle-income wage earners.

Officials said there was agreement to accept the White House's call to provide the tax break to workers who pay Social Security taxes but do not earn enough to owe income taxes, although it was possible the amount would be scaled back somewhat. The president sought $500 for individuals and $1,000 for couples.

Working to accommodate the new, lower overall limit of the bill, negotiators effectively wiped out a Senate-passed provision for a new $15,000 tax credit to defray the cost of buying a home, these officials said. The agreement would allow taxpayers to deduct the sales tax paid on new car purchases, but not the interest on loans for the same vehicles.

It also appeared a compromise was in the works on the administration's demand for school construction funds. Sen. Tom Harkin, D-Iowa, told reporters that $6 billion would be set aside, and officials said it would be limited to repair and modernization work.

With numerous demands for the funds in the bill, lawmakers worked to satisfy competing demands.

A Senate-passed provision giving $10 billion to the National Institutes of Health for research -- a favorite of both Harkin and Specter, appeared likely to survive.

The officials who described the negotiations did so on condition of anonymity, saying they were not authorized to disclose the details of the closed-door negotiations.

Obama has spoken out repeatedly in recent days to urge Congress to act quickly in the face of the worst economic crisis since the Great Depression.

"We're at the doorstep of getting this plan through Congress, but the work is not over," he said in Springfield, Va., where he visited a construction site.

Even after the measure becomes law, he said, the challenge will be to effectively make use of the funds in an "endeavor of enormous scope and scale."

Republicans, too, took note of the size of the bill, and they said it included billions that would be wasted.

The original House bill, with a price tag of $820 billion, passed without a single Republican vote.

The $838 billion Senate bill that cleared on Tuesday had the backing of only three of 41 Republicans -- but that was enough to give it the 60 votes it needed.

Collins told reporters she hoped fellow GOP lawmakers would reconsider when the final compromise comes to a vote "rather than just reflexively oppose this."

She said the negotiators had "tightened and scrubbed it" to eliminate wasteful spending.

Associated Press Writers Andrew Taylor and Ben Feller contributed to this story.

Report this comment

Featured Broker Partners


Advertisement