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Market plunges while Repubs gloat.

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August 04, 2011 – Comments (20)

The Dow-Jones Industrial Average is now 1000 points lower than it was a short time ago and continues to fall.  The job outlook has deteriorated because the debt ceiling agreement lowers the deficit entirely by cutting government spending and thus killing jobs.  The FAA conflict is also killing jobs.  The bad job outlook will send us back into recession.  This is why stocks are falling and Repubs are gloating. 

 

OK you tea-baggers, flame away.

20 Comments – Post Your Own

#1) On August 04, 2011 at 11:47 AM, drgroup (69.17) wrote:

Excuse me, but if you haven't noticed all of your article is about the mess obama and the dems created. This kind of thinking is what will be the downfall of our economy and country. Keep looking through those rose colored glasses....

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#2) On August 04, 2011 at 12:03 PM, JaysRage (89.18) wrote:

Government creation of jobs is simply not as efficient as private sector creation of jobs.   This is a necessary first step.    

Bad job outlook because of the loss of government jobs to me is a step in the right direction.     We are finally stopping to pretend that government spending is an efficient way to create jobs long-term.   Our government is bankrupt and can't afford this fantasy any more.    Let's have private sector companies that can efficiently run a business create jobs.  

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#3) On August 04, 2011 at 12:10 PM, MoneyWorksforMe (< 20) wrote:

Lol...it's all because of the debt ceiling...are you a politician or are you really that oblivious?

JaysRage has it right.

 

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#4) On August 04, 2011 at 12:15 PM, Borbality (45.58) wrote:

yay I can't wait for all the part-time service sector jobs created by our wonderful private sector that is so generous. I'd say it's a sellers market for labor.

 

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#5) On August 04, 2011 at 12:19 PM, PeteysTired (< 20) wrote:

Yeah, I think we should deficit spend and give everyone a million dollars.  Oh wait, why one million lets make it 5 million, so we can ensure prosperity for everyone.

Damn those tea baggers can't they see they are preventing prosperity?

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#6) On August 04, 2011 at 12:22 PM, davejh23 (< 20) wrote:

This is a joke, right?  The debt deal includes no cuts..."lowers the deficit entirely by cutting gov't spending"?...yeah, the deal didn't include any new revenues, but it also only promised "future" cuts to projected deficits.  Short term, nothing will change...most of the "cuts" are still to be hammered out by a new comittee...something that will never happen.  I'll bet you anything that actual deficit spending over the next decade will be far higher than current projections...the debt deal will not cut a single penny...it will not cause the loss of a single job.  We're on the verge of another recession, and I'm sure you'll ignorantly blame it on the Republicans, but both parties are complete failures...it's embarassing.

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#7) On August 04, 2011 at 12:26 PM, Turfscape (41.49) wrote:

OMG! Rage! Indignation!

"Their side" did this! "Our side" tried to fix it! How dare "they" do this to us! Everything would be Rainbows and Unicorns if "they" would just follow "our" leadership and put effective policies in place...you know, instead of "them" working so hard to kill jobs, and destroy America, and stomp on puppies, and all that.

Hooray for "our side"! Boo to "their side".

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#8) On August 04, 2011 at 12:34 PM, leohaas (32.32) wrote:

+1 for #7!

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#9) On August 04, 2011 at 12:37 PM, edwjm (99.87) wrote:

The Hooveresque responses sound exactly like what I was expecting.

 

#1 says,"Excuse me, but if you haven't noticed all of your article is about the mess obama and the dems created."  A hard claim to prove considering the messes created by Regan and the Bushes and left for Obama to clean up. 

 

The plunge in the Dow-Jones IA is just getting started.  The Dow will go below 10k before it ever gets above 13k.

 

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#10) On August 04, 2011 at 12:56 PM, dwot (69.76) wrote:

Reading this thread, this mess was created a long time ago.  

 

I think you need to look back to bad policy going back several decades.  Certainly bad accounting and math for how to pay for entitlements goes back to before I was born, and stepping down interest rates over more then 20 years starting in the 80s created the illustion that things were ok.

There is no question in my mind that governments facing an aging population should have no debt and a surplus budget.  Anything else means those future entitements have not been paid for.

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#11) On August 04, 2011 at 12:56 PM, davejh23 (< 20) wrote:

The Democrats got everything they wanted...no cuts.  The Republicans got what they wanted...no tax increases.  Both declared victory...didn't you see Obama gloating on national television?  Don't pretend like Obama is trying to fix anything...Obama promised millions of new jobs when the Dems controlled the House and Senate...he failed to deliver...both parties have failed us.  I still can't understand how we have ANY career politicians...I'm kind of suprised that Obama is even running for reelection.  Bush may have been bad, but Obama overseeing this mess for 8 years will only allow him to claim the title of worst POTUS in history.

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#12) On August 04, 2011 at 12:57 PM, Borbality (45.58) wrote:

hey at least gas prices are going down LOL that's what I used to say in 2008.

 

 

 

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#13) On August 04, 2011 at 1:13 PM, truthisntstupid (91.55) wrote:

Who the hell cares? Start buying.

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#14) On August 04, 2011 at 1:18 PM, truthisntstupid (91.55) wrote:

...or miss out like many of you did in 2008...

...and 2009...

Never mind...I know your stupid politics are more important...I thought this was an investing website.  

My bad.

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#15) On August 04, 2011 at 4:04 PM, edwjm (99.87) wrote:

Dow down 512 today, how much tomorrow?

 

@#14 This is a investing website.  That is why I said that the Dow will break 10k before 13k

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#16) On August 05, 2011 at 8:54 AM, drgroup (69.17) wrote:

My hope is that one day you guys will wake up and realize that politics has a tremendous affect on investing. They run hand and foot. Who you elect, what their economic philosophy is, the appointments they make to financial post....

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#17) On August 05, 2011 at 9:12 AM, outoffocus (22.87) wrote:

Both parties equally suck. The minute America realizes this will be the minute that we get back on the right track.

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#18) On August 05, 2011 at 10:04 AM, drgroup (69.17) wrote:

"Both parties equally suck"

Agreed...

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#19) On August 05, 2011 at 10:25 AM, Turfscape (41.49) wrote:

drgroup wrote:
"My hope is that one day you guys will wake up and realize that politics has a tremendous affect on investing."

It's political risk...just one more risk type associated with business or investing. But, if your success in investing is completely dependent on who wins an election, then you have a flawed strategy. Investors can prosper under virtually any political environment that would realistically come to shape in the U.S. This includes the current 'OMG-he's-a-socialist-commie-nazi-and-will-take-all-your-money-and-give-it-to-crack-addicts' Obama administration.

And, more simply, there is very little difference between Republicans and Democrats. So, politics does impact markets...but that impact won't really change if someone else is in the White House, or if the other party has control over the Senate or the House.

Ultimately, America will not end. Good companies still have solid valuations. People still want to go out for ice cream on summer nights. And tomorrow we'll face a whole new end-of-the-world evil all over again.

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#20) On August 05, 2011 at 3:36 PM, truthisntstupid (91.55) wrote:

It does not matter one iota who is in office.  A bargain is a bargain and when the herd overreacts like it did in 2008 and 2009 the ONLY way to lose money is to bet on crappy companies. 

NO WAY did anyone who could read a balance sheet, cash flow statement, and an income statement and had even the smallest clue how to interpret what they were looking at lost money investing in 2008 and 2009.

Of course, if you were too much of a follower to ignore all the people that were only too happy to congratulate you for being "smart enough to stay out of the market at this time"  (like them) then 

I sincerely hope you learned something.

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