CNBC News just announced that the Dow plummeted 561 points just this week alone..plus all the……….?
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declines since last Ocotober after now eight years of Republican rule and laws to cut social programs to the poor elderly and disabled while increasing corporate welfare for the rich, in the House, Senate and the White House (Bushy)…………. In all sincerity, how LOW do you think the stockmarket will go? I know it's only a guess, but what do you think will be the bottom figure?
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stale mate said:
NEW YORK (Reuters) – The U.S. economy has entered a recession that will be more painful and drawn out than the usual downturn, the director of the Reuters/University of Michigan consumer sentiment survey said on Friday.
Inflation pressures will linger despite the retrenchment in consumer spending, complicating the task of policy-makers, the University's Richard Curtin said in a report, citing data from industry group The Conference Board.
"This is no ordinary recession," he said. "The aftereffects will last much longer than the typical downturn."
He said the Conference Board's expectations index is a strong predictor of economic contractions, and that it is currently flashing red.
With Americans getting hit with everything from a housing downturn to excess borrowing, things will get worse before they get better.
"Consumers must take more drastic steps to stabilize their finances in the midst of high fuel and food prices, stagnant incomes, and record debt," Curtin said.
Paradoxically, worsening economic conditions will induce families to save money, reinforcing the drag on an economy that has become largely reliant on consumer spending.
June 27th, 2009 at 4:41 pm -
Girly Q said:
It don't matter, I hope it gets better
June 27th, 2009 at 4:41 pm -
Citicop said:
Can you name ONE SINGLE SOCIAL PROGRAM THAT HAS BEEN CUT?
I doubt it. Bush has increased domestic spending more than any president in history, and added one of the largest entitlement programs (Medicare drug benefit) in the history of the world.
The market will correct, it always does.
June 27th, 2009 at 4:41 pm -
Laissez-Faire Guy said:
What social programs were cut? Tell me. I want to hear. Be specific. Point to even one program where the budget was cut.
Bush and the GOP congress enacted the biggest new entitlement for seniors in over 30 years, the Medicare Prescription Drug Benefit.
Corporate Welfare? Sure. There always is. There will be if and when Clinton or Obama are elected.
You want to talk about stock market declines? Look at the NasDaq from March 2000 through Jan 19, 2001 when Bill Clinton was in office. On 3/9/2000, it was at 5,048. On 1/19/2001 it was at 2,770. That's a 45% drop.
June 27th, 2009 at 4:41 pm -
Tapestry6 said:
The Dow Jones has jumped up and down all its life. Its an emotional roller coaster and I never pay any attention to it. Do you realize that after the crash in 1929 those that did not panic, committ suicide and crumble got all their money back within the next 10 years?
CNBC, CNN will only tell you the horrible, the bad, and the almost bad to make you fret. Stop listening to those idiots they don't like this president, never did, just had to keep their mouths shut for a few days after 9/11 but even then they were smart mouthed off about 'where was he' they knew darn right well the president is always protected from harm by the secret service, they even sounded like idiots when they said it.
No, its not the end of the world.. that will happen in 2012 on Hillary's watch
June 27th, 2009 at 4:41 pm -
JusWondering said:
I am not a fan of the current administration, but to be fair, the market is not very much tied to our government, and I don't think that any of this has much of anything to do with the policies of Bush and company.
June 27th, 2009 at 4:41 pm
