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Ya-ta Boy
Joined: 16 Jan 2003
Location: Established in 1994
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 Posted: Fri Feb 20, 2009 4:03 am Post subject: |
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Not only are there now 5 No-voters going around claiming credit for getting items in the bill before they voted against it:
Louisiana Congressman Cao Faces Recall Petition Over Stimulus Vote
Congressman Joseph �Anh�Cao, a Republican, who defeated William �Bill� Jefferson is facing a recall petition because of his vote on the Barack Obama stimulus package. The recall has been initiated by a group of ministers.
Cao had indicated that he would be voting in favor of the controversial legislation but instead voted against it.
Papers have been filed with the Office of the Louisiana Secretary of State which started the process requiring sufficient signatures to force a recall election for the office held by Representative Cao.
Cao represents a majority African American community many who were outraged by Cao�s vote. Cao made national news with his victory over Bill Jefferson.
One elected official, State Representative Juan A. LaFonta, Democrat of District 96 told Bayoubuzz that he does not know about the existence of the petition but that he would sign it.
�We don�t need Cao to be Steve Scalise�, said LaFonta. Scalise is a Republican who represents a neighboring conservative Congressional District. �People are starving and Cao needs to represent the people of the district�, LaFonta said.
Cao is Vietnamese and has been hailed by many in the media as a new face of the Republican Party.
The group of ministers who filed the petition want to make sure that he faces a recall which could be a very daunting act, if not impossible act in Louisiana based upon the state�s history.
http://www.bayoubuzz.com/News/Louisiana/Politics/Louisiana_Congressman_Cao_Faces_Recall_Petition_Over_Stimulus_Vote__8406.asp |
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Ya-ta Boy
Joined: 16 Jan 2003
Location: Established in 1994
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| Posted: Sat Feb 21, 2009 3:34 pm Post subject: |
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I liked this article which responds to the 5 GOP governors who are considering not taking all/part of the stimulus money. I've only heard that Jindal has turned down the money for unemployment extension.
Arnold: I'll take govs' money
Fresh off a grueling budget battle in his state, California Gov. Arnold Schwarzenegger said Saturday that if fellow Republican governors threatening to turn down stimulus funds follow through on their pledge, he'd be happy to have their share.
http://news.yahoo.com/s/politico/20090221/pl_politico/19121 |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Sat Feb 21, 2009 4:14 pm Post subject: |
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| Ya-ta Boy wrote: |
I liked this article which responds to the 5 GOP governors who are considering not taking all/part of the stimulus money. I've only heard that Jindal has turned down the money for unemployment extension.
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Really? ?? The UI part of the bill is the most useful for immediate relief.
http://thinkprogress.org/2009/02/20/jindal-unemployed/
Jindal is being foolish. Not everything is a push for election. |
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Ya-ta Boy
Joined: 16 Jan 2003
Location: Established in 1994
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| Posted: Sat Feb 21, 2009 5:00 pm Post subject: |
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Really? ?? The UI part of the bill is the most useful for immediate relief.
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I was a little startled when he did in fact turn down some of the money. A little posturing is OK in politics, but to turn down money for unemployed people--in a state that has not recovered from having its major city devastated by a hurricane years ago....too ideological for me.
I'm a little sensitive on things like this. Years ago a new school board member was elected. He was a right wing anti-tax nut in a county heavily influenced by the John Birch Society. When budget time came around, he persuaded a majority on the board to turn down the annual increase in state budgeting alloted for teachers' salaries. It was a 'symbolic' act, he said.  |
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ontheway
Joined: 24 Aug 2005
Location: Somewhere under the rainbow...
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| Posted: Mon Feb 23, 2009 10:17 am Post subject: |
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Dow Jones Industrial Average(DJI: ^DJI)
Index Value: 7,189.41
Trade Time: 1:04PM ET
Change: 176.26 (2.39%)
Prev Close: 7,365.67
Open: 7,365.99
Day's Range: 7,188.77 - 7,441.02
52wk Range: 7,226.29 - 13,191.50
The "Stimulus Plan" continues to drag the economy down. The market is a leading indicator. It tells us where Obama is taking us.
The Ponzi economics package continues to devastate the US.
Somewhere below 7200 or perhaps 6999, there will be another panic that will drive the DOW down to around 6000.
We have got to stop propping up prices. Let it all fall. Abolish entitlements and the debt. Rebuild after. |
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mises
Joined: 05 Nov 2007
Location: retired
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ontheway
Joined: 24 Aug 2005
Location: Somewhere under the rainbow...
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| Posted: Mon Mar 02, 2009 10:15 pm Post subject: |
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| ontheway wrote: |
From Feb 10, 2009:
| caniff wrote: |
| What do you foresee happening over the course of the next few years? |
The initial euphoria in Obama and hope for the future has already ended. His plan is being passed and it won't work.
The Pres and his party will claim to have passed what we need to begin the recovery. They will claim that we need to give it time.
The market will continue to fall. There will be a bottom in the market between March and December, probably between DOW 6,000 and 7,000.
After we have waited for a few months, there will be another major round of bad news as the ill effects of this mistaken plan begin to damage the economy. This will offset the private sector recovery that will have actually begun and take us to new lows. Another massive round of layoffs will ensue. The Depression will become obviously and painfully worse.
Obama will not be able to do more so soon this year - which is good news as that would be even more damaging. So, the economy will attain a temporary bottom sometime in 2010. This is the bottom that the market will predict by turning sometime in 2009.
However, since things have at least 12 to 20 months to fall before that bottom kicks in, by the time it does, Obama and his gang of Ponzi Economists will be blaming someone else for the damage that they themselves actually caused. They will once again take action and again drive down the economy.
As all this takes place, there will be growing calls from nations around the world for protectionism. Many smaller nations will increase protection for their countries which will drive them further into Depression. The US will, hopefully resist. However, the 2010 elections will undoubtedly bring overwhelming pressure to do something to protect America and we will get some bad legislation. This plus Obama's need to act again due to the damage his already bad program has had will drive us into a renewed downturn, deepening and extending the depression for several more years worldwide.
There is no way to know just how bad this will get. Every time the Government interferes in the economy it will get worse. This event is too deep and too serious, and the damage the government has created too great, for the economy to overcome even more government damage in the short run.
As things worsen, and after several years of this Depression, there is a strong likelyhood of some new totalitarian regime taking hold in some major nation (Russia, perhaps) along with ensuing international military conflicts. There will certainly be numerous local and regional wars due to the economic pressures and the desperate measures smaller evil regimes will undertake to survive.
The Second Great Depression will not end until the US government takes steps to reverse its bad policies, detax incomes and property, and deregulate the economy.
Most importantly of all, we must eliminate the massive government debt overhanging the economy and get back on a gold standard.
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As I have explained to you, the Obama, Ponzi economics plan has failed and been rejected. The markets continue to fall. The ponzi economists are looking for a U shaped recovery, while hoping for a V shape. Unfortuantely, we are likely to have a W shaped recovery, with a longer and deeper second half. Just like the Fascist-Socialist FDR ponzi program did to us long ago:
Dow Jones Industrial Average(DJI: ^DJI)
Index Value: 6,763.29
Trade Time: Mar 2
Change: 299.64 (4.24%)
Prev Close: 7,062.93
Open: 7,056.48
Day's Range: 6,755.17 - 7,058.95
52wk Range: 6,736.69 - 13,191.50[/quote] |
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ontheway
Joined: 24 Aug 2005
Location: Somewhere under the rainbow...
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| Posted: Tue Mar 03, 2009 9:02 am Post subject: |
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Dow Jones Industrial Average(DJI: ^DJI)
Index Value: 6,719.49
Trade Time: 11:42AM ET
Change: 43.80 (0.65%)
Prev Close: 6,735.44
Open: 6,764.81
Day's Range: 6,715.75 - 6,847.96
52wk Range: 6,736.69 - 13,191.50
There is usually a small bounce back up after a large decline like yesterday,
the market was up slightly early, but is already in negative numbers.
Even a slight bump upward will be followed by more declines.
We should not be surprised to see this market fall quickly below DOW 6000,
maybe down to 5600 or 5400.
The S&P 500 will track along down below 600.
To Obama and the Ponzi economic advisors:
Can't you see yet that you are so wrong?
Are you really so stupid,
or are you blind through stubborn adherence
to a failed and disproven policy?
Wake up Obama!
You are destroying the economy of the entire world.
You must fire your Ponzi economists.
There are real economists who understand what is happening.
We predicted it long ago.
We know how to fix the economic system.
Hurry, Obama, before it's too late. |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Tue Mar 03, 2009 10:02 am Post subject: |
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A 4,500 dow seems reasonable to me. In 1995 the dow sat at below 4 (3900 or so). We haven't had much non-debt/consumption growth since then (1% annualized, according to Niall Ferguson).
The markets will crash to 4500-5000 or so. That will bring them in line with historical norms.
Open this and click "max":
http://www.google.com/finance?q=INDEXDJX:.DJI
The historical norm is easy to see. We're heading to dow 4500. |
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Ya-ta Boy
Joined: 16 Jan 2003
Location: Established in 1994
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| Posted: Tue Mar 03, 2009 11:04 am Post subject: |
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| Quote: |
| We're heading to dow 4500. |
Then it will be time to buy, buy, buy. |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Tue Mar 03, 2009 11:12 am Post subject: |
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| Ya-ta Boy wrote: |
| Quote: |
| We're heading to dow 4500. |
Then it will be time to buy, buy, buy. |
Well, maybe. Who knows. |
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ontheway
Joined: 24 Aug 2005
Location: Somewhere under the rainbow...
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| Posted: Wed Mar 04, 2009 10:22 am Post subject: |
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| Quote: |
One in five U.S. mortgage borrowers are underwater
By Jonathan Stempel
http://news.yahoo.com/s/nm/20090304/ts_nm/us_usa_mortgages_study
NEW YORK (Reuters) � One in five U.S. homeowners with mortgages owe more to their lenders than their properties are worth, and the rate will increase as housing values drop in states that have so far avoided the worst of the crisis, a new study shows.
About 8.31 million properties had negative equity at the end of 2008, up 9 percent from 7.63 million at the end of September, according to the study, released Wednesday by First American CoreLogic. The percentage of "underwater" borrowers rose to 20 percent from 18 percent.
Another 2.16 million properties could go underwater if home prices fall another 5 percent, the study shows.
First American said the value of residential properties fell to $19.1 trillion at year-end from $21.5 trillion a year earlier, with half the decline in California. Forty-three U.S. states and Washington, D.C., were included in the study.
While states such as California, Florida and Nevada were particularly stressed, the study showed worrying signs of deterioration in relatively healthy parts of the nation.
"The economic slowdown is broadening," said Sherrill Shaffer, a banking professor at the University of Wyoming at Laramie and a former Federal Reserve official. "As more people lose jobs, it will be more difficult to sustain the levels of pricing and home ownership, and that is a big factor driving down housing prices in more parts of the country." |
Bush and Obama should have ignored the Ponzi economists. Bailouts and fiscal stimulus plans will just make this all worse, and worse, and worse .... as the markets are predicting. |
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