The DOW dropped almost 350 points today and the optimism that fueled a short rally earlier this month is gone. Another day like today and we are charting the lowest territory yet.
So much for stability with the DOW hovering in the 8000s while the recession wears itself out.
Well, its game time. We were on pause waiting for dufus to get his miserable act out of the White House. He's gone and his policy debris is still scattered and lost in space. We don't really know how bad the wound is yet.
In a sense we are collectively going to have to recover from the shock of a Bush administration. This thing was painful. We need Bush recovery groups, talk therapy, diaries, and crying sprees.
The Nikkei is in the tank. There is no decent economic news on the horizon other than the hope that Obama can pull a rabbit out of the collective hat.
Reuters: Nikkei touches 2-month low on financial worry, yen
But other market players said hopes that had helped power a global stocks rally around the New Year had been unrealistic.
3 comments:
It's really very simple. So much was done to feather the nests of so few that eventually the sheer weight of all these selfish greedy decisions had to flood over the landscape like the coal ash spill of a few weeks ago. In fact that spill was a perfect analogy for this mess. Toxic coal ash went unregulated by the EPA and this crap eventually overflowed it's holding areas. Now the same companies they dumped this shit want the taxpayers to pay to clean it up. Sound familiar? You get big enough nobody cares what u do and u can afford to buy all the political cover u need. When things go bad u just lean on your pals in Gov't to bail u out all the while holding thousand of people's jobs over everyone's heads. This has gone on now for decades and it's gotten worse and spread from one Industry to another. Add to this bad trade policies that once again made fortunes for a few and sent the jobs of millions overseas. The breaking up of the unions also added to this calamity as fewer and fewer working people have Unions to provide them any protections in an increasingly competitive workplace. It goes on and on like this. It seems as though we've finally reached some kind of pt. of no return where when one looks around all we see left is boarded up stores, shuttered factories , abanonded buildings, closed car dealerships and mile upon mile of foreclosure signs. But, for some of us all this hasn't meant a thing. If your really wealthy all this might have enriched u, or if you have a good secure Gov't job with golden benefits, pension etc. Of course not every sector of the economy has totally collapsed either. Anything contacted with the bloated health care system seems to be doing well these days and parts of the defense Industry are also still cranking out weapons.
So this crisis has been building for decades and now it's arrived. Good luck to Obama trying to reverse the policies of 40 yrs. he sure as hell isn't going to get any help from the Big Corps. unless they're making out like bandits and he can forget any help from their political arm, what's left of the GOP.
Yet, as we see miracles do happen. My suggestion for Obama is realize the Big Biz guys only respect strength and will walk all over u if u think you'll get them to do your bidding with smiles. These klowns understand POWER. Squeeze them make it hard on them , force them to either play ball or get out. Be nice but be tough. They'll respect u and they'll produce.
Have you sent your analysis off to Obama?
Its good, makes perfect sense, explains a lot about the mess we are in.
Its interesting because its like the internal meaning of the term "trickle down."
Just like the way "less government" means "no entitlements."
It all sounds good but the policy is actually intended to put more money into the hands of the elite.
I'm surprised there isn't a "green earth" policy which would turn out to be a way of handing tax payer owned government lands over to the oil companies.
This is America.
Obama I'm sure knows all this and much more because he now has all the GAO figures plus! God knows what he'll find out that BV$H was hiding. Back in the Depression the utter poverty and destitution was seen by the right as a kind of spiritual purging of society. You can go back and read tract after tract with this theme. if you had lost your job it was seen as God's judgment on you and yours. Makes sense because this had the double effect of loading the fault onto the individuals and totally absolving the elite. The right today is essentially singing the same tune if u read their tracts. God rewards those are successful no matter how they come about that success. This is why it was ok for BV$H to flat out lie all the time. The elite or as the Fundies see it the "saved" don't have any moral or ethical obligation to tell the rest of us the truth or even to help us. We are the damned and we deserve the back of their hand. This is where O will meet his resistance. I know some of these people and they really believe this crap.
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