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Futures Slip After Obama Jobs Speech
CNBC ^ | 9 Sep 2011 | CNBC

Posted on 09/09/2011 6:41:48 AM PDT by Qbert

Futures were lower Friday, after President Barack Obama introduced a $447 billion plan to boost jobs on Thursday but did little to reassure concerns about the tepid economic growth.

The jobs plan "will provide a jolt to an economy that has stalled and give companies confidence that if they invest and hire, there will be customers for their products and services," Obama said in an address to Congress Thursday evening.

However, the bill's chances of passing Congress are uncertain. Republicans control the House and many of them oppose any new spending.

The program is a credible attempt to address structural obstacles to growth and employment, but it remains to be seen how effective it will be, Mohamed El-Erian, CEO and Co-CIO of Pimco, wrote in an op-ed for CNBC.com.

Meanwhile, renowned bear Marc Faber slammed Obama's jobs package, calling it "another complete failure of Keynesian economics." 

President Obama is scheduled to speak again Friday on his jobs creation program in Richmond, Va. at 11:40 am ET.

(Excerpt) Read more at cnbc.com ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: economy; market; obama

1 posted on 09/09/2011 6:41:50 AM PDT by Qbert
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To: Qbert

At 9:40 DOW is down 205.


2 posted on 09/09/2011 6:44:41 AM PDT by ilovesarah2012 (PC)
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To: Qbert

$447 billion in more stupid programs not ringing well with Wall Street? Gee, there is a surprise.


3 posted on 09/09/2011 6:44:51 AM PDT by USNBandit (sarcasm engaged at all times)
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To: Qbert

IMHO this has little or nothing to do with 0bama. This is almost all Europe, and Europe is in some very, very serious doodoo.


4 posted on 09/09/2011 6:48:46 AM PDT by Attention Surplus Disorder (Madoff screwed the rich. Bernanke screwed us all.)
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To: USNBandit
$447 billion in more stupid programs not ringing well with Wall Street?

Now here is a question for Obama. How much is the value of all stocks traded on the DJIA. How much of a drop is needed to take more that 447 billion out of the economy? If your stimulus causes more that that much drop in the stock market it actually has the opposite effect.
5 posted on 09/09/2011 6:50:50 AM PDT by GonzoGOP (There are millions of paranoid people in the world and they are all out to get me.)
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To: Qbert

***Republicans control the House and many of them oppose any new spending. ***

Maybe because they realize that it’s crushing regulations and the prospects of expensive litigation for any idiotic reason is at the root of the problem.

Fixing those things doesn’t cost a whole lot of money.


6 posted on 09/09/2011 6:53:20 AM PDT by MichaelCorleone (Those who love liberty love Sarah)
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To: Qbert

Folks, the financial markets were down in Asia, Europe and have opened down in the USA this morning!!! It is quite simple, Obama is toast across the world!!! Both our enemies and friends across the world are laughing at him and the USA!!! The handwriting is on the wall for all in the Democrat Party to see. Dems, broom Obama now by forcing him to resign or go down politically with him, come November, 2012!!!


7 posted on 09/09/2011 6:53:29 AM PDT by JLAGRAYFOX
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To: Qbert

The economy would get a “jolt” from your resignation.
Do it now.


8 posted on 09/09/2011 6:53:59 AM PDT by Eric in the Ozarks (I want a Triple A president for our Triple A country)
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To: Qbert

Clinton was a Republican and a GOD compared to this worthless piece of s**t, Obama.


9 posted on 09/09/2011 6:56:14 AM PDT by Lazamataz (If Hitler had been as lazy as Obama, the 1940's would have been a very nice decade!!)
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To: Qbert

What I would have loved to have seen, but obviously it wouldn’t have happened, is this.

Obama finishes his speech. While he’s still standing there, a house member rises to be recognized. Chair recognizes them, shocking Obama.

The house member says “I move that we gring the American Jobs Act to immediate consideration”.

The chair says “President Obama, did you bring a copy of the bill with you for our consideration”

Hilarity ensues. Pelosi holds a press conference to complain that it is disrespectful to ask the President for the bill he just chastized you for not passing.


10 posted on 09/09/2011 6:56:32 AM PDT by CharlesWayneCT
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To: Qbert

Unexpectedly!!!!!!


11 posted on 09/09/2011 6:59:01 AM PDT by wny
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To: GonzoGOP
As an addendum to my above post, the NYSE had a market capitalization of its listed companies at US$13.39 trillion as of Dec 2010. So at that level of capitalization a 3.5% drop would destroy more value that the stimulus pumped into the market.
12 posted on 09/09/2011 6:59:01 AM PDT by GonzoGOP (There are millions of paranoid people in the world and they are all out to get me.)
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To: Qbert

That was a horrible speech. Written by a 5th grader, blaming everyone but himself.


13 posted on 09/09/2011 7:06:06 AM PDT by KC_Conspirator
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To: Lazamataz
Clinton was a Republican and a GOD compared to this worthless piece of s**t, Obama.

LOL!

14 posted on 09/09/2011 7:08:02 AM PDT by KC_Conspirator
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To: Qbert

This speech will look even worse if he puts it to paper. I wonder if he will actually put pen to paper.


15 posted on 09/09/2011 7:14:47 AM PDT by grumpygresh (Democrats delenda est)
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To: Qbert
The Obama legacy:

Just words. Just speeches.

16 posted on 09/09/2011 7:15:50 AM PDT by NorCoGOP (Obama's approval ratings: so low that Kenyans now accuse him of being born in the USA)
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To: KC_Conspirator

I got a kick from owebama. He looked like a monkey watching a tennis match. His head kept jerking left to right, reading from the two teleprompters. I did not see all of his “speach”, but while I watched, I never saw him look straight ahead. JMHO of course.


17 posted on 09/09/2011 7:15:50 AM PDT by Rannug ("God has given it to me, let him who touches it beware.")
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To: KC_Conspirator

It really sounded like a late night infomercial:

“Blah, blah, blah... don’t delay- pass this bill now...... You can have it for 400 Billion, but don’t wait- pass it now...blah blah blah... what are you waiting for? Pass it now...”


18 posted on 09/09/2011 7:17:10 AM PDT by Qbert ("The best defense against usurpatory government is an assertive citizenry" - William F. Buckley, Jr.)
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To: Lazamataz

Simple - Clinton was a pragmatist who became a leftist because leftist women are “easy”.

0bama is an idealistic Marxist.


19 posted on 09/09/2011 7:17:22 AM PDT by MrB (The difference between a Humanist and a Satanist - the latter knows whom he's working for)
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To: Rannug

You criticized him AND referred to him as a “monkey”!

Wow.. time for the punchline... everyone together now!

“THAT’S RACIST!”


20 posted on 09/09/2011 7:18:32 AM PDT by MrB (The difference between a Humanist and a Satanist - the latter knows whom he's working for)
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To: Qbert

Of course, the headline that Yahoo puts with the stock drop is “Wall St Falls After ECB Resignation”.


21 posted on 09/09/2011 7:18:50 AM PDT by Junior_G (Funny how liberals' love affair with Muslims began on 9/11)
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To: Rannug

0bobblehead. He’s lost without those teleprompters. Still!


22 posted on 09/09/2011 7:21:57 AM PDT by TigersEye (Life is about choices. Your choices. Make good ones.)
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To: Qbert

Ya...and some the writers are trying to attribute the fall to the resignation of some EU exec.....sheesh!
Let’s see....what’s driving the market?
A) Obama announces continuation of failed spendinng policies.
B) Some no-name EU finance guru resigns
Duh!?


23 posted on 09/09/2011 7:23:08 AM PDT by G Larry (I dream of a day when a man is judged by the content of his character)
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To: Junior_G

Isn’t that strange. CNBC had a “market falls after obama speech” headline but took it down in the last 10 minutes and replaced with the ECB line. His people must have made a call to their cronies at Comcast/NBC


24 posted on 09/09/2011 7:23:55 AM PDT by jersey117
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To: Junior_G
"Of course, the headline that Yahoo puts with the stock drop is “Wall St Falls After ECB Resignation”."

LOL - The press continues to orally copulate Obama while the ship sinks.

25 posted on 09/09/2011 7:24:10 AM PDT by RabidBartender (The above statement is not meant to be offensive to women. Please don't whine and have me banned.)
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To: USNBandit

Every time this idiot opens his mouth money evaporates.


26 posted on 09/09/2011 7:27:41 AM PDT by Lurker (The avalanche has begun. The pebbles no longer have a vote.)
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To: Junior_G

They changed it then because it was “Futures drop after 0bama speech” (paraphrasing) about 45 minutes ago.


27 posted on 09/09/2011 7:27:48 AM PDT by TigersEye (Life is about choices. Your choices. Make good ones.)
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To: Junior_G

No “Hope” with this regimes “change”.


28 posted on 09/09/2011 7:29:47 AM PDT by Jane Long (Soli Deo Gloria!)
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To: Qbert
The democrats economic plan,
29 posted on 09/09/2011 7:33:14 AM PDT by outofsalt ("If History teaches us anything it's that history rarely teaches us anything")
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To: JLAGRAYFOX

Dems would rather go down than do the politicaly unthinkable. (Dis a black man)


30 posted on 09/09/2011 7:33:32 AM PDT by vanilla swirl (We are the Patrick Henry we have been waiting for!)
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To: Qbert

http://blogs.wsj.com/washwire/2011/09/08/senate-approves-500-billion-increase-in-borrowing-authority/?mod=google_news_blog


31 posted on 09/09/2011 7:37:18 AM PDT by Enough is ENOUGH
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To: KC_Conspirator

SHAME AND BLAME. Those words will define the Obama Presidency.


32 posted on 09/09/2011 7:40:30 AM PDT by jerseyrocks
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To: Qbert

The Dow Jones industrial average dropped 330.96 points, or 2.93 percent, to 10,964.85. The Standard & Poor’s 500 Index dropped 33.40 points, or 2.82 percent, to 1,152.50. The Nasdaq Composite Index dropped 63.87 points, or 2.53 percent, to 2,465.27.


33 posted on 09/09/2011 10:14:15 AM PDT by KeyLargo
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