Keyword: obamageddon

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  • A Second Great Depression, or Worse?

    08/18/2011 8:38:19 AM PDT · by JustAnotherOne · 34 replies
    Yahoo finance ^ | Thursday August 18, 2011 | SIMON JOHNSON
    With the United States and European economies having slowed markedly according to the latest data, and with global growth continuing to disappoint, a reasonable question increasingly arises: Are we in another Great Depression? The easy answer is "no" - the main features of the Great Depression have not yet manifested themselves and still seem unlikely. But it is increasingly likely that we will find ourselves in the midst of something nearly as traumatic, a long slump of the kind seen with some regularity in the 19th century, particularly if presidential election-year politics continue to head in a dangerous direction. The...
  • Stocks plunge on economic fears [Vacation Time!]

    08/18/2011 6:55:22 AM PDT · by Oldeconomybuyer · 73 replies
    CNN Money ^ | August 18, 2011 | By CNNMoney staff
    NEW YORK -- Turmoil returned to U.S. stock markets at Thursday's open as renewed concerns about the global economy sent major indexes plunging and pushed gold to a new record high. Investors were working through bad news on various fronts, including a dismal forecast from Morgan Stanley for global economic growth, and two U.S. government-issued reports on inflation and the job market.
  • Obama: Tea-party GOP blocking U.S. recovery

    08/17/2011 8:33:39 AM PDT · by upchuck · 62 replies
    The Washington Times ^ | August 16, 2011 | Dave Boyer
    A day after clashing with a tea party activist, President Obama Tuesday told crowds here that it was “a faction in Congress” that was to blame for blocking economic progress. At a rural jobs forum, Mr. Obama ticked off a list of pending bills that he said would create jobs. “The only thing that’s preventing us from passing the bills I just mentioned is the refusal of a faction in Congress to put country ahead of party,” the president said in a thinly veiled reference to House Republicans backed by the tea party. “That has to stop.” ... Mr. Obama...
  • $2.4 Trillion Nail in the Coffin

    08/17/2011 8:16:56 AM PDT · by Kaslin · 13 replies ^ | August 17, 2011 | Marc Nuttle
    Washington just added another $2.4 trillion to an already exploding debt of $14 trillion. The accumulated obligations of the U.S. now exceed 100% of America’s Gross Domestic Product. We’ve reached that point at which we are trapped in an economic catch-22. Over the last 150 years or so, the average interest rate paid on cost of capital has been 4%. But these days, interest rates on the federal debt run just 1.25%. That’s mostly due to a lack of demand by private companies for borrowing and the fact that the Fed is pumping money into the bond markets to keep...
  • Obama may seek more stimulus

    08/17/2011 8:16:56 AM PDT · by Qbert · 6 replies
    American Thinker ^ | 8/17/2011 | Rick Moran
    OK - I may not be the brightest bulb in the room...[Snip], but how can you call something a deficit reduction committee if you are going to spend more taxpayer dollars to stimulate the economy? Isn't that sort of counterintuitive? Welcome to Obama's Fantasyland: President Barack Obama is considering recommending that lawmakers on a deficit committee back new measures to stimulate the lagging economy, people familiar with White House discussions said Tuesday. The plan Mr. Obama is considering also would recommend the congressional committee come up with a package that reduces the federal budget deficit by much more that its...
  • Obama To Give Major Jobs Speech (3 years in and another "major" jobs speech that won't create jobs)

    08/17/2011 3:52:34 AM PDT · by tobyhill · 52 replies
    npr ^ | 8/17/2011 | ap
    Seeking a jolt for a wilting economy, President Barack Obama will give a major speech in early September to unveil new ideas for speeding up job growth and helping the struggling poor and middle class, a senior administration official told The Associated Press. The president's plan is likely to contain tax cuts, jobs-boosting infrastructure ideas and steps that would specifically help the long-term unemployed. The official emphasized that all of Obama's proposals would be fresh ones, not a rehash of plans he has pitched for many weeks and still supports, including his "infrastructure bank" idea to finance construction jobs. On...
  • Appeals Court Rules Fannie/Freddie Docs Can be Kept Secret

    08/15/2011 10:07:24 AM PDT · by Nachum · 22 replies
    Big Government ^ | 8/15/11 | Tom Fitton
    So far the U.S. government has bailed out Fannie Mae and Freddie Mac to the tune of at least $130 billion, and perhaps as much as $1 trillion. And yet, the Obama administration continues to stonewall the release of documents that could shed light on why Fannie and Freddie failed, thereby sending the economy into a tailspin from which we have yet to recover. (Those records are housed at the Federal Housing Finance Agency (FHFA) now that Fannie and Freddie are owned and operated by the federal government.)
  • The Economy Continues to Deteriorate While Obama Thinks About Rearranging His Org Chart

    We got another negative data point today, the August Empire State Manufacturing Index came in below expectations, showing a 3rd straight month of contraction in current business conditions. Alarmingly, the index for future business conditions had the 3rd lowest reading in the last 10 years (the only lower datapoints were for September 2001 because of what happend on 9/11, and February 2009). Besides the actual reading, the rate of change is rather disturbing. Over the last six months, future expectations have deteriorated at the fastest rate of the last 10 years. As you can see from the chart below, the...
  • Obama Team Sharpens Attacks on Republican Field, Defends President

    08/14/2011 7:08:55 PM PDT · by Blood of Tyrants · 36 replies
    FoxNews ^ | 8/14/11 | Unknown
    Not knowing who the eventual Republican presidential nominee will be in the 2012 election, President Obama's supporters are taking the opportunity to blast all of the GOP candidates, using aggressive language to argue that the crop of contenders is either uninterested or incapable of helping Americans. Much of the criticism is focused on describing the candidates as lackeys to the Tea Party, which establishment Democrats have classified as right-wing zealots bent on destroying the U.S. snip "In a Republican field that has already pledged allegiance to the Tea Party and failed to present any plan that will benefit the middle...
  • ObamaCare stomping on liberty

    08/14/2011 10:51:36 AM PDT · by george76 · 19 replies
    Sentinel & Enterprise ^ | 08/09/2011 | STAR PARKER
    Who can forget that rare moment of honesty during the campaign to pass Obamacare when Nancy Pelosi said, "We have to pass the bill in order for you to find out what's in it"? Now we have it, and almost daily there are new revelations about the staggering extent to which our private lives and individual freedoms have been stomped on. We learn now that free birth control in the form of contraceptives, morning-after pills, and sterilization is part of the grand Obamacare socialist dream-come-true. The health insurance that Obamacare mandates that all employers provide and that all citizens acquire...
  • Belgium, France, Italy, Spain Overrule European Regulator, To Impose Standalone Short-Selling Bans

    08/11/2011 4:34:00 PM PDT · by tcrlaf · 3 replies
    Zero Hedge ^ | 8-11-11 | Tyler Durden
    Stop the presses. Barely did we have time to report that European regulators failed to impose a coordinated short selling ban, that Bloomberg reports that the countries most impact by the market plunge are about to impose standalone short-selling bans. These are Belgium, Italy, Spain and France. In other words, it really is on and the 2008 Lehman PTSD flashbacks may now resume. Until we get a headline that says it isn't. The rescue of the Borsa Italian is now more schizophrenic than that of Greece. As a reminder, in the previous post the FT quoted Abraham Lioui, a professor...
  • Obama vows new ideas to boost jobs, slams Congress (Resign now and that will boost jobs)

    08/11/2011 3:35:42 PM PDT · by tobyhill · 38 replies
    reuters ^ | 8/11/2011 | Laura MacInnis
    President Barack Obama sought to reassert economic leadership on Thursday by pledging to deliver new ideas every week to create jobs, and he slammed Congress for "bickering" that hurts economic recovery. In a passionate speech to auto industry workers aimed at deflecting public anger over policy gridlock in Washington, Obama said the refusal to put country ahead of party "has got to stop." His hopes for reelection in 2012 will hinge on his success in lowering unemployment, currently pinned above 9 percent, and boosting sluggish economic growth, and he promised to deliver fresh approaches. "I'll be laying out more proposals...
  • DeMint [R-SC]: Obama Administration Most "Anti-American" In My Lifetime

    08/11/2011 12:07:36 PM PDT · by upchuck · 17 replies
    RCP ^ | August 11, 2011
    DeMint: "We saw within a few days that this President was going to be heavy-handed, he was going to implement his agenda and pay back his political allies, and it just went on from there to ObamaCare and then to Dodd-Frank. It has been the most anti-business and I consider anti-American administration in my lifetime. Things that are just so anathema to the principles of freedom, and everything he has come up with centralizes more power in Washington, creates more socialist-style, collectivist policies. This president is doing something that’s so far out of the realm of anything Republicans ever did...
  • Higher Food Prices on Way (ahead of 2012 elections)

    08/10/2011 11:37:03 PM PDT · by rabscuttle385 · 30 replies
    The Wall Street Journal ^ | 2011-08-11 | Leslie Josephs & Paul Ziobro
    NEW YORK—American consumers can expect bigger grocery bills in 2012, even as commodity prices are forecast to fall. (snip) In a recent report, the U.S. Department of Agriculture said grocery-store prices will likely rise 3% to 4% in 2012, on par with this year, even though ingredient costs may fall. The biggest increases would likely be in the first half of next year, but prices would most likely ease later in 2012, said USDA economist Richard Volpe.
  • Treasury reports $1.09T deficit through July (and Commiecare™ hasn't even hit yet)

    08/10/2011 4:40:00 PM PDT · by Libloather · 4 replies
    The Hill ^ | 8/10/11 | Erik Wasson
    Treasury reports $1.09T deficit through JulyBy Erik Wasson - 08/10/11 03:13 PM ET The Treasury Department on Wednesday reported the nation has run a $1.099 trillion budget deficit through July. The deficit is about $70 billion less than last year's budget deficit at this point in the fiscal year. The reason is higher government revenues, the Treasury statement said. Total spending has increased this year from $2.921 trillion to $2.992 trillion, but receipts to the government are up from $1.753 trillion to $1.893 trillion. The fiscal year ends on Sept. 30. The latest figures on the budget deficit come after...
  • Three Cheers for Decline (Liberals get their wish, America is now more like Europe)

    08/10/2011 5:25:04 PM PDT · by SeekAndFind · 6 replies
    Foreign Policy ^ | 08/09/2011 | CHARLES KENNY
    As the U.S. bond rating falls and the stock market plunges, the American Century looks to be well and truly over. While this has provoked no small amount of hand-wringing, Americans may soon come to enjoy no longer bearing the responsibility for running the world's indispensable nation. The signs of decline are everywhere. Illegal immigrants are heading back home in search of a better life. China already leads the world in green technology and is about to become the world's biggest economy in terms of purchasing power. Two U.S.-led wars are dragging toward an end charitably described as: mission not...
  • A President In Over His Head Should Resign

    08/10/2011 4:57:46 PM PDT · by Kaslin · 88 replies
    IBD Editorials ^ | August 10, 2011 | DOUG MACKINNON
    As our economy continues to self-destruct; U.S. credit is shockingly downgraded; home prices remain at historic lows; unemployment rises; small businesses continue to close their doors; public-employee-bloated cities, towns, states and employers continue to default; race riots flare, Mexican drug cartels cross our sovereign border at will to establish ultraviolent operations; test scores for public school children continue to plummet; the health care system falls under the control of a failed socialist model; terrorism rises, and the world outside our borders spirals into deeper and more dangerous chaos, a serious and very legitimate question needs to be asked: In the...
  • Good news: Despite economic apocalypse, Obama’s vacation still a go

    08/10/2011 3:26:18 PM PDT · by mandaladon · 25 replies
    Hot Air ^ | 10 Aug 2011 | Allahpundit
    I know what you’re thinking. “It seems like just yesterday that he was talking about a ‘new sense of urgency’ on deficits and job growth.” You’re wrong, though. It was two days ago. Maybe the mood passed? Over to you, Zero Hedge guy: We bring you this special announcement courtesy of the White House which has informed that American plebs that following a fantastic job well done, in which the market is now back to pre-QE2 levels, unemployment is near record highs, delays for presidential press meetings compare with Newark airplane take offs, pessimism is at record highs, America’s credit...
  • The buck stops with Obama

    08/10/2011 3:13:30 PM PDT · by Clive · 8 replies
    Sun News Network ^ | 2011-08-10 | (editorial)
    U.S. President Barack Obama may be a Democrat, but he is certainly no Harry Truman. Truman, the 33rd president of the United States, had a sign on his desk that read, "The buck stops here!" Obama, president No. 44, has chosen instead to pass the buck, claiming his country's economic troubles were inherited, and the majority of the mess on his desk is not his fault. As a result, he's become a full-fledged disaster, eclipsing even Jimmy Carter as the worst president in modern U.S. history. Obama is drowning in his own purple prose, and is so in love with...
  • Obama is Financially Destroying Middle Income Families

    08/10/2011 3:18:08 PM PDT · by Iam1ru1-2 · 24 replies ^ | August 10, 2011 |
    Supposedly, one of the main purposes behind Obamacare was to provide affordable health care coverage for every American family. Yeah, right! Since the passage of Obamacare, healthcare costs have climbed higher than they have ever been. More and more employers are reducing the amount and type of coverage they provide to their employees while increasing how much the employees pay. Deductibles are getting so high that many families can’t reach the limit and have to pay everything out of pocket. And then Obamacare mandated that every American WILL purchase health insurance or be penalized and fined by the IRS when...
  • U.S. moves to sell, rent 92,000 foreclosures Administration looks for buyers for U.S.-owned REOs

    08/10/2011 2:13:26 PM PDT · by Fred · 31 replies
    Market Watch ^ | 081011 | Ronald D. Orol
    WASHINGTON (MarketWatch) — Struggling to clear its inventory of foreclosed properties, the Obama administration said Wednesday it’s looking for investor ideas for converting more than 92,000 foreclosed properties owned by the U.S. government into rental units, a sign of the depths to which the U.S. housing market has sunk. “Exploring new options for selling these foreclosed properties will help expand access to affordable rental housing, promote private investment in local housing markets and support neighborhood and home-price stability,” Treasury Secretary Timothy Geithner said in a statement. The Obama administration is working with the Federal Housing Finance Agency, the regulator for...
  • The Bidens Head To The Hamptons; Obama's Summer Vacation Still A Go

    08/10/2011 2:22:51 PM PDT · by Oldeconomybuyer · 30 replies
    ABC News ^ | August 10, 2011 | by Mary Bruce
    Joe Biden and his wife have escaped the heat and political squabbling of Washington to spend the rest of the week vacationing in the Hamptons. Although the VP’s official schedule says only that the Bidens are set to “visit Long Island,” they traveled to their annual vacation spot in Southampton earlier today and plan to stay through Monday. President Obama will follow his number two’s lead later this month when he and his family travel to Martha’s Vineyard for a little R&R. White House Press Secretary Jay Carney confirmed today that, despite the staggering economy, the president still plans to...
  • America's debt downgrade is a damning indictment of President Obama's Big Government disaster

    08/06/2011 2:16:45 PM PDT · by Clairity · 94 replies · 1+ views
    The Telegraph ^ | Aug 6, 2011 | Nile Gardiner
    The decision by credit agency Standard and Poor’s to downgrade America’s AAA credit rating for the first time in 70 years is a massive blow to the credibility of the Obama administration, and a damning indictment of its handling of the economy. No doubt the White House will pathetically try to blame the Bush Administration, Republicans in Congress, and of course its favourite target, the Tea Party, for the move by S&P. But without a shadow of a doubt, responsibility for the country’s financial mess and staggering levels of debt lie with the current US president and his administration. They...
  • Stocks Drop 4%, Dow Skids 500, Led by Banks

    08/10/2011 1:29:28 PM PDT · by tcrlaf · 85 replies
    CNBC ^ | 8-10-11 | Jeeyoen Park
    Stocks finished near session lows in choppy trading Wednesday, with the Dow and S&P wiping out all of the previous session's gains led by financials, as investors continued to cautiously monitor developments in the European banks. The Dow Jones Industrial Average finished down over 500 points, wiping out the previous session's 429-point rally. The blue-chip index has had triple-digit moves in four of the last five trading days. The S&P 500 and Nasdaq also finished sharply lower. The CBOE Volatility Index, widely considered the best gauge of fear in the market, soared more than 25 percent.
  • Gov't considers turning foreclosures into rentals

    08/10/2011 11:20:41 AM PDT · by Red Badger · 86 replies
    AP ^ | Aug 10, 1:18 PM EDT | By DEREK KRAVITZ
    The Obama administration may turn thousands of government-owned foreclosures into rental properties to help boost falling home prices. The Federal Housing Finance Agency said Wednesday it is seeking input from investors on how to rent roughly 250,000 homes owned by government-controlled mortgage companies Fannie Mae and Freddie Mac and the Federal Housing Administration. All of the homes are foreclosures. The U.S. government rescued the two mortgage giants in September 2008 and has funded them since the financial crisis. Fannie and Freddie own or guarantee about half of the nation's mortgages and nearly all new mortgages. Converting the homes into rentals...
  • The Uses and Abuses of the Tea Party

    08/10/2011 12:05:25 PM PDT · by neverdem · 15 replies
    Weekly Standard ^ | August 10, 2011 | Jay Cost
    The following facts about the federal budget deficit are, as far as I know, widely accepted: First. We have a long-term deficit problem that is due to the rising costs of federal entitlements, above all Medicare.Second. Our current deficit is substantially larger than normal, due to several factors:- The economic recession, which decreased the amount of tax revenue the federal government collects;- An increase in government spending, in the form of automatic stabilizers, to mitigate the human toll of the recession;- An increase in government spending, in the form of Keynesian stimulus, to restart the engine of economic growth;- The...
  • Reuters/Ipsos poll: 73 pct believe US on wrong track

    08/10/2011 9:27:16 AM PDT · by TSgt · 20 replies
    Reuters ^ | Aug 10, 2011 11:24am EDT | Reuters
    Aug 10 (Reuters) - Americans by a large majority believe the United States is on the wrong track and nearly half think the worst is yet to come in the economy, a Reuters/Ipsos poll said on Wednesday. U.S. President Barack Obama's approval rating dropped to 45 percent from 49 percent a month ago, according to the poll conducted from last Thursday to Monday -- a period that included a historic downgrade of America's credit rating, new recession fears and the start of a stock market sell-off. The poll found that 73 percent of Americans said the United States is on...
  • Gallup: Obama loses three points overnight, economic confidence plunges to 2-year low

    08/09/2011 1:05:24 PM PDT · by SeekAndFind · 52 replies
    Hotair ^ | 08/09/2011 | Ed Morrisey
    Gallup delivers two blasts at the Obama administration today for its handling of the economy. The first comes in its daily tracking poll, which reacted rather badly to Barack Obama’s speech from the White House yesterday. His approval rating dropped three points to its previous low of 40% after only one cycle of polling. Disapproval rose back to 50%, up two points from the day before. That sharp drop could amplify over the next couple of days, especially considering the beating Obama is taking across the political spectrum for his ill-considered rehash of an address. It’s possible that we will...
  • Many turning to pawn shops amid hard times

    08/09/2011 5:46:48 AM PDT · by csvset · 23 replies
    SFGATE ^ | August 8, 2011 | Carolyn Said
    A steady stream of people in need flows through Granters Jewelry & Loan, an El Cerrito pawn shop with a carved carousel horse in the window and a cigar-store Indian in the vestibule. Two guys hock a guitar for $300 to get rent money. A woman offers up a diamond ring for cash to pay her PG&E bill. A man pawns a laptop for $40 to last until payday. A mother with two toddlers in tow counts out $99 to repay a loan plus interest so she can retrieve a necklace and some rings. "It's hard times," said Tammi Owens...
  • Spending Is Just Our Second-Biggest Problem

    08/09/2011 9:42:56 AM PDT · by Kaslin · 11 replies ^ | August 9, 2011 | David Limbaugh
    Being a disciple of Saul Alinsky might not be so easy as it would appear. President Obama and his minions obviously can't decide whom to scapegoat for the nation's credit downgrade and our financial crisis. One thing is for sure: It's not in Barack Obama to accept personal responsibility for the consequences of his actions and policies. He still won't own this economy and the exploding spending spiral, reminding us at every turn that our problems are a result of what he "inherited" from President Bush. Instead of seeking to soothe the nation on word of the downgrade by Standard...
  • Obama fails to reassure markets after S&P move (Obama can't fix what he broke)

    08/08/2011 3:47:45 PM PDT · by tobyhill · 23 replies
    reuters ^ | 8/8/2011 | Jeff Mason and Steve Holland
    What should a U.S. president say to stop stock markets from falling and reassure Americans that the country will be able to solve its debt and deficit problems? President Barack Obama's first public comment about Standard & Poor's downgrade of U.S. debt to AA-plus from the top-notch AAA was not enough to stop a market plunge of 600 points, with investors uncertain if Washington can overcome political gridlock. Here is a look at what Obama tried to achieve: * Reassurance. Obama wanted to underscore to Americans that the United States remains the economic envy of the world despite the credit...
  • Asian Markets Extend U.S. Rout as Traders Flee Equities (DOW Futures Down 204+ Right Now!)

    08/08/2011 9:24:41 PM PDT · by tcrlaf · 60 replies
    Fox Business ^ | 8-8-11 | Adam Samson
    Asian markets plunged on Tuesday following a massive selloff in the United States that sent the Dow spiraling below the 11,000-mark for the first time since 2010. In mid-day trading in Asia, the Japanese Nikkei 225 tumbled 4.4% to 8,694, while the Chinese Hang Seng nose dived 7.3% to 19,005. Meanwhile, U.S. stock futures were deep in the red in electronic trading. Dow Jones Industrial Average futures plummeted 271 points to 10,455, S&P 500 futures dipped 28.3 points to 1,083 and Nasdaq 100 futures slid 56.5 points to 1,982.
  • S&P fallout: Fannie and Freddie downgraded

    08/08/2011 7:50:32 AM PDT · by STARWISE · 73 replies
    CNN Money ^ | 8-8-11 | Charles Riley
    Credit rating agency Standard and Poor's on Monday downgraded the debt of mortgage finance giants Fannie Mae and Freddie Mac. The downgrades to AA+ are part of the continued fallout from the agency's decision to drop U.S. sovereign debt to AA+, an unprecedented move that rattled investors and sparked concern over the long-term impact of the action It was widely expected that S&P's downgrade of U.S. debt would roll downhill to other entities that are closely linked to the federal government.
  • Turn-Around Tuesday for Markets? How Do They Know?

    08/08/2011 2:00:16 PM PDT · by NormsRevenge · 57 replies
    Yahoo ^ | 8/8/11 | Troy Onink - Forbes
    Market watchers and technical analysts have often pointed out that financial markets often turn-around, in one direction or the other, on Tuesdays, specifically at about 10:15am. So, if history repeats itself and the pattern holds true, perhaps we will see a bounce tomorrow and a rally to a lower high in the stock market (a short-term high that is lower than the high in stock prices set back in July, hence a lower high). Technical analysts look at the cycles, trends and movement of markets in price and time, which is different from fundamental analysis which focuses on the underlying...
  • Michael Moore to Obama: ‘Show some guts,’ arrest S&P head

    08/08/2011 2:14:11 PM PDT · by seanmerc · 57 replies
    The Washington Times ^ | 8 Aug 11 | Victor Morton
    Liberal firebrand Michael Moore called on President Obama to respond to the U.S. credit downgrade by arresting the leaders of the credit-ratings agencies. On his Twitter feed Monday, the Oscar-winning film director also blamed the 2008 economic collapse on Standard & Poor’s — apparently because it and other credit-ratings agencies did not downgrade mortgage-based bonds, which encouraged the housing bubble and let it spread throughout the economy. “Pres Obama, show some guts & arrest the CEO of Standard & Poors. These criminals brought down the economy in 2008& now they will do it again,” Mr. Moore wrote.
  • President Obama talks S&P downgrade — finally

    08/08/2011 1:45:32 PM PDT · by NoLibZone · 9 replies
    Washington Post ^ | Aug 8 2011 | By Jena McGregor
    It was about time the president weighed in with a statement about the U.S. credit rating downgrade by Standard & Poor’s. And that’s not just because the reporters in the room were getting antsy after the president was 50 minutes late getting started. Rather, Obama’s press briefing Monday afternoon about the Standard & Poor’s downgrade came after a weekend in which the primary messaging strategy from the White House seemed to be excuses. Following a bizarre back and forth Friday evening in the news over whether the ratings agency got its math right—a “has it really come to this?” moment...
  • Reagan took the Soviet Union down to its knees but it took Barack Obama to bring the US to its knees

    08/08/2011 2:37:11 PM PDT · by Starman417 · 5 replies
    Flopping Aces ^ | 08-08-11 | DrJohn
    Back in April Timmy Geithner said there was no chance that the US credit rating would take a hit. Treasury Secretary Tim Geithner said Tuesday there is "no risk" the U.S. will lose its top credit rating amid a new analysis that revised its outlook on American debt to "negative." Geithner took to the airwaves of financial news networks to push back against a report Monday by Standard & Poor's that lowered its outlook on U.S. debt to "negative," reflecting political uncertainty over whether lawmakers will reach an agreement to address long-term debt. There is no chance that the U.S....
  • Even with an extra 50 minutes to think, Obama still couldn’t come up with something new to say

    08/08/2011 2:25:58 PM PDT · by SeekAndFind · 25 replies
    Hotair ^ | 08/08/2011 | Tina Korbe
    The scant 15 or so minutes the president stood at the podium today did little to ameliorate the sense of abandonment that festered this weekend when the president for nearly three full days “bunkered down” after news of the S&P credit downgrade. It certainly didn’t help that BHO arrived at that podium more than 48 minutes late. Before he even opened his mouth, Obama’s tardiness touched off a Twitterstorm. A small sample of my favorite tweets: Obama’s handlers need to start doing what I do with my late girlfriend: Tell him the presser is at 12. Then, he’ll be on...
  • Obama’s horrifyingly bad speech

    08/08/2011 1:46:41 PM PDT · by Sub-Driver · 180 replies ^ | Jennifer Rubin
    <p>He was a half hour late. His head turned from side to side as if he were attending a tennis match. He practically never looked in the camera, as if he were averting our gaze. And those were the strong parts of President Obama’s disastrous speech.</p>
  • Obamageddon, Barackalypse Now! Bam is "Debt Man Walking" in 2012

    08/08/2011 1:43:36 PM PDT · by Evil Slayer · 18 replies ^ | 8/8/11 | Rush Limbaugh
    BEGIN TRANSCRIPT RUSH: Does anybody now doubt that this is on purpose? I mean, after all, Barack Obama inherits a AAA credit rating from George W. Bush, and look what he does to it. Obama is always running around complaining and whining and moaning about all that he inherited from George W. Bush. Well, he inherited a AAA credit rating, an unemployment rate of 5.7%. Does anybody doubt that this is on purpose? Well, look, my credit rating doesn't suck. There are a lot of individual Americans whose credit ratings aren't in trouble. The United States has never been in...
  • Nightmare on Wall Street; Dow takes 635-point tumble after S&P downgrades US credit

    08/08/2011 1:39:50 PM PDT · by NoLibZone · 32 replies ^ | Aug 8 2011 |
    Wall Street tumbled again Monday, with the Dow Jones industrial average dropping 635 points and chalking up its Worst day since November 2008, amid a rout in global stocks after rating agency S&P downgraded the U.S. credit rating for the first time. S&P cut the long-term debt rating for the U.S. by one notch to AA+ from AAA late Friday. The move wasn't unexpected, but it comes when investors are already feeling nervous about a weak U.S. economy, European debt problems and Japan's recovery from its March earthquake. The downgrade sparked a massive sell-off on stock markets around the world...
  • After the downgrade: Protect your retirement

    08/08/2011 1:16:14 PM PDT · by flowerplough · 17 replies
    msn money/Forbes ^ | 8 Aug | Novack
    Avoid panic selling. As Forbes columnist Richard Ferri suggests here, don't make hasty moves when the stock market has a bad day -- in reaction to an S&P downgrade or any other news. ... Play tax arbitrage. Review your IRAs and taxable accounts to see if you can at least wring some long-term tax savings out of the market's recent decline. ... Maintain -- or increase -- your 401k contributions. Don't curb your contributions (or reduce the amount you're putting into stock funds) just because the market is down. ... Fund a Roth IRA. If you want to boost retirement...
  • Obama‘s Union Buddy Trumka Says Tea Party Is Actually Trying To Destroy America

    08/08/2011 1:24:19 PM PDT · by Pacothecat · 36 replies
    Obama‘s Union Buddy Trumka Says Tea Party Is Actually Trying To Destroy America’s Government And That is Super Hard For The President To Deal With
  • When Did the President Know and Who Did He Tell?

    08/08/2011 1:30:28 PM PDT · by Nachum · 25 replies
    Big Government ^ | 8/8/11 | Chriss W. Street
    The tremendous 7% crash in stock market prices over the last five trading days serves as over-whelming evidence that the President of the United States or someone in his inner circle leaked “material non-public information” to Wall Street traders that the AAA credit rating of the United States of America would be downgraded.. Leaking of such information is criminal activity for both the trader who profits and the leaker. Depending on the level of the leak in his Administration; the President may be forced to resign of face severe sanctions.
  • Dow Plunges 600, S&P and Nasdaq Sinks 6% [ -633 After Obama Speech ]

    08/08/2011 1:26:11 PM PDT · by NoLibZone · 26 replies
    CNBC ^ | 8-8-2011 | CNBC
    Stocks took a sharp nosedive in another choppy day Monday to finish at session lows as investors fled from risky assets following S&P's downgrade of U.S.'s credit rating last week in addition to ongoing economic jitters.
  • Dow Jones industrial average plunges 600 as market rout continues

    08/08/2011 1:19:58 PM PDT · by NoLibZone · 26 replies ^ | Aug 8 2011 | LA Times
    The Dow Jones industrial average plunged as much as 600 points midday Monday as the market rout continued in the first day of trading after Standard & Poor's downgraded the United States' credit rating. Investors have piled out of stocks all day and into a few safe havens, such as gold and Treasury bonds. The appetite for Treasury bonds suggests that the Standard & Poor's downgrade of the U.S. has not shaken the faith of investors in U.S. bonds. Market experts said that the market selloff on Monday was sparked by the S&P announcement, but is more motivated by growing...
  • Cnn Sell Off Speeds Up

    08/08/2011 1:17:01 PM PDT · by NoLibZone · 9 replies | 8-8-2011 | CNN
  • Stocks plunge following S&P downgrade [ Obama's- Its other people fault rejected by markets ]

    08/08/2011 1:11:00 PM PDT · by NoLibZone · 16 replies ^ | Aug 8 2011 | Sweet
    U.S. stocks plunged deep into the red on Monday as fearful investors faced the news that the United States had lost its coveted "AAA" credit rating. All three major U.S. stock indexes were down between 4% and 5%, pushing the Dow below 11,000 for the first time since November. The stock market has now lost 14% during the past two weeks. Market observers tried to say the downgrade by itself shouldn't matter -- that it was expected and that the United States still has a strong credit rating. But the market wasn't buying it. "Investors are having one reaction to...
  • BARACKALYPSE NOW: New Watchwords

    08/08/2011 1:03:07 PM PDT · by Biggirl · 33 replies ^ | August 8,2011 | annem040359
    Today, President Barack Hussein Obama, a few days the United States credit rating went from being a “AAA” to a “AA+” downgrade in a decision by Standard and Poor or S & P decides to give a press conference, and what surprises me to NO END when President Obama still calls the USA a “AAA” nation DESPITE this downgrade. Well I have a set of “new words” in regards to what remains of the era of President Barack Hussein Obama and it came from the Drudge Report website: “Barackalypse Now” IMHO, President Obama, because of the over-spending and over-taxing that...
  • Mystery surrounds details of S&P downgrade [ CNN rejects Axelrods & Kerrys TP blame ]

    08/08/2011 1:00:42 PM PDT · by NoLibZone · 23 replies ^ | August 8 2011 | By Jennifer Liberto
    WASHINGTON (CNNMoney) -- Little is known about key details that led Standard & Poor's to downgrade U.S. debt late Friday, despite its outsized repurcussions. While the move knocking U.S. debt down a notch from the lofty AAA rating has exacerbated an already skittish stock market and drawn criticism from the White House, key details are a mystery. S&P doesn't say who, exactly, made the decision at the company; what kind of weight they gave U.S. politics versus ability to pay; or to what extent they felt pressured to downgrade the United States in response to criticism of its downgrades of...