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Title: Dow jumps 190 on jobs data, lower oil
Source:
CNN
URL Source: http://money.cnn.com/2011/03/03/mar ... york/index.htm?hpt=T1&iref=BN1
Published: Mar 3, 2011
Author: CNN
Post Date: 2011-03-03 16:55:39 by go65
Keywords: None
Views: 3667
Comments: 16
NEW YORK (CNNMoney) -- U.S. stocks posted their best day in three months on Thursday as Wall Street rallied behind a strong unemployment claims report along with a modest drop in energy prices. At the preliminary close, the Dow Jones industrial average (INDU) rose 191 points, or 1.6%, to 12,258. The gains were the best for the blue-chip indicator in 2011 and the largest since Dec. 1.
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#1. To: go65 (#0)
I've said this several times -- the November election was like flipping a light switch. We serve enterprise customers. We went from almost no new business to 30+ unsolicited calls a week. Overnight. The calls are still coming in. If the GOP fails to cut spending and reduce the annual deficit, this will all come crashing down on top of us all.
There could be a nuclear detonation in the ME and stocks would still go up. It's all counterfeit. All of it.
We had our strongest year ever in 2010, but are being really cautious this year. If the GOP gets their cuts it will shave 1-2% off of GDP according to both Moody's and Goldman's research arms. Remember something, a growing economy helps Obama come 2012. A double-dip recession helps the Republicans. The GOP Congress will do all it can to sink the economy between now and next November.
Since January 3, 2011, Republicans have controlled the power of the purse.
Goldman is a huge part of the problem. They've had their slimy tentacles all over the Clinton, Bush, and Obama administrations and helped caused the financial melt- down. Of course, they didn't have to suffer the consequences because taxpayers bailed them out. Nothing they say should be trusted. On the other hand, for every Goldman there are dozens of economists sounding the alarm bells over the massive and rapidly growing deficit. They are correct. We have to fix this before it is too late.
they are telling "their" customers that GOP budget plans will cut GDP by 1-2%. Mark Zandi at Moody's (and an advisor to McCain/Palin in 2008) is saying the same thing. www.bloomberg.com/video/67237016/ Go look at the UK for a preview of what to expect. They're back in a recession.
Since January 3, 2011, Republicans have controlled the power of the purse.
I understand. They are using an old-fashioned Keynesian analysis that has no place in the 21st century. These same dimwits claimed that Obama's "stimulus" would make the economy boom. It didn't. The Keynesians are looking at the problem from the wrong side. We are no longer living in a closed economy. Stimulating demand does not ensure that the benefits will flow to the U.S. We have to stimulate investment in innovation and new productive capacity.
It's all counterfeit. All of it. Seems like the Plunge Protection Team transcends administrations.
"http://first-draft-blog.typepad.com/.a/6a00d8341c5ced53ef0148c7a28c4b970c-320wi"
I agree, but government still has to backstop a recession. Look at how quickly germany and China recovered thanks to big government investments and how our own stimulus plan helped turn things around (even though it could have been designed much better). And now, we're seeing first hand that rapid spending cuts means a return to a recession (in the UK).
Since January 3, 2011, Republicans have controlled the power of the purse.
Yeah wow-wee, that Dow sure did jump alright. It's jumped down -170 and still falling, as we speak.
profit taking friday.
Since January 3, 2011, Republicans have controlled the power of the purse.
Yeah, sure. /sarc I hope they keep "taking profit" though, I want to buy some back I "took profit" from on the last fall.
But not big government transfer payments. Only 2% of Obama's "stimulus" was used for infrastructure. The rest of the money went to temporarily subsidize state bureaucrats. Much of the country's infrastructure is 40+ years old and on the verge of collapse. There is a viaduct in Seattle that's crumbling. It's sitting on a sea wall that's crumbling. The lunatic left that runs Seattle refused for years to do anything about it because they didn't want to upset the nutty environmentalists. The next big earthquake in Seattle is going to kill at of people. Fortunately, the governor finally forced the issue so maybe something will get done.
A third of it went to tax cuts in an effort to buy Republican votes, one of Obama's two biggest blunders as President (the other being dropping the public option for HCR).
Since January 3, 2011, Republicans have controlled the power of the purse.
Hey we got a nice new bridge out of the deal. Too bad during it's construction eight businesses did not survive the disruption. They were little guys though, and totally expendable
"http://first-draft-blog.typepad.com/.a/6a00d8341c5ced53ef0148c7a28c4b970c-320wi"
The stimulus contained a one time tax credit (that people received even if they didn't pay taxes). They didn't do this to buy GOP votes, they did this as part of their misguided "demand stimulation" program. These one time tax credits and tax rebates never work. GOP Congressmen know this.
;} Until it doesn't. Note how the 'gov't shutdown' discussion got shutdown? Congress at 11% approval. That's flatline bottom. You can't get lower with the 'I don't know's and the Top 2%.
"Everything that can be invented has been invented."-- Charles Duell, Commissioner of US Patent Office, 1899
#2. To: go65 (#0)
#3. To: jwpegler (#1)
(Edited)
I've said this several times -- the November election was like flipping a light switch. We serve enterprise customers. We went from almost no new business to 30+ unsolicited calls a week. Overnight. The calls are still coming in.
#4. To: go65 (#3)
(Edited)
Goldman's
"Everything that can be invented has been invented."-- Charles Duell, Commissioner of US Patent Office, 1899
#5. To: jwpegler (#4)
(Edited)
Nothing they say should be trusted.
#6. To: go65 (#5)
(Edited)
"Everything that can be invented has been invented."-- Charles Duell, Commissioner of US Patent Office, 1899
#7. To: mcgowanjm (#2)
There could be a nuclear detonation in the ME and stocks would still go up.
#8. To: jwpegler (#6)
The Keynesians are looking at the problem from the wrong side. We are no longer living in a closed economy. Stimulating demand does not ensure that the benefits will flow to the U.S. We have to stimulate investment in innovation and new productive capacity.
#9. To: go65 (#0)
Dow jumps 190 on jobs data, lower oil
#10. To: Happy Quanzaa (#9)
Yeah wow-wee, that Dow sure did jump alright. It's jumped down -170 and still falling, as we speak.
#11. To: go65 (#10)
#12. To: go65 (#8)
big government investments
"Everything that can be invented has been invented."-- Charles Duell, Commissioner of US Patent Office, 1899
#13. To: jwpegler (#12)
But not big government transfer payments. Only 2% of Obama's "stimulus" was used for infrastructure. The rest of the money went to temporarily subsidize state bureaucrats.
#14. To: jwpegler (#12)
But not big government transfer payments. Only 2% of Obama's "stimulus" was used for infrastructure. The rest of the money went to temporarily subsidize state bureaucrats.
#15. To: go65 (#13)
A third of it went to tax cuts in an effort to buy Republican votes
"Everything that can be invented has been invented."-- Charles Duell, Commissioner of US Patent Office, 1899
#16. To: Rek (#7)
Seems like the Plunge Protection Team transcends administrations.
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