Flashback to Kudlow: A Stock Market Vote of Confidence for Bush: Dow closes down 500 points
By John Amato Tuesday Oct 07, 2008 4:35pmBig h/t for Paul Krugman on this one.
Stock markets are the best barometer of the health, wealth and security of a nation” And today's stock market message is an unmistakable vote of confidence for the president. Even the best low-tax, limited-government economic policies can be thwarted if the men and women going to work in the morning can't get safely back to their homes and families at night.
Larry Kudlow says A Stock Market Vote of Confidence for Bush. He is such a tool...
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Larry is a clueless cheerleader. When Obama wins, he'll suddenly be the most negative guy around, and everything will be Obama's fault.
Larry Kudlow made his money by being in the right place at the right time. His rowboat was latched behind the smoke and mirrors economy created Reaganomics.
The man never created anything, he never had to make any real decisions.
Reading his articles and commentary are laughable. They have no basis in any valid economic theory.
The man is a shill. He's Martin Feldstein's butt boy.
More fuzzy math to go with those fuzzy brains. Bush??? Confidence??? They don't belong in the same hemisphere.. What a duffus...........
I just read it and threw up - idiot.
As usual, the market was underwhelmed by this latest action from Toothless Ben along with the $25 billion in cash that he pumped into the market today. I suspect that rather than strengthening the private capital markets, this program like all the others will simply foster the atmosphere of dependency on the Fed and Uncle Sam, just as the drug addict becomes dependent on his dealer.
The government decided to stop letting the US have real recessions after 1982. Even a little bit of pain is now politically unpaletable.
Just like when you are sick, you don't get better by suppressing the symptoms. The body must go through the adjustment in order to get better. Similary, what is the sickness for an economy? Bad investment. The only way to cure this is to let the bad investment work through the system. Period. What we try to do now is suppress the disease. This doesn't work (housing bubble as exhibit A). All we've done is delay the reckoning. The reckoning is now here. Nothing the government can do now. We have 25 years of pent of sickness. Look out.
wall st traders of course will support bush and
give him a vote of confidence. no matter what he
does they will make millions and they can count on
that. bush/cheney want an endless war, they
and their reichwingneocon bastard friends will
profit while the rest of the country and the world
continue to fall into a disastrous recession.
the next several generations will be paying
for what bush and his shreading of the constitution
have done to this country.
i wish for bush/cheney and their families
a fate 10 times worse than they foist on
America and the world.
Retirement accounts have lost $2 trillion so far
or 20% of their value
Sept 7 2008 - 11,230.73 down just under 20% in eleven months.
Oct 7 2008 - 9,955.42 down another 11.5% in one month.
We can hardly stand all of confidence.
Pension funds and retirement accounts have lost two trillion.
Our keystone cops Congress stampedes a bill through that pays $700 Billion Cash for Trash, 'the toxic assets', 'the illiquid assets', those pesky 'Credit Default Swaps'. The theoretical dollar amount is infinite.
Someone will have to explain this to me. Once the underlying credit default has occurred, how do these underfunded and unfunded insurance contracts by another name ever have any value except as a loss on the Fat Cats Financial Statements.
How does the Treasury sell them? I understand how the Treasury acquires them, they buy them, with our money. At least it will be when we pay our loans off in the future.
Why isn't this just free money in the hands of the crooks who avoided insurance regulation by calling a RAT a ROSE?
According to this article, this Thursday will be a day of reckoning on derivatives:
http://halturnershow.blogspot.com/2008/10/thu...
I'd love to see some comments on this one, or for John Amato to make this a thread by itself.
Now if someone could please explain to me how exactly we're all going to be screwed by these "derivatives"?
Thanks.
This is my lay person's understand:
The Derivatives are bits and pieces of mortgages. Some are in default some are ok so far, some will be in default.
Derivatives linked to defaulted mortgages are not good, but as I understand it they are not the whole or even the main problem.
When the wily Fat Cats were cooking this stuff up they thought it would make the Derivatives linked to risky mortgages more palatable if they sold insurance against default. If they called it insurance they would be regulated and required to have a reasonable amount of backup funding. They gamed the system and called the insurance 'Credit Default Swaps'. Therefore, they were undercapitalized.
In my little world, they would all go to jail for this.
Lots of people seem to be holding these dodgy assets. I just cannot understand that they can be more than a liability. Thursday will show what the bankruptcy judge thinks.
When the stock market was dropping in late spring Kudlow was blaming it on the Obama nomination.
Oh, this oughtta be good. What was his rationale for this insipid claim?
Anthrax "Emergency" Powers Declared by DHHS
This was read into the Federal Register Monday. Think about the timing for a minute and then read details:
http://edocket.access.gpo.gov/2008/E8-23547.htm
they tried, convicted and condemned the memory of that Gov bio scientist after he suicided...
ABC that paragon of gov disinfo must have been telling their truth !!!!
Does this mean they can cancel the election, just in case something scary could happen !!
Therefore, pursuant to section 319F-3(b) of the Act, I have determined there is a credible risk that the threat of exposure of B. anthracis and the resulting disease constitutes a public health emergency.
Odd isn't it?
They want power any any cost, or dont want to lose power and open themselves up to war crimes and other DoJ goodness.
III. Declaration of the Secretary of Health and Human Services
On September 23, 2008, the Secretary of the Department of Homeland
Security determined that there is a significant potential for a
domestic emergency, involving a heightened risk of attack with a
specified biological, chemical, radiological, or nuclear agent or
agents--in this case, Bacillus anthracis. Pursuant to section 564(b) of
the Federal Food, Drug and Cosmetic Act, 21 U.S.C. 360bbb-3(b), and on
the basis of such determination, on October 1, 2008, I declared an
emergency justifying the authorization of the emergency use of
doxycycline hyclate tablets accompanied by emergency use information
subject to the terms of any authorization issued under 21 U.S.C.
360bbb-3(a).
Dated: October 1, 2008.
Michael O. Leavitt,
Secretary.
In another action yesterday, Leavitt issued a declaration that will provide protection against lawsuits for companies that make drugs for mass distribution during an anthrax attack, or who help distribute them.
LOL there you go
McCain has that look these days.
I'm finally beginning to think that he's properly and truly f*cked.
I have mixed emotions: I'm torn between joy . . . and ecstasy.
"if I was dictator, which I have always aspired to be"
dream on Johnny, plenty of retirement time after Nov 4th for those happy dreams, I hear Florida is a nice place to retire to, or maybe a villa outside Baghdad would be a good sunset home.
After all its as safe as walking around a US burb.
Bush is the worst you've ever had. Ever. And if you get McCain in, you'll have more of the McSame. I love Bush's answer when asked what he'll do after he leaves...."Gonna refill the coffers". What he's been doing for a long time is filling the coffins! Your US kids' coffins. On a lie. He, and his misAdministration are murderers, plain and simple. Normal people know this and we all hope that the courts will get them sentenced so that the world will see that all of the US is not so bad. Good luck and good night.
amazing how the wonderful leadership in Washington saved us all from this financial meltdown.
Praise be the Gubberment.
$400,000 on some fancy long weekend at the taxpayer expense.
http://www.huffingtonpost.com/2008/10/07/aig-...
From Speaker.gov, here's Rep. Elijah Cummings (D-MD) on the AIG manicure, etc., expenditures:
QUOTE
Have you heard of anything more outrageous - a week after taxpayers commit $85 billion dollars to rescue AIG, the company's leading insurance executives spend hundreds of thousands of dollars at one of the most exclusive reports in the nation...Let me describe for some of you the charges that the shareholders, taxpayers, had to pay. AIG spent $200,000 dollars for hotel rooms. Almost $150,000 for catered banquets. AIG spent $23,000 at the hotel spa and another $1,400 at the salon. They were getting manicures, facials, pedicures and massages while American people were footing the bill. And they spent another $10,000 dollars for I don't know what this is, leisure dining. Bars?
ENDQUOTE
to be a backlash against the "robber barons". I don't know how or when, but when it happens it won't be pretty. Give it time. In a few months, when people start to go belly up and gang together.
I would suggest to these spendthrifts that they keep a low profile. Just saying.
The globes need to come off, literally.
Lehman Bros' CEO was punched out cold the other day at the gym:
http://www.businessandmedia.org/printer/2008/...
The fed is now buying commercial "paper." This is almost the final step in the nationalization of the US financial system, and I don't see any of the free market believers raising a peep about it.
The details of the program have not been released as far as I know, but it means that the government is buying short term (3-month) unsecured debt from private companies. Wall streeters are happy about this (although not apparently enough to buy stocks) because the fed can print money. This is a welfare program for businesses; if the fed were to hand out unsecured loans to real people the conservatives would have a thrombosis.
get real larry you know that the mortgage loans play a very small part of this crisis. wall street and the
'shadow financial system' was the real problem. they knew and encouraged mortgage loans to anyone who would take one. off and on throughtout the summer months larry would say that an obama presidency
would cause a investment sell-off. well we are having the sell-off and obama has NOTHING to do with it. the
fundamentals of the economy aren't STRONG.
But Ty Penningtons still doing Extreme Home Makeovers so the economy must be swell. Really sends an important message about living within your means and budget.
Niether party has clean hands when it comes to the manipulation of the economy and pumping in more make believe dollars isn't the answer. In the 90's Clinton had the Glass Stegal act killed which began a wild west atmosphere with dollars being created out of thin air which then gave us the tech bubble of the 90's. Then the great Greenspan gave his irrational exuberence speech. So what does he do? Tells people to go run out and buy a home with an adjustable mortgage, pumps more dollars into the economy and the housing bubble was created. At the same time banking regulators under Bush looked the other way as anyone, even if you worked at 7-11 could buy a McMansion with no proof of income and nothing down. Ad to this toxic stew an un-funded war nad inflation begins to take off.
If your looking to place the balme at anyones door step, look no further than Congress. It made no difference whether the Congress was controlled by the Dem's or Rep's. They both are just as culpable and the American people were sold out by both patries going as far back as 1913 when the Congress allowed the printing of money to be taken over by a private cartel of banks that today make up the Federal Reserve system.
Another sad fact is that most of you reading this don't even realize that it is un-constitutional to use tax payer dollars however imaginary they may be, to bail out private enterprises such as AIG, Bear Sterns and others. It's time to wake up from your slumber and apathy and demand that Congress do the right thing. Call for a national banking holiday for three days as they did in 1933. Absorbe the Federal Reserve into the US. Treasury. Nationalize the banks making them US Treasury banks and back the dollar with gold and silver as it was prior to 1933. Printing more and more imaginary dollars is not the answer and paying interest to a private banking cartel is total insanity.
Remind yourselves just how corrupt the system is and re-watch America From Freedom To Facisim. The message is the same today as it was in Jeffersons time. Return the creation of money to "The People" where it belongs, as the days of living beyond ones means is over.
Let have Congress vote for another bail out...er...rescue package! We can start out asking for another 700, but tack on 200 more just so it will pass!
Larry Kudlow was a much calmer fellow when I knew him on Wall Street. He seems to have come unhinged since becoming a TV star.
At the time he wrote that piece last year, with the Dow at 14,000, he declared that the market was saying that we have beaten Al Quaida and won the war on terror! I kid you not.
I wonder what Kudlow would say right now about what Dow 9,400 means regarding our success, or lack thereof, domestically and internationally. Somehow, I'm not surprised that he won't make any declarations about that today!
Kudlow is so shameless, he would probably frame the market collapse as a collective judgement by investors that Obama will wreck the economy, jack up your taxes, enlarge the government and blah, blah, blah.
By the same logic, the market rise under Clinton only happened because wise investors anticipated the huge success of a Republican president.
See? It all makes sense. When stocks rise under a Democratic president, it's because someday a Republican will get elected to make the economy grow. When they crash, it's because some darn Democrat will come along and ruin everything.
Any questions?
If you would like some really understandable and straightforward discussion of our economic mess, this podcast "Another Frightening Show About the Economy" from This American Life is a really excellent listen
http://www.thislife.org/Radio_Archive.aspx
The show really lives up to its name however and scared the sh* out of me!
This is what I get when I try the (House Votes to Extend Unemployment Benefits)comments.
"Access denied
You are not authorized to access this page."
WTF?
Kudlow is spinning the meltdown that the market is worried that Obama will win.
I have said it before and I will say it again. THERE IS NO STOPPING THE DOWNWARD SPIRAL OF THE ECONOMIC MELTDOWN. IT is immenent. NO BAILOUT will stop it. The $700 billion was just a handout to those that caused it.
If you want to win the confidence of the AMERICAN PEOPLE and the Investors. AMERICA must begin by restoring LAW and ORDER and begin indictments on the criminals and KEEP BUSH out of the picture. HE ONLY cast more DOUBT and loss of CONFIDENCE everytime the liar speaks.
BUSH CHENEY has lost the trust and confidence of his people. HE HAS NO CREDIBILITY LEFT in the WORLD community.
THEIR FAIL POLICIES HAS INFECTED THE WORLD. STOP BEING IN DENIAL begin a criminal hearing and indict the wrongdoers.
FOR THE HUNDREDS OF THOUSANDS WHO WILL LOSE THEIR JOBS AND FOR THOSE WHO ARE IN LINE FOR UNEMPLOYMENT; IT IS TIME TO HIT THE STREET; demonstrate your dissent and stop the corporate and government looters.
ATTILA THE STOCKBROKER CLEANS UP THE CITY
I was a clerk there: I’ve seen the greed
How wealth and power eat hope and need
Now they’re eating each other but they’re still screaming
‘No interference’ – I start dreaming…
‘Self regulation?’ OK, I say
‘I’m a stockbroker – let’s do it my way’
And that’s the beginning of this little ditty:
Attila the Stockbroker cleans up the City!
Each gets a red nose so everybody knows
Just who they are and where all our money goes
No more speculate, no more accumulate -
This is a lifestyle we’re going to eradicate
Dealers on the floor meet squads of the poor saying
‘Here’s the twist, Oliver – we want more
Work for us or we take the whole kitty’
Attila the Stockbroker cleans up the City!
‘Hello Mr. Hedge Fund, have a cup of tea.
Financial Services Authority? Me…..!
You’re a parasite on the population
Convicted of criminal speculation
Time to atone for a life so greedy -
Twenty years working for the poor and needy.
Want to appeal? Try the Central Committee…’
Attila the Stockbroker cleans up the City!
Sit down Mr. Banker, you’re in for a shock.
We’re taking much more than just Northern Rock!
All the banks nationalised – Stock Exchange too.
Utilities, railways, grabbed from the few.
Mr Billionaire? You just lost your money.
(Hey there, Chelsea fan, isn’t that funny!)
The future’s brown. The future’s shitty.
So Attila the Stockbroker cleans up the City!
Capitalism is a John Cleese parrot.
Let’s give it stick and not a single carrot!
Bollocks to the dealer, the broker, the lender -
Social justice back on the agenda
Radical stylin’ going on here
Smoked Mammon sarnies and bloody good beer
For the poor no fear, for the rich no pity
When Attila the Stockbroker cleans up the City!
http://www.myspace.com/attilastockbroker
IRAQ - BUSH
109TH CONGRESS - TOM DELAY
110TH CONGRESS - PELOSI/REID
CHEVRON - CONDI RICE
HALLIBURTON - CHENEY
LOBBYIST - ABROMAFF
RELIGIOUS RW - REED
DEREGULATION - MC CAIN
WORLD CENTRAL BANK - WOLFOWITZ
GOLDMAN SACH - PAULSON
LEHMAN BROTHERS - RICHARD FULD
AIG - EXEC $443,000 SPENDING SPREE
BRIDGE TO NOWHERE - PALIN
WALL STREET MARKET - EMANUEL RAHM
IMPEACHMENT LEVEE - JOHN CONYERS
HP - FORINO
COUNTRY WIDE - CEO
S&L sCANDAL - BUSH COUSIN
Wall Street bailout vs Main Street - SENATE
Does anyone see any connections to the market confidence? Does anyone see the pattern? WAKE-UP AMERICA know your leaders. Clean House. Confidence will not restore until the HOUSE is CLEAN.
In a sane world, people like Kudlow would be afraid to go out in public. In 2002, he touted war with Iraq http://article.nationalreview.com/?q=ZTIzOWYz... and predicted it would be good for the economy and the stock market. There's plenty more like him, and they all still have high-paying jobs when they should be working as janitors under assumed names.
Who are responsible for the ups and downs in stock markets ? Is the government supposed to be a mute spectator?
liquid natural gas
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