….is to push their rewards to their friends early when it will have the least political cost while delaying the recovery that would come on its own long enough so they can take credit for it when it happens.
Period!
Posts Tagged ‘economy’
Let’s remind everyone what the goal of the administration is…
Posted: March 4, 2009 by datechguy in opinion/newsTags: economy, reality
Mr. Hope and Change, meet Mr. Reality
Posted: March 4, 2009 by datechguy in opinion/newsTags: economy, obama, reality
Powerline hits the ball out of the park today with The Sobering voice of Mr. Market:
In the first month of Obama’s presidency, the reality principle has asserted itself most notably in the stock market. The stock market certainly pays close attention to a president’s words, but it doesn’t swoon over a president’s soothing style. Rather, it evaluates the president’s words for their likely impact on a given company’s future earnings.
Meet Mr. Market a tangible piece of reality that is reported on daily:
Since it became apparent that Barack Obama would be elected president at the end of September 2008, the stock market has steadily declined. Two weeks afer Obama’s election, Thomas Lifson first charted “The Obama market.” The decline has continued over the past three months. The stock market has dropped 25 percent since election day, but the Obama effect could be observed before then.
Back on November 20th Doug Ross talked about the wisdom of crowds and intrade. And noted that the stock market started his drop as soon as intrade broke for Obama in September.
Tom Lifson on the day my company tanked said the following:
By late September it was increasingly clear to Intrade.com bettors that Obama was going to win the election. From 9/28 to 9/29 Obama’s Intrade price went from 57 to 61, which represented a huge jump.
Note what happened to the stock market at nearly the exact same time. Around September 29th the market began its collapse.
His closing line is a stake in the heart:
What happens after Election Day speaks for itself.
Take a look at the charts. I’ll give powerline the last word:
this is certainly a rich text. Most notably, as Bill Kristol observes, “the stock market isn’t gyrating, or bobbing up and down. It’s dropping.”
The sobering voice of Mr. Market is saying that the Obama administration and its allies in Congress have done nothing to brighten the prospects of companies struggling to make a go of it in the private sector. On the contrary, they have dimmed the prospects of these companies. The dimming can be measured in the vast destruction of wealth in the stock market.
Reality is a harsh mistress.
Rush making profit for the cable networks
Posted: March 3, 2009 by datechguy in opinion/newsTags: economy, irony, Rush
While our president’s policies manage to continue to tank the stock markets and erode confidence, Rush Limbaugh demonstrates how to generate income for a business:
Fox News and CNN each aired Limbaugh’s keynote speech to the CPAC Saturday afternoon. It was the biggest draw all weekend on cable news.
• From 4:46pm-6:20pmET Fox News averaged 511,000 A25-54 demo viewers and 2.22M Total Viewers. The network peaked at 6pm with 602,000/2.73M. FNC also produced an hour Sunday night at 9pmET with speech highlights which drew 454,000/1.66M. It was Sunday’s most-watched cable news hour.
It wasn’t known by Rush the CNN was going to carry the speech but they hit the jackpot too:
• CNN added another 222,000 demo viewers and 932,000 Total Viewers for their Limbaugh coverage from 4:47pm – 6:12pm.
And they have continued running with the story as well, it was a wise move for them.
And what about MSNBC, you know the network that only shows one 50 second clip over and over?
• MSNBC stayed with their documentary programming which, from 4pm-7pm, averaged 163,000 demo viewers and 374,000 Total Viewers.
After all what profiteth a network if it gains views for a day but angers it’s niche market? It also explains why Letterman goes on the attack but still hasn’t managed to come up with any joke critical of Obama.
P.S. If you don’t understand the line above then you need to read this post.
…when it comes to wasteful spending McCain is certainly a leader:
“If it seems like I’m angry, it’s because I am,” McCain said, taking the White House to task for treating the bill as leftover business — and not subject to the full measure of earmark reform promised by candidate Obama.
“Last year’s business?” McCain asked, incredulous. “The president will sign this appropriations bill into law. It is the president’s business. It is the president of the United States’ business. It is the president of the United States’ business to do what he said — stated — when we were in debate seeking the support of the American people — where he said he would work to eliminate earmarks.”
“We need earmark reform and when I’m president, I will go line by line to make sure we’re not spending money unwisely,” McCain said, reading back Obama’s words at a debate last fall. “That’s the quote, the promise of the president of the United States made to the American people in a debate with me in Oxford, Miss. So what is brought to the floor today — 9,000 earmarks.…So much for change.”
He is exactly right and the media’s “rehabilitation” of McCain post election assures that his objections will be covered. Where was this voice during the campaign.
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