Market comes back on so-so jobs report.
Stocks plunge. Obamas host White House party
How the Democratic establishment shunned the left, spawned the Tea Party and moved America right
This week’s poll. Final round.
Friday! Guitar Day!
“I Rather We Secede Than Be Ruled by a Super Congress and a Dictator.”
Are you READY???1 month to go!
i have to say, john, i am right their with you in believing we never left the recession we were in. that saying that we were out of it seemed like george standing there on the boat saying mission accomplished when that wasn’t true either.
i had a neighbor who lost her job in 2008 and never got another full time job like that one ever again. she’s doing part time work, volunteering and became a master gardener so that she could get paid for advice to gardening projects in town. so basically when i look at that one example even, the recession never ended.
and i look at my mom who’s job which depends on people having money to send their kids to school, well this year she only has one class (instead of 2), so she is getting half the pay she has received for probably 25 years +. people are holding back not even sending their kids to private school now (my theory is that the people who have the money to send their kids to school are holding back because they don’t know what way the government will go with taxing them even more, they may not be rich, but the government may decide to call them rich at their whim).
i am sad for my mom because she feels hopeless in finding another job since she is the boomer age and schools are hiring 20 somethings just coming out of college instead of experienced beyond experienced teachers like my mom. i think she could do it with the resume she has, but she just has no confidence the schools will pick her over a young teacher. i don’t know what else to tell her to help her find a new full time job.
Another birthday party ? Nicholas and Alexandra never miss a chance to miss a chance to actually act like they care, do they ?
Obama parties like it’s 1929.
Obama essentially quotes Herbert Hoover here. No more discussion on his economic philosophy..
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439×1663549
“Obama essentially quotes Herbert Hoover”
I think the operative verb is “channels”.
Barack Hoover Obama…Kevin Baker nailed this guy two years ago.
http://www.harpers.org/archive/2009/07/0082562
I have a hard time with the poll above because the two choices are almost synonymous.
Same with me!!!
djmm
Can’t believe no comments yet on the S&P downgrade. Of course, I don’t know what to say except we’re f*cked.
Actually, Fredster, this quote from S&P:
“America’s governance and policymaking [is] becoming less stable, less effective, and less predictable than what we previously believed.”
…might be as if not more effective than the revolution in the streets that I’ve been wishing for.
Jay, the revolution will come when the congress critters reconvene and then start yammering about more cuts and they will put the Big 3 on the chopping block.
This may just be the shock needed to force someone to primary Obama.
http://guerillawomentn.blogspot.com/2011/08/nader-almost-100-percent-chance-of.html
And that comment was made before the S&P downgrade.
Do you remember this from last Thursday (7/28)? :
Someone dropped a bomb on the bond market Thursday – a $1 billion Armageddon trade betting the United States will lose its AAA credit rating.
In one moment, an invisible trader placed a single trade that moved the most liquid debt market in the world.
The massive trade wasn’t placed in bonds themselves; it was placed in the futures market.
The trade was for block trades of 5,370 10-year Treasury futures executed at 124-03 and 3,100 Treasury bond futures executed at 125-01.
The value of the trade was about $850 million dollars. In simple terms, if that was a direct bond buy, no one would be talking about it.
However, with the use of futures, you have to have margin capacity behind the trade. That means with a single push of a button someone was willing to commit more than $1 billion of real capital to this trade with expectations of a 10-to-1 return ratio.
You only do this if you see an edge.
I first saw this on Zero Hedge, but then it appeared many other places.
I think this downgrade has been in the bag for quite a while. And I love that S&P’s explanations can be used to advance the idea that an “above it all” super congress is needed and also that those “unstable and unpredictable” tea party people are causing too darn much trouble.
If the world made any sense, we wouldn’t care about being downgraded by S&P or Moody’s. They’re the same guys that rated everything super okee-dokee just before the 2008 crash. However, psychologically this is huge.
I agree it’s been in the works, and ObamaCo and others, have known for a while.
And it shines even more light on the debt ceiling “debate” and resulting legislation.
Those people should be drawn and quartered.
My comment is S&P’s downgrade is reasonable. It’s very bad for the US and for Americans and our economy, but then what both parties in Congress and the WH have been doing under Bush and Obama is very bad for the US. In a word: consequences.
It’s another wake up call but rather than use it to good advantage, Americans will blow this one too.
http://blogs.the-american-interest.com/wrm/2011/08/05/the-invisible-hand-is-writing-on-our-wall/
This is a good read…
p.s. This youtube will put a smile on Bob Barker’s face, and everybody else’s.
Am posting this to atone for the grimness of my first post.
There already was a Friday Night Lights movie before the TV show.
Cannonfire sees this as a shock & awe move orchestrated by WS, targeting POTUS:
http://cannonfire.blogspot.com/2011/08/standard-and-poors.html
From Joe Cannon….Standard & Poors:
“Haven’t much time to write now, but when I do, perhaps we can talk about how Moody’s and Standard & Poors are entirely subservient to the great Wall Street investment banks. That’s the reason why the crap got treated like gold: The banks wanted it that way. So that must also be the reason why the U.S. was downgraded: The banks want it that way.
Either Goldman Sachs and its buddies want to end the American experiment, or, more likely, they want to end the Obama administration. It’s a little hard for us too-liberal-for-Obama types to understand that the Wall Streeters despise Obama, but they do. This situation is not rational, but it is what it is.”
It is my impression, listening to the barbs flying from the right this morning and their public voice over at FOX News, that many on the right are relishing (in a semi-veiled fashion of course) this downgrade. During the budget fight the Right demonstrated more desire to take a hatchet to the Federal Government and it’s support of social programs, than to save our economy. This is one sick spectacle.