« Open Blog for Tomorrow | Main | Ouch: Larry Kudlow Thinks Economy May Actually Be on Mend, With 2-3% Annualized Growth In Last Two Quarters of This Year »
July 29, 2009

Someone Notices: Stocks Just Happen to Go Up as Democratic Agenda Crashes and Burns

Former troll Poon always liked to point out we were having a bear-market rally.

Isn't that wonderful?

Well, bear-market rallies are no big thing, first of all. A market which debates itself whether the future outlook is "very poor" or merely "poor," oscillating between 8000 and 9000, doesn't fill me with confidence.

Secondly, though, the rally just happened to occur as it became clear that Obama's biggest wealth-destroying initiatives -- cap and tax and Department of Motor Vehicles HMOs-- were in serious trouble.

In response, the market revised its opinion from "the future looks black" to "the future looks like a shade of gray." What shade of gray? Charcoal, Fletch answered.

Brian Gardner, an analyst with Keefe, Bruyette & Woods, explains that when markets cratered in March, investors worried the Obama administration would nationalize the country’s banks, impose punitive rules on credit card issuers and allow judges to lower the principal and interest payments on mortgages. They saw ever-widening deficits and buckets of debt set to increase with massive healthcare legislation.

Since then, the bankruptcy bill has fizzled and nationalization talk has died out. President Barack Obama did sign a credit card bill into law, but its provisions were much weaker than the industry feared.

Separately, healthcare reform has slowed while a climate change bill imposing taxes on businesses that emit pollutants has stalled in the Senate.

...

“It’s very much a factor in what’s driving the market over the last couple weeks,” Gardner said of the slowed agenda in Washington.

Did I Say Two Biggest Wealth-Destroying Measures? I meant to mention "And Card Check is looking in bad shape too."

So bad it won't be undertaken this year.

Obama's big success consists of being a poor enough executive such that his ability to further damage the economy has been sharply limited.

Yay, Obama...? I guess.



digg this
posted by Ace at 03:09 PM

| Access Comments




Recent Comments
Grump928(c): "[i]That shit is like eating bird seed.[/i] I be ..."

18-1: "I hear you but, no President, not even Mecha Trump ..."

Lizzy[/i]: ">>Wouldn't be Prairie Lobsters? Pfffttt! Not ne ..."

Puddin Head: "Wouldn't be Prairie Lobsters? ..."

Buzzsaw: "No Rocky Mountain oysters? Posted by: rickb223 ..."

Hipster Shithead: ">>I bought some once just to see what the fu ..."

Anon a mouse: "There are beaches in New Mexico? " Surf West Vi ..."

Lancelot Link Secret Agent Chimp : "surprised someone would be surprised by his politi ..."

Puddin Head: "Why would anyone want a substitute for rice? ..."

Grump928(c): "[i]Iowa shrimp?[/i] The great herds of prairi ..."

fixerupper: "Iowa shrimp? Posted by: JackStraw at August 17, 2 ..."

Elizabeth Warren - Pow Wow Chow cookbook contributor: "Midwest jokes aside, they ever serve fish or fried ..."

Recent Entries
Search


Polls! Polls! Polls!
Frequently Asked Questions
The (Almost) Complete Paul Anka Integrity Kick
Top Top Tens
Greatest Hitjobs

The Ace of Spades HQ Sex-for-Money Skankathon
A D&D Guide to the Democratic Candidates
Margaret Cho: Just Not Funny
More Margaret Cho Abuse
Margaret Cho: Still Not Funny
Iraqi Prisoner Claims He Was Raped... By Woman
Wonkette Announces "Morning Zoo" Format
John Kerry's "Plan" Causes Surrender of Moqtada al-Sadr's Militia
World Muslim Leaders Apologize for Nick Berg's Beheading
Michael Moore Goes on Lunchtime Manhattan Death-Spree
Milestone: Oliver Willis Posts 400th "Fake News Article" Referencing Britney Spears
Liberal Economists Rue a "New Decade of Greed"
Artificial Insouciance: Maureen Dowd's Word Processor Revolts Against Her Numbing Imbecility
Intelligence Officials Eye Blogs for Tips
They Done Found Us Out, Cletus: Intrepid Internet Detective Figures Out Our Master Plan
Shock: Josh Marshall Almost Mentions Sarin Discovery in Iraq
Leather-Clad Biker Freaks Terrorize Australian Town
When Clinton Was President, Torture Was Cool
What Wonkette Means When She Explains What Tina Brown Means
Wonkette's Stand-Up Act
Wankette HQ Gay-Rumors Du Jour
Here's What's Bugging Me: Goose and Slider
My Own Micah Wright Style Confession of Dishonesty
Outraged "Conservatives" React to the FMA
An On-Line Impression of Dennis Miller Having Sex with a Kodiak Bear
The Story the Rightwing Media Refuses to Report!
Our Lunch with David "Glengarry Glen Ross" Mamet
The House of Love: Paul Krugman
A Michael Moore Mystery (TM)
The Dowd-O-Matic!
Liberal Consistency and Other Myths
Kepler's Laws of Liberal Media Bias
John Kerry-- The Splunge! Candidate
"Divisive" Politics & "Attacks on Patriotism" (very long)
The Donkey ("The Raven" parody)
Powered by
Movable Type 2.64