Category Archives: The Economy

Debate eve

Here are some cartoons to get you ready for tomorrow’s debate:

David Fitzsimmons, Arizona Daily Star

David Fitzsimmons, Arizona Daily Star

And because I do love bracketology (a reference to March Madness, for all of you non-sports folks):

Marshall Ramsey, Jackson, Mississippi, The Clarion Ledger

Marshall Ramsey, Jackson, Mississippi, The Clarion Ledger

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Filed under Barack Obama, Debates, John McCain, political cartoons, The Economy

Obama unveils new measures to help the economy

In a speech yesterday in Ohio, Obama laid out several major initiatives to help the struggling economy.  Here are the highlights:

1.  A $3000 tax credit to businesses for each new efull-time employee they hire over existing employee levels next year;

2.  A measure to allow folks to withdraw up to 15% from their IRAs and 401(k)s without the existing 10% penalty; 

3.  A 90-day moratorium on home foreclosures;

4.  A $50b government loan guarantee for auto makers (doubling the current $25b); and

5.  Eliminating income taxes on unemployment benefits.

There’s more, but these are the ones I think are most important to every day folks.  It should be obvious how each would affect the pocketbooks of Americans.  Obama’s package would cost a total of about $175b, including about $60b for the steps he outlined yesterday. 

For more on the Obama / Biden economic plan, see http://www.barackobama.com/issues/economy/.

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Filed under Barack Obama, The Economy

Seriously?

McCain campaign manager:

I don’t think we want to turn the campaign into a CNBC news show.

I think they better figure out a way to try as the Dow goes below 8,000 for the first time in five years.  If he’s trying to make a joke, well, this just isn’t the time, is it?

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Filed under The Economy

I’m buying beans

Yeah, pretty much.  I’m buying beans.  And rice.  And ramen.  And I think I’ll pull out that sewing machine and finally learn to use it.  I’m not kidding.  I’m freaking out.

The market fell an astounding 678.91 points today, putting us down about 40% from where we were this time LAST YEAR.  We dropped over 7% TODAY.  I’m not one to freak out about these things, y’all … really, I’m not … but I’m now officially freaking out.

GM hit its lowest in 60 years and is facing a possible credit downgrade.

Oil prices are the lowest they’ve been this year.  OPEC is planning an emergency meeting in November to deal with decreasing demand.

Let’s ask ourselves this, please:  who do we want dealing with this come January?  Do we want someone who graduated third from the bottom of his class at the Naval Academy (that would be McCain) or a Harvard Law graduate (Magna Cum Laude) who was President of the Law Review?  Hmmm …. lemme think.  That’s just not a contest.  I’ll take the intellectual (yeah, Obama) ANY … DAY.  And do I want a VP who went to four different colleges before squeaking through or someone who made it through the University of Delaware with a double major in history and political science?  Gee willikers, that’s a hard one!  Come on ….

When, pray tell me, did it become a crime in this country to be smart?  When did we decide that being visceral was preferable to being intellectual?  Do you see that bomb up there?  That’s your retirement and my kids’ college savings and maybe even our jobs.  We need someone with brains to deal with this.  We need a team of people who know more than we do, who are smarter than we are, who, frankly, are too damn smart to sit in a bar and have a beer with the likes of us to deal with this mess.  We don’t need John and Sarah, we need Obama and Biden.

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Filed under The Economy

Fed cuts rate in coordinated world move

The Fed this morning, in an “emergency” move, cut the key interest rate to 1.5%.  The Swedish risks bank followed suit and cut their rate buy 1/2 %.  China also cut bank rates as did England, the European Central Bank, Switzerland, and Canada.  Dow futures are trading higher, up 102 points as of the time I write this. 

Britain has created its own rescue package, as has Japan as its market is trading at its lowest level in five years.  Things are bad, folks.  It’s seriously time to think about how you’re going to vote.  This is a global economy.  Think about who will be less volatile, who will better with diplomacy, who will be wise enough to surround himself with the best people to deal with these issues.  Think about it and then use your vote wisely.

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Filed under The Economy, Uncategorized

What to make of today?

Today’s just been all over the place.  First, the good news … or what I see as the good news:  Obama is up 8 points in Rasmussen’s latest daily tracking poll:

This is the highest level of support ever recorded for Obama and is his largest lead of the year. It also continues a remarkable twenty-five days in a row where the Democrat’s support has never declined by even a single point. The Democratic candidate has gained six full percentage points of support since Lehman Brothers collapsed to start the Wall Street mess.

Speaking of Lehman Brothers makes me think of the economy, and now that we have the good news out of the way, let’s look at this:  the market closed below 10,000 at 9,962.03, putting it down 363.35 for the day.  Granted, things were a lot worse around 2 pm Eastern when the Dow was down a whopping 800 points, but this is bad, y’all.  Guess the bailout wasn’t all that, huh?  International markets are tumbling, too.  And CNN is reporting that 60% of Americans think a depression is “likely.”  Most economists don’t agree, but if the mood of the country is that bleak, something’s amiss and it can only make things worse (ya know, folks won’t spend and the vicious cycle continues). 

And what is the McCain camp doing in the face of this?  That’s right, they’re talking smack about Obama.  And while on the campaign trail talking smack, Sarah Palin lets loose this one:

There’s a place in Hell reserved for women who don’t support other women.

Yeah.  She read it on a Starbucks cup.  Let that sink in.

She was misquoting Madeleine Albright, who said this:

There’s a place in Hell reserved for women who don’t help other women.

No, Starbucks didn’t get it wrong, Sarah did.  Don’t get Ta-Nehisi Coates started. 

So there you have the good, the bad, and the truly ugly of this Monday, as far as I can tell.  Yes, there’s so much more and I’ll be back around soon to share it.  If you have any of your own, feel free to drop a line. 

 

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Filed under Sarah Palin, The Economy

Dow Crashing

The Dow is trading below 10,000 for the first time in four years.  Jim Cramer, of Mad Money on CNBC, is pleading with folks who need their money within the next five years to pull it out of the market.  How are you feeling about the market?  What are you doing with your investments?

Randy Bish - Pittsburgh Tribune-Review

Randy Bish - Pittsburgh Tribune-Review

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Filed under political cartoons, The Economy