Bush announces shot in the ass. Market tumbles.
AP reports:
"WASHINGTON - President Bush, acknowledging the risk of recession, embraced about $145 billion worth of tax relief Friday to give the economy a 'shot in the arm.'"
Upon this news, the market took a nose dive. But it's not like there's anything seriously wrong with our financial system or anything. He's just doing this because "There is a risk of a downturn."
Just because three of the five largest banks in the country have lost almost a trillion dollars in value and they've had to go cup in hand to countries like Singapore and Kuwait for a bail-out shouldn't make anyone think we're in any kind of trouble. And the stock market loses over the past few days are merely a blip. I'm sure minutes after W. spoke this morning the market re-bounded.
No?!
AP reports:
"NEW YORK - Wall Street resumed its downward trek Friday as skittish investors, unable to hold on to much optimism about the economy, drew little comfort from President Bush's stimulus plan. Investors had already pulled back from a big early gain, with the major indexes trading mixed as Bush began to speak. By the time the president finished announcing a plan for about $145 billion worth of tax relief, the indexes were well into negative territory. . . With the banking industry trying to fix its shrinking portfolios and preparing for more distress in consumer debt, the economy may only have the government to fall back on — and Wall Street didn't hear enough from Bush Friday to placate investors." [My itlaics]
What ever happened to the theory that anything the government could do business could do a hundred times better? Now that these investors and banking mogols have royally fucked things up and taken us all down with them, all in the name of stupidity and greed, now they're unhappy the government isn't doing more!
Talk about chutzpa!
W.'s new plan calls for the government to put about $150 billion, or 1% of GDP, into the economy by giving out $100 billion in tax refunds to individuals and $50 billion to business, the ones who drove us into this ditch in the first place). W. says he's "Letting Americans keep more of their money should increase consumer spending."
Right. That's what he said about his tax cuts for the rich, and how did that work out?
How far is $150 billion going to go between several tens of millions of tax paying Americans, anyway? I remember, back in the 90's I got one of those checks from W. & co. which was for about $300. That went right into my rent and I still owed another $300! Big whoop!
Seems to me, the way things normally go, that $50 to big business will wind up going a lot further towards feathering their own nests. W. claims giving money to his rich mucky muck base will an "incentive to invest now will encourage business owners to expand their operations, create new jobs and inject new energy into our economy in the process."
And I've got some land in Florida I'd like to sell you!
No matter what happens with the economy over the next you know who's going to take it in the jaw. Those of us working for a living.
"WASHINGTON - President Bush, acknowledging the risk of recession, embraced about $145 billion worth of tax relief Friday to give the economy a 'shot in the arm.'"
Upon this news, the market took a nose dive. But it's not like there's anything seriously wrong with our financial system or anything. He's just doing this because "There is a risk of a downturn."
Just because three of the five largest banks in the country have lost almost a trillion dollars in value and they've had to go cup in hand to countries like Singapore and Kuwait for a bail-out shouldn't make anyone think we're in any kind of trouble. And the stock market loses over the past few days are merely a blip. I'm sure minutes after W. spoke this morning the market re-bounded.
No?!
AP reports:
"NEW YORK - Wall Street resumed its downward trek Friday as skittish investors, unable to hold on to much optimism about the economy, drew little comfort from President Bush's stimulus plan. Investors had already pulled back from a big early gain, with the major indexes trading mixed as Bush began to speak. By the time the president finished announcing a plan for about $145 billion worth of tax relief, the indexes were well into negative territory. . . With the banking industry trying to fix its shrinking portfolios and preparing for more distress in consumer debt, the economy may only have the government to fall back on — and Wall Street didn't hear enough from Bush Friday to placate investors." [My itlaics]
What ever happened to the theory that anything the government could do business could do a hundred times better? Now that these investors and banking mogols have royally fucked things up and taken us all down with them, all in the name of stupidity and greed, now they're unhappy the government isn't doing more!
Talk about chutzpa!
W.'s new plan calls for the government to put about $150 billion, or 1% of GDP, into the economy by giving out $100 billion in tax refunds to individuals and $50 billion to business, the ones who drove us into this ditch in the first place). W. says he's "Letting Americans keep more of their money should increase consumer spending."
Right. That's what he said about his tax cuts for the rich, and how did that work out?
How far is $150 billion going to go between several tens of millions of tax paying Americans, anyway? I remember, back in the 90's I got one of those checks from W. & co. which was for about $300. That went right into my rent and I still owed another $300! Big whoop!
Seems to me, the way things normally go, that $50 to big business will wind up going a lot further towards feathering their own nests. W. claims giving money to his rich mucky muck base will an "incentive to invest now will encourage business owners to expand their operations, create new jobs and inject new energy into our economy in the process."
And I've got some land in Florida I'd like to sell you!
No matter what happens with the economy over the next you know who's going to take it in the jaw. Those of us working for a living.
posted by William Duane at 12:46 PM
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