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Dow Rockets Upward, Conservatives Lose Again

The boo-birds in the right wing blogosphere must be kicking themselves right now. They hate it when America succeeds while Democrats are in control. They hope that Obama will fail, and that America will slide into a depression that lasts until the 2010 election.

Hopefully they've taken their own advice and are not participating in the market rally over the last week. There are excellent signs today of strong buying and market players are not selling into the rally, indicating further strength.

Obama told them the market was fundamentally sound and they mocked him. I hope they lose their shirts. Having a vocal minority cheerleading the demise of our nation doesn't help this country one bit.

A good swift financial kick in the ass is fitting and appropriate for Limbaugh and his wannabees, but then you also have recognize that these clowns are major hypocrites - and it's possible they've been singing the blues while secretly hoping for the best and investing their money despite they vocal opposition to success.

Is it wrong to hope the right wing loses? I guess I'm safe if I say instead that I hope conservatism fails. That's the excuse they used to talk down this nation and its prospects for recovery.

Update: I've heard it mentioned today that some mutual fund managers are looking at ways to create funds which will allow ordinary investors an opportunity to participate in the purchase of these so-called "toxic assets" and benefit from the expected upside.


Note: Wizbang Blue is now closed and our authors have moved on. Paul Hooson can now be found at Wizbang Pop!. Please come see him there!

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Rating: 2/5 (8 votes cast)


Comments (18)

ke_future:

we don't hope for a recession that lasts til 2010, lee. we just fear that the stupid moves that obama is making will make the current recession last at least that long. here is the difference between conservatives and left-liberals: we want our country to succees, whoever is in charge, the liberal left don't care whether or not our country succeeds as long as they are in charge.

one of the primary reasons, if not *the* primary reason, the market is doing so well today is that obama's administration has finally pulished it's plan for the banking industry. whether or not you like it, at least investers now know what is going to happen. one of the reasons that the market was sliding since the election is that obama wasn't giving any details on his plan. well, now we have them.

personally, i don't like the plan. i think it's just throwing money away. and it gives the administration even more authority that it hasn't proved that it can use effectively. but at least now there is a "plan".

we didn't mock obama for saying that the market fundamentals were strong. we mocked him because when mccain said it in the campaign, the obama machine attacked him for it. but once obama was in office, suddenly the market fundamentals were strong. if we can't mock him for such obvious flip flopping, what can we mock him for?

i'm not entirely sure how what you say in the first part of your post leads to calling limbaugh a hypocrit. and nice....calling for violence against your political opponents. one more sign of which side of the political coin are the real facists. thanks for showing your true colors, lee :-)

it is certainly okay for you to want the right/conservative side to lose. you are, after all, a left-liberal. but if you go and actually read what has been said by each side for the past year, you would see that it has consistantly been the left talking down the country and the economy. what the right has been talking down was their belief that obama was qualified to handle the job and the plans and actions that he and other left-liberals have taken or advocated.

Allen:

It's one thing to advocate their conservative beliefs; it's another thing entirely to willfully sabotage America's government because a successful Democratic presidency would not be vulnerable to the fears and hatreds that have produced and sustained the radical Republican corporatism and extremism that have poisoned and crippled America. When the economy starts turning around and getting better watch the GOP take credit.

Just for the record, Fox Business News had its first broadcast on October 15, 2007. The previous close was 14,093.08. In other words, since Fox Business News came into existence, the Dow has dropped nearly 50%. Wowzers, maybe Faux Biz Noise should remove itself from the airwaves. They are single-handedly responsible for the Fox Depression and Stock Market Crash of '09. So fox Business News has less experience as a show than Obama has as an elected public official.

"I'm tired of seeing the same old, same old," RNC Chairman Michael Steele told Republicans at a party dinner in suburban Denver. "I'm tired of hearing the same old arguments. I'm tired of hearing the complaining." "We started drinking from that wonderful Potomac River" when in charge of Congress and the White House, Steele said, "We got that Potomac fever, and we lost our minds."

And all this happened at the end of eight straight years that America devoted to frantically chasing the shadow of a terrorist threat to no avail, eight years spent stopping every citizen at every airport to search every purse, bag, crotch and briefcase for juice boxes and explosive tubes of toothpaste. Yet in the end, our government had no mechanism for searching the balance sheets of companies that held life-or-death power over our society and was unable to spot holes in the national economy the size of Libya (whose entire GDP last year was smaller than AIG's 2008 losses).

Lee Ward:

ke_ burped: "nice....calling for violence against your political opponents. one more sign of which side of the political coin are the real facists. thanks for showing your true colors, lee :-)"

Violence - you've accused me of advocating violence?

"A good swift financial kick in the ass is fitting and appropriate for Limbaugh and his wannabees,"

That's not violence, that justice. That's a fitting end to Limpbaugh's cheerleading the recession on to lower lows. I hope he loses his shirt.

Stan25:

It is going to take more than a one day or a week of heavy stock buying to make up for the loses in people's 401ks or other retirement accounts that have occurred over the last 90 days since Obama was elected. The markets are just reacting to the bs that the SecTreas has been spewing the last week or so.

This is just a breather in the bear market and when the new Obama budget is passed by the Dems, I am looking at a market drop that would make that 600 point drop look like a dream. I am still say the Obama Depression will make the 1930s Depression look like an economic boom.

ke_future:

jeebus, guys. show me the proof that republicans are cheering for the US economy to collapse. show me where the republicans are "willfully sabotaging" the government. please bare in mind that opposing democrats does not equal sabotaging the government.

do the republicans think that economic mismanagement by the democrats may lead to a resurgance of the republican party in 2010? sure. just like the democrats thought that failure in iraq would lead to a resurgance for the democrat party in '06 and '08. but where we can point to specific actions and quotes by various democrats ("iraq is lost" - reid, for example). i have yet to see any quotes by republicans that they are actively opposed to the economy coming back. if you have some, let's see them.

allen, what are you sniffing? fox business news is a reporting channel. single-handedly responsible for the crash of 09? what the hell? seriously? the difference being that the obama adminsitration and the democrats in congress actually have the power to directly impact the markets and the economy.

yeah, and were there any other successful terrorist attacks on the US since 9/11? and you call it to no avail.

and you want to know why there wasn't better regulation on the companies that were responsible for the current economic conditions? why don't you ask Dodd, or Frank, or Pelosi? As has been documented in many places, Bush actually tried to get tighter regulation on Freddie Mac and Freddie Mae, and got rebuffed by the democrats in congress. Democrat congressmen are responsible for pushing for loans to classes of borrowers that were otherwise qualified, democrat congressmen were responsible for the changes in the tax laws that led to the current compensation packages that have an emphasis on bonuses and stock options that lead to short term thinking.

sorry lee, i know you were talking about a financial kick in the ass. but it was too good a snippit to let go without some kind of comment. and to be honest, the mentality behind what you said really is rather facist.

Lee Ward:

Republicans want Obama's plans for economic recovery to fail -- meaning America fails and goes into a recession -- and you call me a facist because I hope that FatHead Limbaugh personally fails?

You guys are over the top. No wonder most Americans think Republicans are a joke.

Allen:

Ke, ah yes, sounds like the truth hurts, can't blame Fox? But you sure damn well blame Obama, don't you? The GOP trickle down started this crap of the economy, but you probably are sniffing something if you can't see that.

Typical GOP BS, lies and smears, blame someone else, never accepting responsibility, etc, damn you gotta love those family values of the GOP!

Conservative Friend:

Lee; Look up the Dow on January 22, 2001, March 23, 2001, January 20, 2009, and March 23, 2009.

That way you can compare the Dow performance during the exact same time frame for two Presidents. One named Bush and one named Obama.

It would make a stunning addition to your diary.

The truth is the truth and it should not be feared.

Conservative Friend:

Lee, your colleagues at Wizbang refer to the President as Barack Hussein Obama.

Curious, did you ever refer to the last President as George Walker Bush? Or to his dad as George Herbert Walker Bush?

Paul Hooson:

Hopefully this will be the start of a good week for the Obama Administration which had a rough week last week despite some Wall Street gains. This young administration should have a number of big positives going their way this week including the Tuesday press conference that should help with public relations selling their hands on approach to the economy.

DaveD:

"Update: I've heard it mentioned today that some mutual fund managers are looking at ways to create funds which will allow ordinary investors an opportunity to participate in the purchase of these so-called "toxic assets" and benefit from the expected upside."

Wow, this is an incredibly novel idea, packaging toxic assets like mortgages as securities. Why did someone not think of this before?

Steve Crickmore:

Conservative Friend..I looked at the stunning differences, did you? Even with a much, much milder recession when Bush first took office, the Dow was at 10 587. Two months later it was about 9800 about 7% loss, a worse record than Obama's 5% loss since inauguration who is in a much worse recession...And the Dow continued to decline preciptiously in the next two years of Dubya`s reign, about a steep a decline in the first three years of the Reagan years. Far and away, the best percentage gains in the Dow occured throughout Clinton's 8 years: 3,300 to 10, 587, a plus 300% increase...Dubya's 8 year term made for an overall loss of about 25% from the time he came into office until he left office, when it was around 8000. You can do the charts yourself for any years, weeks, or days you wish. Good luck to try and alter the Dow averages to suit your favorite presidents. It is going to take real imagination.

Lee Ward:

My understanding is that these aren't mortgage backed derivatives, DaveD. These funds would buy the underlying houses (toxic assets) from the banks and then small investors could participate by buying the exchange-traded funds.

You've probably heard that the big boys are concerned that the huge profits they expect from the appreciation of these assets will somehow be taxed down the road. If you can get past the idea that they will be taxed for the moment, focus instead on the "huge profit" aspect.

And is Congress less likely to throw some sort of tax on the purchasers of the assets if some of them are mom and pop 401Ks? I think so.

John:

Very interesting that Obama and his lemmings continue to bash, demonize, and slander wall street...AND NOW NEED THEIR HELP FOR THIS PROGRAM TO WORK!

I wonder what the details of this program are going to be, 50, 60, 70, 80, 90 percent tax on profits? I mean, Geitner, with Dodd's help, did a great job with AIG...now how is this going to pan out...

Deke:

Tonight the Teleprompter has a news conference to clean up the mess the "Suit" made this week trying to speak without him.

"I bowel like a retard"
"The people of NY have no clue what it's like being a redneck in a doublewide in Arkansas or North Dakota"
"Ummm...ahhh...ummm...ahhhh"

I love how the "greatest communicator in American history" can't seem to do anything unless it's totally prepared and prepped. Him taking away from American Idol is more a diservice to America than his policies lol

Btw I'm one of those guys who voted for him, thinking that perhaps his campaign rhetoric was truthful, but like about 20% of the non Obama apologists who did vote for the suit, I've come to realize that I made a HUGE mistake and it's just politics as usual in Washington.

Lee Ward:

Thanks for stopping by and demonstrating the immaturity of Obama's detractors, Deke.

Way cool, dood. That prompter stuff totally rocks. Awesome... you moron.

Deke:

Thanks for stopping by and demonstrating the immaturity of Obama's detractors, Deke.

Way cool, dood. That prompter stuff totally rocks. Awesome... you moron.


LOL...too funny but the bottom line is can you disprove anything in the post? Didn't think so :)

Also, isn't calling someone a Moron the equivalent of calling someone a retard? Very un PC of you, people like you, I thought, prided yourself on political correctness I think Politically Uninformed-American would have been a more sensitive put down

ke_future:

you need to divorce obama's plans from your expected results of obama's plans. from what you write, you asssume, first that obama's plans will revive the economy. and secondly that they are the only thing that well. so you conclude that to oppose those plans automatically makes one oppose the recovery of the economy.

let me give you a different viewpoint on the situation. republicans don't believe that obama's plan is the only plan that could revive the economy. in fact they believe doing nothing is better than doing what obama proposes. therefore, opposition to his "plan" does not mean that we want the economy to fail. in fact it means the opposite.

lee, i called you a facist because i read what you wrote as proposing using the government to finicially punishing a person. that was an incorrect reading of what you wrote.

truth, allen? what truth? the GOP trickle down economy didn't start this crap. the back to back bubble bursts of tech and housing combined with a willfull manipulation of financial institutions via laws and political pressure started the credit crunch. and it was the credit crunch that really is the problem. not to mention the US national debt which just keeps getting bigger and bigger causing worries about the value of the dollar and the long term solvancy of the US.

allen, what, exactly, are the lies and smeers i'm peddling? do you disagree with something i wrote in the above analysis? if we disgree does that make what i said automatically a lie or a smeer? and what the hell does disagreement on economic issues have to do with family values? and when have i ever really spoken about social issues (which is usually what family values are about)?

steve, here is the chart covering the DJ from 1995 through today.
http://finance.yahoo.com/echarts?s=%5EDJI#chart3:symbol=^dji;range=19951002,20090324;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=off;source=undefined

The current downward trend started late in 2007, but really took the big dive in August of 2008. Just looking at the chart shows, i think, that the latest drops are much more than the ones that occured in the first several months of Bush's term. The real problems started happening after 9/11.

If you look at the times of the latest big drops, they correspond to when Obama locked up the nomination and then when it became obvious he was going to be president. To me, that says that investors don't have any confidence that Obama knows how to deal with the situation.


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Publisher: Kevin Aylward

Editors: Lee Ward, Larkin, Paul S Hooson, and Steve Crickmore

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