Chris Matthews Calls the Dow Jones Obama's Scorecard

[L. Coyote]

Run time: 03:43 https://www.youtube.com/watch?v=9kn3a2Cd-ZQ   Posted on YouTube: February 24, 2009 By YouTube Member: Views on YouTube: 0   Posted on DU: February 24, 2009 By DU Member: L. Coyote Views on DU: 965

 

[freemarketer6]

1. Yes, Chris. A crisis of confidence of epic proportions. The

seniors that are patients at my wife's SNF are furious. Some have already had to leave the facility because their dividends on stocks have been cut, like JP Morgan did today reducing its dividend 80% to a nickel, so it can pay off the TARP funds quickly and not have to abide by government regulations, which is causing people to leave the company. The balance among short-term, medium-term and long-term stimuli was not there in the stimulus package. We have medium-term and long-term--that's it. And, if the massive inflation takes over because of the large increases in M2, the stimuli will have no effect at all.. Well, I've ranted enough. Many have it worse than I. I just hope if I have to exit of my own doing it won't be too hard to find the right painless vehicle and my wife will be able to keep the house.

[JDPriestly]

10. I'm a senior. I live in a working class neighborhood.

I have very little sympathy for true believers in the free market who did not see this coming. It was real obvious where I live. Houses that sold for $70,000 just a few years ago were suddenly selling for $700,000. Meanwhile, wages had barely risen if at all.

The crisis is in wages. The babyboomers are retiring. The younger generations are not as large, have less discretionary income and invest less. Unless we figure out a way to put more money in the pockets of working people, retirees' pension funds will continue to decline in value.

I posted this simple fact on DU many, many times before the bust. Many people characterize Social Security as a Ponzi scheme. The fact is that the whole retirement fund, 401(K) craze is even more of a Ponzi scheme. When the babyboomers were in their late 40s and 50s, we had booms. Now the oldest of them are in their 50s and 60s and taking their retirements. They no longer put money in the Ponzi scheme that is Wall Street. Obama cannot change the demographics. Don't blame him.

[PM Martin]

2. The Dow Jones reacts to economic news.

The stock markets are NOT the economy.
They are but one of MANY measures!

[freemarketer6]

3. Sorry, sir, but it is the stock market that controls the economy

now--not the other way around. It's been that way since Reagan. Is that right, correct, as it should be? No. But that's the way it is.

[PM Martin]

5. It is not the way is should be.

People such as Obama, Brown, Merkel, and Zapatero need to work to change this.

[freemarketer6]

6. Well, at least you didn't call me a Freeper. Thank you for that. I

agree. But I don't how you could do it. Maybe when the boomers are gone things can be changed. But not now. You can't go from uncontrolled greed to altruism overnight.

[JDPriestly]

11. No one trusts Wall Street. That is why no one is investing.

Once good regulation is in place, people will return. But baby boomers will never have the money to invest like they did in the '90s.

[Captain Lance Bass]

4. We won we.. own it..comes with the job

Unlike Bush..

"911 was Clintons fault"
"DOT.COM bubble was Clintons fault"
"__________was Clintons fault"



President Obama WILL NOT worry about who is to blame..he is set on correcting it.

Get used to it..our guy won.

[trthnd4jstc]

7. The Fundamentals of our economy began to go off in the late 1960's: Deficits, Overproduction, and

An Attempt by Republicans to outsource and downsize the Unions away.

[Cash_thatswhatiwant]

8. Ummm...how does he know obamas not huddling with the best economic minds?

stupid.

[Mojorabbit]

9. He was on a roll today

I think he must have taken a big hit in the market. Trouble is the market is also reacting to overseas news. What is good for wall street is not what is necessarily good for main street.