Thursday, February 19, 2009

There's A Storm Abrewing

Lotsa stuff today. The Chicago Traders Market wants to have another Boston Tea Party, instead of tea they'll throw worthless derivatives into Lake Michigan.

It's CNBC but take a look anyway. The traders are angry that Obama is rewarding bad behavior by subsidizing losers' mortgages; lowering the mortgage rate isn't going to help either- 40% of these bad mortgages can't be saved if the rate drops to -2%, these people should never had mortgages in the first place.
Even the Messiah's own administration is lowering expectations on what the stimulus package can or can't do. From the Investor's Business Daily:

Seven-hundred eighty-seven billion dollars apparently doesn't go as far as it used to. Even before the ink was dry on the stimulus bill, the president and his deputies were hinting it may not work as promised.

[...]Now with the $787 billion on the books — an amount greater than the entire federal budget in 1982 — the administration is suddenly in full expectation-lowering mode, throwing out strong hints that it may have to go back for second helpings in a matter of months.

"Signing Stimulus, Obama Doesn't Rule Out More," is how the New York Times put it. And, indeed, Obama sounded almost dour about the bill he had so aggressively pushed to get passed.

I guess a trillion dollars just don't go as far as it used to. And maybe with the new Tea Party they can remember to toss that useless, lying asswipe Roland Burris into the Lake also. From the Chicago Tribune:

Sen. Roland "Tombstone" Burris (D-Lying Weasel) insisted he was the Real Roland Burris, which must mean that some sneaky impostor is out there, doing evil deeds in our senator's name.

Yet Real Roland or Fake Roland, nobody believed him, because he's such a weasel who didn't tell the truth to a state impeachment committee about discussing fundraising for the former Gov. Rod Blagojevich, as part of a deal to have Blago appoint Burris to fill the Senate seat of President Barack Obama.

If he had told the truth, he wouldn't be senator today, and as he chattered on about how Democratic ward bosses really love him, a Democrat in the crowd whispered to me.

"What's Barack saying? Where's House Speaker Michael J. Madigan? Their silence is deafening," the guy said. "What are they saying?"


Burris is in such a deep hole that Chicago Race Baiters Religious Association pastors are now trying to get him to resign:

CHICAGO - A Chicago minister tells The Associated Press he and other black pastors who previously supported Sen. Roland Burris now plan to ask him to resign.

The minister spoke Thursday on condition of anonymity because a meeting with Burris hadn't yet been scheduled. He says the senator can no longer serve effectively.

In Phoenix, AZ, high school seniors mocked Obama's economic incentives. They just don't believe him. They have more sense as 18 year old students than the entire Democratic caucus in Congress.

"Overall I think it's a good idea, but he's not addressing the issues of the economic crisis," said Daudfar, a John McCain supporter who added he leans more toward being a moderate conservative. "The spending bill he just passed is just progressing the Democratic agenda rather than addressing the economic issues in the country."

Daudfar thinks Obama's plan is backward and deals with the "less important stuff" first. "Bailing out businesses" and "providing better regulatory systems for giving out money to businesses" should have been first, he said.

"If businesses can't afford to hire people, then people won't be able to work and pay off their mortgages," he said. "It's kind of like putting money into a funnel."

It's exactly like putting money into the crapper, Daudfar. And the stock market agrees witht he high school kids and not the so called economic hot shots in Washington. Today the Dow closed at a six year low and just about every other indicator is also in the crapper like Daudfar's funnel.

NEW YORK (Reuters) – The Dow industrials closed at a more than six-year low on Thursday as investor fears that banks could be nationalized drove their stocks to a 17-year low and a rise in the number people receiving jobless benefits to a record high stoked worries about the deepening recession.

After several near misses this week, blue chips blew through the November 20 bear market closing low in late trade, erasing a year-end rally built on hopes a new president would successfully tackle the deepening recession.

The Nasdaq fared the worst of the three major indexes after a disappointing outlook from Hewlett-Packard Co (HPQ.N) sent its stock down almost 8 percent and dragged down other technology shares, Hewlett-Packard, the world's largest PC maker, which warned its expects weak market conditions to persist, was also the Dow's biggest negative weight.

Yeeeehaw, ride the lightning.

No comments: