The Obama Recession
This is what the DOW has been doing since Obama was elected:
It's dropped 2000 points since election day. It was down 200 points after the first vote on Obama's bailout, and minutes after Geithner announced the next banking bailout it dropped another 50 points.
It's dropped 2000 points over the entire course of the Bush administration (remember September 11th is in there and the housing crisis in September which handed the election to Obama is that big drop).
Charts from http://finance.yahoo.com/.
It's dropped 2000 points since election day. It was down 200 points after the first vote on Obama's bailout, and minutes after Geithner announced the next banking bailout it dropped another 50 points.
It's dropped 2000 points over the entire course of the Bush administration (remember September 11th is in there and the housing crisis in September which handed the election to Obama is that big drop).
Charts from http://finance.yahoo.com/.
posted by Matthew Canonicus at
11:26 AM
3 Comments:
I have said this many times and I will say it again, my husband is a small business owner, he has about 15 employees. As soon as Obama was elected, well, actually a little before when the writing was on the wall it was decided that staff was going to be let go. They are just deciding on how many. They are currently going to let one employee go for sure and possibly two more. These are professionals with degrees. Two are the breadwinners of the family and they feel horrible. But they have a Firm to keep a float and we like our lifestyle. He figures he will work more and bring the money home and wait to see what happens. I know this sounds horrible but my husband is not going to cut his pay if he doesn't have to just to keep staff especially since he knows him and the staff they keep can just cover the work.
Also, you don't even want to know the language he used when Obama said it was not the time to be "turning a profit", Oh, my gosh, I thought he might stroke out.
Anyways, I feel for the employees and he does too.
We also own our own business and from now and into the unforeseeable future, our employees are family only. Our attitude is batten down the hatches and use what we own outright to help feed and shelter all of us. I hope it doesn't get that bad but we are like all of the hardworking Americans in our county and we don't like the idea of working under socialism and we surely, don't want anything we do or own to go toward supporting a form of government we hate. We want to keep our freedom and if that means tightening our belts, doing without some of the material things we are used to, or having to take an uncomfortable stand, then that's what we'll do to try and preserve freedom.
I think we had a chance of pulling ourselves out of the recession but all of this money being printed and thrown into the system can do nothing but devalue the dollar. I'm no economist and I don't know how soon hyperinflation will hit but I know it is coming.
No one know what's in the 'stimulus' bill but I think it is a very large down payment on greater socialism in America.
You know? If someone charted my hopefulness for a good outcome out of this matter, it would look just about like your chart, Matt of the stock market since the election. That's when I'm glad that my hope isn't really in politicians or human governments at all but in God. He'll get us through this mess and show us how to walk during these doubtful times, one step at a time.
That sounds horrible, Lucy and Lady L. I had no idea there were so many small business owners here. I'm a government contractor ... which basically means I never have to work harder or anything because the government gives me a paycheck regardless of the quality (and no, having all the forms and formalities and "accountabilities" doesn't mean quality). My mom is a small business owner, and her company is very, very close to insolvency. That's more the fault of the socialist state of Hawaii than Obama, though.
Lucy: an startling take on the 'it's not the time to be turning a profit' remark. Lady L: thanks for the reminder about where our trust should be.
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