Breaking: Dow, S & P Set New All-Time Records. Thanks, President Obama

[hoosier_daddy]

god, wonderful news, once again!!  how many times has the record been broken now, 25 or so?  just amazing.  and to think not that long ago bush had left obama with the second worst economic meltdown in history- the aptly named BUSH RECESSION...and the dow had lost about half its value the last year to about 7900!!!  just an amazing recovery thanks to the president and the after effects of his stimulus program, that not one republican house member voted for, and only three republican senators voted for. 

The Dow and S&P 500 hit new all-time highs on Thursday, as initial jobless claims data beat expectations.

First, the scoreboard:

Dow: 17,265.99, +109, (+0.6%)
S&P 500: 2,011.32, +9.7, (+0.5%)
Nasdaq: 4,593.42, +31.2, (+0.7%)

The weekly report on initial jobless claims fell to 280,000, less than the 305,000 that was expected by economists and down from last week's 316,000. Following the report Ian Shepherdson at Pantheon Macro said: "With the exception of the week of July 19, when claims were distorted by the automakers' shutdowns, this is the lowest reading since May 2000."



Read more: http://www.businessinsider.com/closing-bell-september-18-2014-9#ixzz3Dl2fXhMj


As the Washington Post reported, the House Budget Committee heard testimony from CBO Director Douglas Elmendorf to answer simple question: did the $787 (a third of which was for tax cuts) billion Obama stimulus work? Unfortunately for Republican propagandists, Elmendorf clearly refuted Mitt Romney's claim that the American Recovery and Reinvestment Act (ARRA) was "the largest one-time careless expenditure of government money in American history."

 Under questioning from skeptical Republicans, the director of the nonpartisan (and widely respected) Congressional Budget Office was emphatic about the value of the 2009 stimulus. And, he said, the vast majority of economists agree.


In a survey conducted by the University of Chicago Booth School of Business, 80 percent of economic experts agreed that, because of the stimulus, the U.S. unemployment rate was lower at the end of 2010 than it would have been otherwise.

"Only 4 percent disagreed or strongly disagreed," CBO Director Douglas Elmendorf told the House Budget Committee. "That," he added, "is a distinct minority."

 Not content with that response, Kansas Republican Rep. Tim Huelskamp tried again. "Where did Washington mess up?" Huelskamp demanded. "Because you're saying most economists think it should've worked. It didn't." As the Post's Lori Montgomery detailed, Elmendorf drove home the point:

 Most economists not only think it should have worked; they think it did work, Elmendorf replied. CBO's own analysis found that the package added as many as 3.3 million jobs to the economy during the second quarter of 2010, and may have prevented the nation from lapsing back into recession. Elmendorf's agency released its latest assessment of the stimulus just last week. And as the table below shows, at its peak in 2010 the ARRA added up to 3.3 million jobs, cut unemployment by as much as 1.8 percent and boosted GDP by up to 4.1 percent. (It's also worth noting that the CBO once again confirmed that aid to the states and purchases by the federal government delivers the biggest bang for the buck, while upper income tax cuts provide the least.)

Still, the Romney campaign remains determined to whitewash that message. As one Romney aide described President Obama's stimulus program, "He spent $800 billion of everybody's money. How'd it work out?"
As it turns out, it worked pretty well.

Sadly for the myth makers of Team Romney, the facts and the overwhelming consensus of economists - including John McCain's 2008 brain trust - prove otherwise. President Obama not only did not make the American economy worse; no thanks to obstructionist Republicans in Congress he saved the United States from "Great Depression 2.0" and put the nation on the path to recovery.

The proof starts, but certainly doesn't end with the Congressional Budget Office (CBO). Despite Republican mythmaking that the American Recovery and Reinvestment Act (ARRA) "created zero jobs," in November the CBO reported that the stimulus added up to 2.4 million jobs and boosted GDP by as much as 1.9 points in the previous quarter. As The Hill explained, the CBO has found that "President Obama's 2009 stimulus package continues to benefit the struggling economy":

 The agency said the measure raised gross domestic product by between 0.3 and 1.9 percent in the third quarter of 2011, which ended Sept. 30. The Commerce Department said Tuesday that GDP in that quarter was only 2 percent total...


By CBO's numbers, the $800 billion stimulus added up to 0.9 million jobs in 2009, 3.3 million jobs in 2010 and 2.6 million jobs in 2011.

 In February, the New York Times assessed the impact of the Obama stimulus and rebutted its Republican critics who looked instead to the UK for inspiration:
 By comparison, despite criticism of its size and composition by both the right and the left, the stimulus by the Obama administration did add to jobs and growth. The nonpartisan Congressional Budget Office estimates it will have contributed at least 1.6 million jobs and perhaps as many as 8.4 million by 2013.


This month, the Booth School of Business at the University of Chicago surveyed a panel of economic experts of different political persuasions about the impact of the president's stimulus package: eight out of 10 said it had contributed to lower unemployment by the end of 2010. There was less consensus on whether its benefits would exceed its long-term costs, including higher taxes to pay for the spending. Still, when asked if the policy was worth it, four times as many economists agreed as disagreed.
 

Among those economists is Mark Zandi, who in 2008 served as an adviser to Republican John McCain. Federal intervention, he and Princeton economist Alan Blinder argued in August 2010, literally saved the United States from a second Great Depression. In "How the Great Recession Was Brought to an End," Blinder and Zandi's models confirmed the impact of the Obama recovery program and concluded that "laissez faire was not an option":

 The effects of the fiscal stimulus alone appear very substantial, raising 2010 real GDP by about 3.4%, holding the unemployment rate about 1½ percentage points lower, and adding almost 2.7 million jobs to U.S. payrolls. These estimates of the fiscal impact are broadly consistent with those made by the CBO and the Obama administration. But their modeling also suggests that the totality of federal efforts to rescue the banking system dating back to the fall of 2008 prevented a catastrophic collapse:
 We find that its effects on real GDP, jobs, and inflation are huge, and probably averted what could have been called Great Depression 2.0. For example, we estimate that, without the government's response, GDP in 2010 would be about 11.5% lower,  payroll employment would be less by some 8½ million jobs, and the nation would now be experiencing deflation.

No, President Obama has not expanded government. He has not "made the economy worse." And as the CBO's Doug Elmendorf made very clear to disappointed House Republicans yesterday, the stimulus was an incredible success.

[sweetwater5s9]

The economy has grown by roughly $1.1 trillion in the last five years. (Just ignore the fact that the Federal Reserve has injected more than $2 trillion into that same economy, and we’re still barely able to squeak out any consistent GDP growth.)

[hoosier_daddy]

right wing lies.  why do you believe such bullshit, boy?  why do you like showing off what an easily played, gullible chickenshit right wing meat puppet you are? do you get off on being humiliated?

[dont-blameme]

nigger whore boy what's the GDP growth rate?

[hoosier_daddy]

here are some real numbers for you to try and understand-

Bush Era Decline   1/19/2001 to 1/20/2009   
S&P 500   $1,342.54   $805.22   -40%
Dow Jones Industrial   $10,587.59   $7,949.09   -25%
NASDAQ   $2770.38    $1440.86     -48%


Obama 2009-2013 Meteoric Rise (even higher today, by far)


Since President Obama took office, the Nasdaq has increased by 203 percent, the S&P 500 by 143 percent, and the Dow Industrial Average by 114 percent.



and this graphic on job creation, which is dated, today it is way higher for obama....

[D2D]

No, thanks to the Fed for flooding the markets with free money!

Soon we will pay for that folly with double or triple digit inflation!

[hoosier_daddy]

nigger whore boy what's the GDP growth rate?

go fuck yourself, you chickenshit racist moron....why even post a comment like that, you retarded asshole?

No, thanks to the Fed for flooding the markets with free money!

Soon we will pay for that folly with double or triple digit inflation!

you dumbass repubs have been crying about non-existent inflation for about 5 years now.  give it up, dumbass. 

[dont-blameme]

You use chickenshit  we use nigger to describe you nigger whore boy nigger is an attitude so nigger suits you to a tee, plus it's also a sign of stupid and mental which also suits you to a tee nigger whore boy!

[D2D]

 

you dumbass repubs have been crying about non-existent inflation for about 5 years now.  give it up, dumbass. 

Anyone who buys groceries knows better!

[hoosier_daddy]

You use chickenshit  we use nigger to describe you nigger whore boy nigger is an attitude so nigger suits you to a tee, plus it's also a sign of stupid and mental which also suits you to a tee nigger whore boy!

go away, moron.  you are a chickenshit because you act like a chickenshit and are a racist moron.  all racists are chickenshits.  it is by your words and actions you define YOURSELF as a chickenshit punk ass bitch.  calling people a nigger is just what chickenshits do.  judging all people by their skin color.  like a fucking chickenshit.  like you. 

Anyone who buys groceries knows better!

tell me you are not so fucking stupid you think slightly higher egg and meat prices have anything to do with the stock market going crazy...are you saying you would prefer the stock market tank like it did the last year of bush because you don't want the price of a dozen eggs to go up 3 cents?  are you insane?

[sweetwater5s9]

Despite the fact that the Federal Reserve has been pumping trillions of dollars into the economy with their Quantitative Easing program, our nation has seen anemic economic growth. In real dollars, the Fed (mostly under the leadership of Ben “easy money” Bernanke) has injected about $2 trillion into financial markets. This money (according to people who read Keynes as if he penned the economic gospel) was supposed to increase liquidity in the system and multiply, thereby creating jobs and prosperity. According to the theory of that guy who once said “we’re all dead in the long run”, the free Fed cash was supposed to result in massive job creation, and intense credit growth…

Overpriced homes, new cars, and standard 9-5 jobs for everyone!
 
   Of course, this hasn’t happened. In fact, despite the $2 trillion of “free” Fed monies, our ailing economy only managed to grow about $1.1 trillion in that same time span… So, to be clear: The Fed printed up $2 trillion worth of cash, and handed it to Wall Street. Stocks climbed steadily, and the economy only grew by half as much as the Fed had printed… This is apparently what happens when Liberals run the government.

Whatever possible benefit the Federal Reserve could have had on the economy has been largely offset by the disastrous Obama policies of regulation and micromanagement. The truth is, the economy can only handle so much progressivism before it collapses under the weight of bureaucrats.



Michael Schaus

[dont-blameme]

Stop acting like a nigger, nigger whore boy and you wont be called one your choice nigger whore boy act like one cuss like one with your famous word of m/f then you'll be called one.