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Stocks drop as Obama speech and housing data weigh

Original post made by Sharon on Feb 25, 2009

NEW YORK (Reuters) - Stocks fell on Wednesday as investors found little new in a major speech by President Barack Obama on how he planned to stabilize the economy, while gloomy home sales data weighed on the market.

Looks like we have seen the dead cat bounce last night.

Comments (25)

Posted by The Real Sharon, a resident of Midtown
on Feb 25, 2009 at 9:43 am

Yes, it is disappointing that Obama has not managed to fix the problems that Bush created in 8 years during his first month in office.
Weren't you the Sharon, who in other e-mails, were crowing about how Obama will put Israel in it's place. So which side are you on?
Seems you want Obama to fail (the wet dream of all Limbaugh republicans).
I believe you also made mention of the "dead cat bounce" after the democratic convention--look what happened after that--Obama crushed McCain--get over it,Sharon.

Posted by Paul, a resident of Downtown North
on Feb 25, 2009 at 10:26 am

It's perfectly understandable that Obama's program would panic our overglorified Bulwarks of Capitalism. He didn't promise near as much socialism for Wall Street as they would like; he boosted Main Street America instead.

Wall Street has been overrated since the Reagan era. It's time we saw it for what it is - the despoiler of 401(k)s.

Posted by Perspective, a resident of Midtown
on Feb 25, 2009 at 11:00 am

Certainly, don't let numbers delude you away from your beliefs!

Let's see, growing economy from an inherited recession and 9/11...all created in the first month of office..

versus declining economy from and inherited recession..and NO 9/11 ( thank God) ..all created in the first month of office.

So much better now!!

Posted by Sharon, a resident of Midtown
on Feb 25, 2009 at 11:25 am

On Wednesday, the Rasmussen Investor Index declined another half-a-point to 54.1.
That's down eight points from a week ago and 13 points from a month ago.
It's also the third straight day that investor confidence has fallen to the lowest levels ever recorded in the seven-year history of the Investor Index.Web Link

Posted by The Real Sharon, a resident of Midtown
on Feb 25, 2009 at 11:37 am

And of course, Sharon, that is completely Obama's fault.

Posted by Paul, a resident of Downtown North
on Feb 25, 2009 at 1:04 pm

"On Wednesday, the Rasmussen Investor Index declined another half-a-point to 54.1"

Obama ain't giving those petulant little Wall Streeters enough silver platters and red satin bows.

Posted by stock trader, a resident of Crescent Park
on Feb 25, 2009 at 1:41 pm

Why does everyone think Obama's job is prop up the stock market? Oh, I get it, that's why we keep seeing these "stimulous" bills. $800 billion more just to keep the market from dropping. LOL!

Posted by Perspective, a resident of Midtown
on Feb 25, 2009 at 4:08 pm

How much longer before the leftists understand that they more they interfere in the economy, the worse it gets? Or does anyone here think they are actually trying to drive us so far down that we will beg for more socialism..maybe even have a communist takeover?

Anyone read Alinsky, or maybe the Communist Manifesto, lately and can tell me the game plan?

Posted by Paul, a resident of Downtown North
on Feb 25, 2009 at 5:11 pm

Wake up and get some perspective Mr/Ms P. GW Bush and the Neocons showed us conclusively how spectacularly the rightist laissez-faire market model fails. After 8 years of it, Wall Street, the banks, and the once-almighty GM are begging for socialism, really lots of socialism. You, Perspective, are a fading voice of the past, lost in the wilderness, abandoned even by your heroes.

Posted by OhlonePar, a resident of Duveneck/St. Francis
on Feb 25, 2009 at 7:40 pm


Once again, your poor grasp of American history is showing. Hoover and laissez-faire unregulated markets led us into the Great Depression. I know there's a recent attempt by neocons to put it on Roosevelt, but fact is the nadir occurred in 1932. Can't blame the Depression on socialism or liberalism.

Go further back and you'll see other near collapses--i.e. the great panic in the 1870s--again unregulated markets.

Fact is, greater regulation post Great Depression was aimed at controlled growth. And it mostly worked. I was around for the 1970s recession and what we're experiencing now is quite a bit more extreme.

Anyway, Reagan and co. wanted a less-regulated market. And this has meant more extremes in each direction. Not surprising, really.

Your attempting to conflate Democrats with communism is very, very silly. You do realize that the government doesn't really want to run the banks, don't you? Or that this far from the first time that the feds have had to take over financial institutions? Resolution Trust Corp. ring a bell?

Posted by Sharon, a resident of Midtown
on Feb 25, 2009 at 8:04 pm

you need a course in USA history as does obama, he claimed last night that we invented the automobile--WRONG it was Benz in Germany.

He claimed we built the railroads in the civil war--WRONG-- the railroads across the country where build by British railroad investment and in the West buy Chinese indentured labor.

But as Indiana J said, " I make it up as I go along"

Accusing Southern Whites of incest deserves the worst contempt, you should be very ashamed ohlone par, such sentiments are not those of the Ohlone community, just ask Susan Charles

Posted by The Real Sharon, a resident of Midtown
on Feb 26, 2009 at 8:40 am

Sharon--where did OP make the statement you claim he made?
OP is a pariah? Who decided that you? Aren't you the same Sharon that claimed that Obama and Gwen Iffels would be toast? Not good at predicting anything, are you? Aren't you the same Sharon that stated that Obama would soon put Israel in "it's place"? So you would support Obama on that, but want his other ideas to fail?
Seems like all you want to do is stir the pot.

Posted by R Wray, a resident of Midtown
on Feb 26, 2009 at 9:49 am

Want to get a little emotional relief? See this video:
Web Link

Posted by Perspective, a resident of Midtown
on Feb 26, 2009 at 4:48 pm

Hmmm...the stocks continue to dump yet another day

"IN SPITE OF" (hahahha..BECAUSE OF..) the trillion-ish dollar American Reinvestment Act ( scarily named in the same way as the Community REINVESTMENT Act, a fact which alone should scare the pants off you),

"IN SPITE OF" ( because of) a budget proposal that is 4 times the deficit of Bush, and 12% of the GDP, the same as FDRs ( who extended the Depression because of his spending on GOVERNMENT GROWTH) and double the one in 1983 when Reagan was vilified for his DANGEROUS budget deficit projection, ( which turned into a massive success because it STIMULATED private jobs which PAY TAXES, instead of expanding govt jobs).

"IN SPITE OF" ( because of) the new proposal that $315 Billion in Tax raises come from decreasing Charitable and House Mortgage Interest Deductions ( brilliant, absolutely brilliant)

"IN SPITE OF" ( because of) a brilliant speech by Barack Hussein Obama where he continued to show that he is DETERMINED to spend as much as possible, gain as much power as possible, and entrench as much government/court control as possible on the private sector.

Even in FRANCE they are learning that this kind of economic "stim" is bad for the economy. Sarkozy is pushing through INVESTMENT stimulating measures, not CONSUMER OUTCOME EQUALIZING measures. Sure, as usual, the government job and student folks all struck, but it didn't shut down the country as it used to, and people just kept moving onward.

Posted by Peter, a resident of another community
on Feb 26, 2009 at 5:34 pm

People who get jiggy with all caps reduce their believability to zip.

Posted by Paul, a resident of Downtown North
on Feb 26, 2009 at 5:41 pm

[Post removed by Palo Alto Online staff.]

Posted by OhlonePar, a resident of Duveneck/St. Francis
on Feb 27, 2009 at 1:35 am


In other words, you can't defend your comments, so off you wander elsewhere.

Susan Charles seems to like me just fine--though I'm just one of many, many parents to her. It always does amuse me when people make amazingly random guesses as to my identity.

By the way, Obama didn't specify who built the railways, he made a reference to *when* they were built. And, no, they weren't all Brits.

Posted by Paul, a resident of Downtown North
on Feb 27, 2009 at 1:33 pm

"Hmmm...the stocks continue to dump yet another day...etc."

Hmmm.. some people like to invent American failures and gloat over them. What country are you posting from?

Posted by samuel, a resident of Stanford
on Feb 27, 2009 at 3:12 pm

WSJ today-"The Dow Jones Industrial Average dropped 119.15 points, or 1.7%, to end at 7062.93.

The blue-chip benchmark ended down 937.93 points, or 11.72% on the month -- the worst percentage drop since 1933, when it fell 15.62%."

I understand why Obama is feeding the panic, he wants a smokescreen while he rams through a radical socialist agenda as fast as he can while the population is confused by fear and doubt.

Such tactics were common in totalitarian regimes, both fascist and communist

But I never thought we would see it in the USA, what a frankenstein monster we have unleashed !

Posted by Mary, a resident of Hoover School
on Feb 28, 2009 at 5:10 pm

President Obama's first speech to a joint session of Congress was stuffed with signals about the new direction his budget will take and meant-to-be reassuring words about the economy.
But it was also peppered with exaggerations and factual misstatements.

He said "we import more oil today than ever before." That's untrue. Imports peaked in 2005 and are substantially lower today.

He claimed his mortgage aid plan would help "responsible" buyers but not those who borrowed beyond their means. But even prominent defenders of the program including Fed Chairman Bernanke and FDIC chief Bair concede foolish borrowers will be aided, too.

He said the high cost of health care "causes a bankruptcy in America every 30 seconds." That's at least double the true figure.

He flubbed two facts about American history.
The U.S. did not invent the automobile,
and the transcontinental railroad was not completed until years after the Civil War, not during it.

He claimed that his stimulus plan "prevented the layoffs" of 57 police officers in Minneapolis.
In fact, it's far more complicated than that, and other factors are also helping to save police jobs.

Posted by Perspective, a resident of Midtown
on Feb 28, 2009 at 10:09 pm

High costs of health care causing bankruptcy to even one person every minute simply doesn't pass the smell test.

I remember Herb Caen making a joke about San Francisco having 237 Meter Maids per resident...and a friend of mine believing it. This is one of those statements.

I will check it out.

The bottom line is that this President and most of his Cabinet simply are incapable..incapable of factual transmisssions or effective proposals. Any "fact" they give is completely suspect, and meant to scare decent people into pitying all the people who are suffering, so they will hand over more of their paycheck to Obama to "give out" the way he wants.

As for myths about Health Care Insurance Uninsured..check this one out "Top 10 Myths of American Health Care" by Sally Pipes at Pacific Research. It is a pdf, so it takes a while to load, but worth the read. Or go directly to pacificresearch dot org and look it up by title if you prefer to read online.
Web Link

Just have to wait him and the rest out. Mid-term elections are 20 months away, Presidential 44 months. Just hang on, folks.

Top Myths

1) 46 Million Americans can't get health care
2) Drug costs drive up health care
3)We're spending too much on health care
4) Govt is more efficient than private deliverers of health care
5)Importing drugs would reduce health care costs
6) Govt prevention programs reduce health care costs
7)WE more government insurance for poor americans
8) govt run universal health care in other countries are cheaper and more effective than ours
9)Health Info Tech is the silver bullet
10) Universal coverage can be achieved by forcing everyone to buy insurance

Posted by resident, a resident of Charleston Meadows
on Mar 1, 2009 at 12:49 am

Since when was public welfare ever better than a private service? Obama wants everyone on public welfare. So much for working hard to earn a better pay when it's just taxed away for someone lazier or someone who chose to pursue a lesser pay career.

I feel as though the A student, the one who worked hard, sacrificed parties, sacrificed that night out to have fun in order to get good grades is being punished to pay to help for a good life for that C student when that C student was ought partying, doing drugs, drinking, or watching t.v.

Posted by Perspective, a resident of Midtown
on Mar 1, 2009 at 7:45 am

"meant to scare decent people into pitying all the people who are suffering, so they will hand over more of their paycheck to Obama to "give out" the way he wants."

To clarify what I meant, ..I meant scare decent people into pitying all the people they BELIEVE are suffering, like the supposedly million people in America per year going "bankrupt" from medical bills. It has always been thus. A poll can find that 80% of Americans are very happy with their jobs and their lives, but another poll can find that 80% believe that "most" Americans are unhappy and suffering, since all we have are our (now) leaders and media telling us how horrible everything is.

Posted by Perspective, a resident of Midtown
on Mar 1, 2009 at 8:06 am

Ok, checked it out. Look up at Heritage Foundation the facts ( based on an article written in 2005 by Tim Kane, PhD.

Web Link

Since 1978 when bankruptcy law changed under Carter to make it much easier to walk away from your responsibilities, contributing to lender dry up and spiraling interest rates of the time, we have doubled our bankruptcy filings ever decade. So, it is concievable that we will have 2 million bankruptcies this year. If you buy the idea that 50% of all bankruptcies are "medical", you come up with this absurd "every 30 seconds there is a medical bankruptcy" idea.

However, here is a small quote from Kane

"The liberal line that some 50 percent of modern bankruptcies are driven by health care emergencies has been discredited...... The study with the "50 percent" claim is based on a SURVEY of debtors that sets the bar so low that any filer with medical bills exceeding $1,000 counts as a medical bankruptcy. By this logic, anyone with a car payment over $100 a month who goes bankrupt would count as a "car bankruptcy." "

Surveys and Statistics can be twisted into unrecognizable results.

Posted by Perspective, a resident of Midtown
on Mar 1, 2009 at 8:09 am

And, even if there are bankruptcies that are legitimately from medical costs, I have to wonder, if the person is rich enough to need a bankruptcy, why didn't they buy health insurance? And if they could have afforded it but chose to take the risk..

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