February 23, 2009
Harry Reid Predicts the Future with Uncanny Accuracy
Good old Harry Reid - still keepin' it real...
April 2007: Before the Surge troops were even in place, Reid had already pronounced the war over and the Surge a dismal failure:
"The war is lost.... the Surge is not accomplishing anything."
Reid, a whopping 10 days ago: with the economy worsening every day, doing nothing is not an option!
As more Americans lose their jobs every day and carry the heavy burden of providing for their families in our distressed economy, President Obama and Senate Democrats understand that sitting idly by is not an option. That is why we have acted urgently and responsibly to turn our economy around, put people back to work and ensure middle-class families can get ahead.
Reid, this week: Long before a single dollar of Stimulus hits the economy, we're already on the road to recovery!
Senate Majority Leader Harry Reid (D-Nev.) said on Monday that the banking industry is “very close” to being stabilized and the nation's economy is starting to rebound.
“We tend to talk about the negative. ... Things are beginning to turn and I think the American people are going to feel that very soon,” Reid said during an appearance on MSNBC's “Morning Joe” show.
Reid’s comments contrast with recent remarks of President Obama, who has repeatedly said the economy will get worse before it gets better.
I hate to admit it, but Democrats really are better for the economy! Just ask them.
They'll be happy to explain it to you.
Update: Every day, in every way, we're just getting better and better...
...stocks slumped and never looked back as investors fretted that companies that don't get such aid could remain in jeopardy, while those that do are likely to see the government take preference over other shareholders for dividend and debt payments.
Twenty-seven of the Dow's 30 stocks ended in the red. The exceptions were Citi, which rose 9.7% to $2.14 a share, and Bank of America, another target of frequent nationalization speculation that managed a 3.2% gain to end at $3.91. General Motors shares ended flat.
...The S&P 500 dropped 26.72 points, or 3.5%, to 743.33, its lowest close since April 11, 1997. All of its sectors swooned, paced by a 6.1% decline in its basic-materials sector. The energy sector fell 4.7% and the technology sector dropped 4.6%. The financials, which were the best-performing market through much of the session, ended trading down 3.5%.
The market's recent break through long-term troughs has many Wall Street forecasters revising their full-year forecasts for the index. S&P's own chief technical analyst last week lowered his forecast for a matket bottom this year from around 750 to between 625 and 675.
Keith Bliss, senior vice president, Cuttone & Co., said that there is talk of an even worse scenario. Some investors say that the S&P could fall somewhere between 500 and 600 based on recent trends in earnings and the market's performance in past recessions.
"That is not inconceivable, particularly when you see it sell off 3% every day," said Mr. Bliss. "We're just not in an environment where people feel good about stepping in just to lose money again."
Yikes! The Editorial Staff is not sure how much more good news we can take...
Posted by Cassandra at February 23, 2009 02:53 PM
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I hate to admit it, but Democrats really are better for the economy!
Yup. Just audit one and watch how fast the money appears...
Posted by: BillT at February 23, 2009 06:09 PM
Since the economy is stabilizing and starting to rebound already, can we go ahead and cancel all the unspent funding?
Posted by: Yu-Ain Gonnano at February 23, 2009 06:27 PM
Harry is from Nevada, right? With his prognosticative track record, he shouldn't do any gambling in Vegas. Otherwise, he'll end up filling a hole in the desert after he gets in too deep with the loan sharks.
Posted by: MarkJ at February 23, 2009 06:57 PM
Hope springs eternal :p
Posted by: Cassandra at February 23, 2009 07:00 PM
Our President announced today that now he has indebted every single American living and those yet to be born for ten generations, he is going forward with plans to cut the deficit by 50% by the end of his 'first term.' He has shown me the error of my ways. He has informed us that 'you can't spend money you don't have.'
I kid you not.
First and last.
Posted by: Cricket at February 23, 2009 09:58 PM
Well for all you naysayers, let's hear your bright ideas for getting us out of this mess that george and dick got us into! And the sad part about it all is that they don't give a damned about any of you! regardless if whether you are a democrat or republican!! If you don't have big bucks, at least 8 billion, you and all the others who choose to scrutinize every single thing that the new president and his administration does are pretty much wasting your breath... that is, until they ( the Republicans) need your vote again! So why not embrace the fact that someone is finally trying to do what's right for the American people!
Let's just do what we can to help get our country back on track financially, like we were when the former administration took office, when we had a budget surplus? Remember that the Clinton adminstration had to do the same as the new administration.... clean up their filthy mess!!!
But President Clinton made it happen! Aren't you glad that we have the Clinton's on board?!?! With "heavy hitters" such as them (the Clintons), on his team, providing him with experience, guidance, and POSITIVE ENERGY, WE WILL PREVAIL!!!
Posted by: vickie at February 24, 2009 01:56 AM
Nice revisionist history, vickie :p
The President has very little power over the state of the economy. Presidents can only propose. Congress disposes, and we all know how the Democrats "supported" anything Bush proposed. To blame him for what Congress did is a bit much when last time I checked, the President has no ability to pass legislation. You may want to read the Constitution on that point.
Presidents wield fiscal policy only indirectly it is Congress who shapes and passes the budget and oh-by-the-way - who was in control of Congress when the financial crisis hit?
Oh yeah... it was the democrats, wasn't it? The Congress with the lowest approval rating in decades (far lower than the President's, in fact).
Who opposed the President's proposed reforms of the banking system in 2005?
Oh yeah... Democrats; who also just "happened" to be the biggest recipients of campaign contributions from the banks Bush tried to reform: Chris Dodd, John Kerry, Barney Frank (who, as I've shown several times, ridiculed the idea that any reform or increased regulation was needed).
Also, who controlled Congress during the Clinton administration?
Republicans. There was that little thing called the Contract with America. Remember that? Budget cuts? So much for your Clinton surplus.
Posted by: Cassandra at February 24, 2009 06:05 AM
Let's just do what we can to help get our country back on track financially, like we were when the former administration took office, when we had a budget surplus?
Ummm... OK. Passing a huge stimulus bill that won't hit the economy until AFTER it's projected to recover and is laden with pork that does NOTHING to ... err... stimulate the economy will help us get spending under control :p
Posted by: Cassandra at February 24, 2009 06:08 AM
Cass! You surprise me! Clearly Vickie is right! I have seen the light! All we need to do is trust in the power of POSITIVE ENERGY and everything will be bright and happy!
All these "facts" and "statistics" you keep quoting are just more examples of right-wing fascist "logic". We don't NEED that anymore. We need Hope and faith in Change and POSITIVE ENERGY! I just KNOW I'll be getting that unicorn and rainbows any day now. I even stopped paying my mortgage since the Democrats will take care of me. That's the power of POSITIVE ENERGY!
Posted by: MikeD at February 24, 2009 10:08 AM
"Cass! You surprise me! Clearly Vickie is right! I have seen the light! All we need to do is trust in the power of POSITIVE ENERGY and everything will be bright and happy!"Brother Mike, I'll pick you up on the way to the airport. Don't forget, uniform of the day is orange sheet and sandals, tin cup mandatory.
We ought to be able to print and sell Vickie's comment in the airport.
And maybe we can get back on the road to the commune before Harry, Chucky, Nan and the tax man takes our labor.
Posted by: bt_Hare Krishna_hun at February 24, 2009 11:50 AM
I think it'd be more profitable to take her comment out to farm country -- more commonly known these days as "fly over country". They can always use fresh .....um, *fertilizer* for their fields.
Oh, and Brother bt, don't forget the flowers. Gotta have the flowers. They bring POSITIVE ENERGY.
Posted by: DL Sly at February 24, 2009 12:05 PM
Sister DL Sly!
Thanks for the suggestion, but I live out thar in Bubbaville! Hallelujah! And I have to say that I'm particular about what I put into my soil. It winds up in my produce and we all know you are what you eat. =8^}
*Once again my inner straight man sets up a slow hanger, chest high, over the center of the plate*
Posted by: bt_Hare Krishna_hun at February 24, 2009 12:59 PM
So how does crow get into your soil exactly?
Posted by: MikeD at February 25, 2009 12:48 PM
The Vickie comment/admonishment was/is crow?
Hey wait a minute! You calling me an old crow?
Posted by: bt_Hare Krishna_hun at February 25, 2009 01:25 PM
Naw, I just realize that as married men, the majority of our diet consists of eating crow.
Posted by: MikeD at February 25, 2009 02:14 PM
I just realize that as married men, the majority of our diet consists of eating crow
Posted by: Cass at February 25, 2009 02:25 PM
You're right Cass, we don't have to eat crow all the time. That was my mistake.
Posted by: MikeD at February 25, 2009 02:44 PM