Markets 'strong' despite slowing economy - Bush

[sabra]

Source: CNN Money/AP

WASHINGTON (AP) -- WASHINGTON (AP) -- President Bush said Friday that while there is some uncertainty about slowing economic growth, the nation's "financial markets are strong and solid."

Bush spoke after meeting with his top economic advisers about possibly drafting a package to stimulate the U.S. economy as it weathers the housing slump, rising oil prices and an uptick in unemployment.

"This economy is on a solid foundation," Bush said. But he also said it can't be taken for granted, and there are some signs of concern that require the administration and Congress to be careful to ensure economic strength.

"There are signs that cause us to be ever more diligent in making sure good policies come out of Washington," he said.

Sitting around a table with his economic advisers in the Roosevelt Room, the president warned Congress against taking steps that would increase taxes. "If the foundation is strong yet indicators are mixed, the worst thing Congress could do is raise taxes," Bush said.

Read more: http://money.cnn.com/2008/01/04/news/economy/bush_economy.ap/index.htm?cnn=yes

[Turbineguy]

1. That was good for

a 60 point drop in the Dow.

[Magleetis]

2. If * says it

Its a lie.

[FiveGoodMen]

Truer words were never spoken!

[phrigndumass]

19. Yes! LOL

They probably were never heard either.

[AndyA]

3. Yes, the "markets" have so much impact on the average American.

What a twit Bush is. The average American probably couldn't care less about the "markets." They don't own tons of stock, so it doesn't impact them directly. They can't afford to buy stock, because it all goes in the gas tank, on the table, and to utilities.

The man isn't even on the same planet as the rest of it. I guess life on Planet Silverspoon is pretty good for all hat no cattle.

[clarence swinney]

38. WALL STREET RICH MANS CASINO

I bet it goes up. I bet it goes down.

Overwhelming majority of trades have nothing to do with the
firm whose stock is being traded.

Hundreds of millions of trades were made on GM stocks when
they had issued no new stock in decades.

The stock trades did nothing for GM.

Except in executive stock options.

[leftynyc]

43. I think that has changed a lot

with 401k plans. So many companies (private as well as public) are encouraging this with matching funds. And while they're seeing more of their money disappear into their gas tanks, they're also watching their retirement nest egg get smaller and smaller.

But the chimp sounds exactly like his daddy. Out of touch with anyone who isn't in his income bracket. It killed chimp senior and hopefully it will hurt the pubs. These pubs are so very afraid to come out against anything this president has to say (which is kinda weird as his job approval is so low - but that 25-35% are the primary voters). In the general, we must force whoever the candidate is to either support the chimp or support the people. If the economy does not improve - and I don't hear any economist saying it will - this will be an effective tool to educate the people of the difference between the dems and the dark side.

[C_U_L8R]

4. Poor guy didn't get enough sleep last night

maybe he needs another vacation

[AzDar]

5. He shouldn't even be allowed into the 'Roosevelt Room'. It's a sacrilege.

[beberocks]

6. Ya, sure. That's why the Nasdaq is down 96 points today

"Cause the markets is strong" as * would say.

[Name removed]

7. Deleted message

Message removed by moderator. Click here to review the message board rules.

[southerncross48]

34. Oh, Ya

I'll second that!!!

[TrogL]

8. Can I have whatever he's smoking?

The US economy is a house of cards. The wind's already blowing at hurricane levels and the cards are starting to flutter.

Seen the Dow today?

[Double T]

9. What planet does this idiot live on?

Markets are 'strong'-ly downward just like the rest of bushco's phony economy and financial system.

[truebrit71]

10. More proof this guys a frickin idiot...Have you SEEN the markets you fucking moron?

They are busy taking it squarely in the shorts...

If this guy said that water was wet I'd have to double check...

[Roland99]

11. As strong as the sticks propping them up.

[Double T]

13. I thought you had heard, the sticks are fully engulfed..........

[ixion]

12. blah blah blah strong markets blah blah blah terror blah blah blah

it's funny, albeit tragic. He says the same damn thing no matter what is happening.

That is, he's a lying sack 'o sh*t. :grr:

[sinkingfeeling]

14. Of course, the only thing that's important is the 'market'; not the people trying to live here.

[greiner3]

15. good policies come out of Washingto

Quick! Give the rich a trillion dollars so they don't buck the trend.

[CountAllVotes]

16. Dow was at 11,800 at the end of 2000

and now look at it (~12,800)! It has gone up a whopping 1,000 pts. in 7+ YEARS. That works out to about >1.5% per year!

:dem:

[Betty]

27. I wish I'd put my IRA into a money market

I'd be way ahead.

[CountAllVotes]

31. fortunately I managed to get way

in early 2001 ... *whew*

I haven't made a lot, but I have about 40% more now than I did at that time (7 years X 5.0%+). No complaints nor worry!

I wish I'd put it in to gold however but I was reluctant to move the money to one of these precious metals IRAs that are out there. Any thoughts or experiences with this?

Not many options for IRAs except a CD or money market acct. it seems to me.

Still the same, you are lucky if you have even a piece of one left!

[ozone_man]

30. But the dollar is only worth 66% that of 2001 dollar.

The 2000 DOW valued in 2008 dollars would be 17,800. We have actually lost about 33% in DOW index real value, in seven years. That's nothing compared to what we're about to see. ;)

[DLnyc]

17. Where by "strong" he means "almost completely fucked", I guess

o Dow currently: 12,807.74 -248.98 -1.91%
o Dow gain over last 12 months: about 5% (but dollar lost over 10% against Euro, so in 'real' money Dow LOST over 5%)
o Unemployment now 5% (official, playing all kinds of games with jobs 'assumed created')

o Irony is lost on these guys: "with his economic advisers in the Roosevelt Room . . . "

o Once upon a time, long, long ago in a kingdom far, far away, people found that, in an extreme economic downturn, it was healthy and effective to provide both jobs and goods by FUNDING MASSIVE USEFUL PUBLIC WORKS PROJECTS. Later in a kingdom (actually becoming a dictatorship) neither long ago nor far away, such intelligent behavior was declared "socialism". Not only was such behavior absolutely banned, but anyone one even SUGGESTING such behavior immediately had their PHHblT TZ!%$% . . .

(sorry, transmission interrupted. permanently.)

[Thor_MN]

18. He said there have been 52 straight months of job creation

What he didn't say is that there have been thousands of straight months of population increase, and that job creation under his watch has not nearly kept pace with population increase, He likes to say that there are more jobs now than then, but completely ignores that they are more people as well. Bush's real employment numbers are negative. Asshat. Worst President Ever.

On a happy note, my next task is to fill out the paper work to accept a job offer, ending my jobless status that started just before Thanksgiving!!!

[Binka]

32. Good Good Good You Got The Job!

So happy to hear that! BTW George is no longer an Asshat. He is officially an Asscarrot.

[Thor_MN]

39. Thanks!! It's even better than what I had.

About $5K more, better bennies and opportunity to move forward. The old company was stuck in a rut technology-wise and the new one is moving forward and even paying for training. I really need to celebrate.

[clarence swinney]

40. JOB CREATION MOOGUMBOO

New jobs have averaged 77,000 per month under Bush seven
years.

Clinton 237,000---Carter 218,000--Reagan 175,000.

This gang will brag on anything.

Goebellized.

[rodeodance]

20. Bloomberg.com: U.S. Economy: Job Growth at Weakest Pace Since 2003 (Update1)

Forum Name General Discussion: Politics
Topic subject Bloomberg.com: U.S. Economy: Job Growth at Weakest Pace Since 2003 (Update1)
Topic URL http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=132x3952173#3952173
3952173, Bloomberg.com: U.S. Economy: Job Growth at Weakest Pace Since 2003 (Update1)
Posted by Amerigo Vespucci on Fri Jan-04-08 02:26 PM

http://www.bloomberg.com/apps/news?pid=20601087&sid=aqz8NTw6DVWo&refer=home

Jan. 4 (Bloomberg) -- Hiring in the U.S. slowed more than forecast in December and unemployment jumped to a two-year high, raising the odds that the Federal Reserve will cut interest rates by half a point this month to ward off a recession.

Payrolls rose by 18,000, capping the worst year for job creation since 2003, the Labor Department said today in Washington. The jobless rate increased to 5 percent from 4.7 percent in November, while the Institute for Supply Management said growth in U.S. service industries cooled last month.

Treasuries rallied, the dollar fell and stocks slid after the jobs report indicated more damage to the economy from the housing slump and reduced access to credit. The figures may also strengthen calls for President George W. Bush to stimulate the economy during his final year in office.

``It's time for the Fed to step up to the plate and let the public know how they're going to play this,'' said Maury Harris, chief economist at UBS Securities LLC in New York. ``This is a very vulnerable economy right now.''

[EV_Ares]

21. Guess this is what he means by "strong" for the markets:

Dow 12,793.92 -262.80 (-2.01%)
Nasdaq 2,505.05 -97.63 (-3.75%)
S&P 500 1,412.06 -35.10 (-2.43%)

[rodeodance]

22. Topic subject Chrysler's to lay off (up to12,000) workers

Forum Name Latest Breaking News
Topic subject Chrysler's to lay off (up to12,000) workers
Topic URL http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x3124992#3124992
3124992, Chrysler's to lay off (up to12,000) workers
Posted by seemslikeadream on Fri Jan-04-08 02:53 PM

Source: Chicago Sun Times

Chrysler's Belvidere plant to lay off workers
January 2, 2008
BY SOPHIA TAREEN Associated Press
CHICAGO -- Chrysler LLC will lay off more than 1,000 workers in a planned cutback of workers at its northern Illinois plant, a company spokeswoman said Wednesday.

The Auburn Hills, Mich.-based automaker announced Nov. 1 that it would lay off up to 12,000 workers and eliminate shifts in five North American plants to combat sagging sales.

On Wednesday, Chrysler said starting Jan. 31 it will eliminate the third shift at the Belvidere assembly plant. The move affects 1,096 workers or nearly one-third of the plant’s approximately 3,400 workers.

“The action is a direct result of the tough economic environment and a response to the market,” said Chrysler spokeswoman Michele Tinson in a statement e-mailed to The Associated Press.

The company is talking with the local United Auto Workers union about offering buyout and special retirement incentives, Tinson said.

The layoffs will affect about 600 temporary workers. Permanent employees will be laid off based on their years of service; those with least seniority will be affected first, Tinson said.


Read more: http://searchchicago.suntimes.com/autos/news/724807,srch-auto-3AP010208.article

[alfredo]

23. Tell that to the veteran living on the streets. Fuckin asshole.

[Pale Blue Dot]

24. "...more diligent in making sure good policies come out of Washington"

For those of us Shock Doctrine readers, the things he said in his speech should give us even more cause for alarm.

[Javaman]

25. Oh he's* still president? could have fooled me.

so the market is now below 13k and has only risen 1k since he's been in office and that is looking like that will be erased as well.

So what part of the market is doing well? solid gold faucets for his rich fuck corp supporters?

each and everyday he* finds new and creative ways to put his fucktardary on display.

what a fucking jerk*.

[Binka]

33. He Is A Fuckwittage Asscarrot.

Our corpo whore media just laps up his lies, and bullshit. I wish somebody would just yell "FUCK YOU" while he was yammering.

[thoughtanarchist]

26. That's how my wife describes my socks on laundry day.

"Strong and solid".

[pleah]

28. Earth to bushdick-over.

[abelenkpe]

29. Is it me?

Or is it a little twisted that every catastrophe is turned into an opportunity for the current administration to sell their agenda? Maybe that's just politics?

[Binka]

35. Bush Makes Crisistunities Everywhere He Goes

He is the reverse Midas, everything he touches turns to shit for those not in his class. You know the Leave No Millionare Behind Club.

[clarence swinney]

36. MARKET STRONG MOOGUMBOO

The TOTAL stock market has gained 4% per year under Bush..41% per year under Clinton
21% per year under Bush sr.

4% is not strong.

Plenty money around. Federal Reserve has created surplus money.
.
MONEY SUPPLY
Bush Sr. claimed Greenspan policies cost him a re-election.
He was correct. Look at tight money supply for him.
Increases “per year” average in Money supply-In Billions.
Reagan-239---Bush I—56---Clinton—380---Bush II –760 (5 years)

Bush Sr. was correct. Greenspan did not attempt to stimulate the economy for him.

He opened the Printing Presses full time for Jr.

He shafted Clinton with 6.5% interest rate and gave Bush II a 1% rate.

JOBS 77,000 per month to Carter 218,000 and Clinton 237,000.

WALL STREET is a RICH MAN's CASINO
Majority of trades have nothing to do with the firm being traded. It is gambling.
General Motors had not issued new stock from 1955 to about the nineties.Hundreds of millions of their shares were traded. It had no impact on General Motors.

I bet it will rise. I bet it will fall

They try to manipulate to get it their way.
clarence swinney.

[clarence swinney]

37. HOUSING DISASTER

The average Income required to purchase an averge priced new home rose 68% under Bush as of end of 2006.

Greenspan put plenty new money into banks.
They were desperate to loan it.
Low Interest rates.
Big profits for Builders and banks.
Cities loved additional Tax Base.

Yuk. Bubble burst.

[daleo]

41. Market strong like army

Bush know this. Roar.

[OhioChick]

42. "Strong" My Ass. n/t

[Buns_of_Fire]

44. "Therefore, to keep this strong economy moving, I have submitted to Congress a package of tax cuts

designed to keep CEOs in the manner to which they have become accustomed, and to allow them to practice their love for their employees by trickling down upon them."

[belpejic]

45. Whistling through the graveyard...

From Pravda-on-the-Hudson:

President and Supreme Commander George "Nero" Bunnypants declares that hops production will increase by 25% this year, and urges all comrades in our great fatherland to devote themselves to achieving all of the glorious quotas established for America's booming industries.

[sutz12]

46. Isn't this what they said in September 1929?

:evilgrin: