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| Name: |
water_watcher
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| Subject: |
why the stock market went up yesterday
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Date:
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7/8/2010 7:18:42 AM
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Obama has been the most anti business, anti growth president in history. He has only focused on his socialist agenda and it has been scaring investors that we may not get job growth and if the recovery continues it will be a very slow jobless recovery.
So yesterday Geithner comes out and says, "our president gets it, we need to create tax incentives for businesses to grow and create job growth". That was interpreted by investors that the Bush tax cuts for businesses would not only stay in place, but finally Obama may propose new incentives. Geithner went on to say that "Obama understands that the private sector is where job growth must come from for a sustainable recovery, not from government".
This is a huge statement and the markets responded that we may start getting rational thinking. I have my doubts and even if something is proposed it may be lip service to try and save some seats in congress and then we will go back to the same socialist thinking and policies.
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| Name: |
MartiniMan
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why the stock market went up yesterday
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Date:
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7/8/2010 8:09:03 AM
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I too am skeptical but the words were encouraging at least. I do find it odd that investors would respond so quickly to mere words when we have 18 months of actions and policies that are diametrically opposed. It seems to me that his low approval rating with Independents (~35%) would improve if his actions were aligned with the words but he may lose some of the support of his base ala Bush in the last two years of his administration.
In short, he has gotten himself into an incredible mess and it seems very unlikely that politically he could extend the Bush tax cuts. What he may not understand is that for the tax reduction to have any effect it must be long-term and preferably permanent. I realize nothing is permanent in Washington but by that I mean not have some short-term sunset provision. I also am not confident that he understands that the majority of small businesses pay business taxes through their personal taxes and that the left wing nuts will go crazy if there are tax cuts for the "rich". Finally, he has created such a monumental debt with his porkulus spending that he may find little support in the current Congress for tax cuts, even though they always increase revenue to the treasury.
It is highly ironic that Obama's best hope for reelection is for the GOP to take control of Congress and force on him some much needed relief with spending, taxes and the anti-business atmosphere just like Clinton.
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