Stocks Thud to Lower Close as Bailout Questioned
http://www.marketwatch.com/news/story/us-stocks-end-sharply-lower/story.aspx?guid={D42C3BA8-E4C4-4A58-9435-4D47A857CF64}
Oil falls 2.5%, while dollar firms, dragging energy and materials stocks
By Kate Gibson, MarketWatch
NEW YORK (MarketWatch) – Stocks on Tuesday wavered in and out of positive terrain with investors in limbo with further hearings Wednesday on the Bush administration’s $700 billion proposal to relieve banks of bad debt and bring back the troubled credit markets.
“Investors remain reluctant to stick their necks out too far, even as policy-makers meet to discuss the proposed bailout plan. A nagging fear of ‘what ifs’ is also weighing on sentiment,” said Frederic Ruffy, options strategist at WhatsTrading.com.
After triple digit rises and declines during the session, the Dow Jones Industrial Averages fell 161.51 points, or 1.5%, to end at 10,854.17, with all but three of it’s 30 components ending in the red.
In other news….
The WSJ reports that immigration levels have fallen 50% from last year’s level. Over the last several years, the U.S. had about one million immigrants come here annually, many of them illegally. The combination of high-profile law enforcement raids and the soft economy has discouraged many from coming here and has motivated upwards of 1.2 million already here to self-deport. One illegal immigrant said, “Why stay here when we don’t have papers and there is no work? We are thinking of going back after the first of the year.”
When ever we are tempted to get discouraged in the political process because our first pick, Mitt Romney, didn’t win the nomination, ask yourself this question: Where would we be today, if we had allowed the Washington elites to cram their amnesty bill down our throats in June, 2007? All these newly minted citizens would now be on welfare or collecting unemployment benefits or both. All of this would be going on in the midst of the worst credit crunch and Wall Street shakeout of our lifetimes. In addition to the trillion plus bailout of the gambling, er, I mean financial industry, we would now have millions of new entitlement clients lining up at government offices to collect their benefits.
I don’t know how everybody else feels, but I am very encouraged that political activism can work wonders when enough people get involved. IMHO, those of use who leaned hard on our elected Reps helped the U.S. dodge a bullet on this one.
One More Thing…..
THE HUNT FOR BLACK GOLD….CNBC Stocks Fox Maria Bartiromo will interview VP candidate Sarah Palin Wednesday, Sept. 24 at 9 PM ET/10 PM PT
September 24th, 2008 at 8:48 am
Morning All,
Since we’re getting down to the last 6 weeks before election day. I’m curious to find out what are your assessments on how this race will turn out. I’m looking for unbiased objective point of view based off of fact. What do you think the candidates chances are as of right now before the first presidential debate starts?
At this point I am going to hold onto my original assesment that I have had for months. This race will be an electoral blowout. I’m going to pull a Harry Reid and say “everyone knows this and are not willing to say it. Virginia is lost.” Along with Virginia we’re going to lose Colorado, Iowa, Nevada, and New Mexico. Michigan is not even in play. All the data seems to point that Sarah Palin has energized the base and made red states even redder. However, She is unable to make a dent od significance in any of the purple states. Also, everyday the media attacks Sarah Palin, although it’s true that people come to defend her, The race becomes Obama vs Palin. I don’t think that is a winning proposition to most. It stifles the experience and reform message among other things.
This only my pre-debate assessment. McCain/Palin could very well knock the debates out the park and it will be a blowout in our favor. However, with this election stongly focused on the economy. The bad week McCain has had on this issue. The gop president in office. The favor is with the dems still.
September 24th, 2008 at 8:56 am
While the nation is scrambling to put our financial house in order, Huckabee is being powder-puffed and pomaded in the make-up chair preparing to answer fame’s fickle call. Let the nation eat bread and water… The show must go on!
Yesterday, Tuesday September 23, 2008, Kathryn Jean Lopez from National Review passed this on:
Huck TV?
Via e-mail:
Huckabee’s new political/variety kicks off Saturday on Fox. This message came via Facebook:
Join Mike Huckabee’s Live Studio Audience
Today at 10:46am
Hi FOX Fans,
Join our live studio audience in New York City — MIKE HUCKABEE is starting a new show on FNC, and you can be here for the taping of the premiere, on September 27th at 1:30 pm. E-mail hucktix@foxnews.com with the number of seats you need and to get details
September 24th, 2008 at 9:06 am
Mitt on Glenn Beck regarding the Bailout:
http://www.glennbeck.com/content/articles/article/198/15555/
September 24th, 2008 at 9:10 am
I agree and think that people, in general, are more concerned about the economy than other issues.
Debates do not really sway people. They reaffirm peoples existing beliefs or preferences. If you like McCain going into a debate you will find reasons to continue to like him, regardless of his debate performance.
If you can relate to Sarah Palin on certain issues you will continue to do so, even if her answers fall well below the style points she may score during a debate. This is typical of how people respond to any preference they possess.
If the economic news continues to implode, Obama will take this election. The 700 Billion bail out, while necessary, will not win over independent voters. You can split hairs as to where the fault lies, however, at the end of the day the governing party takes the hit.
September 24th, 2008 at 10:23 am
Doug, thanks for the Beck/Romney interview link. Mitt’s grasp of all things financial enables him to sum up the complicated and make it simple.
It would be good for America to see him on TV today or tomorrow - before the debate on Friday. The guy didn’t have a finger in creating this mess and has credibiity.
September 24th, 2008 at 10:32 am
I spoke too soon! Now here’s a line up - Michael Moore and Mitt!
Mitt on ‘Today Show’ Thursday
NBC’s “Today” show will broadcast live from Detroit on Thursday as part of a series on battleground states in the 2008 race for the White House.
… [Ann] Curry is scheduled to interview former GOP presidential candidate Mitt Romney, the son of former Michigan Gov. George Romney, and talk to a Michigan celebrity on the opposite end of the political spectrum — filmmaker Michael Moore.
September 24th, 2008 at 10:45 am
Obama has more undecided voters “on the bubble” than McCain. While the economy is the main concern going into the election, other socio-cultural factors are in play – Catholic laborers, Dem Michigan Reaganites, born-again moderate voters, etc.
If McCain does reasonably well in the debates and we stave off a depression, the burst of the independent bubble could favor McCain/Palin.
September 24th, 2008 at 10:52 am
John McCain has been meeting with a panel of business executives to discuss the Bush administration’s proposed $700 billion bailout for U.S. financial markets. He says he is seeking their opinions on the proposal so Americans can regain their confidence in Wall Street and Washington. (Good luck with that…)
McCain renewed his insistence that the bailout deal have greater transparency, oversight and CEO accountability to make it acceptable for voters.
Joining McCain for the meeting Wednesday (Sept. 24, 2008) in New York is former Massachusetts Gov. Mitt Romney, his one-time rival for the GOP nomination.
Go get ‘em, Mitt!!!
September 24th, 2008 at 11:21 am
Romney interview with David Gregory (MSNBC) Tuesday, September 23, 2008:
http://nyformitt.blogspot.com/2008/09/romney-interview-with-david-gregory.html
(Romney appears at 1:19 min)
Gregory attempted a “gotcha” moment on McCain with Romney. Here’s Mitt’s response:
“I can tell you that the decisions of the last several years that really hurt our economy were decisions to allow individuals to take out loans from banks where they had virtually no ability to repay those obligations. That’s what’s at the heart of what’s going on in our economy. And the fact that those loans, in some cases, are losing a lot of value is something which is hurting this economy. By the way, Democrats fought for that; Republicans fought for that; everybody was excited about giving loans to people who really didn’t have the ability to repay them.”
A little aside: At one point, Gregory calls Mitt “Senator.” Notice the resulting, almost imperceptible smile on Mitt.
Romney is just too sharp for these guys.