This is as we predicted, but just today the delusional or willfully blind floor traders at NYSE told Bob Pisani they expected the Bush Tax cuts for the top 2% to be extended.
They (market watchers) have claimed this crippling maneuver is ‘priced in’ to the markets while simultaneously every talking head on CNBC has been saying ‘no way will they let those expire! that would be crazy!” for months.
Yet here we are, as predicted. Obama and Pelosi would never, ever let those tax cuts get extended come hell or high water (or low water mark for the GDP whatever the case may be).
So tomorrow we will see if the expiration was indeed priced in or if the markets realize just who Obama is, finally, and tank in response.
And the really great news is Obama is going to GET partisan in his speech, like he hasn’t already? NYT in same piece linked above says he will talk tough on the differences b/w GOP and Dems. Oh brother. More Spike Lee Malcolm X dialogue mayhap? Ditches? Bamboozlement?
Well, I don’t hate the rich. I recognize they hire people and create jobs. I think the geniuses at the WH who designed this plan STILL do NOT GET the American people. We don’t want to fight the rich, we want them to hire us! So we can save and invest and help our kids get farther than we did. American Way, American Dream , get it?? Sheesh.
h/t PK4 on ZH: Rick-
“we need a new amendment that gives every American a house, a car with or without fins, 4-5 weeks of vacation with every Monday off …since government knows better than any other enterprise …and we have years of documented evidence to prove it (paraphrased from earlier today).He also stated that big funds will tell the government that if you don’t guarantee them (GSE debt) that they will dump’em. Bottom line. “GSE’s will cost more than any other bailout …and they haven’t even slowed down.”
Courtesy of CNBC ~
Airtime: Fri. Aug. 13 2010 8:00 AM ET
Steven Ricchiuto, of Mizuho Securities USA, and Thomas Higgins, of Payden & Rygel, debate whether the Fed should back away from the economy.
Another one who may not be as red as the right may like, but who can beat the Dem. And Jerry Brown needs to be beaten like a rug on a clothesline.
Even Axelrasputin has embraced Rahm’s policy of recruiting conservaDems to try and hold seats, the GOP needs to win the battle so we can fight the war and restore the economy from 2010 to 2012, or at least hold the line on the destruction the Democratic spending tsunami has wrought.
A new Public Policy Polling survey in California shows Meg Whitman (R) with a big lead over over Steve Poizner (R) in the Republican primary for governor, 51% to 26%.
One poll showed the race tightening a couple weeks ago, but it appears to have been an outlier.
Market Mover Friday: Thar’s jobs in them thar hills! 231k private sector jobs added, UE rate climbs to 9.9%…
Update: 10:03am EST- Uhh, the DOW is starting to drop rapidly like yesterday, now down 89.62….
yay jobs! as predicted the UE rate is climbing back up as jobs are added. We ‘discouraged’ workers are encouraged by jobs being added and are coming back to the work force looking for employment!
It’s hard to keep a good economy down. Now if only Team Obama would take a vacation or something :0) We would be firing on all cylinders if they weren’t spending like money was going out of style in D.C.
Traders anxiously watching sell orders.
…Employers added 290,000 jobs in April, the Labor Department said on Friday, far more than analysts had expected. The department also revised figures for February and March to show 121,000 more jobs were added than previously thought.
The unemployment rate, however, rose to 9.9 percent as discouraged workers re-entered the labor force to look for work….
…Private sector employment increased 231,000, also the largest gain since March 2006, after rising 174,000 in March. Private payrolls have now grown for four months. Census hiring contributed 66,000 jobs.
Analysts had expected private employment to rise between 50,000 and 100,000 in April….