Stocks fall after Bush announces plan

[rodeodance]

Source: ap

Stocks fall after Bush announces plan

By MADLEN READ, AP Business Writer 5 minutes ago

NEW YORK - Wall Street turned lower Friday as skittish investors, unable to hold on to much optimism about the economy, drew little comfort from President Bush's economic stimulus plan.
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Investors had already pulled back from a big early gain, with the major indexes trading mixed as Bush began to speak. By the time the president finished announcing a plan for about $145 billion worth of tax relief, the indexes were well into negative territory.

"It's disappointed in the size of the economic growth package. Wall Street's showing its displeasure," said Kim Caughey, equity research analyst at Fort Pitt Capital Group in Pittsburgh. "Honestly, I think the institutional investors understand the limits to the government's ability to enact economic change."

The Dow Jones industrial average, up more than 180 points in morning trading, was down 58.61, or 0.48 percent, at 12,100.60 minutes after Bush finished speaking. The Dow plunged 306 points Thursday amid deepening pessimism about the economy.

Read more: http://news.yahoo.com/s/ap/20080118/ap_on_bi_st_ma_re/wall_street;_ylt=AqBVoJrlsiaunYezQ44gWbKs0NUE

[rodeodance]

1. Topic subject--Bush considering $800 tax rebate to boost US economy: report

Forum Name Latest Breaking News
Topic subject Bush considering $800 tax rebate to boost US economy: report
Topic URL http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x3145839#3145839
3145839, Bush considering $800 tax rebate to boost US economy: report
Posted by seriousstan on Fri Jan-18-08 08:43 AM

Source: breitbart

President George W. Bush's administration is considering an individual tax rebate of up to 800 dollars as a short term measure to help boost the sagging US economy, a media report said Friday.
The Republican leader was to unveil a fiscal stimulus plan later Friday, amid grim economic news that has united lawmakers and the Federal Reserve chief on the need to revive flagging US growth.

The White House has said Bush would propose policies, not dollar amounts, because details of the plan must be hammered out with the Democratic-controlled Congress.

"Privately, the White House has discussed its support for a tax rebate of as much as 800 dollars for individual taxpayers, more than double the 300 dollar rebate featured in a 2001 effort to spur economic growth," the Wall Street Journal said.

In a key concession to Democrats, the US administration appeared willing to accept stimulus legislation that does not include an extension of Bush's tax cuts, the Journal said.



Read more: http://www.breitbart.com/article.php?id=080118104215.zxj8hvdk&show_article=1


I thought this was Obama's plan.

[blue neen]

6. Even Wall Street knows Bush is a doofus.

Heaven help up us all.

[Delphinus]

27. The only thing that money

would go for in my household is for insurance premiums - it's certainly NOT going to be spent on things.

[thecrow]

41. IIRC, I was TAXED on the last "tax rebate" of $300

Now he wants to "give" us $800?
No thanks!!!

[tularetom]

2. The piehole effect reappears

Everytime bush opens his piehole about the economy the indexes go down the shitter.

[BrklynLiberal]

3. DUH! Did anyone expect him to come up with some ACTUAL solutions??!!

[Rebellious Republican]

4. You can put lipstick on a pig but its still a pig.

Note to investor class, you are the ones that helped install this POS. You get what you pay for, enjoy you greedy bastards.

:hurts:

[Magleetis]

9. Yep

Were is shrubs base now. The haves and the have mores. Good think market swings are short term and the economy is strong.

[Sherman A1]

32. Agreed, but

we are all paying for it, in one way or another.


:popcorn:

[Rebellious Republican]

40. You are absolutely correct, however, at least its not just us anymore.

:toast:

[katty]

5. of course, so predictable-he hasn't had a plan or a clue for 7 yrs

[tabasco]

10. They have a plan and they have executed it perfectly.

Step 1. "Steal as much as we can for eight years and let the Democrats clean up the mess."

Step 2. "Blame it all on the Democrats."

[blue neen]

7. I swear to God this looks like a headline from The Onion.

Only in Bush's world the absurd is the truth.

[Jeff In Milwaukee]

14. I know that this is serious and people are getting hurt...

but that headline is hysterically funny. Maybe "gallows humor" is all we have left.

[paparush]

8. Consume! Consume! Consume!

If we ever do see this $800 (or whatever the final number is) I wish EVERYONE would just plunk it into savings and not spend a dime of it.

As it is..only Wal Mart (Home of Cheap Junk to Make you Forget Just how Little your Dollars Buy(tm) )stands to benefit.

[DogPoundPup]

13. Amen to that!

[shaniqua6392]

25. According to the poll on CNN's front page

most people will pay bills with it! We will put ours in the bank and not spend it just like we did not spend the rebate in 2001. I heard this morning that in the summer of 2001, about 1/3 of people saved their rebate. I have a feeling this time it will have to go toward bills for a lot of people. Here is the poll as it stands now. I guess only 11% of people are doing well enough economically to spend theirs frivolously. What does that say about our present state?

What would you do with a tax rebate?
Spend it on fun 11% 2167
Use it to pay bills 58% 11965
Save it 31% 6466
Total Votes: 20598

[Lebam in LA]

31. No shopping here

I would use it to paydown debt. I've thrown away all my credit cards and now trying to pay them all off. I won't be spending any money in the near futre. Every extra penny goes to getting rid of debt.

Guess I won't be helping out the economy much:shrug:

[valerief]

11. His plan is to give all the money to the Saudis and hope it will trickle down.

That worked before, didn't it? Didn't it? Oh, it didn't?

Never mind.

[Sam Ervin jret]

12. Well Problem Solved. Reinvest by business(oh wait don't they send their money elsewhere)

AHH Relief! package announced by the bush people they will give tax breaks to EVERYONE! no tax HIKES to Anyone! so WHY don’t they want you to save. No good for the economy. They don’t want you to pay off you over charging debt, wont help the economy unless you re-spend) They want you to SPEND. YEP. Spend for the WAR. Spend for the economy. Well I’d love too. But all my money is being SPENT on the natural gas(hot water) , oil(heat), gasoline(car), electricity(everything else)what's left to me is just enough to get bread and milk(which now has a sur-charge for transportation costs) and now I have no money and I live on a SS fixed income so no tax break for me. If you really want to help the people will you please start thinking about giving tax breaks to businesses who invest in the USA and not to the others. Would that be OK for a change? That’s being Pro business and Pro America!

They will make you Need, or greed your way out of the problem. So no tax hikes no that does not help. Then the business people cannot reinvest. What they forget is that the businesses are reinvesting outside the country WHICH DOES NOT HELP US….

[onehandle]

15. Mega-Millionaires need another tax cut.

Rinse and repeat. Rinse and repeat. Rinse and repeat. Rinse and repeat. Rinse and repeat. Rinse and repeat. Rinse and repeat. Rinse and repeat. Rinse and repeat. Rinse and repeat. Rinse and repeat. Rinse and repeat. Rinse and repeat. Rinse and repeat. Rinse and repeat. Rinse and repeat. Rinse and repeat. Rinse and repeat. Rinse and repeat. Rinse and repeat. Rinse and repeat. Rinse and repeat. Rinse and repeat. Rinse and repeat. Rinse and repeat. Rinse and repeat. Rinse and repeat...

[villager]

16. is there a word for "everything he touches turns to shit?"

n/t

[Binka]

22. Ehttts? n/t

[global1]

28. Yeah - "Bush" ....nt

[momster]

38. The Anti-Midas

Everything Midas touched turned to gold...everything GWB touches turns to, well, you said it.

[villager]

46. right... though Midas' lust for gold ended him in the same place Bush's knack-for-shit

...is landing us...

[happygoluckytoyou]

17. ONCE AGAIN, BUSH'S PACKAGE IS NOT BIG ENOUGH

;-)

EVEN HIS OWN DAUGHTER IS ANXIOUS TO CHANGE HER NAME... BUT NOT IN THE WHITE HOUSE

[benld74]

24. Thats not what G. Gordon Liddy said!

[olddad56]

18. Bush's 145 Billion plan to increase inflation is a disaster.

[no_hypocrisy]

19. King Midas in Reverse incarnate

If you could only see me
And know exactly who I am
You wouldn't want to be me
Oh I can assure you of that
I'm not the guy to run with
'Cos I'll throw you off the line
I'll break you and destroy you
Given time

He's King Midas with a curse
He's King Midas in reverse
He's King Midas with a curse
He's King Midas in reverse

It's plain to see it's hopeless
Going on that way we are
So even though I lose you
You'd be better of by far

He's not the one to hold your trust
Everything around him turns to dust
In his hand
Nothing he can do is right
He'd even like to sleep at night
But he can't

He's King Midas with a curse
He's King Midas in reverse
He's King Midas with a curse
He's King Midas in reverse

I wish someone would find me
And help me gain control
Before I lose my reason and my soul

He's King Midas with a curse
He's King Midas in reverse
He's King Midas with a curse
He's King Midas in reverse

[blue neen]

37. Wow! Isn't that the truth!!

I had forgotten that song! :)

[Kevin Cloyd]

20. The Folly of Bush's Economic Stimulus Package

First, how would the President stimulate the economy? He’d give tax payers a temporary tax break and businesses an incentive for new investments. The goal? To increase consumer spending and business investments. In other words more of the same, big breaks for the corporations and like he advised after 9/11 “Go to the mall.”

What would his economic stimulus package not do?

There would be no increases in spending; no help with skyrocketing heating bills, no help with skyrocketing prices at the gas pump, no breaks for increased unemployment benefits, no increase in food stamps, no help for job retraining, no help with a jobs program, no help with college tuition, no help to local school systems, no attempt to fix America’s crumbling infrastructure, nothing to keep corporations from shipping even more jobs overseas, and no attempt to fix the disastrous mortgage foreclosure nightmare facing hundreds of thousands of home buyers lured into buying homes far beyond their means by unscrupulous lending policies.

As the economy slides further into recession business seek to reduce costs, very few decide to add additional capacity so the incentive for increased business investments amounts to little more than another round of unneeded corporate welfare.

Beyond that with most consumers already deeply in debt, a one time or short term tax break may well go toward paying down debt instead of a spending spree at the mall. Secondly with the majority of the merchandise at the mall manufactured in China or Mexico most of the new jobs created by an increase in spending will go to somebody fluent in Mandarin or Spanish instead of Joe Six Pack.

The current recession is fundamentally different that traditional business cycle recessions of the post World War II era, the current recession is a structural recession resulting from the destruction of the wealth of America’s Middle Class and working poor, the concentration of wealth into fewer and fewer hands of the elite, outsourcing of America’s manufacturing industries, absurd mortgage lending policies, a grossly over expanded supply of money, massive Federal deficits and the Iraq War.

With both political parties refusing to address the underlying causes of this recession don’t expect to end any time soon.

[2PeiMom]

21. Dear mr. bush:

In the interest of expediency, would you just make my check out to "Big Business" or "Big Oil Company" or "Big Pharma" (your choice) and kindly forward it directly to the payee? (I can't afford the effin postage).

[truedelphi]

29. I hear ya. Happiest day of my life last year was finding

An entire roll of stamps - fifty of them, left in the gutter at the local postal office.

[jwirr]

30. Welcome to DU/ How correct you are.

[2PeiMom]

33. Thank you!

[MadHound]

23. Wall St. knows a bad plan when they see one.

First of all, how are we going to pay for this plan. Oh, yeah, borrow more money from China or some such place. Add even more weight to the load that's helping to drag the economy down. Not a bright idea.

And this $800.00 per person, what is the average American going to do with that money. No, they're not going to rush out and buy that fifty inch flat screen TV and stimulate the economy. No, they're going to use it to pay off the bills, credit card debt, mortgage, student loans, etc.

This is a horrible plan, one that will damage the economy much more than it will help it. That's why Wall St. is dropping, they know bullshit when they see it, and this plan of Bushboy's is a load.

[trogdor]

26. 238 point piehole effect.

Thanks, George. I guess Wall Street doesn't really like your idea of running the printing presses. You'd think with all the money already being spent on Iraq and whatnot, the economy would be running white-hot right now.

[Tunkamerica]

34. To be fair it's been falling for a while, this just kept it going

[SpiralHawk]

35. Thanks a pantload, Commander AWOL & corrupt republicon cronies

You have failed America. Again. As usual.

[Itchinjim]

36. Fuck Bush.

[momster]

39. More Wealthy Welfare

Is it Goldman Sachs who gave everybody a 32Billion bonus in 2006 when they made record profits? Last year they had a record low year, so they gave everybody a *bigger* bonus. So damn, yes, lets cut the corporate tax rate because the rich are just like you and me...suffering terrible hardships...only richer.

[roamer65]

42. Let the printing presses roll!

Yeah!

[Olney Blue]

43. When Bush speaks, Wall Street crashes.

[Jack Rabbit]

44. Story of Wall Stree this week:

Bernanke says we're headed for "slow growth" (read: recession). The Dow falls.
Democrats say we may already be in a recession and a stimulus is needed. The Dow falls.
Republican agree that a stimulus is needed immediately if not sooner. The Dow falls.
Bush says he has an idea. The Dow falls.

[Xenotime]

45. Can we just close the stock market until we get a new prez?