The Other McCain

"One should either write ruthlessly what one believes to be the truth, or else shut up." — Arthur Koestler

Obamanomics: Still Not Working

Posted on | June 29, 2010 | 25 Comments

As of 12:40 p.m. today, the Dow Jones Industrial Average is off more than 230 points, down below 9,900. This decline — about 2%, and roughly twice what the futures market had signaled overnight – is probably due to a sharp drop in consumer confidence. This is being interpreted as a strong indicator of a double-dip recession.

Timely advice from Rick Santelli:

Somehow, this video also seems timely:

BONUS: “Unexpectedly“!

UPDATE 4:10 p.m. ET: The final close was 9,870, down 268 points, and everyone on CNBC is now saying “double-dip.” We might say that the apostles of “recovery” — who were high-fiving each other in April, when the Dow was 1,300 points higher – now have about as much remaining credibility as that Daily Kos pollster.

UPDATE II: How’s that “Recovery Summer” workin’ out for ya?

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Category: Economics

Comments

  • http://kingshamus.wordpress.com/ KingShamus

    To paraphrase the words of Inigo Montoya, “Mainstream Media, I don’t think you understand the meaning of the word ‘unexpectedly’.”

  • http://kingshamus.wordpress.com/ KingShamus

    To paraphrase the words of Inigo Montoya, “Mainstream Media, I don’t think you understand the meaning of the word ‘unexpectedly’.”

  • http://krugmanonline.com/ Paul Krugman

    I am blogging the Great Depression.

    Obama needs to spend more! Spend more! Spend more! I know what I am talking about, I have a Nobel prize to prove it.

  • http://krugmanonline.com/ Paul Krugman

    I am blogging the Great Depression.

    Obama needs to spend more! Spend more! Spend more! I know what I am talking about, I have a Nobel prize to prove it.

  • http://www.ricksantelli.org/ Rick Santelli

    Don’t listen to Krugman! It’s a trap! Stop Spending! Stop Spending! Stop Spending!

  • http://www.ricksantelli.org/ Rick Santelli

    Don’t listen to Krugman! It’s a trap! Stop Spending! Stop Spending! Stop Spending!

  • Pingback: “Unexpected” Drop In Consumer Confidence at Haemet

  • Estragon

    Whaddya mean, “not working?”

    At this rate, he will have brought America to its knees in a single term – sounds like he is right on schedule!

  • Estragon

    Whaddya mean, “not working?”

    At this rate, he will have brought America to its knees in a single term – sounds like he is right on schedule!

  • http://lonelyconservative.com Lonely Conservative
  • http://lonelyconservative.com Lonely Conservative
  • Live Free Or Die

    DJIA plunges as college grads that voted for
    O-bah-muhh can’t find work, move back in with
    parents.”Unexpectedly”/”Inconceivable!”

    http://www.vcreporter.com/cms/story/detail/boomerang_generation/7988/

  • Live Free Or Die

    DJIA plunges as college grads that voted for
    O-bah-muhh can’t find work, move back in with
    parents.”Unexpectedly”/”Inconceivable!”

    http://www.vcreporter.com/cms/story/detail/boomerang_generation/7988/

  • http://www.hoover.org/fellows/10630 Milton Friedman

    Some people are real dummies. Don’t they learn from history?

  • http://www.hoover.org/fellows/10630 Milton Friedman

    Some people are real dummies. Don’t they learn from history?

  • Grimcargo

    Robert the loser is unhappy with you:
    20 Killgore Trout Tue, Jun 29, 2010 2:27:44pm replyquote

    * 0
    * down
    * up
    * report

    re: #5 Charles

    Come on, folks, get out there and retweet this one!

    And be sure to add “#tcot #tlot #p2″ to it. It’s also a good idea to add McCain’s Twitter name “@rsmccain” so it will stick in his eye.

    Damn, I already retweeted before adding the extra tags. I gotta get use to that.

  • Grimcargo

    Robert the loser is unhappy with you:
    20 Killgore Trout Tue, Jun 29, 2010 2:27:44pm replyquote

    * 0
    * down
    * up
    * report

    re: #5 Charles

    Come on, folks, get out there and retweet this one!

    And be sure to add “#tcot #tlot #p2″ to it. It’s also a good idea to add McCain’s Twitter name “@rsmccain” so it will stick in his eye.

    Damn, I already retweeted before adding the extra tags. I gotta get use to that.

  • http://theothermccain.com Robert Stacy McCain

    DJIA plunges as college grads that voted for O-bah-muhh can’t find work, move back in with parents and blame Bush

    Fixed that for you.

  • http://theothermccain.com Robert Stacy McCain

    DJIA plunges as college grads that voted for O-bah-muhh can’t find work, move back in with parents and blame Bush

    Fixed that for you.

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  • Joe
  • Joe

  • Pingback: Ed Driscoll » Dreams of their Great-Grandfathers

  • Pingback: Obamanomics: Failure Is The New Success : The Other McCain

  • Pingback: ‘Recovery Summer’ Starts Off With a Limp :: The Lonely Conservative

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