Wall Street Dive Could Worsen U.S. Economic Woes
- Posted on August 4, 2011 at 7:44pm by
Tiffany Gabbay
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WASHINGTON (The Blaze/AP) — The two-week plunge in stock prices is signaling economic anxiety, but it’s also compounding the problem: Lower stock prices are shrinking Americans’ wealth, rattling their confidence and making them less inclined to spend.
And employers may become even slower to hire.
The Dow Jones industrial average plummeted 513 points, or 4 percent, Thursday on fears about the U.S. economy and the debt crisis in Europe. The major stock indexes have sunk more than 10 percent from their previous highs.
Economists say sustained drops in stock prices tend to suppress consumer spending as people see their wealth shrink. And consumer spending accounts for about 70 percent of economic activity.
The drop in stock prices could especially slow spending by upper-income Americans. Eighty percent of stocks belong to the richest 10 percent of Americans. And the richest 20 percent of Americans account for about 40 percent of consumer spending, says Michael Niemira, chief economist at the International Council of Shopping Centers.
The drop in stocks “will have repercussions back on the economy,” says Barry Bosworth, an economist at the Brookings Institution who has studied the link between stock market performance and consumer spending.
All this comes just as fears of another recession are rising. Many consumers, their wages devoured by high gasoline and food prices, are pinching pennies: In June, they reduced spending for the first time in 20 months, the government said this week.
Cato Corp., which sells budget-priced women’s clothing, said Thursday that revenue at stores open at least a year fell 3 percent in July. CEO John Cato said the results “reflect the difficult economic conditions and uncertainty affecting our customers.”
Luxury retailers like Tiffany & Co. and Saks Fifth Avenue have remained a bastion of strength. They helped fuel a stock rally that started a year ago and made wealthy households even wealthier. MasterCard Advisors SpendingPulse says its index of luxury sales at restaurants, food boutiques, department stores and clothiers, surged 12 percent last month.
But the Dow’s plunge could now threaten upscale retailers. The economy, Niemira notes, is “more dependent on spending at the high end so (a drop in luxury sales) could have a bigger effect.
But James Rushing, a vice president in the retail practice at the consultancy A.T. Kearney, expects high-end shoppers to keep spending. True, they slashed spending during the financial crisis a couple of years ago. But he says they‘ve grown used to bad economic news and are unfazed by the stock market’s short-term gyrations.
“The question is, how long of a funk do you have to have before those higher-end consumers” scale back spending? says Doug Hart, a partner in the retail practice of BDO USA.
The stock market still has plenty to worry about.
Cracks in the European financial system widened further Thursday as investors worried that Italy and Spain would be unable to pay their debts. Regulators have put banks there through a series of stress tests. The tests are designed to show whether the banks could withstand defaults by their weaker neighbors.
Fears of default by smaller, heavily indebted countries such as Greece and Portugal have been replaced by concerns about large Italian and Spanish banks. Some investors also worry that the banks are carrying too much of their home nations‘ debt and that the banks aren’t reporting the true value of those bonds.
Investors fear that the European Union’s bailout fund, set up last year to assist indebted countries like Greece, might not be big enough to aid all of the countries facing such problems.
Traders are losing faith in the creditworthiness of debt issued by a growing number of countries and in the banks that hold it. That’s causing banks to charge each other more money for overnight borrowing. It’s also making short-term credit harder to get, traders say.
One sign of jitters: The yield on the one-month Treasury bill fell into negative territory on Thursday. That meant that lenders would, in effect, pay the U.S. government to hold their cash. Market participants said the falling Treasury yields show that investors still regard U.S. debt as the safest place for their money.
There are other ways that Europe’s problems could be felt across the Atlantic. European banks that can’t get credit might stop lending to U.S. banks and hoard their money. U.S. banks’ borrowing costs would rise.
A default by a major European bank would likely have similar effects, potentially sparking a credit crisis like the one caused when Lehman Brothers collapsed in September 2008.
“It‘s one of those unknowns that’s big enough and scary enough to drag down the (U.S.) markets,” said Kurt Karl, chief U.S. economist at Swiss Re.
Europe is also an important market for U.S. goods. Companies in the Standard & Poor’s 500 stock index earn about 20 percent of their profits in Europe, according to Bank of America.
Investors have turned their attention this week to a string of data that shows the economy is much weaker than they thought, said Tom Porcelli, an economist at RBC Capital Markets.
“The recovery is going to be long and drawn out and is going to be more painful than many people appreciated,” he said.
Fox News Insider adds that host Neil Cavuto spoke to former PaineWebber CEO and Chairman of Lightyear Capital, Don Marron, for insight on the worsening markets.
Marron said that money is an emotional commodity and with the fragile recovery, the long-brewing debt crisis and partisan politics brought the United States’ economic issues to the forefront on a global stage. “As we got closer in the extremes as both parties raised their visibility, you exported all these issues to the rest of the world – all of a sudden they looked and said, ‘What the devil is going on in the United States?’ It isn’t just a local thing, now they’re worried about things that would impact us and no solutions – no sensible solution going on,” he said.
Watch the interview below:
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Comments (256)
Encinon
Posted on August 4, 2011 at 8:31pmThis is ridiculous that some of you are upset and or surprised about this. This is part of our whole solution to lower the wealth of those who have it to bring their worth more in line with people like me. This is a great time for us, as we are nearing the day where we will all be equal
Report Post »The Third Archon
Posted on August 4, 2011 at 8:34pmBrilliantly said, comrade.
Report Post »mikem1969
Posted on August 4, 2011 at 8:34pmmorons
Report Post »Marengo Ohio Patriot
Posted on August 4, 2011 at 8:39pmyour always good for a laugh, E.
Report Post »thanks!
SacredHonor1776
Posted on August 4, 2011 at 8:40pmSoylent green will make all people equal!
Report Post »heyjim55
Posted on August 4, 2011 at 8:41pmI hope that you are just being a typical troll and saying something provacative , because if you really believe that Communism is the answer you are mistaken.
Report Post »Encinon
Posted on August 4, 2011 at 8:42pmThank you. We are getting so close to a day where we can all live like I do, but enjoy the wealth of this nation. It is our right to enjoy equal wealth whether we choose to work or not. I honestly have never met someone who even tries to argue that point
Report Post »bertr
Posted on August 4, 2011 at 8:44pmSweet, now the greedy ones who cant take care of themselves have brought down the entitlement system for those trying to use it as a hand up, so now you all end up starving, except the ones which private charity will be able to take care of at this point.
Report Post »good job at culling the population i guess?
Ronko
Posted on August 4, 2011 at 8:45pmNot suprised by what happened today. This proves that Glenn Beck is once again right on as to what’s happening right now. The man turns garbage into gold. The dow going down is long overdue, the double dip recession should’ve happened a year to a year and a half ago. Hopefully this is the final nail in the coffin for Obama.
Report Post »thriceconcussed
Posted on August 4, 2011 at 8:45pmTroll
Report Post »SHOWMESTATEGUY
Posted on August 4, 2011 at 8:50pmEncinon, Your goal seems to be to destroy all job creating capitalist. Okay, if you accomplish that then I think it only fair you post your mailing address so people can send you job resume’s when they need work. I’m almost (kinda) sure you are a job creator–Right?
Report Post »Encinon
Posted on August 4, 2011 at 8:50pmFor those that have criticized me, I don’t get why you would. Even if you are one of the privileged why would you complain if we all lived as equal. You would still have plenty and so would I and plus you could choose not to work anymore I think until you try enjoying life without punching a timecard everyday you should not criticize those who don’t
Report Post »Spyder
Posted on August 4, 2011 at 8:51pmIf I ever want to live the life of a ‘Tard’, I’ll be sure to hit you up for tips, Encinom. You seem to be the expert.
Report Post »ConservativeMomofFour
Posted on August 4, 2011 at 8:55pmENCINON Then what? After you have eaten the rich and the wealth of this nation. Then what happens?
Report Post »bertr
Posted on August 4, 2011 at 8:56pmthere will be more to go around with less people alive i suppose you have some kind of point. but starving people is not the solution i would have cheered.
Report Post »Grandmadar
Posted on August 4, 2011 at 8:59pmWe aren’t surprised at all. We know this as been planned for some time.
And there is just one word for those Americans who want and think they deserve other’s hard earned wealth while they choose not to work……L A Z Y!
Here’s your sign…..
Report Post »obamanation
Posted on August 4, 2011 at 9:00pmWhy would I not want to work?
I hate pathetic people that believe they should get what others worked hard for simply just because they were born. You must earn what you get, and not take from others. You definitely don‘t have the right to take what I’ve earned, Encinon. Just try and take it… I’ll shoot you in the face.
I doubt Encinon even owns a computer… I’m sure he or she is at a public library PC.
Report Post »T-BAG
Posted on August 4, 2011 at 9:06pmThe problem with socialists is that eventually you run out of other people’s money!
Report Post »chips1
Posted on August 4, 2011 at 9:08pmSACRED:
Report Post »Did you want dark green or light green?
Encinon
Posted on August 4, 2011 at 9:11pmI think some of you have been fooled by silly rhetoric. Wealth wouldn’t run out just because we share it. Additionally it is not laziness that prevents me from working, it is the desire to enjoy life which I definitely didn’t do when i worked. Money isn’t going to run out simply because we all share it equally
Report Post »obamanation
Posted on August 4, 2011 at 9:16pmEncinon,…. If we all have an equal amount, then how can we trade? You don’t make sense!!
Report Post »SacredHonor1776
Posted on August 4, 2011 at 9:17pmAre you even sure Encinon is a communist, and rather more of an anarcho-communist?
Report Post »seeker9
Posted on August 4, 2011 at 9:17pmencinoN
So you are a progressive! Who’d a thunk? I agree with the psychiatrist, you progs are delusional and psychotic. Must have something from childhood.
Report Post »mossbrain
Posted on August 4, 2011 at 9:18pmI have to admit I dance a little jig when the market crashes. I’m too poor to own stocks so it makes me laugh to see the anxiety of the rich. Life is not fair hahahahahahah.
Report Post »Stand_up_and_fight
Posted on August 4, 2011 at 9:19pmSocialist pig. Drop Dead. If you do not like the US as we are meant to operate. LEAVE!
Report Post »obamanation
Posted on August 4, 2011 at 9:21pmEncinon…. Who’s going to make sure we all have an equal amount of money anyway?
Report Post »obamanation
Posted on August 4, 2011 at 9:23pmProgressives should actually call themselves Degressives, if they were honest.
Report Post »let us prey
Posted on August 4, 2011 at 9:27pmI though Samuel Colt made man equal.
Report Post »Servant Of YHVH
Posted on August 4, 2011 at 9:28pmHi encinon and third archon! The Tea Party loves you and we are glad that you are here to celebrate the Tea Party
Report Post »obamanation
Posted on August 4, 2011 at 9:28pmEncinon sounds like a disgruntled employee that is pissed about his sh*tty job. Which might be due to the cr*ppy economy. You should be mad at the Fed. Maybe you should educate yourself some more… who know?.. maybe you’ll become a Libertarian.
“Libertarianism is the political philosophy that holds individual liberty as the organizing principle of society. Libertarianism includes diverse beliefs, all advocating minimization of the state and sharing the goal of maximizing individual liberty and political freedom.”
Report Post »skilaxdad
Posted on August 4, 2011 at 9:33pmENCINON is obviously just pulling your chains. The lack of rancor and vitriol is a dead give away. No self-righteous attack on the low-life, greedy, diseased conservatives. No true liberal/progressive could pass on such an opportunity.
Report Post »Encinon
Posted on August 4, 2011 at 9:35pmWhy would we need to trade? The government is going to make sure that we all have equal wealth so there is no need to trade. I was worried that I might have to work again at some point, but the last few weeks have given me hope that we are closer than i thought to where the government will make me whole
Report Post »obamanation
Posted on August 4, 2011 at 9:36pmEncinon isn’t “Trolling” the site, but actually is the true definition of a Storybook Troll.
Report Post »seeker9
Posted on August 4, 2011 at 9:37pmmossbrain
Dance away. One does not have to be rich to be in the market. Matter of fact, the market is about the only way an average American has a chance to become rich. I do not attempt to understand why so many progs are convinced that if they raise a big enough stink, some one will give them prosperity.
PS: Money can be made on the downside with ETF’s that short the market. Do you have a “retro” jig?
Cheers
Report Post »obamanation
Posted on August 4, 2011 at 9:39pmskilaxdad, how can you say that?! He’s talking about exactly what progressives/libs want… total equality of wealth.
Report Post »obamanation
Posted on August 4, 2011 at 9:40pmEncinon, Ok… If the government is going to take care of us with it’s wealth… then how is the government going to create and earn it’s wealth to share with us?
Report Post »obamanation
Posted on August 4, 2011 at 9:44pmEncinon …And by the way, I was talking about trading money… If we all have the same amount and no one can have more or less than i do, than what would the value of money be at all?
Report Post »llotus
Posted on August 4, 2011 at 9:55pmEncinom…..when the real **** hits the fan do you realy think the very wealthy are going to be bothered with you? They will take better care of the working force than they will the welfare force. You will have outlived your usefulness and our hell will just begin……..but we will be needed and you will not. Lotus.
Report Post »Pelling1020
Posted on August 4, 2011 at 9:56pm“Ennie”
We will never be equal, my package is bigger than yours. Can’t spread that wealth!
Report Post »J.C. McGlynn
Posted on August 4, 2011 at 9:57pmYou are equal with the rich. You have the chance to create something that can make you rich. Just like most people, you are too lazy or not smart enough to do it.
Report Post »llotus
Posted on August 4, 2011 at 9:59pmencinon….you will also learn that in the eyes of these traitors no one is equal to them. Why do you think the American people are so upset. You are truely a useless piece of garbage to even think the way you comment and then post it on this site. Lotus.
Report Post »robert
Posted on August 4, 2011 at 10:03pmI’ve got a pretty good business background, and I subscribe to several journals from top notch economists around the country and nobody could forecast that this bust would be the reaction to the continuing debt crisis.
Everybody knew things in Europe were heating up, especially in Italy and Spain, with Greece teetering precariously as always, but still the 10% drop this week in the market was unexpected.
This entire affair underscores the fact that when we get to the point where we are on the verge of collapse things will be occurring in lightning fast order. We will wake one morning and the stock market will be going down so rapidly it will be closed; gold and silver will have skyrocketed beyond wildest expectations, and the airways will be full of announcements about various businesses shutting down and laying off workers
And, when that happens, I expect to see the community organizer with his usual detached demeanor, seemingly unconcerned, go on T.V. telling us we’re going through a correction and that the economy is still strong.
Soon after that, we’ll be shown riots in Europe getting violent, afterwhich a run on the banks here will cause them to declare a “bank holiday,” and the next few days will explode into rioting on the streets of the US by people who want to withdraw their money from the banks, but they will still be closed.
I will wonder then if the fools who voted for Obama expected the “hope and change” to be as it turned out.
Report Post »obamanation
Posted on August 4, 2011 at 10:05pmPelling1020
HAHAHAHAHAHAHAHAHAHAHAHAHAHAAHHAHAHAHAHA!!!!!!!!!! LMAO ROFL!!! (wow! i’ve never even used those acronyms before!!)
Report Post »obamanation
Posted on August 4, 2011 at 10:09pmEncinon!!! I got your attention! Now answer my questions!! …Oh? You can’t!
Dang I’m good at shutting up those Progz!
Report Post »Encinon
Posted on August 4, 2011 at 10:21pmI would ask for more details on your package but I am married already. I still think a bunch of you baggers are confused about my main point. It isn’t what you can attain for riches. It is quality of life. We are all much better off if we can just enjoy life without the silliness of wasting time working. What is the good of money if you have to waste half the day in an office. The last few years has been very enjoyable being able to do whatever I want during the day. I promise when the rest of you try it you will support all I preach
Report Post »TX_45_ACP
Posted on August 4, 2011 at 10:25pmThe fact is, Communism and Socialism are nothing but extremely greedy forms of capitalism. At first they promise equality, and then they take everything you have and you end up with practically nothing. Everyone is equal yes, but equally impoverished except for the corrupt elite who scammed you out of your wealth. This is what my family endured in Cuba and much worse.
Report Post »snidley-whiplash
Posted on August 4, 2011 at 10:25pmMr Hankey your place is in the septic tank. Here we go……one flush…………..good bye turd!
Report Post »Encinon
Posted on August 4, 2011 at 10:26pmObama , I think it’s pretty hard to argue with you. We both know the federal government can print money. What I have asked for is for the government to print enough to make us all equally wealthy and distribute it. For those that started ahead, they should have it taxed to a level that brings them to the rest of us. Once this happens, the wealthy will realize that they will enjoy their money even more when everyone around them is happy as well. I think this is inarguable
Report Post »Encinon
Posted on August 4, 2011 at 10:36pmTx, Cuba is one example of corruption but generally as long as there is no corruption equality is by far the best system. Generally, other than bush or Nixon regimes, america wouldnt have that type of corruption. If we lead in this, I can see the rest of the world following
Report Post »dietrdeb
Posted on August 4, 2011 at 10:45pmEqually miserable or equal.
Report Post »obamanation
Posted on August 4, 2011 at 10:46pmI can argue that one easily!
Yes the Federal government can just print money, Obama more than doubled the money being printed before 2009. But, if that becomes the case, than you’re just creating inflation because the money is not backed by anything. Money must be equal to something that is actually worth something or else it’s just paper (This is Economics 101 btw). That’s exactly what QE1 and QE2 are… printing mass amounts of cash to pay off our debt with inflation. The problem is that this leads to hyper-inflation. If there is no nothing backing the cash being printed then it becomes worthless. Just like the housing bubble. Our money used to be backed by gold, but now it’s backed by confidence in the market. So if there is no market to be confident about, my next question is, what will back your “equal” cash?
And to your second point, which has been proven wrong in places like California and New York. When taxes are raised on big businesses, they don’t have the money to expand. So they either do one of 2 things… close up shop or move to a state with lower taxes.
And also, trust me… people that earned their money and became rich appreciate much more than people like you. They truly understand the value of a dollar.
Report Post »fatjack
Posted on August 4, 2011 at 10:52pmEncinon
Posted on August 4, 2011 at 8:31pm
This is ridiculous that some of you are upset and or surprised about this.
==========================================================
How would know “some are upset and or surprised” being you posted first. Trust me no one on this site is surprised at what’s happening with the market/economy/state of the nation.
These readers are the best prepared group of people in the nation. Bring on the hardship we are ready.
Report Post »obamanation
Posted on August 4, 2011 at 10:53pm“Tx, Cuba is one example of corruption but generally as long as there is no corruption equality is by far the best system. Generally, other than bush or Nixon regimes, america wouldnt have that type of corruption. If we lead in this, I can see the rest of the world following”
What’s an example of corruption in Texas? And yes, Cuba is the definition of government corruption. But what Communist country doesn’t have corruption? Actually… what major government doesn’t have corruption at all? i can’t think of one. Governments naturally become corrupted… so why give any major power?
Nixon sucks.. we all know. But how can you say Bush sucks and not mention Obama? He’s Bush times 2! Both did bailouts. Both did stimulus packages. Both did big healthcare entitlements. Both did a giant financial regulation bill. Bush spent $2 trillion, Obama has spent $5 Trillion. And both signed on to the Patriot Act. They both suck!
Report Post »TX_45_ACP
Posted on August 4, 2011 at 10:57pm@Encinon
Report Post »It will never work. People will always want more. It is in our nature to compete, to desire a better life for ourselves and to have whatever they want to have or be wherever they want to be or have land that is different from others. There will never be equality for everything. Some will have smarter children, some will have more beautiful wives, etc etc. It is in our nature. People flee socialist countries to the US to get ahead and make something of their life. They don’t travel here to sit around and not work. They come here for a better life. They want freedom. To be able to do what they want without a government body that shackles them down. A freedom that is free from censorship and allows freedom of speech. Most people are not like you, who wish to sit around and take from the hard work of others. This type of system cannot be sustained. Many people want to work hard and reap their own rewards. They want freedom from government to rule their lives. When the government controls us, we becomes their serfs. This is how it has happened in other regimes. Look at Greece now. It does not work. The government will always be run by people, and people desire power. Therefore, this can never work. Look at China, they have moved to capitalism. They know it doesn’t work. They now chastise us. Look at any socialist country and you’ll see that the ruling elite is always extremely wealthy and powerful. They are rich from the money of their citizens. Serfdom.
Joe Tater
Posted on August 4, 2011 at 10:57pmEncinon
Report Post »If know one has to work then who will grow and produce the food? and what incentive would they have to produce food for more than just themselves and their families? and who will make all the stupid trinkets we waste are money on? I believe if you‘re honest with yourself you’ll realize the only reason your able to enjoy your extended vacation is because of all the people who do still work.
Kurty C Wipe
Posted on August 4, 2011 at 11:01pmThe New Government Symbol
The government today announced that it is changing its symbol from an Eagle to a
Report Post »CONDOM, because it more accurately reflects the government’s political
stance…. A condom allows for inflation, halts production, destroys the next
generation, protects a bunch of dicks, and gives you a sense of security while
you’re actually being screwed!
obamanation
Posted on August 4, 2011 at 11:07pmTo take from one because it is thought that his own industry and that of his father’s has acquired too much, in order to spare to others, who, or whose fathers, have not exercised equal industry and skill, is to violate arbitrarily the first principle of association—the guarantee to every one of a free exercise of his industry and the fruits acquired by it.
I think myself that we have more machinery of government than is necessary, too many parasites living on the labor of the industrious.
I am not a friend to a very energetic government. It is always oppressive.
Sometimes it is said that man cannot be trusted with the government of himself. Can he, then, be trusted with the government of others?
A wise and frugal government, which shall leave men free to regulate their own pursuits of industry and improvement, and shall not take from the mouth of labor the bread it has earned – this is the sum of good government.
Experience hath shewn, that even under the best forms (of government) those entrusted with power have, in time, and by slow operations, perverted it into tyranny.
Report Post »El Pistoffo
Posted on August 4, 2011 at 11:10pmEncinon said “What I have asked for is for the government to print enough to make us all equally wealthy and distribute it”
All this means is that everyone will sit on their a$$ and do nothing. No work whatsoever will get done and we will all just rot away. Nice try bub.
Report Post »Encinon
Posted on August 4, 2011 at 11:18pmWhile our money used to be backed by gold it no longer is so really we now can print money with no repercussions especially with the dollar being the world currency. As for needing people to work for our food that is absurd. As it is now the government can just provide whatever we don’t have produced already. I think some of you righties will try to come up with silly boogieman arguments to why we can’t have equality for all
Report Post »OneFunR6
Posted on August 4, 2011 at 11:29pmEncinon –
When no one WORKS – ALL will starve.
When you come for MY food, I shoot to KILL.
BANG,… you loose.
Report Post »OneFunR6
Posted on August 4, 2011 at 11:31pm“How fortunate for governments that the people they administer don’t think.”
~ Adolf Hitler
Report Post »OneFunR6
Posted on August 4, 2011 at 11:33pm“Gold IS Money, and nothing ELSE.”
J. P. Morgan – 1914
Report Post »OneFunR6
Posted on August 4, 2011 at 11:38pmEncinon –
Here’s another thought for your tiny reptilian brain,
Golden Rule = He who HAS the gold MAKES the RULES.
J. P. Morgan bailed out the US GOVERNMENT – TWICE!
Then he helped start the FEDERAL RESERVE SYSTEM,…..
and WE the PEOPLE have been getting screwed ever since.
Soon, there WILL be a civil war in this country, as those like YOU
Report Post »try to take MORE from people like ME and from my descendants.
I WILL make it stop AND others WILL help me. I promise.
Dont-hate-on-me-2
Posted on August 4, 2011 at 11:40pmyoull be one of the first to get the bullet from your leader when it falls apart encino. What a crap town that is also, wont even notice when its gone.
Report Post »Encinon
Posted on August 4, 2011 at 11:51pmI find it absurd that some of you want to resort to violence rather than live with all of us as equal bi recommend utopia and you threaten me? My husband and I won people over last night locally and o am confident that in time I and others will win each of you over as well justice and equality for all of us !!
Report Post »OneFunR6
Posted on August 4, 2011 at 11:55pmDont-hate-on-me-2
HE will NOT get shot, because HE will NOT stand and fight.
Encinon IS a coward and a thief, and he WILL run and hide.
Well, he will TRY to hide,..
but the reality of hunger and then starvation WILL ‘find’ him,
and then…..
He WILL WORK OR HE WILL STARVE.
Report Post »OneFunR6
Posted on August 5, 2011 at 12:00amEncinon, you are NOT my equal,
Report Post »and when you or someone else comes in YOUR ‘name’,
to TAKE what is RIGHTFULLY MINE,…………….
OneFunR6
Posted on August 5, 2011 at 12:04am“Never interrupt your enemy when he is making a mistake”
— Napoleon.
I, too, am waiting, and you ARE right ‘that’ day is soon to come.
We will all STOP using the Gov.’s funny money and ALL Gov.’s WILL collapse.
Local, State AND Federal.
and in due time,…
Report Post »I will be the one,….
enforcing ‘martial law’,…
on MY OWN property.
Lord_Frostwind
Posted on August 5, 2011 at 12:33amThe only equality in life is in destruction, every other form is a lie. That’s what all the pathetic communists and socialists will never understand, there will never be equality, not in the sense they preach.
Report Post »Apple Bite
Posted on August 5, 2011 at 12:37amTell me this is satire you’re engaging in…..Because nobody can be so damn stupid as to beleive that’s always been the right way to live, under a wave of socialism.
Report Post »banjarmon
Posted on August 5, 2011 at 12:38amThere is more pride in catching a fish and eating it, than being given a fish to eat.
Report Post »MIBUGNU2
Posted on August 5, 2011 at 12:47amWonder how the $36 K Dinner went ??
Report Post »MIBUGNU2
Posted on August 5, 2011 at 12:57am@ El Pistoffo
Posted on August 4, 2011 at 11:07pm
Encinon is nothing more than a steaming pile of cow dung.
Meant to say Camel Dung, did you not ?? HMMM !!
Report Post »Firebrand
Posted on August 5, 2011 at 1:02am@encinoN
Obviously, you are being satirical. If your tongue got any further into your cheek, it would be sticking out your ear. =o)
well played.
Report Post »shadowski
Posted on August 5, 2011 at 1:04amEncinon, since you don’t seem to be able to logically follow a string of thought through to conclusion, allow me to help you with that. If no one works, that means that no one is running the government as that would require someone to be working.
As for your claims of ‘justice and equality’, where is the justice in taking something from someone who worked for it and giving it to someone else who wants it but refuses to get off his/her butt and provide for themselves? Let me put that in simpler terms for you: if you picked an apple and were in the process of eating it and someone ripped it out of your mouth and started eating it themselves you would not be happy, you would be less than pleased.
One last thing. You claim that we don’t need to work to produce food because the government will just provide us with what food we need. How will the government get the food to give us? Will it magically appear inside of your local federal building? No. Someone has to plant the food and continue to cultivate it until it is ready to be eaten. That is what we call work. If no one works, no one provides the food. The government providing the food would require someone to be working there.
Just a few of the flaws I found with your grand plan comrade.
Report Post »muzikant
Posted on August 5, 2011 at 1:11amTo encinom: Remember, liberalism is a mental disorder. But you wouldn’t understand…
Report Post »awall1231
Posted on August 5, 2011 at 2:18amlet it all crumble. We out here in the country will gladly feast on those who would subdue us. this means you ENCICOM. parasites are to be exterminated. If you cant contribute then you are left to your own.
Report Post »Fantastic Four
Posted on August 5, 2011 at 2:18amMatthew 7:15-20
You Will Know Them by Their Fruits
“Beware of false prophets, who come to you in sheep’s clothing, but inwardly they are ravenous wolves.You will know them by their fruits. Do men gather grapes from thornbushes or figs from thistles? Even so, every good tree bears good fruit, but a bad tree bears bad fruit. A good tree cannot bear bad fruit, nor can a bad tree bear good fruit. Every tree that does not bear good fruit is cut down and thrown into the fire.Therefore by their fruits you will know them.
Report Post »godlovinmom
Posted on August 5, 2011 at 3:06amFIREBRAND, thats exactly what I was thinking, nobody could be that stupid, so he’s playing.
Report Post »S. Dakers
Posted on August 5, 2011 at 3:21amThis looks like the beginning of the next great depression which, in turn will set up the greatest man-made slaughter of modern times. All the signs are there.
Read German history: 1918-1945. Mired in debt, they printed trillions of absolutely worthless Deutschmarks to cover themselves. This spawned runaway inflation, in which a loaf of bread cost literally millions. Inflation ended up a boon for the uber-wealthy, who paid off their business loans with worthless paper money. Germany’s middle class became scavenging street beggars.
The ensuing unrest brought into power: a SOCIALIST from the National Socialist German Workers’ Party (NSDAP): Adolf Hitler. He outlawed unions, and stripped away human rights. He murdered 11 million noncombatants, including 6 million Jews. More than 55 million died in WWII.
Today, countries calling for the death of America, UK and Israel are armed with nukes. The next war and its accompanying famine will kill BILLIONS. For the sake of our children, we must ACT NOW! This is not a call to arms; it is a call to our knees. If we do not repent (“repent” means “a change of heart, mind, thinking and action”), it’s only a matter of time before our Republic dies, and war will most surely follow. If, however we repent, acknowledge wrongdoing, (both individually and collectively) and return to God, we have great hope.
For God’s sake… really, for your and your child’s sake… repent and pray. Read the signs. They’re all t
Report Post »Huguenot Descendant
Posted on August 5, 2011 at 4:26amAwesome Encinon you are always good for a laugh.
For those of you who don’t know Encinon is being facetious to mock Encinom which I think he does a pretty good job of it. We should be saying well played for doing such a mimic in mockery. :)
Report Post »HairOfTheDogSob
Posted on August 5, 2011 at 6:24amLet it burn!
Report Post »Thatsitivehadenough
Posted on August 5, 2011 at 6:33amENCINON: We SHOULDN’T live as equal, because we are NOT equal. Equal under the law? Yes. Equal is enjoying the fruits of an individuals labor? No. YOU are a COMMUNIST. Everything you say proves it. If you think you aren’t, then you also prove you were ‘indoctrinated’ in the leftist public education system, or some little red schoolhouse, or were a red diaper baby.
Report Post »old white guy
Posted on August 5, 2011 at 6:44amencinon. when they wealthy are poor we will all be very poor indeed, except the commissars at the top. carry on you fool.
Report Post »Marcobob69
Posted on August 5, 2011 at 7:02amBarry said it himself before he was elected, it’s the redistribution of wealth that he holds so close to his heart coming to fruition. This clown needs to be REPLACED!!! As does all of his hand-picked, un-vetted communist, Marxist czars.
Report Post »IntransigentMind
Posted on August 5, 2011 at 7:50am@ENCINON: You’re exactly right. This is all intentional, and all in service to people like you:
Report Post »http://markamerica.com/2011/08/05/blow-back-how-obamanomics-is-wrecking-the-country/
That‘s why we’re going to need to make massive changes next year.
TheOracleOfTruth
Posted on August 5, 2011 at 9:10am@Encinon- take your social justice and jam it E!!!! You will be gnashing your teeth foolish one, soon enough!
Report Post »obamanation
Posted on August 5, 2011 at 1:18pm“While our money used to be backed by gold it no longer is so really we now can print money with no repercussions especially with the dollar being the world currency.”
That makes no sense. You make no sense.
Report Post »obamanation
Posted on August 5, 2011 at 1:41pmEncinon you ideology is ridiculous. You want an economy without an economy. Money backed by air. No one works but everyone gets paid. There is no need to trade or barter, but everyone gets an equal amount of money.
None of what you are saying is sustainable or even plausible. No matter what, people must work to keep things moving forward. Either that be for yourself or for someone else. I’ve chosen to have my own business and work for myself. I and the people around me work hard for what we have. It makes me sick to think that there are actually people like you that are able to take care of themselves but decide that they don’t need to work and someone else must to take care of them. You’re quite pathetic.
Working for food and everything else one needs is not absurd at all. It’s the reality of life. Having someone else work for you is definitely absurd. My point is, someone’s has to work, why make it someone else… that’s selfish.
From what I gather out of this whole argument is simply that you’re lazy. So, good job with that!
But thank you for coming to the Blaze and arguing with us. That’s more than most Progs would ever do to share their views.
Report Post »obamanation
Posted on August 5, 2011 at 1:50pmEncinon You say quality of life stinks because you’re always working… I got a simple solution!!
…Find a job you enjoy! It’s America. I have. I love my work! And being my own boss for the work I do, I can easily find time to do other wonderful things.
But you already know this. So obviously, you never worked hard enough to get to where you wanted to be. Maybe you don‘t have the brain for the type of work you’re interested in. So, that doesn‘t mean I’m going to pay for you to do nothing but have fun, play and sit on your big butt. You’re not my problem!
Share the wealth!… ya right! It’s actually steal what others have earned and give it to the lazy… Oh, and give some to the government thieves too!
Report Post »obamanation
Posted on August 5, 2011 at 2:15pmChina’s ‘tea party’ grumbles over government waste:
Report Post »http://www.washingtontimes.com/news/2011/aug/4/chinas-tea-party-grumbles-over-government-waste/
obamanation
Posted on August 5, 2011 at 2:25pmEncinon, watch this…
http://www.breitbart.tv/santelli-vs-ezra-klein-on-economy/
Report Post »obamanation
Posted on August 5, 2011 at 3:10pm“I find it absurd that some of you want to resort to violence rather than live with all of us as equal bi recommend utopia and you threaten me?”
You threatened us first. Let‘s say tomorrow a burglar came in to your home and tried to take what’s yours (and that could be anything, including your life and even your body); if there was a gun next to you, would you not pick it up and shoot the b*stard in the head?!
How can we ever have a utopia any way. My utopia would be much different than yours. I know that the closest way to get to one’s utopia, is the ability to take care of one’s own self… And not have a government body controlling every aspect of our lives. Which is what must happen if you want the government to keep everything fair… They must control us.
I got news for you… Life’s not fair!
“Experience hath shewn, that even under the best forms of government those entrusted with power have, in time, and by slow operations, perverted it into tyranny”
Report Post »Bro Geo Too
Posted on August 4, 2011 at 8:29pmThe money the Fed is printing will soon be worthless. Supermarkets have a 3 day supply of food on the shelves. Civility in this country rests on a very thin, very fragile veneer of normalcy that will ultimately shatter.
Survivalists and preppers have seen the handwriting on the wall saying; within our lifetimes our country will resemble post-Katrina New Orleans.
Please visit: http://www.preparedchristian.net
Report Post »Marengo Ohio Patriot
Posted on August 4, 2011 at 8:28pmsvan
Report Post »well, im hopey for some changy thing pretty damn quick!
MIBUGNU2
Posted on August 5, 2011 at 1:04amTea Party must be “Holding the Stock Market Hostage” MSNBC say’s !!
Report Post »olddog
Posted on August 4, 2011 at 8:27pmI’ve seen the market dive and come back dive and come back but lately i believe the market has been purposely propped up by liberal investors that have something to gain from all this. Of course they’re much to smart to be caught at this, I’d say Sorass is one of those people.. This time I don’t believe the market will come back. I’ve heard all the doom and gloom was 2 to 3 yrs away, but you know how smoke screens are..Now we are in for hard times, I hope some of you have listened to Beck and prepared. I can guarantee none of the sheep liberals prepared, but I know their leaders did.. Good Luck Americans……
Report Post »Mateytwo Barreett
Posted on August 4, 2011 at 9:46pmThere nis no doubt the market was and is being manipulated. Where do you think the big boys put all the stimulus money. Car loans for “Joe the Plumber”? You’ve heard the same crap I have. The market went up 150 points today on the news that Icelands volcano eruption didn’t disrupt air traffic. Commodities are going very interesting!
Report Post »trueblueday
Posted on August 4, 2011 at 9:53pmIf it’s not the final blow, it is something we can all learn from and continue to prepare. We knew this was coming, so it’s time to get over the fear, connect with family and friends.
Report Post »Olddog, I stand with you – lets hope we simply get stronger in the long run from this. All the best to you.
Zorro6821
Posted on August 5, 2011 at 7:28amNo surprise about the markets. Once again you see how the game is rigged. The non regulated short sellers will reap great wealth of the market correction at the expense of the working stiff. The IRA, 401k’s, private retirement fund will be plundered by the few Oligarchs. This is the great flaw in our Capitalist system combined with Globalism. The Chinese figured this out and have the protectionist policies to protect their wealth. We in the USA are mere serfs controlled by the 1% and yet we the people still demand that we cut yet the only crumbs left such as healthcare and SSi. The crumbs are things we paid into all our working lives. The corporate media lets the masses believe that they are entitlements, so they must be cut. The masses believe this nonsense and cut their own throat and claim victory. What a dumb heard we are.
Report Post »hauschild
Posted on August 4, 2011 at 8:26pmI can’t believe it took this long for people to see it – and people that get paid good money to see it, on top of it.
Looks like this opens the door to QE3, which will lead to the market going back up short term, only prolonging the agony.
I’ll betcha the freaky-looking fuzzy dude – Krugman – is foaming at the mouth; those beady eyes darting to and fro as he plants another flag on America’s decaying corpse.
Report Post »OneFunR6
Posted on August 5, 2011 at 12:10amyou got that right!
Report Post »OneFunR6
Posted on August 5, 2011 at 12:13amand I’d bet you know what happens to a ship on fire….
when you go and put waaay too much WATER on that fire????
That FIRE GOES OUT. rof.
Report Post »Blue Collar Conservative
Posted on August 5, 2011 at 1:18amHere’s a new rule to live by: THE ECONOMIC “EXPERTS” ARE ALWAYS WRONG. They’re surprised by everything that happens, which begs the question: Who made THEM the experts?
Report Post »svan71
Posted on August 4, 2011 at 8:24pmPerhaps another stimulus ? Wall street dont sweat it, China wilol write you another check, the American Tax Payer will pay for it plus intrest. Hows the Hopey Changey thing working guys ???
Report Post »tinydd
Posted on August 4, 2011 at 8:42pmDon’t worry about the economy, because Barry and his cabinet are now “FOCUSED”, All will soon be well in the land of milk and honey and happy meals.
Report Post »MrButcher
Posted on August 4, 2011 at 8:23pmJust remember: you can’t eat gold. but you can eat liberals and muslims.
—-
haha, i kid.
Hang in there, folks. Nothing’s ever THAT bad.
Report Post »trolltrainer
Posted on August 4, 2011 at 8:29pmSo do you have any good Muslim recipes? Preferably something for the grill as I doubt I will have electricity. Sunni-Kabob maybe? BBQ Shiite…Muhammad on the half-shell…
I do not know if I would eat a liberal…Probably very bitter…
Report Post »SpontaneousVomit
Posted on August 4, 2011 at 8:20pmThe Chosen-one turns 50 …
DJIA down 500+ …
Happy B-day @$$wipe.
Report Post »cemerius
Posted on August 4, 2011 at 8:20pmAhhh all the GRANDSTANDING of our so called politicians cannot and will not compete against REALITY!!! Cap Cut and Balance was the ONLY thing even remotely close to making it….gotta love the obamanation spending 100% of GDP in a day now their is some GREAT restraint huh???? Welcome to Zimbabwe folks……
Report Post »SHOWMESTATEGUY
Posted on August 4, 2011 at 8:19pmReally!!! If the stock market is doing well then most of the American people are doing well. To hear the dems talk you would think the stock market is the reason America is not a just and true system. Those evil people. Spend three (almost) years of bashing the American business system and see what the outcome is. But you can bet your butt there are still 40% of the American people who will vote for these…….I’m looking for a word, I’m looking for a word to describe them. I don’t want to get censored so you fill in the blank______________.
Report Post »psst
Posted on August 4, 2011 at 11:10pmOK:. I’ll help ya out .FotherMuckers
Report Post »temple62
Posted on August 4, 2011 at 8:17pmAs we all heard yesterday, the “new kid” was going to get serious about job creation now that the debt deal went in Obama’s direction and the GOP lost big time. And as the sun came up this morning, no plan emerged to give the DOW, America or the world any more confidence in the liar-in-chief than they have seen during his last three years of golf, parties and campaigning. And the stock market fell – and you didn’t see that one coming?
Why are the DamDims still blaming Bush, Reagan, Ford, Eisenhower for Obama’s lack of performance regard todays stock performance, job creation, three arab wars, and frittering away trillions on fake stimulus programs? The Dims need to look at their own 401k’s and stock portfolios – let Obama talk his way out of your financial losses! This accounts for Pelosi’s big proud smile on her face today – she has always advocating distribution of your wealth to others who didn’t earn it.
Report Post »Fantastic Four
Posted on August 4, 2011 at 8:15pmThe great part of Hope and Change now we all get to be POOR equally…..
well except the “Elite’” that is, but they are the exception cuz they are so intellitual that they can keep their Dr.’s and golden parachute health care adn stiff us withthe bills hahahhahahahah I love AMERIKA
Report Post »cemerius
Posted on August 4, 2011 at 8:17pmGeorge Soros cannot eat 11 tons of gold ha ha ha….
Report Post »trueblueday
Posted on August 4, 2011 at 9:58pmWith the current droughts, dead cattle, no crops save for ethanol – We’ll all be eating dirt.
Report Post »Can’t wait for what tomorrow may bring.
Profx72
Posted on August 4, 2011 at 8:14pmGee, wasn’t the increase in the Debt Limit supposed to save the economy from collapse? Markets despise uncertainty, and there is nothing more uncertain that that CRAPTASTIC piece of legislation. It doesn’t cut, it‘d doesn’t cap, it doesn’t stop taxes from going up, and it doesn’t resolve our credit rating. The only thing I’m surprised about is how QUICKLY the market has recognized it!
Report Post »http://www.maverickvoice.com
13th Imam
Posted on August 4, 2011 at 8:12pmThings are improving. Obama says so. the DEMOCRATS say so. The MSM says so. So it must be true. 9.2% unemployment is fine. Foreclosures by the bushel are normal. Everything is fine. Gas is dropping to 3.90/Gallon. What a bargain. The oil companys get 2-3 cents per gallon as a profit margin.The Federal Government steals 18.4 cents /gallon. Things are great. Obama assures us. Eric Holder gives guns to drug cartels. Nothing wrong with that , right? 47% of eligible taxpayers don’t pay ANY federal income taxes. 53% carry the loads for the other Freeloaders. Saying you are an avowed Communist(Van Jones) or a Socialist ( Every DEMOCRAT) used to have a stigma attached. Americas future has never been brighter, Barry says so. It must be true
Report Post »svan71
Posted on August 4, 2011 at 8:21pmDone and done ! Right On Brother !
Report Post »LadyJustice
Posted on August 4, 2011 at 10:15pmBrilliant!!
Report Post »MIBUGNU2
Posted on August 5, 2011 at 1:19amHappy B-Day Bama..Like your Change, that’s about all I have left, Tks..
Report Post »Fantastic Four
Posted on August 4, 2011 at 8:12pmFor all the ones that welcomed HOPE & CHANGE………it’s here lets open our arms and embrace it with love and peace adn now the world will no longer know hate………..
ahhhhhhhhhh how good it feels to be a Socialist…..now everyone is POOR so now we are equal..
except the “Elite” that is but they are the exception to the rule inclueding health care
Report Post »trueblueday
Posted on August 4, 2011 at 9:59pmThat’s the goal, comrade, there will be no middle class, only elitists and servants.
Report Post »Spyder
Posted on August 4, 2011 at 8:08pmNotice that they refuse to say Depression? We have been in a recession for how long now? And yet they are saying that we might do a double-dip? GMAFB! We are headed for a depression, but all the media can do is say, “Nothing to see here folks; move along.” All I can say is If you haven’t stocked up on food, water, survival gear, guns and ammo by now, you are in for a rough ride. Call me a conspiracy theorist all you want, but I counter by saying, “The geek shall inherit the earth.” Have fun dying off, all you nay-sayer zombies.
Report Post »Marengo Ohio Patriot
Posted on August 4, 2011 at 8:23pmjust keep watching tv. all is well… stupid americans!
Report Post »llotus
Posted on August 4, 2011 at 10:12pmSpyder………this is going to be worse than a depression. They will have to come up with a new word for this one. The ones that voted for this, I hope they get everything they deserve….and the republicans that let the dems steer them wherever they wanted them to go………I hope they get everything they deserve…..and encinon gets what he or she deserves. None of them including the dems. are gonna like it as much as they think. Things might look good on paper…..and even a fantacy looks good…..bur reality is usualy a shocker. Down with tyrrany and tyrants. Lotus.
Report Post »nubl33t
Posted on August 4, 2011 at 8:07pmeurope is going to collapse its all to do with supplyside economics.. last 30 years of trickle down theory… cant wait for the great equalizer the market.. in itself
Report Post »Micmac
Posted on August 4, 2011 at 8:01pmAgain…And your suprised??? But honestly I really don’t think the stock market has any great effect on us average joes
Report Post »Spyder
Posted on August 4, 2011 at 8:21pmI agree with part of your statement. The part that says, “You really don’t think.” OMG
Report Post »Micmac
Posted on August 4, 2011 at 8:50pmLove the OMG. Love the “scarscasm” too. It doesn’t. Wait 2 weeks and it will be back up. Just don’t sell now. Unless your a speculator..then please sell. I’ve invested in the market for over 40 years as part of my retirement program, and NEVER lost money on a stock…never. Even when it went down after I bought it. The people that don’t work the market (I don’t) as a biz should always think long term, while watching the economy for the drastic movements. But re: my comment above. The short period swings do absolutely NOTHING about things that effect us like jobs creation, the sending of our jobs to China (think Wal-Mart items), the devaluation of the dollar because of the gross neglience of over-printing money, as YOUR leader is doing, the increase of the national debt, etc. Take the time and study how Chaos math works re: the stock market, electronic signals, etc., and it will give you clarity on both the problem and the solutions, and what cannot be solved.
Peace
It’s only a mystery until you understand it.
NoBama 2012
Report Post »trueblueday
Posted on August 4, 2011 at 10:07pmMICMAC, I thank you for the rational comment regarding the SM. 9/11 sent us into the same fix for awhile, and it did take sometime for confidence to build. We’ll wait and see as we really have no choice.
We are basically lacking in serious leadership at this time. The fact that he was rasising campaign funds yesterday was absurd.
Report Post »I SPY
Posted on August 4, 2011 at 8:00pmThanks, Obama. Thanks a lot.
Report Post »trolltrainer
Posted on August 4, 2011 at 7:59pmEveryone just relax…If it is the end then panic will certainly get you nowhere. I think it is just a hiccup and life will go one…albeit a bit poorer…
Report Post »progressiveslayer
Posted on August 4, 2011 at 7:58pmThere is no recovery in sight,these talking heads on tv saying there‘s a recovery don’t have a clue.When the gravy train stops you better have plenty of ammo.
Report Post »jim
Posted on August 4, 2011 at 7:57pmThe words “Obama Depression” can now officially be used.
Report Post »ThomasUSA
Posted on August 4, 2011 at 8:25pmIt’s not a depression it is an “O”-pression… from the little “Spread the Wealth” man himself.
Report Post »jim
Posted on August 4, 2011 at 11:26pmHaha-haha…
Report Post »Sicboy
Posted on August 4, 2011 at 7:55pmEconomic collapse is next. Then One World Government. Then a Supreme leader? AKA Anti Christ. Good luck unbelievers, Muslims, Mormons. And so on.
Report Post »TRONINTHEMORNING
Posted on August 4, 2011 at 7:49pmRecovery is non-existent at present. Survival is the key right now.
Report Post »Devil Dog 7175
Posted on August 4, 2011 at 8:17pmAgreed… God grant us the strength to make it one more year…
Report Post »RLTW
Posted on August 5, 2011 at 1:09amAll hold things together till I get back, currently in Afghanistan back in 30 days.
Soilentgreen is made out of liberals
Report Post »OneFunR6
Posted on August 6, 2011 at 11:48am“Soilentgreen is made out of liberals”
Umm, Umm, Good!
“Liberials, roasting on an open fire,…..
Report Post »******** nipping at your nose….”
lol
Cause4Liberty
Posted on August 4, 2011 at 7:49pmNo surprise
Report Post »ProbIemSoIver
Posted on August 4, 2011 at 10:05pmENCINOM is so pathetic. If you make $30,000 a year you are the top 7% of wealth in the world. Even with a stock market crash, a depression and total a government dissolve, the people that took care of business and prepared, will still have wealth, and you will still be a lazy, socialist loser. The people that worked during the depression survived, the lazy @sses like yourself, starved. You will never be equal with most. The progressives are failing badly. you will soon have to either go into hiding or abandon your Communist agenda, after the dust settles if you have any chance to survive. Did you see that lady today buying $1500 shoes ENCINOM ? lol You will never be able to enjoy that kind of wealth, due to your pathetic, entitled mentality. You will just go to the mailbox for your chump change every month, for a little while longer, because the money is almost gone. That you think you will still get a check after it is over, is funny as S#it !!!
Report Post »