How Low Can It Go?

While I agree that their is no one person to blame I also fell that Obama is only hurting the economy at this point and everyday it seems he has a new spending program.

Let me preface this by saying I don't smoke.
I walked into Royal Farms for my morning coffee, and one guy was thinking about getting cigarettes but decided not to get them. Turns out that the new 70 cent federal tax was being charged to help fund SCHIP, the state children health insurance program.
I guess I bring it up to say, I am willing to bet that cigarette consumption goes down, thus tax revenue will not meet projections, and what politician is going to
a) reduce the cigarette tax
b) reduce SCHIP
The answer is none, at least none that want to be re-elected and not demonized, so it will stay and need federal funding not accounted for in Stimulus program and keep a depressed economy even moreso.

Let me preface this by saying I don't smoke.
I walked into Royal Farms for my morning coffee, and one guy was thinking about getting cigarettes but decided not to get them. Turns out that the new 70 cent federal tax was being charged to help fund SCHIP, the state children health insurance program.
I guess I bring it up to say, I am willing to bet that cigarette consumption goes down, thus tax revenue will not meet projections, and what politician is going to
a) reduce the cigarette tax
b) reduce SCHIP
The answer is none, at least none that want to be re-elected and not demonized, so it will stay and need federal funding not accounted for in Stimulus program and keep a depressed economy even moreso.
I can see the the new federal goverment comercials on this. Light one up for the children of illegal imigrants or "save a child one puff at a time".

Did Obama introduce any new programs today? The stock market is dropping like he did.

maybe he should just stick to fixing all of W's screw ups. lord knows that would take at least one term

If it's not too late to get in on this, I'll take 4740, 1/3 of what it was in 2007.

Big rally in Wall Street today. The Dow is back above 6900. The updated numbers are in Post #1.

Yeah, Citi said they're posting profits so far this year.

In the markets, perception becomes reality. There's so much doom and gloom out there that it's causing people to contract spending and sell equities at a rate faster than the fundamentals would suggest. In reality, things are bad, but not that bad.

The markets will have more down days in the weeks and months to come as people continue to fret. But eventually some positive economic data will come in, like the Q1 earnings for the Fortune 500 companies, GDP, inflation, jobs, etc. When that data starts coming in positive the psychological rebound will be huge. When you go from so much doom and gloom to actually seeing some positive indicators show up in black & white reports, the tendency is to get exhuberant. This market will bounce back really hard when that happens.

i think this is probably just a blip up and not a sign of things to come.

it'll recover eventually... I did get a 12% one day return though (thanks gamestop and best buy).

i think this is probably just a blip up and not a sign of things to come.

it'll recover eventually... I did get a 12% one day return though (thanks gamestop and best buy).

So do you and everyone else take profits tomorrow and send it way back down?