How Low Can It Go?

Mattyk

Microsoft is pretty low too, there's a lot of bargains out there, the question is how much lower are things going to go?

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Slingin Sammy 33

That's good news, glad to hear it.
Increasing the capital gains tax in the middle of a severe recession isn't good news and is a factor keeping the market in its downward spiral. Over-regulation isn't a good thing, transparency is.

Mr. Black's response was no shock, as I'm sure most folks on Wall Street and those who understand the economy and invesments feel the same way. However the fact that USA Today quoted him and printed it on the front page is surprising.

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Miller101

What I don't understand is why Mr. Black is saying that this tanking is Obama's fault...............this market has been tanking for a year now. Obama just got here. If anything its Black's fault! He's been working there this whole time!

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saden1

I believe the capital gains tax will go up from 15% to 20% two years from now, which isn't going to break backs. Top income earners won't escape being taxed at 39% by taking all their incomes in the form of capital gains, everyone should want the closure of this loophole.

As for Mr. Black, he's another Santelli, a little bitch by all account. These folks haven't yet figured out that the tea party has already been had and was lead by Obama.

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saden1

I think the fighting has begun, fortunately these people are not very bright.

I mean seriously, the guy wants more respect and understanding all the while advocating for a tea party? He thinks the press secretary is threatening him? Wat a f'ing retard.

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70Chip

I really didn't want to have a debate about whose fault it is, as that debate will be ongoing for many months in many forums. I was more interested in getting folks on the record as to where they think the bottom is, kind of like an office pool.

Having said that, I sense a defensive tone from the Democrats on the stock market. Of course Obama cannot yet be held responsible for the bulk of the nasty economic indicators we see, but the stock market is a little different. It tends to react more to events in real time - Fed action, earnings reports, wars and natural disasters, etc. That is not to say that the underlying fundamentals are not shit, but I do think the feckless response of Geithner for example, has not been helpful. It's also why all the Democrats are talking about Rush Limbaugh right now. They would prefer to wait for some sign of recovery and THEN talk about the economy. That's the way it goes.

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Monkeydad

3500.

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Slingin Sammy 33

The top income earners are the ones for the most part who create jobs and run businesses, if their effective tax rate will more than double, it will negatively affect a market that's already weak. Obama's policies and economic plan are not sound for putting the economy on track. He's directly attacking the folks that pay over 1/3 of federal taxes in the U.S. and indirectly hurting a far greater percentage with the capital gains increase. A capital gains increase will cause stocks to drop. It doesn't matter if he's delaying it two years, it's coming and people know it. The market is struggling and the solution appears to be increase taxes and spend on programs that are additional benefit programs, pork, or won't create jobs in the near term.

It doesn't matter at this point who put us in this situation because arguing that point fixes nothing. The plan he's putting forth is bad and the market is reacting appropriately. Unfortunately the majority of the American people don't understand the situation.

You're missing or ignoring my point, I couldn't care less about Black (IMO he's right) or Santelli (yes, he does sound like a soft, little bitch putting his accusations off on his wife and friends). USA Today leans pretty hard to the left and was a big Obama supporter in the election. Now they're running charts diagraming the deficit under Obama and how it's going to get drastically worse, and printing the quote from Black on the front page. It appears the folks who had the tea party are finally realizing when you dump the tea you've got nothing left to have with your crumpets.

And while we're using that analogy, if I remember my U.S. history courses, the Boston Tea Party was over taxation without representation. I would argue that the high income earners are in almost the same situation as the American revolutionaries in that the Dems have succeeded in their class warfare arguments and convinced a majority of folks that it's OK to put a far greater tax percentage on those who are successful and when things go south just tax those folks more. The high income earners are so far outnumbered they have little to no chance to win at the ballot box.

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Slingin Sammy 33

But the Democratic controlled Congress (that approves all spending) sure can.

The basic fundamentals of the economy (productivity per worker, etc) are still sound. The mortage/housing crisis was the cause of the mess up until the election. The market appeared stabilized even after Obama's election at about 9K. After he began announcing his economic policies is when the market tanked to under 7K.

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...[If] an angel fairy came down and said, '[You can have anything]....you would like to own,' I wouldn't be surprised if you said a football club and particularly the Washington Redskins.'' — Jack Kent Cooke, 1996.

FRPLG

Good idea make people less rich. Retarded.

FRPLG

Thank you.

I love it. Obama can do no wrong for all the cult followers. I gave this dope Obama a chance but his policies have investors scared shitless and he is killing the market. That will contnue to degrade consumer confidence. Rinse/repeat. Simple idiocy.

firstdown

Please explain how top income earners escape higher taxes by taking all their income as capital gains?

Mattyk

A wise edit.

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