How Low Can It Go?

[70Chip]

Updated List: Dow 7223 on 3/13/2008

jsarno: 6000
Schneed10: 6000
Mattyk72: 6000
SmootSmack: 5800
over the mountain: 5800
firstdown: 5700
djnemo65: 5500
GMScud: 5100
redskinjim: 5000
Saden1: 5000 (not out of the question)
CRedskinsRule: 4950
FRPLG: 4900
Slingin Sammy 33: 4800
GTripp0012: 4740
Miller101: 4000
Buster: 3500
70Chip: 3499
Chimpy: 1800
That Guy: < 0 (possibly)

[Slingin Sammy 33]

and from the bastion of conservatism (sarcasm) USA Today:

Stocks fall to lowest level since 1997 as Dow drops below 6,800 - USATODAY.com

from the article: "It's a bloodbath, pure and simple," says Scott Black, president and portfolio manager at Delphi Management. "This is a vote of no confidence in the Obama administration. It doesn't matter what you own, everything is going down. It is a total capitulation. People are just terrorized and are throwing in the towel."

[Trample the Elderly]

I wish I had money to invest right now. I'd buy Ford and General Electric. GE was at 7$ bucks a share. If they do turn around some people are going to make a lot of money.

Smart people make money in a down economy. I just wish I was smarter at this type of thing.

[saden1]

Originally Posted by Slingin Sammy 33

and from the bastion of conservatism (sarcasm) USA Today:

Stocks fall to lowest level since 1997 as Dow drops below 6,800 - USATODAY.com

from the article: "It's a bloodbath, pure and simple," says Scott Black, president and portfolio manager at Delphi Management. "This is a vote of no confidence in the Obama administration. It doesn't matter what you own, everything is going down. It is a total capitulation. People are just terrorized and are throwing in the towel."

I have an asshole too and I am capable of taking a dump. The good news is Mr. Black won't pay just 15% capital gains tax on his income, and Delphi Management will be regulated and their investments portfolio will become transparent.

Haters are out in full force, Lord Obama warned us about people like Mr. Black.

I know they're gearing up for a fight as we speak. My message to them is this: So am I.

[Slingin Sammy 33]

Originally Posted by saden1

I have an asshole too and I am capable of taking a dump.

That's good news, glad to hear it.

The good news is Mr. Black won't pay just 15% capital gains tax on his income, and Delphi Management will be regulated and their investments portfolio will become transparent.

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.

Haters are out in full force, Lord Obama warned us about people like Mr. Black.

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.

[saden1]

Originally Posted by 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.

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.

[Slingin Sammy 33]

Originally Posted by 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.

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.

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.

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.

[FRPLG]

Originally Posted by 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.

Good idea make people less rich. Retarded.

[firstdown]

Originally Posted by 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.

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

[Miller101]

Originally Posted by saden1

I have an asshole too and I am capable of taking a dump. The good news is Mr. Black won't pay just 15% capital gains tax on his income, and Delphi Management will be regulated and their investments portfolio will become transparent.

Haters are out in full force, Lord Obama warned us about people like Mr. Black.

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!

[saden1]

Originally Posted by 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!

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.

[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.

[MTK]

AIG is doing a great job at dragging the market down right now.

[redskinjim]

5000 you heard it on bloomberg last week!!

[firstdown]

How low will it go? It depends on how many more times Obama speaks in public.