Assuming the DOW hits 6000 (as some fringe pundits have suggested) and with it unemployment gets to 15%. Will Congress impeach the Big O? I realize the dems run congress and O is a dem, but considering how slimey Pelosi, Reed, Frank and Dodd and all the others are, will they pass the buck and take no responsibility and try to put this on the Big O in a grand scheme of self preservation?
If times get like the “great depression” I can see the situation going to hell in a hand basket. People are not nearly as civil as they were 80 years ago. It wouldn’t take much for some whack jobs to go postal…
Of course not, this may imply culpability on their part. They will still be pointing their fingers at GW, Paulson, greenspam et al. The world economy is so f’up right now there is not much Congress can do anyhow. There is lot’s of deleveriging to do and all of those credit default swaps are a ticking time bomb. The concept of Moral hazard has been thrown out the window on an individual basis as well as for companies. Take too much risk and fail and the gov will bail you out. It’s gonna get ugly.
Nope. Roosevelt had three terms embracing the Great Depression, but with the help of the media, was able to continue blaming it all on his predecessor (whose policies, incidentally, were not that much different from his).
It’s stunning that Obama inherited this mess and one month into his presidency you’re talking about how to impeach him. Talk about not giving someone a fair shake.
In the meantime, were you talking about impeaching Bush when the Dow went from 13k to 8k, something like a 40% drop?
I think talking about impeachment is roughly as idiotic as saying Pres. Obama “inherited this mess” like he was not in the Dem majority Congress that voted the policies that exacerbated the downturn. Or does the fact that he spent the majority of his time in the Senate running for the Presidency somehow absolve him?
Deep in their hearts, HARD CORE liberals want us at high unemployment rates and the Dow to be at 6000. See if the Dow is high and unemployment is low they can’t blame things on GWB and the free market. They can’t grow social programs without a crisis and fear. It worked in the 1930s, it worked in the 1960s and its working now
Fear sells, they have capitalized on the situation. In just 4 short weeks we have passed the largest spending bill in history. This is about remaking the country in the way that they want, damn the constitution.
This is our generations challenge: do we remake our country.
Case Study - Look at Venezuela; just 10 years ago they were a thriving democracy, they are rich in oil. Now, they are a communist dictatorship in just 10 years - their people voted for it. Don’t think for a second they we can’t be this way in our lifetimes.
davet, in a strict sense there really is no impeachable offense but I was getting more to the slime in Congress that will keep pointing fingers. The blame Bush excuse has another few months of legs left and after that even the core left supporters will be asking WTF? If things dont get better in six months (and most agree it wont) then what another trillion$ package?
If it weren’t for the lack of “Support the troops!” statements in your posts, I would be 100% convinced you used to post here under the screen name StartMeUp
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Ah yes, when someone starts proclaiming to know about the nefarious agenda that is deep in the hearts of some group, you know they are either an idiot or a troll.
If Dow really hits 6000? It’s another great opportunity to make some fast $$$.
2 sure things in life, death & taxes; the 3rd is markets cycle. What comes down will go back up and eventually higher than before. When we are at highs and ‘everyone’ is happy the reverse applies, except the lows will still stay higher than previous lows.
Based on that, our lows are pretty much done. Here’s a thought, if you have some savings why not position in some solid stable but very under valued investments for some free money instead of getting more depressed than the percieved imminent depression?
We’ll get into the 6000s but I think we’ll rally a bit before that. As much as I dislike Obama and his socialistic policies, it’s not him that created this mess. Do I dislike Bush and what he’s done, absolutely but it’s not all Bush’s fault either. The problem goes much deeper than the two party system (two parties, one common policy…). Many people are probably sick of me saying that people should take a more thorough look at the Federal Reserve System but maybe they start waking up. For the longest time I’ve been called “doom and gloom”, negative, yet I haven’t been that far off so far.
The problem is the Federal Reserve System. Not only do they interfere with the natural forces of the free market but they are in a role of creating money out of thin air and charging the US interest on that money. They are very powerful yet there is a massive conflict of interest at hand. Do they do what’s best for the country OR do they do what’s best for them?
Just like the Great Depression, this bubble wasn’t a coincidence and the Fed is at the core of the problem. Remove the Fed, go to a sound monetary system and many problems wouldn’t happen. This isn’t a credit tightening problem we have - the problem was excessive credit by the Fed to begin with.
Impeaching Obama, on what grounds? I don’t think he will be re-elected and I hope that the Republican party goes back to its root of limited government, balanced budgets, and lower taxes. But to get there the party would really have to change their views.
