"I dread looking at Wall Street tomorrow. It's not going to be a pleasant sight."

blueclown

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Fri Dec-12-08 08:17 AM
Original message

"I dread looking at Wall Street tomorrow. It's not going to be a pleasant sight."

:banghead:

http://www.talkingpointsmemo.com/news/2008/12/14_billion_auto_bailout_dies_i.php

Reid called the bill's collapse "a loss for the country," adding: "I dread looking at Wall Street tomorrow. It's not going to be a pleasant sight."

"In the midst of already deep and troubling economic times, we are about to add to that by walking away," said Sen. Chris Dodd, D-Conn., the Banking Committee chairman who led negotiations on the package.

I am so fucking tired of this insane focus by all of our representatives on the Dow Jones industrial average. How about the millions of jobs we will lose, Harry? How about that, you idiot?

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polichick

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Fri Dec-12-08 08:22 AM
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1. No kidding - what a ridiculous set of values.

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FlaGranny

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Fri Dec-12-08 08:23 AM
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2. Perhaps he uses the market scare

tactic to scare the people that run and profit off the market. Of course, that also scares the many, many millions of people with retirement funds tied up in the market. They're important too. Stock market crashes are bad for the little people too.

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TomClash

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Fri Dec-12-08 08:26 AM
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3. The two are connected

and not just on Wall Street.

If the auto industry collapses, equities will tank further, more jobs will be lost and foreclosures (more accurately, insolvencies - where I live foreclosures are basically impossible to execute).

Create a People's Bank of the United States today. Print money to capitalize it over the weekend and start lending on Monday at reasonable rates. It looks like TARP has failed - let's bypass Wall Street and the banks and insurance companies and lend directly to businesses.

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Gman

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Fri Dec-12-08 08:29 AM
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4. No, it's not an insane focus

Companies have to be capitalized to be able to put people to work. It's that simple. When the market drops companies are bleeding money and they eventually have to lay people off.

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blueclown

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Fri Dec-12-08 08:39 AM
Response to Reply #4

6. I am not saying the DJIA isn't very important.

It most certainly is.

But it would be nice for our representatives to mention how many jobs we will lose if this bill doesn't pass, instead of how many points we will lose off the DJIA tommorrow.

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Gman

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Fri Dec-12-08 01:16 PM
Response to Reply #6

8. Ideally, they could mention that X number of points drops equates to

Y number of jobs lost. Only thing is it's real hard to quantify especially when the market bounces back and forth.

Important to a whole lot of people is the number of points the DJIA drops because that also equates to how their retirement fund is doing. Personally, it's not so important to me (and I'm semi-retired) as I've been in a cash account for over a year. But a whole lot of people have lost 33% - 50% of their retirement accounts since September-October. So when Reid says something like this he is just as likely to stir up and piss off a whole lot of good Democrats that will lose money directly today because of what the Republicans did last night.

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AndyA

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Fri Dec-12-08 08:37 AM
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5. Well, Reid, you're the Senate Leader. So why the fuck don't you LEAD FOR A CHANGE?

Kick some GOP butt. Eviscerate them on television. Point out that the ones against this have foreign car companies in their states, and they aren't doing the right thing for American workers.

Find a pair, Reid and LEAD for the first time since you've been leader! :eyes:

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LanternWaste

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Fri Dec-12-08 12:01 PM
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7. For all intents and purposes...

For all intents and purposes, doesn't the Dow generally reflect the public perception of the economy as a whole, including job loss, unemployment, etc.?

If that is indeed the case, it seems to me that referring to the one can easily imply the other...

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