Dow tops 10,700 in afternoon trading - Democratic Underground

LuckyTheDog

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Mon Sep-20-10 01:30 PM
Original message

Dow tops 10,700 in afternoon trading

It was at about 8,300 when Obama was sworn in. Just sayin'

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rug

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Mon Sep-20-10 01:33 PM
Response to Original message

1. Unemployment was at 7.7%. Just sayin'.

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LuckyTheDog

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Mon Sep-20-10 01:35 PM
Response to Reply #1

3. Had Obama not acted...

...it'd be 15%.

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ClarkUSA

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Mon Sep-20-10 01:38 PM
Response to Reply #1

4. Are you saying that Bush was better than Obama on the economy?

Edited on Mon Sep-20-10 01:41 PM by ClarkUSA

Net job loss was 700,000 jobs/month when Bush left office in Jan. 2009. Now, there has been a net gain for the past five months:
http://www.google.com/search?client=safari&rls=en&q=net+job+gain+for+five+months&ie=UTF-8&oe=UTF-8

Some "Democrats" dislike President Obama so much that they will even go so far as to sound nostalgic for Bush II. :puke:

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rug

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Mon Sep-20-10 02:02 PM
Response to Reply #4

10. Read the facts and shitcan the spin.

Nearly 15,000,000 people remain out of work, regardless of the Dow.

"The number of unemployed persons (14.9 million) and the unemployment rate
(9.6 percent) were little changed in August. From May through August, the
jobless rate remained in the range of 9.5 to 9.7 percent. (See table A-1.)"

http://www.bls.gov/news.release/empsit.nr0.htm

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ClarkUSA

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Mon Sep-20-10 03:00 PM
Response to Reply #10

21. You didn't answer my question. That's very telling.

Edited on Mon Sep-20-10 03:04 PM by ClarkUSA

It bears repeating: Some "Democrats" dislike President Obama so much that they will even go so far as to sound nostalgic for Bush II. :puke:

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rug

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Mon Sep-20-10 03:13 PM
Response to Reply #21

22. The answer to 15 million unemployed is not raising the bogeyman of Bush.

And that's more telling.

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ClarkUSA

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Mon Sep-20-10 03:29 PM
Response to Reply #22

27. You raised it as a favorable comparison to Obama. And you still won't answer my question.

Edited on Mon Sep-20-10 03:33 PM by ClarkUSA

It bears repeating again: Some "Democrats" dislike President Obama so much that they will even go so far as to sound nostalgic for Bush II. :puke:

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rug

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Mon Sep-20-10 03:33 PM
Response to Reply #27

28. I see, you do not want to discuss 15 milluion unemployed. Well, how about that Dow?

:woohoo:

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ClarkUSA

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Mon Sep-20-10 03:42 PM
Response to Reply #28

30. I see you do not want to say whether Bush was better for the economy than Obama. How revealing.

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ClarkUSA

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Mon Sep-20-10 03:43 PM
Response to Reply #28

31. I repeat: Are you saying that Bush was better than Obama on the economy?

Edited on Mon Sep-20-10 03:44 PM by ClarkUSA

Sounds as if that's your point here:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=9168816&mesg_id=9168831

Hmm?

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rug

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Mon Sep-20-10 05:05 PM
Response to Reply #31

34. "He's not as bad!" is a great campaign slogan.

Tell me when you want to talk about the 15,000,000 unemployed instead of asking idiotic questions.

Hmmmmk?

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Cal Carpenter

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Mon Sep-20-10 03:29 PM
Response to Reply #21

26. self delete

Edited on Mon Sep-20-10 03:30 PM by Cal Carpenter

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MajorChode

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Mon Sep-20-10 02:04 PM
Response to Reply #1

11. ...and was already on a deeply downward trend

A year before Obama took office, unemployment was 5%. Just 10 months AFTER he took office, unemployment peaked. Had McCain and the GOPhers taken the executive and legislative branches, they would have ended stimulus and given the rich another tax cut. Can you imagine where unemployment would be now?

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phleshdef

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Mon Sep-20-10 04:38 PM
Response to Reply #1

33. And on it way to being at 15% or worse. Just sayin'

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ClarkUSA

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Mon Sep-20-10 01:35 PM
Response to Original message

2. Nice factoid which refutes the GOP meme that the economy is failing under Pres. Obama. Thanks!

:thumbsup:

K&R

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scheming daemons

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Mon Sep-20-10 01:39 PM
Response to Original message

5. Actually, it was 7920 was Obama was sworn in..... but who's quibbling...

...

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Recursion

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Mon Sep-20-10 01:48 PM
Response to Original message

6. While nice, it doesn't really matter to most people

I'm not a fan of treating the DJIA as if it's actually indicative of anything: it's not even all that good as a measure of stocks in general.

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LuckyTheDog

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Mon Sep-20-10 01:50 PM
Response to Reply #6

7. S&P 500 is up nicely as well (nt)

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Recursion

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Mon Sep-20-10 01:54 PM
Response to Reply #7

9. The 500 is a better measure, I agree

It's not weighted in a Byzantine way the way DJIA is (they have silly ways of weighting the securities in DJIA so that you don't get huge jumps or drops when the swap out companies from the list).

Still, the resale price of securities is pretty much only peripherally important to the economy.

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MajorChode

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Mon Sep-20-10 02:10 PM
Response to Reply #9

12. If it were "only peripherally important" why do almost all other indicators follow it?

When you factor out government employment, most Americans work either directly or indirectly for corporations. Growth spurs employment and employment spurs the economy.

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Recursion

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Mon Sep-20-10 02:15 PM
Response to Reply #12

13. You may have noticed that they haven't been following lately?

And "growth" has little to do with the value of the DJIA on any given day. For that matter, corporate performance has little to do (I'm considered extremely old fashioned for caring about the P:E).

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MajorChode

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Mon Sep-20-10 02:27 PM
Response to Reply #13

17. What do you mean by lately?

Prior to Clinton taking office the DJIA was relatively stagnant and employment was relatively low. It skyrocketed after and employment followed. When Bush took office, the DJIA went relatively stagnant again and employment went down. In 2008, the DJIA tanked and employment eventually followed. Now that the DJIA has stabilized, employment has also.

Growth has to do with the value of the DJIA over time. PE has to do with an individual corporation's performance.

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Blue_Tires

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Mon Sep-20-10 01:53 PM
Response to Original message

8. The Wall Street Journal and their sidekicks still act like it's 5,000 and falling...

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old mark

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Mon Sep-20-10 02:15 PM
Response to Original message

14. It has been ticking around 10,000 for some time now...nobody in MSM mentions it

Edited on Mon Sep-20-10 02:16 PM by old mark

unless it falls....

mark

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Greyhound

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Mon Sep-20-10 02:17 PM
Response to Original message

15. Once again for the terminally tone-deaf. The DJIA is not the economy, nor is it

any measure of the financial health of 80+% of Americans.

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MajorChode

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Mon Sep-20-10 02:29 PM
Response to Reply #15

19. Let me see if I have this right...

When the DJIA skyrocketed when Clinton was in office, and tanked when Shrub took over, it's just coincidence that employment followed?

Got it!

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Greyhound

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Mon Sep-20-10 02:42 PM
Response to Reply #19

20. The DJIA "skyrocketed when Clinton was in office" because they were freed

to lay off, out source, and off-shore millions of workers that had prospered because computers and the accompanying technology that poured into the market providing good paying jobs through a rapid increase in demand for these products and services. It tanked when the market makers bailed out of the insanely over-valued stock market and fled into real estate.

You seem only able to see the effect, and are blind to the cause. We can go back as far as you like under any administration you like, there is an inverse relationship between the DJIA and the well-being of the working class.

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MajorChode

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Mon Sep-20-10 03:13 PM
Response to Reply #20

23. Good luck finding very many economists who would agree with you

The economic gains in the 1990's were seen world wide. So much for your theory of it being a local phenomenon. The world transitioned to a global economy during the 90's, and most countries benefited overall due to increased trade. It's not all that complicated. Many got left behind, but the same thing happened when the US shifted to an industrial economy.

I'll be glad to play your game. The DJIA peaked on Sept 3rd, 1929, continued to fall dramatically thereafter, and didn't recover for decades. Are you going to tell me the period between Sept 3rd, 1929 and WWII was a period of well-being for the working class?

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Greyhound

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Mon Sep-20-10 03:35 PM
Response to Reply #23

29. Maybe if you addressed the post we might have something to talk about.

But since you've been tagged since the day you came here, this evasion and diversion is what I expected.
:hi:

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MajorChode

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Mon Sep-20-10 04:33 PM
Response to Reply #29

32. ad hominem fail noted.

Cheers!

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Name removed

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Mon Sep-20-10 03:19 PM
Response to Reply #20

24. Deleted message

Message removed by moderator. Click here to review the message board rules.

Greyhound

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Mon Sep-20-10 03:24 PM
Response to Reply #24

25. Good point. See above non-reply.

There was a time when the stock market was about investing in a company. Hell, that's the origin of the street's name, but that relationship has been steadily diminished, much like the relationship between currency and value, since we scared the shit out of the parasites in the 50's - 60's.

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seattleblue

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Mon Sep-20-10 02:24 PM
Response to Original message

16. Live by the Dow, Die by the Dow

Just sayin'

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RUMMYisFROSTED

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Mon Sep-20-10 02:28 PM
Response to Original message

18. "Damn that Christine O’Donnell!"

I'm unable to celebrate!

/glance into the future

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