Okay, okay, I know this board is for politics not economics but when politics and ideology influence markets it's noteworthy.

Yesterday the Dow was up 200 on news GDP in the 3rd quarter was up 3.5%. Those were the suckers and the staunch believers in hope and change buying in. Today the smart money made another legal fortune and will no doubt end up being roundly hated for it. Having shorted the market yesterday in the final hours, they cashed in today. Dow down 250. Fool's pockets cleanly and legally picked they are tonight toasting, celebrating, and probably wagering who will called before the marxist pimple Henry Waxman to explain this to the American people.

The obvious has manifested itself again. GDP has three components; consumer spending, business investment, and government spending. With the first two components being down, that means government spending not only made up the slack but pushed GDP to above average quarterly growth. Even Keynesians know this will lead to inflation and more jobs vanishing. Only the hopelessly principled of them didn't take advantage yesterday as the market soared.

Meanwhile, yesterday, COOTUS was crowing about 3rd Quarter GDP numbers as evidence of his salvific abilities.

I wouldn't be a bit surprised if he didn't rake in a nickel or two today either. Sort of like Clinton going to the Rose Garden cameras touting an economy built on the Tech Bubble while Greenspan was in Congress talking about "irrational exuberance",

Bye Bye Miss American Pie.....no slices left for the hopers or belevers or the rest of us it seems.

The market dropped! Obama fails! Masturbation time!

That has been the fringe response on every piece of negative news for the last 9 months.

What do you mean by your last sentence? Do you really believe their is no hope? So, for example, if the GOP was to gain a majority in 2010 and then defeat Obama in 2012 that they couldn't right the ship?

This sounds like the same crap I heard from Libs when GWB and GOP was in power between 2000 - 2006; i.e. there is no future for the USA. How long do we have before we are a third world nation?

jazzguitarman:

What do you mean by your last sentence? Do you really believe their is no hope? So, for example, if the GOP was to gain a majority in 2010 and then defeat Obama in 2012 that they couldn't right the ship?

This sounds like the same crap I heard from Libs when GWB and GOP was in power between 2000 - 2006; i.e. there is no future for the USA. How long do we have before we are a third world nation?

As for becoming a third world nation, we have probably already arrived.

I know you are bitter and full of anger but do you really believe the crap you posted here: That the USA is now a 3rd world nation? Based on what economic measures?

Did you believe this before Dems one elections in 2006 and 2008?

So Americans are mostly just a majority of lazy dumbasses?

the market tanked back in february and march. There were -800 point days.

This up 200 and down 200 days is not an indication of anything other than profit taking.

A lot of people have no faith in Obama's ability to overcome the incompetence of the Bush administration nor the criminal activity of wall street. I will continue to hope because there aren't a lot of good alternatives.

Sadly the Obama White House also pandered to the wall street and the banks. i.e. Wall street gets the juice while main street gets only hope. Since I'm part of the upper middle class I'm going just great but I'm still very surprised the Dems didn't to more to help the everyday 'Joe' instead of the white collar banker and trader. Many of my unemployeed younger family members are still waiting for something to trickle down. But I still have hope for now.

I'm doing ok. My investments are only off about 20% or so at the moment. They were down more than 50% back in March.

It took until August of 1983 for unemployment to reach bottom. Reagan's tax cuts took more than two years to have an impact (if it was the tax cuts at all).

The Pay "czar" is supposed to address those companies who took money with both hands from the tax payers and then doled it out to the very people responsible for the crisis. I'm surprised that Obama gets it from you guys on both sides. Either the bailout money is his way of taking over the economy or the money is his way of paying off the people running banks and brokerages...

I'd always supported Dems in the past because I always felt like they were the party of the working man. Doesn't seem like that's been the case for a very long time now.

Your younger relatives are probably already feeling the affect of trickle down, but what's trickling down isn't a very pleasant substance.

NAFTA and the upgrading of China's technology in the 90s brought about widespread outsourcing and subsequent job losses in America. Bush's economic policies didn't help matters, and Obama's empathy for the masses doesn't seem to be readily apparent.

Maybe all is not lost, but the picture does not look good. For myself, my house is paid off, and I have no debt.

In that sense I'm at least a lot luckier than many people.

Who are these 'you guys'? I'm an independent are a proud member of NO groups.

But as I posted in other purpose you are not willing to fault Obama for anything. For example, I feel Obama is a complete phony when it comes to gays and equal rights. He talks and talks but because he wishes to pander to Christians he don't do much but talk. He should support same-sex-marriage if he really cares about equality. So while I think Obama is the smarter political leader we have seen in a very long time I still find areas were I feel is has made mistakes.

But that doesn't make me one of 'them'! You instead do appear to be what the Cons here would call a 'hope head'.

My guess is that your house is paid off and you have no debt because of ACTIONS you took and not because of luck. My house is also paid off and I have no debt and it was because I'm very responsible. I also don't care about buying 'stuff'. Instead I play music. Stuff doesn't do anything for me.

Sadly too many Americans, both Cons and Libs, feel they need stuff to be happy.

Rob, the Chinese missile incident that resulted in fines for Loral and other technology company was a serious error, but if you look into the details, what the Chinese actually learned was QA procedures that improved the manufacture of their missiles and related techology. That wasn't the reason that the Chinese now have so many of our old jobs. The Chinese bought companies like Lenovo (IBM laptops) and that is a much larger part of the outsourcing problem.

The fact is that IBM does not make computers anymore. They buy them from the Japanese or Chinese. We don't manufacture LCD screens, we buy them from someone else. We won't be building cars much longer either.....unless Obama's efforts manage to save GM and Chrysler. Still think Obama hasn't acted to save blue collar workers?

sadder still is that people think that buying is a means to find satisfaction, even if it means that they have to borrow to do it. Their borrowing is not to invest and that means that their credit will eventually reach a limit and their life style then runs into a brick wall. Welcome to 2006 and the oncoming recession.

A complete phony? I don't recall that Obama ever said he was in favor of gay marriage.

By "you guys" I was lumping you into the crowd that is always looking for another anti-Obama angle, sometimes coming at him from both sides at once. Never mind that they are contradicting themselves.

Yes, Obama isn't in favor of making same-sex-marriage legal. So forgiven me for saying he is a phony, when he is really just a bigot. Happy now? I'm really hope he is just a panderer and that he really does know that same-sex-marriage should be legal but for political reasons he isn't willing to stick his next out. But if you wish to view him as a bigot, go right ahead.

Like I said if anyone say boo about Obama you cry. Yes, a true blue hope head.

Note that Obama is a politician. That explains a lot of his actions. It is the nature of politics but it doesn't make it something to cheer about.