|07-07-2009, 04:46 PM||#1|
A verbis ad verbera
Join Date: Mar 2006
Location: Long Beach
Holy Cow, Obama advisors say prepare for another stimulus!!!!
* U.S. should plan for more fiscal stimulus -Obama adviser
* Oil futures settle down 1.8 pct, denting energy shares
* Indexes down: Dow 1.9 pct; S&P 1.9 pct; Nasdaq 2.3 pct
* For up-to-the-minute market news click [STXNEWS/US] (Updates to close)
By Edward Krudy
NEW YORK, July 7 (Reuters) - U.S. stocks fell to their lowest level in 10 weeks on Tuesday as talk of a second government stimulus plan heightened fears that the economy is not yet on the path to recovery and that the corporate earnings season starting this week will be weak.
A member of the Obama administration's economic advisory panel said the United States should plan to possibly provide a second round of stimulus funds to prop up the economy. The comments come as investors question earlier optimism for a quick recovery, which had driven stocks as much as 40 percent higher since early March. For details, see [ID:nSP379268]
"It's clear that over the last three plus weeks that investors are becoming concerned that the recovery in the economy will not come as soon as expected and will not be as strong as expected," said Hugh Johnson, chief investment officer of Johnson Illington Advisors in Albany, New York.
Holy cow Obama!!!! You can't just keep spending and expect things to get better. The first stimulus not even spent yet, only half a yr into admin, and already talking another one!!!!
This really is getting out of hand. We just have to ride it out and let the market work itself out. More spending just won't fix it. I do agree with govt slowly spending or enticing investment into what Obama feels are future type industries. But these mass spending bills just don't help the avg American. If anything it may help union people, bank big wigs, but not us.
Keep the banks from failing, protect insured investments, but just say no to another huge stimulus pork filled boondoggle.