Sunday, November 9, 2008

The Obama Recession

The election of Obama has made the stock markets plunge, no surprise here seen in the light of Obama's perverted socialist plans with the economy.

According to Rush Limbaugh.

The Obama recession is in full swing, ladies and gentlemen. Stocks are dying, which is a precursor of things to come. This is an Obama recession. Might turn into a depression. He hasn't done anything yet but his ideas are killing the economy. His ideas are killing Wall Street. They need some certainty, and now everybody in the Drive-By, "We don't know who Obama is." We got a story from Jennifer Loven, the Associated Press today: we don't know who Obama is. All of a sudden now on Charlie Rose, they're starting to talk about his ties to Saul Alinsky. I'm not joking at all. It's all coming up on the program. We've also got a Reuters story, here's the headline: "Will Democrats Tinker With Mutual Funds, 401k Plans?" So now they do the story after the election. And they get it right and they tell you what the Democrats plan to do with your 401(k) is, confirming what I told you, a bunch of people did, prior to the election.

The Dow Jones Industrial Average is down 780 points since Obama won the election, and he hasn't passed anything yet. The seas have not parted; the sea levels have not declined. And guess what we learned today? Vladimir Putin wants to return as the president of Russia. Now, let me give you this in a
football analogy. Putin returning to power is like a successful head coach coming out of retirement after learning the schedule for the next four years will be a cakewalk. Imagine Chuck Noll of the Pittsburgh Steelers, Vladimir Putin now becomes Chuck Noll, who has been retired from the Steelers for a long time. Chuck Noll learns that his team will have a series of all home games for the next four years, and the teams he's going to play are the Detroit Lions, the Oakland Raiders, and the Kansas City Chiefs. He's going to be playing the patsies in the league. They talk about putting missiles in Europe yesterday aimed at Poland. Now today the KGB comes back, Putin wants power. This stuff is not coincidental, ladies and gentlemen. I actually think the Obama campaign likes this economic chaos, just as they did during the campaign. The more economic chaos there is the greater opportunity for expanded government.
From Daily Times of Pakistan.

HONG KONG: Asian stocks crumbled Thursday as fears returned that the world economy is sinking into recession, wiping out gains in the wake of the election of Barack Obama as US president.

Japan’s Nikkei plunged 6.53 percent, Hong Kong lost 7.1 percent and Seoul shed 7.6 percent as investors followed the lead of Wall Street, where the Dow Jones sank 5.05 percent.

As the initial euphoria that greeted Obama’s victory turned into the realisation that the global financial crisis would need tough decisions, Sydney gave up 4.3 percent and Taipei dived 5.71 percent. Singapore lost 2.66 percent and Shanghai was 2.44 percent lower.

Japan’s lower house of parliament approved a plan to inject capital into ailing banks if needed to contain the fallout from the financial crisis. And in Hong Kong the de facto central bank announced a $500 million currency swap to support the local unit. And eyes were turning to Europe, where the European Central Bank and Bank of England were expected to separately slash interest rates.

In other markets Jakarta lost 4.3 percent, Manila was 3.2 percent off, Kuala Lumpur shed 2.1 percent and Wellington was 1.59 percent lower. Bangkok was the only gainer for the day, adding 1.22 percent.

TAIPEI: Taiwan share prices closed down 5.71 percent. The weighted index fell 284.14 points to 4,694.12 on turnover of 56.83 billion Taiwan dollars ($1.72 billion). Cement, financials and the electronics sector were down more than six percent, while tourism and shipping fell 5.59 percent and 0.33 percent respectively. China Airlines rose 3.5 percent to 7.45 Taiwan dollars.

SEOUL: South Korean share prices closed 7.6 percent lower. The KOSPI index ended down 89.28 points at 1,092.22. Volume was 651.87 million shares worth 5.29 trillion won ($3.97 billion). Most large-cap shares ended sharply lower, with builders and financials showing marked declines.

KUALA LUMPUR: Malaysian share prices closed 2.1 percent lower. The Kuala Lumpur Composite Index lost 19.29 points to finish at 895.95. Plantation stocks led declines, with the retreat in crude palm oil prices.

BANGKOK: Thai share prices closed 1.22 percent higher. The Stock Exchange of Thailand (SET) composite index rose 5.57 points to close at 462.93 points. Top energy firm PTT was unchanged at 183.00 baht while its subsidiary PTT Exploration rose 3.00 baht to 102.00.

JAKARTA: Indonesian shares ended 4.3 percent lower. The Jakarta Composite Index dropped 58.38 points to 1,307.89. The bourse was dragged down by the resumption of trade in coal giant Bumi Resources, which had been suspended since October 7.

MANILA: Philippine share prices closed 3.2 percent lower. The composite index gave up 64.59 points to 1,941.62. Philippine Long Distance fell about four percent to 1,940 pesos, while Energy Development Corp. dropped 4.7 percent to 3.05 pesos.

WELLINGTON: New Zealand share prices closed 1.59 percent lower. The benchmark NZX-50 index fell 45.98 points to 2,840.13. Telecom fell nine cents to 2.27 dollars, ahead of its first quarter profit announcement Friday.

1 comment:

Mark said...

It must now be the Obama recovery, at least in stock market terms.