The Other McCain

"One should either write ruthlessly what one believes to be the truth, or else shut up." — Arthur Koestler

Obamanomics: Still Not Working

Posted on | June 29, 2010 | 25 Comments

As of 12:40 p.m. today, the Dow Jones Industrial Average is off more than 230 points, down below 9,900. This decline — about 2%, and roughly twice what the futures market had signaled overnight — is probably due to a sharp drop in consumer confidence. This is being interpreted as a strong indicator of a double-dip recession.

Timely advice from Rick Santelli:

Somehow, this video also seems timely:

BONUS: “Unexpectedly“!

UPDATE 4:10 p.m. ET: The final close was 9,870, down 268 points, and everyone on CNBC is now saying “double-dip.” We might say that the apostles of “recovery” — who were high-fiving each other in April, when the Dow was 1,300 points higher — now have about as much remaining credibility as that Daily Kos pollster.

UPDATE II: How’s that “Recovery Summer” workin’ out for ya?

Category: Economics

Comments

25 Responses to “Obamanomics: Still Not Working”

  1. KingShamus
    June 29th, 2010 @ 12:55 pm

    To paraphrase the words of Inigo Montoya, “Mainstream Media, I don’t think you understand the meaning of the word ‘unexpectedly’.”

  2. Paul Krugman
    June 29th, 2010 @ 12:58 pm

    I am blogging the Great Depression.

    Obama needs to spend more! Spend more! Spend more! I know what I am talking about, I have a Nobel prize to prove it.

  3. Rick Santelli
    June 29th, 2010 @ 1:04 pm

    Don’t listen to Krugman! It’s a trap! Stop Spending! Stop Spending! Stop Spending!

  4. “Unexpected” Drop In Consumer Confidence at Haemet
    June 29th, 2010 @ 1:15 pm

    […] it’s a measure of American desperation, which is why the consumer confidence index “unexpectedly” dropped right back down once stores stopped giving away their merchandise and people had a […]

  5. Estragon
    June 29th, 2010 @ 2:43 pm

    Whaddya mean, “not working?”

    At this rate, he will have brought America to its knees in a single term – sounds like he is right on schedule!

  6. Lonely Conservative
    June 29th, 2010 @ 4:25 pm

    Linked you here: http://lonelyconservative.com/2010/06/recovery-summer-starts-off-with-a-limp/

    🙂

  7. Live Free Or Die
    June 29th, 2010 @ 5:02 pm

    DJIA plunges as college grads that voted for
    O-bah-muhh can’t find work, move back in with
    parents.”Unexpectedly”/”Inconceivable!”

    http://www.vcreporter.com/cms/story/detail/boomerang_generation/7988/

  8. Milton Friedman
    June 29th, 2010 @ 6:01 pm

    Some people are real dummies. Don’t they learn from history?

  9. Grimcargo
    June 29th, 2010 @ 6:04 pm

    Robert the loser is unhappy with you:
    20 Killgore Trout Tue, Jun 29, 2010 2:27:44pm replyquote

    * 0
    * down
    * up
    * report

    re: #5 Charles

    Come on, folks, get out there and retweet this one!

    And be sure to add “#tcot #tlot #p2” to it. It’s also a good idea to add McCain’s Twitter name “@rsmccain” so it will stick in his eye.

    Damn, I already retweeted before adding the extra tags. I gotta get use to that.

  10. Robert Stacy McCain
    June 29th, 2010 @ 7:29 pm

    DJIA plunges as college grads that voted for O-bah-muhh can’t find work, move back in with parents and blame Bush

    Fixed that for you.

  11. Rightwing Links (June 29, 2010)
    June 29th, 2010 @ 11:02 pm

    […] Obamanomics: Still Not Working […]

  12. Joe
    June 30th, 2010 @ 12:09 pm

    Why Obamanomics failed.

  13. Ed Driscoll » Dreams of their Great-Grandfathers
    June 30th, 2010 @ 12:45 pm

    […] Dream,” a century-old mindset that’s reached the end of the line. It’s been tested dramatically by reality in the last year and a half and proven to have not measured up. Or as Bloomberg noted last week, […]

  14. Obamanomics: Failure Is The New Success : The Other McCain
    June 30th, 2010 @ 9:45 pm

    […] People have to knuckle down and support that theoretically successful approach.PREVIOUSLY:June 29: Obamanomics Still Not WorkingJune 19: Obamanomics: No Jobs, No RecoveryJune 18: Obama to Europe: ‘Double-Dip,’ Anyone?June […]

  15. ‘Recovery Summer’ Starts Off With a Limp :: The Lonely Conservative
    July 7th, 2010 @ 7:18 pm

    […] never mind. Obamanomics still isn’t working! Share this post Hide Sites $$('div.d21954').each( function(e) { […]