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Markets Are Down, but Obama's Stock Is Still Up

By Ben Pershing
The markets were not a fan of the bank rescue plan unveiled by the Obama administration Tuesday, but President Obama's own stock still appears to be doing quite well.

Obama's approval rating is at 63 percent, according to Gallup, down only slightly from when he was sworn into office. More importantly, he is far more popular than either party in Congress, and certainly better-liked by the public than the Wall Street community that reacted tepidly to his financial rescue plan. And Obama will certainly need that political capital, as he works to sell the bailout and convince the House and Senate to agree on a compromise stimulus package that neither chamber will necessarily love.

Miracle of miracles, that stimulus deal might actually be done sooner rather than later. Max Baucus even called it "very possible" an agreement could be reached today. Key lawmakers worked into the wee hours Tuesday night, along with Rahm Emanuel and Peter Orszag, and Harry Reid said "a significant amount of progress" was made.

Continue reading at Political Browser »

By Ben Pershing  |  February 11, 2009; 8:20 AM ET
Categories:  The Rundown  
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Obama's selling of the stimulus package forecasts benefits to the economy; however, provides little information on the future cost to the taxpayers.

Obama's selling of the economic plan is a message to the economically disadvantaged that the U.S. government will take care of them.

Obama's post-election campaign slogan follows, "Ask what your government can do for you and not what you can do for yourself." His economic plans for the nation translate to a lower standard of living for all U.S. citizens conforming to a socialistic model for U.S.

Posted by: klausdmk | February 12, 2009 4:21 PM | Report abuse

Ben Pershing states "More importantly, he is far more popular than either party in Congress, and certainly better-liked by the public than the Wall Street community that reacted tepidly to his financial rescue plan."

ARE YOU SERIOUS? The public opinion of this congress is the LOWEST since time immemorial. So overall, that doesn't really give the president much of a boost, if you ask me. The President is playing with fire. He is making over the entire government into a one-sided liberal institution before your eyes. But, you can't see that? "There are none so blind as those WILL NOT see." This stimulus is nothing but PORK and again more frivolous spending. YES, CHUCK THERE IS A SANTA CLAUS AND IT'S THE GOVERNMENT. BUT I CARE AND I CARE DEEPLY.

If the government had to live on the budget that I have to live on since I lost my job, we might see some action. There are nothing but fat cats in Washington that surround the Queen Bee Pelosi, who expects her drones to work for her - the American people. There are people out there who are TIRED. We don't want to continue paying taxes to the government who in turn give your hard earned money to some liberal group to study salt marsh mice. Mark my words, people will revolt.

"If the blind lead the blind, they shall all fall into the ditch."

Posted by: Daylo1 | February 12, 2009 9:58 AM | Report abuse

The prediction that the economy will be "bottoming out" sometime in Q3-2009 is interesting.

If so, this will clearly not be due to the Obama-Pelosi-Reid plan, which will not have SPENT enough by then to have the effect that the Dems expect.

The ability of the government to help the economy recover from a recession by doing nothing should not be underestimated. Consider the recession/depression of 1920-21.

Posted by: CommonSense1776 | February 11, 2009 9:13 PM | Report abuse

The last time the markets fell "because they were disappointed with the Paulson bailout plan, they proceeded to go up nearly 30% in the next six weeks. We will see how "disappointed" the market is this time with Geitner's ideas.

Because Geitner's plan will be better thought out and will unfold more slowly, the response to it will not be as swift but probably more enduring and larger.

The market is beginning to suspect that the economy will be bottoming in the third quarter of this year. That means that employment should be better before June of next year. However it has not made it's announcement yet, so my optimism is still conjectural. It will come sometime between now and tax time.

Posted by: Gator-ron | February 11, 2009 8:56 PM | Report abuse

Some additional comments for joeller:

Your statement that the Great Depression was ended by WWII is correct - but the reason is more complicated than you pose. The war effort did result in increased employment and prosperity. However, it was massive pent-up demand by a population that was severely restricted during the war which kept things moving well thereafter.

If it hadn't been for the MASSIVE spending of FDR's New Deal, the Great Depression would have been much shorter, and WOULD NOT HAVE EVEN LASTED until WWII! In May of 1939, Harry Morgenthau, Jr. (FDR's Treasury Secretary) testified before the House Ways and Means Committee by saying "We are spending more money than we have ever spent before and it does not work. I want to see this country prosperous. I want to see people get a job. We have never made good on our promises. I say after eight years of this administration we have just as much unemployment as when we started and an enormous debt to boot." FDR's policies took away incentive for private-sector growth in the same way that Obama-Pelosi-Reid's will.

Furthermore, your discussion pays no attention to the HISTORICAL FACTS that Kennedy and Reagan also pushed for massive tax cuts, which led to significant prosperity. I'm using the REAL DEFINITION of tax cut, which means a rate reduction, not Obama's fictional definition which is actually a welfare rebate. The welfare rebate "tax cuts" offered by Obama, Reid, Pelosi, and the rest of the Dems belong to the "bucket theory". They seem to think that you can take a bucket of water from the deep end of a swimming pool, dump it in the shallow end, and expect the overall water level to rise. It's ridiculous!

Posted by: CommonSense1776 | February 11, 2009 8:37 PM | Report abuse

Keep drinking the Kool-Aid joeller:

Our people and government CANNOT continue living beyond their means. Practically the ONLY worthwhile reason for the government to go into debt is for NATIONAL DEFENSE, which must be done because the country could cease to exist without it. However, it cannot be done simply to prop up folks who will not take care of themselves.

You claim that "Government spending works!!", but you aren't paying ANY attention to the consequences. "Right thinking Americans" ARE trying to end the economic crisis, but they (the GOP) aren't willing to do it by simply "kicking the can" to a MUCH LARGER crisis in the future. We cannot borrow/spend our way out of debt! When will this $800 Billion stimulus plus interest get paid off - if EVER?!

Posted by: CommonSense1776 | February 11, 2009 8:34 PM | Report abuse

No, first of all, Obama is not even legally President -- he has never release his LONG FORM birth certificate -- right-thinking Americans would support and defend the Constitution, against all enemies foreign AND domestic.

Posted by: JakeD | February 11, 2009 5:42 PM | Report abuse

First of all, all "right thinking American" would be working together to end the economic crisis instead of engaging in partisan politics and grand-standing. Secondly, anyone one who has studied ANYTHING about history knows that the Great Depression was ended by massive government spending and technology investment during WWII, the Truman recession was ended by massive government spending and technology investment in Korea and reconstituting our armed forces for the Cold War, the Eisenhower recession was ended by massive government spending and technology investment on the post-Sputnik space race and the moon project, and the Interstate Highway System and to be frank Vietnam, and the Reagan recession was ended by massive government spending on winning the Cold War by bankrupting the Soviet Union. Government spending works!! This bill combines tax cuts for homeowners, for real taxpayers, and small businesses, with massive government spending on repairing our half a century old infrastructure and investments in new technology. This is a proven technique with the major difference being that in the past vast chunks of the money went to the DoD. Instead of working in a bipartisan fashion to get the best compromise bill possible, Republicans are arguing for taxes breaks for the rich and major corporations in hopes that the disproven trickle down theory will work. However in reality they are just engaging in the partisan politics of whatever the Democrats want is automatically wrong. Cudos to Senators Snow and Collins for acting like true Americans.

Posted by: joeller | February 11, 2009 5:14 PM | Report abuse


End the Practice of Writing Legislation Behind Closed Doors: As president, Barack Obama will restore the American people's trust in their government by making government more open and transparent. Obama will work to reform congressional rules to require all legislative sessions, including committee mark-ups and conference committees, to be conducted in public. By making these practices public, the American people will be able to hold their leaders accountable for wasteful spending ...

Sunlight Before Signing: Too often bills are rushed through Congress and to the president before the public has the opportunity to review them. As president, Obama will not sign any non-emergency bill without giving the American public an opportunity to review and comment on the White House website for five days.


Posted by: JakeD | February 11, 2009 5:05 PM | Report abuse

For any right-thinking Americans:

Posted by: JakeD | February 11, 2009 4:38 PM | Report abuse

leeh11281 -
You've made a major point. The Dems believe that "most" Americans support the plan, while the numbers don't support that.

It's clear that the Dems cannot do math. This explains why they think they can spend their way out of debt.

Great job!

Posted by: CommonSense1776 | February 11, 2009 2:58 PM | Report abuse

parkerfl1 wrote:
The GOP doesn't seem to understand Obama's popularity, or the fact that most Americans want the stimulus package.
Actually, the latest Rasmussen Reports national telephone survey found that 37% favor the legislation, 43% are opposed, and 20% are not sure.Two weeks ago, 45% supported the plan. Last week, 42% supported it.

Posted by: leeh11281 | February 11, 2009 2:31 PM | Report abuse


Romney-Jindal 2012!!!

Posted by: JakeD | February 11, 2009 1:30 PM | Report abuse

Let's face it. Obama BOUGHT the election with tax dollars. That's the way the Dems typically operate. Obama's popularity is driven by that. People will eventually see through that, but much damage will already be done.

The Dems generally don't know how to build wealth using conservative principles involving hard work, responsibility, and willingness to pick one's SELF back up after being knocked down.

The Dems FEED on the overwhelming willingness of many people to sit back and collect money from those that do work hard and earn it. Those REAL EARNERS are being ROBBED by both the Dems and crooked Wall Street managers.

Posted by: CommonSense1776 | February 11, 2009 1:28 PM | Report abuse

"What will his "popularity" be next year if our economy is worse?

Posted by: JakeD | February 11, 2009 9:02 AM"
We already know it will be worse and there is nothing we, or any politician, or group of politicians can do about it.

That is how thoroughly screwed we have been by the last 8 years of incompetence and greed. So for all yo people who voted them in, take ownership of it instead of looking for someone else to blame.

Posted by: JRM2 | February 11, 2009 1:14 PM | Report abuse

"I wouldn't put anything past the American public.

Posted by: JakeD |"
Really, I agree, they elected Bush for a second term.

Posted by: JRM2 | February 11, 2009 12:58 PM | Report abuse


FDR was re-elected while the Great Depression dragged on and on. I wouldn't put anything past the American public.

Posted by: JakeD | February 11, 2009 12:49 PM | Report abuse

While the President and Congress are distracted by what looks like a "socially engineered" economic crisis, is democracy being stolen out from under us?



Team Obama, this is no "State Secret." You MUST immediately join with GOP defenders of the Constitution to dismantle the nationwide extrajudicial punishment network...

...authoritarian bureaucrats and security/intel officers and their nationwide network of citizen vigilantes fronted by federally-funded volunteer programs.

This nationwide, Gestapo-like operation has made a mockery of the judicial system for the past eight years and has claimed many unjustly "targeted" victims from all strata of society.

Crimes against humanity are being committed across the nation via the use of so-called "directed energy (radiation) weapons" which the Bush D.O.J. recently confirmed are being widely deployed to police forces nationwide.

These RADIATION weapons emit silent, pulsed bursts of various forms of radiation -- degrading and damaging the health of those on the receiving end as well as their operators.

This weaponry has NO PLACE in civilized society -- much less in the hands of security personnel who interact with the public.

The widespread deployment of this weaponry virtually assures its misuse.

Imagine if rogue actors tried to use its silent, deadly force to induce illness or to disorient, prematurely age, sicken or disable our political leaders.

Perhaps they already have.

Victims of this extrajudicial punishment network also see their finances and livelihoods expropriated and destroyed by coordinated "multi-agency action" "programs of personal destruction" that deny them due process of law while degrading their lives and destroying their families.

The IRS, under Bush-Cheney, has been transmogrified into an ideological weapon of social control and recrimination by these covert "multi-agency actions."

Obama administration officials must address these abuses IMMEDIATELY, before these affronts to the Constitution destroy more American families -- and subvert the Obama presidency.




OR (if links are corrupted):

Posted by: scrivener50 | February 11, 2009 9:43 AM | Report abuse

I don't think that gallup polls or any other poll will matter if the economy does not improve. Furthermore, if the polls actually reflected how people are feeling i think that the data would differ. In my opinion i think you will see a sharp decline in ratings as the presidency goes on.

Posted by: JaHarper | February 11, 2009 9:39 AM | Report abuse

What will his "popularity" be next year if our economy is worse?

Posted by: JakeD | February 11, 2009 9:02 AM | Report abuse

The GOP doesn't seem to understand Obama's popularity, or the fact that most Americans want the stimulus package. They need major changes in ideology and legislative practice (or a big screw-up from the Dems) before they even sniff power again.

Posted by: parkerfl1 | February 11, 2009 8:41 AM | Report abuse

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