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Bad Economic Reports May Boost GOP’s Chances In November

October 14, 2010 by  

Bad economic reports may boost GOP's chances in NovemberSome recent polls suggested that President Barack Obama's approval ratings were inching back up into positive territory, but this may all change after the employment report published on Oct. 8 showed the labor market has suffered another month of poor performance.

According to the Bureau of Labor Statistics, the American economy lost 95,000 jobs in September, which was worse than most economists expected. These figures are also more than the previous month, when 57,000 positions were eliminated.

The unemployment rate remained unchanged at 9.6 percent.

These results may spell trouble for the Democrats in November, as this is the last employment report before the midterm elections. Many Democratic incumbents who run for re-election have defended their support for the massive stimulus package in 2009, saying it was designed to spur economic growth and boost employment.

However, this was not the end of bad economic news, as a preliminary report from the Congressional Budget Office found that the Federal government racked up a $1.3 trillion deficit in the fiscal year that ended on Sept. 30.

Many political commentators have attributed the success of Tea Party-backed candidates in midterm primaries to excess government spending, which many Americans increasingly worry will be passed on to future generations. 

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  • s c

    Assuming that the GOP gives a damn about acting on this opportunity, maybe they’ll be able to neutralize their in-house RINOs. While they’re trying to figure out what to do, I’ll be betting on real conservatives to make it painfully clear why America can’t afford an administration that combines the worst of socialism, communism and fascism – and calls it “hope and change.”
    Come on, America. These stinking, America-hating progressive bastards are anything but your friends. Vote ‘em out while you can. This may be your last chance.

    • Lewis Munn

      So many are sitting on their hands, hoping they will change!

      • Fed Up Gal in NM

        Lewis,

        Yes, you’re right….and that’s exactly how and why we ended up with the most recent change artist…I mean agent.

  • J.M.R.

    sc agreed but we have to many stupid people that can’t think for themselves, his ratings should be in the gutter but their not. they seem to want this country to look like a third world country. leave him and his clowns in office thats exactly what we will look like.

    • Lewis Munn

      We will be a 4th world failed country, dogged up to look like a 3rd-world country!

      • DaWitchesBroom

        Hatian Nation. I have been calling the US that for 15 years.

    • alpha-lemming

      Stupid??? Yes.. But that’s only 1 faction of the progressive voting bloc. Don’t forget the irresponsible, the lazy, the inept and the criminal. Almost 50 million on food-stamps??? The A-holes have been out-breeding us for at least a couple generations.

  • Mick

    J.M.R. says:
    October 14, 2010 at 9:17 am
    sc agreed but we have to many stupid people that can’t think for themselves, his ratings should be in the gutter but their not. they seem to want this country to look like a third world country. leave him and his clowns in office thats exactly what we will look like.
    ******************************************************************
    J.M.R…….you’re so right about people not being able to think for themselves, they don’t even have the common sense to manage their own little affairs without going broke much less being capable to vote for someone worthy of handling our country’s problems.

  • BigBadJohn

    Dow Jones January 23 2009 – 8000.00
    Dow Jones October 3 2010 – 11,000

    I was laid off last year but have made $130K in the stock market.

    What’s so bad about this economy?

    • Al Sieber

      BigBadJohn, sounds like a “suckers rally”, they planned on running it up before they crash it. glad you made out so well, but remember it’s October strange things happen in Oct. like Oct. 1929. take the money and run.

      • BigBadJohn

        Warning noted, just like the republican sucker rally of the 2000′s that put us in this mess to start with. The big crash of 2008 was in October also……..

        • http://naver samurai

          Bush, baaaaa! Can’t you sheeple put the blame at the person who is responsible now, not the one before? FOR GOD AND COUNTRY!

          • Al Sieber

            Hey samurai, for one thing I’m not a sheeple, and not once did I ever blame Bush for anything on this website. ever. so what are you talking about?

          • BigBadJohn

            samurai, I am blaming the people in charge now for bringing the dow up from 8000 to 11000.

          • http://naver sook young

            Sorry Al, but I think my husband was referring to big bad john. Thank you.

            Sook Young
            Wife of the Samurai

        • Brad

          Sorry BigBadJohn,

          I have to agree with samurai, the 2000 crash was brought on by Bill Clinton’s economic policy’s, in turn GWB inherited clinton’s problems and fixed some of them.

          • Al Sieber

            Sorry, you guys are all wrong, this was engineered by the Federal Reserve who was responsible for the crash of 1929 and the devaluation of our currency since 1913.

          • BigBadJohn

            Please Brad, educate me, just what Clinton policies caused those problems?

            I work in the IT field, In My Opinion, the biggest reason for the boom of the 90′s was two fold. One was the boom of the Internet which spurred a lot of building out of the infrastructure. The other was the y2k bug, because of this, all companies were buying and replacing old computer systems. After 2000, there was no need to keep buying new equipment, so the bubble burst – irrational exuberance.

          • alpha-lemming

            ???? The 90s boom was Bubba riding the wave of Reagans policies (Presidents’ terms are limited but their actions have lasting power.. policy, SCOTUS appointees etc.). We, accurately described, GREW our way out of those doldrums quite quickly. After a trillion+ in spending, I don’t see a whole lot of “bailing our way to prosperity” happening. The dot-com bust (90s) was a direct result of the attempted government take-over of Microsoft, and the housing bust (00s) was initiated by CRA ’97 and fueled by “Frannie” micro-management (other recipients of bail-out largesse to replace what was skimmed by cronies).

          • BigBadJohn

            Lemming thanks for showing the hypocritical nature of the people here.
            On one hand:
            Clinton 8 years of prosperity was due to REAGAN

            “The 90s boom was Bubba riding the wave of Reagans policies (Presidents’ terms are limited but their actions have lasting power.. policy, SCOTUS appointees etc.). ”

            On the other hand – only 2 years in and everything is Obama’s fault and not Bush’:

            “Bush, baaaaa! Can’t you sheeple put the blame at the person who is responsible now, not the one before? FOR GOD AND COUNTRY!”

            TOO FUNNY TALK ABOUT SHEEPLE!!!!!

        • Steve

          let us not forget Bill Clinton who signed the bill to repeal the Glass-Steagel act

          • BigBadJohn

            absolutely!! probably THEE main cause for the financial crisis!

            However, like everyone around here likes to point out – the president can not write legislation, he can either sign it or veto it. Unfortunately Clinton went along with the republicans on this one.

    • Warrior

      Hmmm, let me see now. Market sinks, value tanks. Market goes back up. Where did that money come from that raised the market back up? Hmmm. Banks are about to collapse. Banks are rescued. Banks make record profits shortly thereafter. Hmmm. Pension funds lose value, Pension values back up. Hmmmm.

      Where o where did that money come from?

      • DaWitchesBroom

        Its zero interest money that the average american does not have access to for any purpose. Large financial institutions get it from the us gov. They then can make gambles and bet such as dollar vs yen to make these profits.

    • James

      BigBadJohn, You should take your profits and run. There is no earthly reason for the stock market to be soaring. Last Sunday, 60 Minutes had a segment on computer trading, they said 50% to 70% of all stock trades,now, are made by pre-programed computers that act on their own. Last May when a floor-trader mislocated a decimal point that stock went to zero, and within 15 minutes the Dow Jones dropped 600 points. The market had to be shut down, to clear up the mess.
      All the signs for a major final-collapse of the stock market are in evidence. Whether that occurs before or after the Nov. 2 election remains to be seen, but it will happen. My personal belief is that the market is being propped up, either by government computers, or super-wealthy investers who want the economy to look good, in an attempt to keep Democrats in office. When it crashes this time, the Dow will go below the $6900 level it reached in its first crash.

      • BigBadJohn

        James, you know what they say about opinions…..

        I consider myself a contrarian, in 2000 when the market was going up like crazy and everyone was screaming BUY BUY BUY, I moved my funds into money market. I missed about 5-7% growth but was in cash when the market crashed.

        In 2008 as soon as some bad news started to break, I did the same with about 60% of my funds so still lost some money but did not get killed.

        Right now the media is screaming that the market is over bought, however, companies keep reporting record profits. Personally I think we are at the same spot where we were in 1992, the economy is starting to recover but the jobs have not caught up yet.

        Believe what you want, but I think there is lot to be made before year end. A LOT of the ultra-rich think so to and are buying like crazy, don’t know about you but personally I would follow the lead of people like Buffet.

        • Patriot

          To BigBadJohn,
          We all hope that the market stays up and everything stays rosy! It is nice that your investments increased as all of ours have, glad to hear it. You ask what is so bad about the economy, well; you still do not have a job, the last I checked $65K per year is below average in cost of living, think how good you would have had it if you had a JOB! That seems pretty bad to me, also you will not be happy at the capital gains taxes and conditions are right for super inflation, so your $130K may be enough to buy groceries for the next year. Hope this does not come true, when you look at the stimulus bill (which accomplished nothing other then an artificial climb in the market) when this vast amount of money is pumped into the economy there is only one conclusion which is extremely BAD for all of us, inflation!! Inflation is the hidden tax that nobody seems to care about. The ride will be rough, so we need to change the only thing we can which is the government Nov. 2!!! We need everyone to be on board, fellow Patriots we need to come together like never before!!

          • DaWitchesBroom

            A few thoughts. Hope that the stock market does not get overheated. That will be a sign of hyper inflation starting. Market volume is rather low now so trends do not represent large money flows.

            Nov 2 is not going to be what you think it will be because you are all in a conservative cocoon, like butterflies that do not have a clue as to what is about to transform them from caterpillar to butterfly or a clue as to what the new life will be like for them.

            Big bad changes are coming at the hands of the numbers. Might need to invest in a canadian hid out.

          • Fed Up Gal in NM

            Patriot,

            Great comment; funny how BBJ seems to miss the point of why conservatives, independents and now many former Obama democrats are angry. True, just about all politicians make promises they know they cannot (or will not) keep. People are now angry about Obama’s deception, because it’s quite apparent to even many of his diehard supporters that he built his “change” platform on lies that he was going to be different, he and his gang were going to get rid of corruption. All he/they did was take some real (some perceived) corruption from big business and assume the government money pimp position to build their government hand-out fan club, thus becoming the grand-daddy of pimp-mobiles.

  • Mick

    BigBadJohn says:
    October 14, 2010 at 9:49 am
    Dow Jones January 23 2009 – 8000.00
    Dow Jones October 3 2010 – 11,000

    I was laid off last year but have made $130K in the stock market.

    What’s so bad about this economy?
    *****************************
    The smell of a republican victory is boosting things up in the market .

    • BigBadJohn

      Market has been climbing since beginning of Obama administration – So you logic does not hold…..

      Funny thing is, the same thing that was big winners during Bush’s administration, are the same thing that has taken off under Obama – OIL and GOLD.

      • Al Sieber

        BigBad, I’ll have to agree with you on that one. “Strange Days Indeed”.

      • da norseman

        The market is climbing where corporations remain independent of Obama’s, Pelosi’s and Reid’s greedy clutches and are run by private business-oriented people with foresight who bring innovative approaches to help boost company profits. Where it is failing are foundering corporations dependent on government assistance programs and bailouts to keep them afloat at taxpayer expense.

    • Al Sieber

      Mick, theres no difference between a Democrat and a Republican, one creates the problem, and the other comes up with the solution. we need statesmen, not politicians. we need a new party that listens to the people.

      • Robert S

        Al You are 100% right. Repubs-Dems same crap different color. The elite have too much money to be beaten at the polls. Only a fool would think that things will change after November. People don’t realize what a lame duck Congress could do before January.

        • Al Sieber

          Robert S, are you sure you didn’t mean same crap, different a$$hole?

  • Mick

    Al Sieber says:
    October 14, 2010 at 10:21 am
    Mick, theres no difference between a Democrat and a Republican, one creates the problem, and the other comes up with the solution. we need statesmen, not politicians. we need a new party that listens to the people.
    ********************************************
    Al Sieber…………I tend to agree with you to some extent about your analysis between the two parties and a new party would be welcome as long as that new party follow OUR CONSTITUTION and obey our GOOD LAWS, but for the time being I am hoping the republicans will go back to their conservative ways and quit pandering to the lowest form of crud the democratic party has become or else suffer the same fate and be decimated…

  • Mick

    oh ! Al Sieber…
    you wouldn’t happen to be from Missouri by any chance ???

    • Al Sieber

      Mick, I’m from Arizona, but have relatives in Missouri, Illinois, and upstate N.Y.. and I agree any new party needs to follow the Constitution or put up against a wall and shot.

      • Mick

        Al Sieber says:
        October 14, 2010 at 10:53 am
        Mick, I’m from Arizona, but have relatives in Missouri, Illinois, and upstate N.Y.. and I agree any new party needs to follow the Constitution or put up against a wall and shot.
        **************************

        Heeeyyy Al !!

        We’re neighbors.I am from nevada.
        The reason I asked were you were from is because I know some Siebers in ballwin , MO.. And I love and agree with your comment about putting a quite of few against the wall.

        • Al Sieber

          Cool Mick, I live near the Cal., Nev. Ariz. border and work part time for the Gold Road mine out of Oatman Ariz. the whole area is rugged mountains. and screw the stock market it’s over bought.

          • Mick

            Al Sieber says:
            October 14, 2010 at 11:34 am
            Cool Mick, I live near the Cal., Nev. Ariz. border and work part time for the Gold Road mine out of Oatman Ariz. the whole area is rugged mountains. and screw the stock market it’s over bought.
            *****************************************

            Al….I know oatman very well,have been there at leat 4 times stopping at laughlin on the way of course. Love to feed them carrots to the beautiful burros there and yes it is a very rugged part of our world but it makes one feel so free compared to going to one of our big cities,,,,…
            Gotta go for a few minutes, hope to chat with you some more..later.Mick

          • Al Sieber

            Mick, you have to be careful feeding those Burro’s to many carrots because of the sugar content, I’ve seen one drop over dead because of that, a baby I mean. they also like beer too. I live 5 miles out of Oatman, lots of Big Horn sheep on my property, interesting animals.

  • Senior29

    .

    s c , et al.
    There is a subset to American society that firmly believes Obama to be the “One”. Until the Tea Party coalesced we were organizationally outclassed by these Progressives who are very adept at staying on point. The Progressives are a full spectrum movement that ranges from welfare lifers to the kings of Wall St. who all firmly believe, and always will, that America must become irrevocably Socialist, and they have a wide menu of reasons why it should.
    By their own definitions they are patriots battling the evil and cannibalistic capitalists, so there is no way that you will be able to reason with them. Their front-men must be ripped out by the roots (voted out of office) and kept out. This will not be completely possible to do as there are too many progressive enclaves that only WMD’s would clear out (settle down, I’m being metaphorical) and the progressives, unlike our skinhead brethren, are indistinguishable from ‘us’. ‘We’, on the other hand, are limited by our belief in rules and the constitution so we must depend on strength in coordinated numbers.
    One method of battling this onslaught is to join the Tea Party and continue to forge our own broad based united front. I am personally gratified to see that the Tea Party has not degenerated into a third party, but rather an overseer. A third party would be divisive and with enough participation by god fearing constitutionally motivated citizens the Tea Party may be able to exert enough influence to keep our politicians closer to the original beliefs of the founding fathers.
    Many of the posters in these forums should consider joining up to add their voices to others who recognize that our country needs better navigation. It is fun to write witty retorts to opponents, so take that talent and put it to use where it will be productive. Meet with like-minded folks and become a genuine part of the solution.

  • http://MSN.com Mila

    Why democrats want transform economy into socialistic economy in America? Obama wants everyone live in a socialistic poor country.

  • da norseman

    Progressive politicians will lie and say that they “fight for the People” when they are only in it for themselves. Turning America into a socialist society is definitely not for the benefit of the People, rather, it is for the benefit of greedy politicians who would raise taxes and expand government. The final solution of socialism would lead to communism where government would break the will of the People, limiting our freedom, our power and our right to choose. Who would win? The politicians!

    Already, there are some rich DC lawmakers who have exempted themselves from paying their fair share to Uncle Sam while supporting taxing the rich. Charlie Rangel has been living off his constituents by getting richer and richer while putting himself above the law by making a deal with the IRS not to pay his fair share. John Kerry moored his yacht in Rhode Island in order to avoid paying those high taxes levied by the Commonwealth of Massachusetts. It’s no wonder why Americans are suffering in this economy with these greedy politicians making a living off our hard earned income, and they want to dig deeper into our pockets!

  • Mick

    Al Sieber says:
    October 14, 2010 at 8:50 pm
    Mick, you have to be careful feeding those Burro’s to many carrots because of the sugar content, I’ve seen one drop over dead because of that, a baby I mean. they also like beer too. I live 5 miles out of Oatman, lots of Big Horn sheep on my property, interesting animals.
    *********************************************
    Good morning Al…

    I was made aware that giving carrots to these gorgeous little babies was dangerous to them and although it bothered me not to be able to spoil the little things I restrained myself, I certainly didn’t want to be the cause to bring them harm.
    I always look for Big Horns but they’re hard to spot when you’re driving they blend so well with the background.Got lucky a couple years ago and spotted some on 160 in NV near Mountain spring,They’re certainly more interesting than the bunch of polical crooks we have to deal with now days…….

  • RicSeag

    You heard it here first….

    Hooray for bad economic news!!! Hip-Hip-Hooray!!!

    Now people will vote for us!!

    Hoo, Hoo!!!

  • http://limotopearsonairport.com Amare

    Hey there, I believe that is correct–if you were to short at $30.00 and the company goes bankrupt and the stock is declared by that court to be worth $0.00 then you basically sold that stock and never need to "cover" or buy it back.

  • plumber

    I have to say that for the last few of hours i have been hooked by the amazing articles on this website. Keep up the wonderful work.

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