Posts Tagged ‘dow

08
Jul
14

President Barack Obama: Doing So Much Good For The Country

Obama New Yorker

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Keith Boykin: Why Obama May Be The Best President Since WWII

I woke up this morning to a disturbingly silly headline. President Obama is the worst president since World War II, according to a plurality of voters in a Quinnipiac University poll released Wednesday. When you look beneath the numbers, it’s not what it looks like. Only about 33 percent of those polled called Obama the worst president, but that number roughly mirrors the percentage of Americans who identify themselves as Republicans, a group which has tried to sabotage, block, sue and impeach the president in recent years. So for the moment, forget what the polls say. The facts tell the real story of the Obama presidency, and the facts are damn good, especially compared to his predecessor. Under President Obama, the unemployment rate has fallen from 10 percent in 2009 to 6.3 percent today. Under George W. Bush, on the other hand, the unemployment rate rose from 4.2 percent to 7.8 percent. Under President Obama, the U.S. economy is gaining 200,000 jobs a month.

When Bush left office, however, we were losing 700,000 jobs a month. Under President Obama, at least 24 million people have gotten health insurance. The rate of uninsured has declined from 18 percent to 13.4 percent and the rate for Blacks has dropped dramatically from 20.9 percent to 14.7 percent. And despite all the exaggerated GOP claims that Obamacare would be a “job killer,” we’ve actually added more than 9 million new private sector jobs since the president signed the law. Under President Obama, businesses are also booming again. In the first few weeks of his presidency, the Dow Jones Industrial Average was sitting at 6547. Today it’s close to 17,000, a 10,000 point increase in five years!

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And corporate profits hit an all-time record high just last year. President Obama ended the war in Iraq, drew down troops in Afghanistan, captured Osama Bin Laden, averted a second depression, helped to rescue the financial sector, stabilized home prices and saved more than a million jobs in the auto industry. At the same time, he enacted the most sweeping health care reform legislation in 50 years, something Richard Nixon, Jimmy Carter and Bill Clinton couldn’t do, and which Ronald Reagan and the two Bushes never wanted to do. as a student of history, as an unapologetic liberal, as an African-American, as a gay man, as a supporter of equal rights for women and as someone who knows what it’s like to lose a job and live without health insurance, I’d say President Obama has done more good for this country than any president before him.

More here

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04
Jul
14

Happy Birthday, America And Thank You President Obama!

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Spandan Chakrabarti: Not Just A Bull Market, Obama Recovery Points To A Strong Bull Economy

After employment data for June showed Barack Obama besting Bill Clinton’s record on sustained private sector job creation and June’s employment numbers crushing estimates, the DOW rallied to a historical high of over 17,000. To put it in perspective, the day Barack Obama took office in the midst of the greatest recession in (most of) living memory, the DOW lost over 330 points and closed at 7,949. the DOW wasn’t the only stock index to more than double its value over Obama’s presidency. In fact, all three stock indexes economists observe did. The NASDAQ more than tripled its value, going from 1,441 to 4486, and the S&P 500 closed at 1985 on Thursday, nearly 2.5 times its value at closing on January 20, 2009.

Consider a quick summary of yesterday’s jobs report: The economy has now gained private sector jobs for 52 months in a row, the longest ever on record, besting even Bill Clinton’s previous record of 51 months of sustained private sector job growth. In those 52 months, the economy has added 9.7 million private sector jobs. Adding 288,000 jobs, June not only blew past estimates, it marked 5 consecutive months of over-200,000 job additions for the first time since 1999. In the past year, the stubbornly high long-term unemployment rate has finally begun to drop. The last 12 months saw a 1.4 percentage point drop in unemployment, with fully half of that coming from the previously long-term unemployed finding work. The truth – and I know I keep repeating it – is that if any white president had accomplished Obama’s record on the stock market alone, let alone the rest of the recovery, they would be well on their way to be canonized as a bona fide American saint.

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03
Jul
14

The Obama Economy Roars Ahead

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Market Watch: The Great Obama Bull Market Will Roar Till 2016

Yes, it’s time to celebrate. We’re in a historic bull market. GOP conservatives keep fighting the wrong war, against the Obama economy. Meanwhile, the Obama bull market keeps roaring ahead!. And the long term looks even better: Bullish pundits predict stocks will continue climbing into the 2016 presidential election. Folks, this stock market has been roaring since March 2009 when the DJIA bottomed at 6,547, a painful 53.9% drop from the October 2007 high of 14,164 during the Wall Street bank credit crash in Bush’s last year as president. The S&P 500 also bottomed, at 676, a 56.6% drop. However, since March 2009 the stock market has been steadily climbing. Over five years. And the DJIA’s made a remarkable recovery, to just under its next big milestone, 17,000. While the S&P500 is nearing 2,000, headed up. Yes, market gains over 250% … and still climbing!

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So what can we expect from the stock market by 2016 and the election of the next American president? More! Fabulous 250% gains so far. And bigger gains possible coming in the next couple years till we elect a new president. Maybe over 300%. Gains likely to favor a Democrat. Get it? GOP conservatives may have been successful in slowing America’s economic recovery. But the stock market is actually getting surprisingly stronger from this political war. With every Obama progressive move — Obamacare, ERA regulations, equal pay for women, gay rights, minimum wages, stem-cell research, immigration, Osama bin Laden, deficit cuts and so much more — GOP conservatives and the tea party learn little, only hear enough for another attack on Obama, offer no solutions, just opposition.

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Yes, the Great Obama Bull Market would be one for the history books. So, yes, in spite of the relentless GOP opposition, the attacks, legislative gridlock, economic headwinds, and global macroeconomic land mines put in his path, in spite of the ever-possible, unpredictable black swan, the Great Obama Seven-Year Bull Market, as financial history books will likely call it, may just keep thriving, overcoming obstacles, and roaring ahead predictably, hopefully till the next presidential election on November 3, 2016. And that label will stick no matter who gets elected the next president

More here

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26
Dec
13

News Of The Day

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President Barack Obama signs the FY2014 Budget Bill this afternoon in Hawaii

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Continue reading ‘News Of The Day’

06
Mar
13

Rise and Shine

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Today:

The President has no scheduled public appearances

12:0: Jay Carney briefs the press

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USA Today: Rain, snow, and heavy winds have forced a change in President Obama’s schedule for Wednesday: No Alabama football. The Crimson Tide, prepared to celebrate their third national championship in four years with another White House ceremony, canceled their flight from Tuscaloosa on Tuesday because of bad weather. Instead, Obama will have a string of private meetings while riding out the storm today.

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Reuters: Private employers added 198,000 jobs in February, the biggest increase in a year and another sign of improvement in the labor market, a report by a payrolls processor showed on Wednesday.

Economists surveyed by Reuters had forecast the ADP National Employment Report would show a gain of 170,000 jobs. January’s private payrolls were revised up to an increase of 215,000 from the previously reported 192,000.

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TPM: President Obama will hold a signing ceremony Thursday for the Violence Against Women Act, which recently passed Congress. He and Vice President Joe Biden, the original author of VAWA in 1994, will make remarks.

They’ll be joined, according to the White House, “by women’s organizations, law enforcement officials, tribal leaders, survivors, advocates and members of Congress.”

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Jonathan Chait: Michael J. Boskin – former George W. Bush economic adviser, Hoover Institute fellow, and staunch advocate of conservative anti-tax doctrine – appears today, as is his wont, in The Wall Street Journal op-ed pages to warn that the Democratic president’s economic policies will lead us to misery.

If you are an investor, Boskin’s doomsaying is a sure sign of a coming bull market. Four years ago, Boskin penned a Journal op-ed whose thesis was captured in the headline, “Obama’s Radicalism Is Killing The Dow.” That was the signal for the Dow to go on a tear, doubling over the next four years…..

One might suppose that Boskin has simply suffered a single unfortunate coincidence. In fact, his career is a mighty testament to the power of enduring, invincible wrongness…..

Full post here

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NYT: With Republican leaders in Congress forswearing budget negotiations over new revenues, President Obama has begun reaching around them to Republican lawmakers with a history of willingness to cut bipartisan deals.

Mr. Obama has invited about a dozen Republican senators out to dinner on Wednesday night, after speaking with several of them by phone in recent days, according to people familiar with the invitation. And next week, according to those people and others who did not want to be identified, he will make a rare foray to Capitol Hill to meet separately with the Republican and Democratic caucuses in both the Democratic-controlled Senate and the Republican-controlled House.

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Washington Post: Some of the gun lobby’s strongest allies are breaking with the National Rifle Association to support proposals that would expand background checks for private firearm sales.

In behind-the-scenes talks with congressional staff members and others, gunmakers, dealers and other Second Amendment advocates have offered support for more instant criminal background checks, buoying the hopes of gun-control supporters, including President Obama, who has put a top priority on extending criminal checks to private sales.

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USA Today: President Obama’s trip to Israel this month is just about set except for one big thing: A new Israeli government. Israel’s Channel 10 is reporting that Obama’s trip may be pushed back if Prime Minister Benjamin Netanyahu is unable to form a new coalition government by March 16.

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See here for full infographic – and more here

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TPM: A number of Republican senators Tuesday either didn’t know or wouldn’t say if they consider the Voting Rights Act to be constitutional, even though many of them voted to reauthorize it in 2006 and the Supreme Court is currently considering whether to invalidate a key section of it.

As they entered and exited weekly party luncheons Tuesday afternoon …. Every one of them dodged the questions, some more artfully than others.

“Uh,” said Sen. Lindsey Graham, before a long, awkward pause, “I haven’t even thought about it.” He laughed and said, “I’ll leave that to the courts….”

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Make sure you add the Pragmatic Pundit to your daily reading – it’s the blog of our TOD friend FayPax. It’s in the blogroll on the right if you ever need to find the link

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Missed this yesterday:

The First Lady’s interview on Univision’s Primer Impacto airs today – check your listings

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MoooOOooooOOorning!

22
Feb
12

evening all

President Barack Obama and First Lady Michelle Obama talk in the Green Room of the White House before hosting a Smithsonian Museum of African American History reception in the East Room, Feb. 22, 2012. (Official White House Photo by Pete Souza)

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President Barack Obama listens during the groundbreaking ceremony of the National Museum of African American History and Culture, February 22

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Don’t miss Liberal Librarian’s latest post at The People’s View

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Business Week

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The Hill: The Congressional Budget Office said Wednesday that President Obama’s 2009 stimulus package continues to have a significant effect.

The bill raised fourth-quarter 2011 gross domestic product by as much as 1.5 percent, it states, and lowered the unemployment rate by as much as 1.1 percentage points.

The package reduced the rolls of the jobless by up to 2 million people in the last three months of 2011.

More here

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LA Times: Sales of previously owned homes rose 4.3% in January and inventories fell to nearly seven-year lows as lower prices, unusually warm weather and an improving economy lifted demand.

….. January sales were at a seasonally adjusted annual rate of 4.57 million …. Sales rose in all four major regions, including an 8.8% pop in the West.

Job creation, mild weather, rising rents and increased household formation contributed to the sales gains, according to Lawrence Yun, chief economist of the Realtors group. “Things are genuinely improving,” Yun said.

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Slate

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One photo, two cool cats.

Thank you Pam!

(You can buy the PBO poster here – thank you Donna Dem)




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