Posts tagged ‘stock market’

February 4, 2010

Democrat’s Loss Of Super-Majority Causes Dow To Fall 268 Points!

by Ben Hoffman

With the swearing in of Scott Brown today, panic swept through America and people sold their stocks, fearing the worst. Democrats no longer have the super-majority needed to pass even the most trivial of legislation.

Our country is in serious trouble. Just to keep running, the government needs to borrow $14.3 trillion dollars. The federal debt is now at over $12 trillion, thanks to the irresponsible tax cuts in 2001 and 2003, the two wars, and high unemployment that has greatly reduced revenues, not to mention the over $400 billion dollars a year we pay to interest on the debt.

When Bush’s first fiscal year began on Oct. 1, 2001, the federal debt was $5.8 trillion. At the end of his final fiscal year on Sept. 30, 2009, the debt was $11.9 trillion. He increased the federal debt by some $6.1 trillion, more than doubling our debt.

Of course, the Republicans have a history of radical fiscal policies. Reagan more than tripled the debt. It went from a modest $900 billion to $2.8 trillion during his tenure.

So it’s understandable that people would be concerned about the economy with another Republican in Congress. This might be a good time to go short in the market.

Note: the European debt problems and worse than expected jobs report may also have contributed to the stock market drop today.