Honeybee here: The S&P 500 Index closed at 789.35 (down 4.5% in one day). It is lower than Brinker's latest buying opportunity (low-to-mid 800's), but not yet at the November 20, 2008 low of 752.
The Dow closed at 7552 (down almost 4% today). This is exactly the low that was reached on November 20, 2008.
So much for the stimulus plan that the democrats (and a few Republicans) passed and Obama signed today. Confidence levels have dropped further.
So now we have interest rates near zero. We have over TWO $trillion more in national debt. What's next?
Storm clearing over the Santa Cruz Mountains.
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"Brinker has never been a deep thinker - rather a lightweight blowhard that shoots from the hip only to completely flip flop on the air if things don't go well. He was a big proponent of going into Iraq--and then claimed it was a "war of choice" when the occupation seemed lost.
Obviously the caller had it right and Brinker was way off the mark. If Brinker was going to jump on the caller for criticizing the stimulus plan that Obama is going to sign this very day as "too soon to criticize", then when should the guy have become critical?
Let's face it, Obama is a liberal pol who has a great affinity for the left but like Bill Clinton pretends to be a moderate. Had Obama had a clue and was serious about a stimulus plan, it would have looked nothing like the pork laden unaffordable package that already people are saying will need to be repeated.
People who are likely going to be out of work (gross income under 80 k) as this continues are going to be encouraged to buy a house. People borrowing money to go to college which would be the ones most needing relief don't get it but those rich enough to pay get a tax break. Stimulus? nah.
If they wanted to stimulate the economy the most direct and easiest and indeed fairest way it would have been to simply forgo the collection of FICA taxes for 4 months and re-evaluate every four months. Cut capital gains tax on all property to 5% --causing long held properties to be sold and transferred stimulaing some economic movement.
Now that is stimulus--leaving the money to be spent.--Clean, quick and effective. Taking money to washington and having a group of left wing nut jobs that have never ran a business or met a payroll dole out the money to their favorite causes and idiotic schemes-is not stimulus, it's folly.
Brinker is an old 60's lefty who supports the Pelosi/Obama folly, or is simply clueless...or both.
How's that last buying opportunity of his working out?"
February 17, 2009 10:52 AM