Dow Jones Down 300+ Points

deacon blues · #1 11-07-2012, 04:02 PM

I am not surprised. Said this would happen last night.

http://www.apostolicfriendsforum.com...71#post1201171

The strength of the economy largely is due to confidence people have in it. Investors won't invest money in the future of the market if they think it's going to get worse. Business owners hire more people and put their money at risk to grow the business of they think the future of the economy looks good.

I dont rejoice in this fact but our President does not cause people with money (the haves) and businesses owners (job creators) to feel confident about the future. That's why they have sat on trillions of $ to hire and grow the economy because they aren't willing to put that money at risk when our president keeps talking about raising taxes on them.

Simple economics 101.

deacon blues · #2 11-07-2012, 04:07 PM

NEW YORK, Nov 7 (Reuters) - U.S. stocks fell more than 2 percent on Wednesday, putting the S&P 500 on track for its biggest drop since June, as investors shifted their focus to a looming fiscal showdown in Congress after President Barack Obama's re-election.

Energy, healthcare and the banking sectors were among the hardest hit after Obama defeated Republican Mitt Romney, whose policy positions favored those industries. Defense shares also plunged.

Adding to the weaker sentiment were renewed worries about economic troubles in Europe, a key market for many U.S. companies. The euro zone economy will barely grow next year but pick up in 2014, the European Commission said. The region's economy would grow only 0.1 percent in 2013 after a bigger than previously forecast contraction this year.

"Traders on the floor are thinking, before the election President Obama wasn't able to resolve the fiscal cliff so what makes you think he's going to be able to do it after the election? That's the big issue right now," said Todd Schoenberger, managing principal at the BlackBay Group in New York.

The Dow Jones industrial average was down 329.86 points, or 2.49 percent, at 12,915.82. The Standard & Poor's 500 Index was down 36.03 points, or 2.52 percent, at 1,392.36. The Nasdaq Composite Index was down 76.72 points, or 2.55 percent, at 2,935.21. The S&P 500 also below the key 1,400 level for the first time since Sept. 4.

Wednesday's drop is a reversal from the prior session's gains when voting was under way. Defense and energy shares were among the market leaders that day.

"The market is telling us that it was pricing in the potential for a Romney victory, based upon the rally over the past few days," said Phil Orlando, chief market strategist for equities at Federated Investors Inc of Pittsburgh.

On Wednesday, an index of defense shares was down 3.8 percent, its biggest one-day drop in a year. Shares of United Technologies were down 3.5 percent at $77.14.
Washington must next focus on some $600 billion in spending cuts and tax increases due to kick in next year that could derail the economic recovery, hence the "fiscal cliff" nickname.

Among sectors, the S&P energy index dropped more than 3 percent as investors fears companies in the sector will likely see more regulation in Obama's second term, with less access to federal lands and water.

Other decliners in the energy area included Arch Coal down 13.3 percent at $7.50 and Alpha Natural Resources off 12.8 percent at $8.39.

Healthcare stocks also fell, as President Obama's re-election rules out the possibility of a wholesale repeal of his healthcare reform law, but questions remain as to what parts of the domestic policy will be implemented. The S&P health care index lost 2.5 percent.
The S&P financial index was down 3.1 percent.

canam · #3 11-07-2012, 04:46 PM

Read where one businessman say today was planning on starting two business's this year but not now.Hang onto the one he has.Reality !

endtimer · #4 11-07-2012, 05:04 PM

I was permanently laid off the week BO was elected the last time. Took me 3+ years to find a good job again. I hope Im not greeted with walking papers when I get to work tonight. Businesses fear this guy.

canam · #5 11-07-2012, 08:49 PM

Quote:

Originally Posted by endtimer

I was permanently laid off the week BO was elected the last time. Took me 3+ years to find a good job again. I hope Im not greeted with walking papers when I get to work tonight. Businesses fear this guy.

Monterrey · #6 11-07-2012, 05:08 PM

Cmon guys, he's the country's messiah!

deacon blues · #7 11-08-2012, 09:56 AM

Think about it. If you were a businessman and you knew your taxes were about to be raised, would you go out and spend more money growing your business, researching and developing, hiring more employees or would you hunker down and bank your money bracing for a bigger tax bill next year?

StillStanding · #8 11-08-2012, 10:01 AM

Quote:

Originally Posted by deacon blues

Think about it. If you were a businessman and you knew your taxes were about to be raised, would you go out and spend more money growing your business, researching and developing, hiring more employees or would you hunker down and bank your money bracing for a bigger tax bill next year?

Ding! Ding! Ding! We have a winner!

deacon blues · #9 11-08-2012, 10:06 AM

I want Obama to succeed. He's my president. One doesnt have to vote for a president to acknowledge that he is the duly elected Chief Executive of our nation. If the economy gets worse that impacts me. If the economy gets worse that means more members of our church will suffer and giving will continue to decline (we are having our worst giving year since I became pastor 12 years ago). I hope that the next four years will prove to be prosperous and lucrative and helpful for all of us. I love America. I love my community. I love my family and friends.

But I am not confident that the same policies of the past four years will produce anything different these next four years. I don't believe the economy was so damaged in 2008 that four years wasn't long enough to move it forward further than what it is. I don't believe government is better at job creation than the private sector. I don't believe you can run up record deficits and expect a healthy economy. I don't believe you can spend your way out of debt. I don't believe you can invest in industries that can't compete (e.g. "green companies") and expect them to fuel a new type of economy that will propel us to prosperity. I don't believe that you can raise taxes on the wealthy and expect them to continue to invest, build and create jobs.

I pray for Obama's success, but unless he changes his economic ideology, I can't see the next four years being any better than now, and I suspect they will get worse. But I'm praying for the man. Did so today.

StillStanding · #10 11-08-2012, 10:13 AM

Quote:

Originally Posted by deacon blues

I want Obama to succeed. He's my president. One doesnt have to vote for a president to acknowledge that he is the duly elected Chief Executive of our nation. If the economy gets worse that impacts me. If the economy gets worse that means more members of our church will suffer and giving will continue to decline (we are having our worst giving year since I became pastor 12 years ago). I hope that the next four years will prove to be prosperous and lucrative and helpful for all of us. I love America. I love my community. I love my family and friends.

But I am not confident that the same policies of the past four years will produce anything different these next four years. I don't believe the economy was so damaged in 2008 that four years wasn't long enough to move it forward further than what it is. I don't believe government is better at job creation than the private sector. I don't believe you can run up record deficits and expect a healthy economy. I don't believe you can spend your way out of debt. I don't believe you can invest in industries that can't compete (e.g. "green companies") and expect them to fuel a new type of economy that will propel us to prosperity. I don't believe that you can raise taxes on the wealthy and expect them to continue to invest, build and create jobs.

I pray for Obama's success, but unless he changes his economic ideology, I can't see the next four years being any better than now, and I suspect they will get worse. But I'm praying for the man. Did so today.

I heard somewhere that when the investment taxes went from 28% to 20%, that revenue actually increased! When Bush lowered it to 15%, revenue increase again! If this is indeed a fact, Obama will be a fool to raise the investment tax back up!

I do believe that personal income loopholes for the wealthy should be eliminated! This is what Romney was suggesting.