Tales from the Trail

Washington Extra — Not another stimulus

September 7, 2010

On Wednesday, President Barack Obama plans to announce his latest package of plans to stimulate the sagging U.S. economy, most of which are already known. It was hardly a surprise to see Republicans quickly positioning themselves to block the plans, but more disappointing to the White House must have been the cautious response even from the president’s fellow Democrats on the Hill, who simply said they were looking at the proposals.wallst Even more damning, perhaps, was the verdict from the financial markets, which greeted the news with a big yawn. Both the Dow and the S&P indices ended the day more than one percent lower, dragged down by fresh growth worries in Europe. Economists on Wall Street said the plans would not do enough for small businesses or to solve the Democrats’ biggest economic and political problem: finding work for the 14.9 million unemployed. There are big questions, too, about how the plans will be paid for. “If he chooses to take away a corporate tax break to pay for this proposal, the net gain is zero,” said Andrew Busch at BMO Capital Markets. “This is likely why U.S. stocks are not seeing much of a bounce on the news.”

Washington Extra – Fears of economic stagnation

August 11, 2010

dowFear returned to global financial markets today, with stocks sinking and the dollar rising sharply on renewed worries about an economic slowdown in China and the United States. President Barack Obama met with senior economic adviser Larry Summers and “talked through some scenarios” on what was playing out around the globe, and how to keep the U.S. recovery on track.

The First Draft: what about the pork?

March 11, 2009

So the Democratic-controlled Congress finally sent President Barack Obama a $410 billion bill to fund the government through the rest of the year. But it’s full of “earmarks” — billions of dollars earmarked for lawmakers’ pet projects.ROMANIA/

from Global Investing:

The end of the Bush stock market

January 16, 2009

Today marks the end of the Bush stock market.

He has presided over the evisceration of more than $4.6 trillion of U.S. stock market wealth as measured by the S&P 500.