Stock gains don’t make up for continued sluggishness in economy, job market
The Dow Jones Industrial Average today briefly touched the 14000 mark, before falling slightly. As I write, it’s hovering right around that level, the first time it’s done so since late 2007. The broader S&P 500 is at a five-year high, about 3 percent off its all-time peak in October 2007. The Nasdaq is at a 10-year high, though it’s significantly lower than its tech-bubble peak. In all, though, these major indices finally are back to roughly where they were before the housing crash and Great Recession (as long as we don’t adjust them for inflation, that is).
Yet, earlier today, the Bureau of Labor Statistics announced the unemployment rate had ticked upward to 7.9 percent even though more people had stopped looking for work than found a job. At January’s rate of job growth (157,000 net jobs created), it would take until at least 2025 to regain pre-recession employment levels. At the rate for all of 2012 (an upwardly revised 181,000), it would take “only” until 2022, a decade and a half after employment peaked.
And yesterday, the Commerce Department said the economy shrank in the fourth quarter of 2012, the first negative quarter since mid-2009. The economy is an estimated 14 percent smaller than it would have been if it had grown since 2008 at the long-term average of 3.1 percent a year. That’s some $2.25 trillion of economic production that never came into existence.
The reason for continued market advances in the face of sluggish economic news might be summarized by this quote from the Wall Street Journal:
“Any not-bad news is helping this market,” said Jonathan Corpina, senior managing partner at Meridian Equity Partners, a New York brokerage. “If we get great news, good news, or okay news, it’s still going to make our screens green.”
“Not-bad” is not exactly indicative of a boom. If this quarter were to repeat last quarter’s performance, the above numbers are where the Obama Recovery would have left us: barely back to zero for investors, still well below it for job-seekers and economic growth.
This is the reality wrought by the primary economic policy of the past four years — trying to jump-start the private sector via government spending and monetary expansion. All the spending and expansion hasn’t translated into robust private-sector growth. Four years later, there’s little reason to believe a boom is just around the corner.
– By Kyle Wingfield
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557 comments Add your comment
Serious Robuck
February 1st, 2013
7:17 pm
Kyle, I want you to team up with td and take on all of us liberals, post for post. You and td are two peas in a pod, although the pods are a little different.
You were in the honors program at UGA??? Doesn’t say much for that program, young man. They obviously didn’t focus on teaching humanity.
Lil' Barry Bailout - OBAMAPHONE!!!
February 1st, 2013
7:18 pm
Still got a ways to go, however, little two faced libbies, to get to George W Bush’s high of 14,162.
——–
…much less 14162 adjusted for inflation.
Hillbilly D
February 1st, 2013
7:20 pm
Can “humanity” really be taught? Seems to me you either have it or you don’t.
Bruno
February 1st, 2013
7:24 pm
They obviously didn’t focus on teaching humanity.
Robuck–Any particular reason you Libs need to continually declare how much smarter AND more compassionate than conservatives you are??
In the words of Shakespeare: “The lady doth protest too much, methinks.”
JamVet
February 1st, 2013
7:25 pm
Bruno,
The time has come to take the bull by the horns
We’ve been so downhearted, we’ve been so forlorn
We get weak and we want to give in
But we still need each other if we want to win
http://www.youtube.com/watch?v=zVatBy_4GpM
Serious Robuck
February 1st, 2013
7:27 pm
Hillbilly D, I agree completely.
Bruno, I agree with Shakespeare completely. Think about it if you think.
Lil' Barry Bailout - OBAMAPHONE!!!
February 1st, 2013
7:28 pm
Salt Lake Tribune: (Atlanta) A student opened fire at his middle school Thursday afternoon, wounding a 14-year-old in the neck before an armed officer working at the school was able to get the gun away, police said.
————-
Told ya.
Bruno
February 1st, 2013
7:29 pm
Enjoying Susanna Hoffs, Brother J. The song is pretty good also.
Tell josef to get his sorry butt over here, will ya??
Tiberius - pulling the tail of the left AND right
February 1st, 2013
7:30 pm
Does Serious Roebuck have some sort of point he’d like to make?
Because I missed it in his last post.
Lil' Barry Bailout - OBAMAPHONE!!!
February 1st, 2013
7:31 pm
If progs are as brilliant and compassionate as they imagine themselves, why are Medicare, food stamps, and other government-run parasite maintenance programs necessary?
JamVet
February 1st, 2013
7:33 pm
Yeah, she is a stunner. And I love how LA and Lincoln/Athens made those great records together.
I’ll try, but he doesn’t listen too well!
So, if you see me walking all alone
Don’t look back, I’m just on my way back home
http://www.youtube.com/watch?v=xgAYePzb9yQ
josef
February 1st, 2013
7:33 pm
Okay, if it’s Paul S we’re talking about…
http://www.youtube.com/watch?v=YHZT5gWyhZU
td
February 1st, 2013
7:34 pm
Serious Robuck
February 1st, 2013
7:17 pm
Kyle, I want you to team up with td and take on all of us liberals, post for post. You and td are two peas in a pod, although the pods are a little different.
You were in the honors program at UGA??? Doesn’t say much for that program, young man. They obviously didn’t focus on teaching humanity.
The last time you tangled with me I taught you about the genetic gene pool of south Ga. Are you really calling me out again?
Bruno
February 1st, 2013
7:35 pm
Jam–I think that is my favorite song from “Wizard”.
I don’t think I’ll ever get this TR song out of my brain:
http://www.youtube.com/watch?v=UsS4FVP-uFI
Bruno
February 1st, 2013
7:39 pm
Hey, josef. Thanks for dropping by, Brother. Poor ol’ Hillbilly thought he done ditched us…….
Serious Robuck
February 1st, 2013
7:41 pm
Tiberius, my point was that I agree with Hillbilly D’s opinion that you can’t teach humanity, you either have it or you don’t. Furthermore, I’ve always loved Shakespeare’s line about protesting too much. In saying so, I was pointing out Bruno’s obvious defensiveness.
Do I think I’m smarter and more compassionate than most of you right wingers? Damn straight, I do! Give me some reason to think otherwise. Face it, guys, compassion and humanity are not your hallmarks.
md
February 1st, 2013
7:41 pm
“Isn’t negative growth the same thing as shrinkage?”
Or contraction….or reduction…..or smaller…..or bad number, but nowhere close to being “good”.
Serious Robuck
February 1st, 2013
7:43 pm
td, tell me again about the genetic gene pool of South Georgia. I forgot. Then tell me about the genetic gene pool that created you, little buddy.
Bruno
February 1st, 2013
7:44 pm
In saying so, I was pointing out Bruno’s obvious defensiveness.
That seems to be a common Lib strategy on these blogs: Toss around some ridiculous insults, then declare victory if anyone objects.
You need some new material, old timer.
JamVet
February 1st, 2013
7:46 pm
Not trying to be a downer here, but I just love how this record can take me right back to Colorado in the summer of 1972. I’d grown up with the Beach Boys and Byrds and Buffalo Springfield, but I’d never really heard a band like this before. And Bernie Leadon’s vocals just slay.
http://www.youtube.com/watch?v=dI5dJEjDwHo
Serious Robuck
February 1st, 2013
7:46 pm
td, I think it’s really funny that you criticize South Georgians. The typical white South Georgia idiot is just like you; he’s your ally; without him, Republicans would not run this backward state. You are a perfect idiot, and you don’t want to dance with the girl you brung here.
Bruno
February 1st, 2013
7:47 pm
josef–Back at ya with the theme from “The Boy in the Plastic Bubble” by Paul Williams:
http://www.youtube.com/watch?v=d93Y1rJI6s8
If you haven’t seen it, there’s a great documentary about Paul called “Still Alive” out there right now. Very poignant.
Aesop's Fables and other Lib Economic Theories
February 1st, 2013
7:49 pm
Not only do I know my politics, I know my music -
https://www.youtube.com/watch?v=jSllNKhzKx8
Lucky you.
md
February 1st, 2013
7:49 pm
“They obviously didn’t focus on teaching humanity.”
Which happens to have more than one definition…..is enabling good or bad? Short term, it would appear to be good, but long term it tends to be detrimental.
And how prey tell does one claim the moral high ground when one must first take from one to give to another?
Hillbilly D
February 1st, 2013
7:50 pm
http://www.youtube.com/watch?v=v_Dp2Z-CN_w
Rafe Hollister preparing for an Obamanist America
February 1st, 2013
7:51 pm
MarkV
Regarding your Herman Cain/stock mkt hypocrisy comment. The same is true for the libs, when government does something that helps Wallstreet, you hear from the libs, the poor don’t invest in stocks, this only helps the rich, the government only helps their rich friends.
So, today stocks are in vogue and the libs are bragging about how Barry turned around the economy. So, if trickle down doesn’t work, why celebrate something that only helps the rich?
Remember “we want an economy that works for everyone” (Barry Obama)
Serious Robuck
February 1st, 2013
7:52 pm
Thank you, Bruno, for your cogent admonition. Your material, unlike mine, is always so fresh and crisp and clear. Right!
I think the moniker Bruno is really fitting. But Brutus or Hercules might have been even better, kiddo.
Bruno
February 1st, 2013
7:53 pm
Damn, Jam, nothing like bringing everyone down.
http://www.youtube.com/watch?v=F7letrMf_nE
josef
February 1st, 2013
7:54 pm
SERIOUS
Is what you posted at 7:43 your idea of “smarter and more compassionate?”
Imeoiauo, it’s dumb and hateful…
But, then, what do I know? I’m just a run of the mill bleeding heart liberal…
That said…
BRUNO
Thanks for the invitation…
HILLBILLY
I’m always amused by the use of the term “the humanities.”
Aesop's Fables and other Lib Economic Theories
February 1st, 2013
7:54 pm
There is no doubt your in my heart now -
https://www.youtube.com/watch?v=ErvgV4P6Fzc
Hillbilly D
February 1st, 2013
7:55 pm
http://www.youtube.com/watch?v=R2DglHU04rQ
Bruno
February 1st, 2013
7:57 pm
Roebuck–Friday night is reserved for cool people. Now either get with the party or toodle along, ok??
td
February 1st, 2013
7:58 pm
Serious Robuck
February 1st, 2013
7:43 pm
td, tell me again about the genetic gene pool of South Georgia. I forgot. Then tell me about the genetic gene pool that created you, little buddy.
You know the county in which you grew up in that has not had any new genetic material introduced since the early 1800’s.
Bruno
February 1st, 2013
8:00 pm
Not only do I know my politics, I know my music
Bob Seger is one of only two or three rockers that I somehow missed seeing back in the day.
HD–Enjoying the Lyle Lovett. Still hard to picture him with Julia Roberts.
Aesop's Fables and other Lib Economic Theories
February 1st, 2013
8:01 pm
https://www.youtube.com/watch?v=zISiQ6PqATI
Enjoy
Rafe Hollister preparing for an Obamanist America
February 1st, 2013
8:02 pm
JDW
As I pointed out in my post, GWB was a serial spendaholic, and yes I know he proposed those things you pointed out, however, I was responding to a previous post who blamed our economic problem on the “2 wars put on the credit card”. This person forgot to throw in the rest of the lib talking points. I would agree on one of them being stupid, not affordable, and irresponsible, that was Medicare Part D. Of course, any chance we had of reining that one in was lost, when Barry embraced it and incorporated it into Obamacare.
My post did not deal with large capacity clips, I think they are necessary to defend against multiple invaders or if you are a bad shot, but I was responding to the lib talking point of “rapid fire weapons”. They do not fire any faster than you can shoot a shotgun.
So, if a knife is super sharp is that an assault knife? Maybe we can ban sharpening stones, as duller knifes are less effective.
Hillbilly D
February 1st, 2013
8:03 pm
josef @ 7:54
Me too. It’s like “critical thinking”. In my world, if you ain’t born with that, you won’t survive.
By the way, finished reading “America Aflame” by David Goldfield. It made some good points, in the beginning, but overall, I felt it was a waste of time. He makes inexcusable factual errors (he has Jeff Davis captured 2 months after the surrender, in North Florida and he has Patrick Cleburne with 49 bullet holes in him, which was a battlefield myth, among other things). I think mainly his book is just a diatribe against religion. He seemed to always come back to it being the cause of any ill.
I’m now well into “We Have The War Upon Us”, by William J Cooper. Think you would find it interesting. Cooper is a history professor, not sure if that qualifies him as a “major historian” or not.
josef
February 1st, 2013
8:07 pm
td
And, pray tell, what county would that be? Seriously/
HILLIBILLY
As always, thanks for that one!
josef
February 1st, 2013
8:09 pm
HILLBILLY
Did he get Jeff confused with Judah P? A lot of people did!
Speaking of my man Patrick, do you know of any biography of him you’d recommend?
md
February 1st, 2013
8:11 pm
“which was a battlefield myth”
Reminds me of Lt Dixon on the Hunley. Was supposed to have been saved on the battlefield by a gold coin given to him by his sweetheart to ward off evil. He was shot in the battle of Shiloh and the coin saved his life as the bullet hit the coin.
Low and behold, go visit the Hunley now and that dented coin is on display…..
MarkV
February 1st, 2013
8:11 pm
Rafe @ 7:51 pm
“Regarding your Herman Cain/stock mkt hypocrisy comment. The same is true for the libs, …”
Rafe,
I did not aim my comment at conservatives/Republicans exclusively. One can find this way of dealing with subjects on both sides of the political spectrum.
JamVet
February 1st, 2013
8:11 pm
Saw Seger open for the Kinks.
http://www.youtube.com/watch?v=vW-JYsF3xHI
Bruno
February 1st, 2013
8:12 pm
One for the band. Great having the gang together once in a while:
http://www.youtube.com/watch?v=2LXzRp05VJo
Enjoyed the S & G, HD.
Serious Robuck
February 1st, 2013
8:13 pm
td, tell me again about the genetic gene pool that created you.
Why do have such disdain for rural white South Georgians? Your comments about South Georgians are really cruel. There are many people there today who read and think and care about their fellow human beings.
I guess living in the intellectual nirvana of Paulding County creates your haughty attitude. Is that right, td? Or if not, tell me why you think you’re superior to the white folks in my native county, whatever county that may be.
td
February 1st, 2013
8:14 pm
osef
February 1st, 2013
8:07 pm
td
And, pray tell, what county would that be? Seriously/
I can not remember exactly but it was one of those counties next to a coastal county. If you look at all of them then you will find that their population are about the same now as they were in the 1800 census. People do not move to those counties but they do move out so over the years that gene pool is getting smaller and smaller. If you then account for the number in the different races and know they did not interbreed for 150 years then the gene pools really get smaller and smaller.
Aesop's Fables and other Lib Economic Theories
February 1st, 2013
8:18 pm
Bob Seger is one of only two or three rockers that I somehow missed seeing back in the day.
Bruno – I saw Seger at Alpine Valley in Wisconsin in 1980, they had a fence in the back that was supposed to signify the end of the paid seating. Behind it was a hill and that hill was completely covered in people just hoping to hear a part of what was taking place. He didn’t disappoint them.
https://www.youtube.com/watch?v=_mRFWQoXq4c
Bruno
February 1st, 2013
8:18 pm
He was shot in the battle of Shiloh and the coin saved his life as the bullet hit the coin.
I did see an interesting episode of “Myth Busters” in which they tested the feasibility of another Civil War legend involving pregnancy via bullet. In other words, the perfect shot which first pierced the male in exactly the right body part and then lodged itself into the proper female counterpart, leading to young Beauregard 9 months later. Apparently more than one young lady had offered this as their excuse…….
Serious Robuck
February 1st, 2013
8:18 pm
td, I just burst out laughing. You’re too much! Good night.
josef
February 1st, 2013
8:19 pm
THE BAND
Well, as I always say…
http://www.youtube.com/watch?v=ATQ9KcELAJQ
Hillbilly D
February 1st, 2013
8:20 pm
josef
He didn’t mention Judah P much. Didn’t fit the preconceived narrative, I don’t think.
On Cleburne, I’d recommend 3, (if you can find them)
Stonewall of the West, Craig L Symonds 1997
Cleburne and His Command, Capt. Irving A Buck, 1908
Patrick Cleburne: Stonewall Jackson of the West, 1958?
The last two were released in a combined volume in the 1980’s, might be easier to find that.