Biden Declares America Is “Moving in Right Direction” As Home Sales Hit “Unexpected” Low & Stock Market Drops (video)
Posted By Vicki McClure Davidson on August 25, 2010
From White House archives, January 2010: VP 'Crazy Joe' Biden and Barack 'I Won' Obama... a picture is worth a thousand, perhaps a million words
VP Joe Biden criticized the Republican party and declared yesterday that America “is moving in the right direction.” That’s fairly identical to what Pres. Obama has stubbornly claimed for months.
Perhaps Team Obama should try heading in the WRONG direction, Mr. Biden? Because Barack’s so-called “right direction” for America’s economy continues to bomb big time.
This is what happens when an inexperienced, socialist-progressive community organizer is elected to run and RUIN a country.
Obama Claims, “We’re heading in the right direction” | July 2010
From CNBC, US New Home Sales Sink to Lowest Pace on Record:
New U.S. single-family home sales unexpectedly fell in July to set their slowest pace on record while prices were the lowest in more than 6-1/2 years, government data showed on Wednesday.
The Commerce Department said sales dropped 12.4 percent to a 276,000 unit annual rate, the lowest since the series started in 1963, from a downwardly revised 315,000 units in June.
Analysts polled by Reuters had forecast new home sales unchanged at a 330,000 unit pace last month.
“What we are seeing is the downside of government intervention. It had fanned expectations of a market bottom when in fact, it created a false bottom,” said Tom Porcelli, a senior economist at RBC Capital Markets in New York. “We expect home sales to stay at this remarkably low range with remarkably high unemployment. There is also little demand for lending.”
“…lowest since the series started in 1963…”
Reported by Wall Street Journal:
Worries that started in Asia continued in the U.S. after housing numbers painted a grim picture of the economy.
In the U.S., the Dow Jones Industrial Average dropped to its lowest close in seven weeks. The Dow finished down 133.96 points, or 1.3%, at 10040.45, its fourth consecutive decline and its ninth losing session in the past 11. The measure fell below 10000 during the day.
Day after day, investors have been hit with more evidence that the economy is stalling. The Dow is down over 4% this month, after an ebullient July that was fueled by impressive earnings results from U.S. companies.
But earnings season is now over and investors are far more focused on potential troubles ahead, from the U.S. economy to Europe’s sovereign-debt woes and lingering worries about slowing demand in China. As well, Japan’s economy is under threat from a relentless rise in the yen.
[...]
“If people had confidence, they wouldn’t be pouring money into Treasury securities yielding nothing, and paying more than $1,200 for an ounce of gold,” said Morris Mark, president of Mark Asset Management. “There’s a concern here that the strength of the world economy is not going to be able to get us out of this.”
From San Francisco Examiner: ‘Recovery Summer’ goes bust:
…”Recovery Summer” looks more like a bad bet. Private sector job growth has fallen by two-thirds, and the unemployment rate is still at a sky-high 9.5 percent. And if the size of the U.S. work force, as measured by the Labor Department, had stayed constant since April — instead of shrinking by a million — the unemployment rate would be 10.4 percent. Jobless claims are at their highest level since February. Worse yet, the expansion is decelerating. After growing by 5.7 percent in the final quarter of 2009 and 3.7 percent in the first quarter of 2010, gross domestic product advanced by just 2.4 percent from April through June, according to the Commerce Department.
The White House didn’t count on a summer swoon. Then again, it has suffered bouts of premature and unfounded economic optimism before, a malady that has led it to make a number of losing bets and faulty assumptions — which, in turn, have created an even worse environment for growth and jobs.
Encore video… because it was so excellent and spot-on the first time, it warrants repeating. Carol, at No Sheeples Here blog, is to be credited and applauded for creating this video gem.
Language warning: the F-word profanity isn’t deleted from the vocals of the video, and it’s scattered through the entire song. You’ve been duly warned.
F*ck Kool-Aid – Created by No Sheeples Here
From Gateway Pundit, It Begins… Soros Bailing Out of US Stock Market:
Maybe he knows something we don’t?
Far Left billionaire, democratic donor and Obama supporter, George Soros is bailing out of the US stock market. The value of billionaire investor George Soros’s hedge fund dropped by 42% to $5.1 billion at the end of the second quarter.
Related:
The Hill: White House’s ‘recovery summer’ could be slipping away
Gateway Pundit: Unreal. Obama Explains New Job Losses Mean “Economy Is Moving in Positive Direction” (Video) and This War Is Lost… 8 Years of Iraq War Cost Less Than Obama-Pelosi Failed Stimulus and Bombshell… Colorada Dem Michael Bennet Admits: “We Have a $13 Trillion Debt & Nothing to Show For It” and GOP Leader Boehner Calls For Obama’s Economic Team to Resign and Joe Biden Admits: “Voter’s Anger & Frustration Understandable Given High Unemployment & Sluggish Economy” and Beautiful!… Dem’s First Ad Asks Voters to Choose Between Bush’s Pro-Business Policies or Current Ruin and It’s Time to Admit It: Obamanomics Are a Complete Disaster and US TAXPAYERS ARE FUNDING MOSQUE CONSTRUCTION and Democrats: Say, Let’s Exempt Rich People in Blue States From Tax Hike! and Recovery Slumber: Consumers Stop Consuming and Obama July Deficit of $167 Billion Tops Bush Deficit For Entire Year of 2007: and As Michelle Returns From Spanish Extravaganza Obama Cuts Food Stamps to Nation’s Poor and IT’S OFFICIAL: Barack Obama Is Worst Jobs President Since Great Depression and After US Economy Loses Another 125,000 Jobs Obama Says: “We’re Heading in the Right Direction” (Video) and Custard Store Owner: Biden Went Off On Me, I Was Shocked and Biden Admits Obama Administration Won’t Be Able to Create Lost Jobs and Private Sector Lost Nearly 10 Million Jobs in Last 3 Years – Public Sector Gained 720,000
Bob McCarty, Big Government: One Battle Ends, Another Begins for Nail Salon Owner
Radio Vice Online: In United States, 17% work for the government
Frugal Café Blog Zone: “Fire Pelosi” Campaign & Signs Scaring Democrats… Their Propaganda Email This Week Tries to Paint Nancy As America’s Sweetheart or Something and CA Budget Woes: Arnold “The Governator” Schwarzenegger Wants to Issue IOUs Again for California’s Bills and Federal Deficit Grows Like a Pot-bellied Pig, Government Spending in July Hit $160.04 Billion and More Bleak “Hopenchange”… Record-Breaking: More Than 780,000 Families in Illinois Receiving Food Stamps and Obama & Reid, Two of a Kind: Responsible for Nevada’s Broken, Decimated Economy, Highest Rate of Home Foreclosures in Nation, Angle Slams Reid (video) and Bad News: Police Layoffs of Up to 30 Percent for East St. Louis… Blame It on Obama’s Terrible Economy and More Bad News for Dems: 75% of Americans Say Free Market Principles Better Than Government Manipulation & Interference… Obama’s Approval Index Drops to -19 and Rasmussen’s Prez Approval Index for Obama… Déjà Vu at Dismal Minus 17, Unemployment Improves Only Because Americans Have Lost Hope, Stopped Looking for Work and “Duh” Files: Obama’s Approval Drops Like a Metamorphic Rock in Arizona… Disapproval of POTUS Worsening on Economy, Illegal Immigration, Job Markets and Oops: VP Biden’s Campaign Owes Treasury $219,000 Due to “Sloppy Bookkeeping” & Excessive Contributions… Biden’s Still in Charge of Watchdogging Wasteful Stimulus Program
JammieWearingFool: Shhh: Rich Democrats Are Getting Richer
Flopping Aces: Will Republicans Have The Stones To Put Uncle Sam in the Unemployment Line? [Reader Post]
Missouri Political News Service: WSJ Notes Another Stimulus Promise Broken; ABC: ‘Summer Of Recovery’ Simply ‘Hasn’t Materialized”
The Clue Batting Cage: Welfare
Nice Deb: David Limbaugh Calls Obama, “The Most Destructive President In American History”, In Bestseller, “Crimes Against Liberty” and The Summer of Our Discontent
Telegraph: With the US trapped in depression, this really is starting to feel like 1932
About the author
Well, yeah, if your goal for America is for it to look like Detroit, MI, we’re definitely moving in the right direction. Impeach obama now. Palin/Bachmann in 2012!
Do these people in Washington take the American people for fools? Anyone who looks at the SAAR chart will clearly see the only spike in the home sales occurred during the period of time when the home buyer tax credit was being offered The month following the end of that program, sales fell sharply, once again. The economy will, no doubt, improve over time but it won’t be due to any stimulus package our President pushes through Congress. The economy will only recover when American businesses begin hiring and, ultimately, provide an income to those who will, in turn, put money back into the economy. The President will have nothing to do with it, whatsoever. You’ll never convince him of that, though. He believes he is the Messiah and is going to save all of us. It’s been nearly two years since Obama was elected and my only question to him now is … how’s that belief working for you?