October 18, 2006

More Cowbell: Dow Tops 12,000 for First Time Under Bush

"It's the economy, Stupid."


Via—where else?—Fox News:

The Dow Jones industrial average swept past 12,000 for the first time Wednesday, extending its march into record territory as investors signaled their growing optimism about corporate earnings and the economy.

The index of 30 big-name stocks surpassed 12,000 just after trading began, having already set closing records seven times over the past two weeks. It took the Dow 7 1/2 years to make the trip from 11,000, having been pummeled during that time by the dot-com bust, recession and the aftermath of the 2001 terror attacks.

Funny how those "tax cuts for the rich" seem to be stimulating the economy for the entire nation. These are tax cuts that Democrat Charles Rangel said don't "merit renewal."

Of course, Rangel isn't content to just end the tax cuts that have stimulated the economy to these record-breaking levels; he wants to raise your taxes. All of your taxes. Across the board, "no question about it."

Expect all of the tax cuts to end, and for this booming economy to tank, if Democrats win the House of Representatives on Nov. 7.

Posted by Confederate Yankee at October 18, 2006 09:59 AM | TrackBack

Wow, 30 hand-picked stocks hit where they were 6 years ago, which is actually 20% lower than their previous high due to inflation, and we should cheer?

Last I checked, the NASDAQ is about at 1/3 of its high under Bubba...

Posted by: monkyboy at October 18, 2006 10:21 AM

The Democrats under Clinton are the party of fiscal responsibility, while the Republicans under Reagan and Bush II are the party of debt and deficits.

Posted by: Jim Hudson at October 18, 2006 11:04 AM

Monkyboy took my words, but I will be positive and say I am very happy the market is going in a positive direction.

After two side-by-side decades, Democrats clearly prove they handle the issues of budgeting and economy better by far.

I will predict a correction in the fourth quarter, mainly after the elections. Wallstreet does not like change, even if it is for the longterm good. You have to remember that Wallstreet's time horizon is strictly by quarter, which is probably the downfall of our whole country (always short-minded thinking in terms of 3 months, a year at best).

Time for some change.

Posted by: Johnny at October 18, 2006 12:45 PM

Can somebody explain this in english?
It means big corporations are getting rich, right?
Are they the entire nation?
Isn't the nation in debt?

Posted by: dzhemi at October 18, 2006 03:56 PM

I don't think Bubba and the Dems have a clue but I don't think big business is a good answer. It is small business health which makes a good economy. If the Dems got behind small business I might give a listen, but raising taxes to support freeloaders doesn't make sense. Sorry Bubba.

Posted by: Greg Hoose at October 18, 2006 05:07 PM

Only about 1500 more points until we're back to where we were before Bush became president (adjusted for inflation).

Posted by: jpe at October 18, 2006 05:10 PM

Last I checked, the NASDAQ is about at 1/3 of its high under Bubba...

Yea, that unrealistic dotcom bubble and subsequent bust was a real good thing.

Posted by: Purple Avenger at October 18, 2006 05:15 PM

Why were the declining economy and rising gas prices both blamed on G.W.B. while in the reverse, no credit is given? Is it that he really may not have had much to do with either one?

Let's just hope that this situation continues for a good long while.


Posted by: Oran R. Woody at October 18, 2006 07:37 PM

I was wondering why everyone was lying and then up popped jpe, adjusted for inflation. Another case of figures don't lie but liars figure. Do you know anyone that lost their a** under Slick Willie when they discovered that a hundred or so major 'money movers' had two sets of books? (Worldcom showed Billions of dollars on the books and I had more in my checking account than those criminals left in the entire corporation.) I know a few who lost their a**, and they have now got back what they lost and made money. Too most of the elderly who lost their a** to Slick's con weren't able to keep working and build their funds back during an honest stock market, well almost honest. There are still some 'slick' era hangerson that are ripping people off.

Why do the democrats keep lying when every 'honest person' in America knows the economy is roaring and the democrats are lying?

I'm looking forward to a 25% tax increase, 10% unemployment and a stock market crash.

Democrats new motto: We're going to take it away from you for the 'common good'. What a bunch of a**wipes.

Posted by: Scrapiron at October 18, 2006 07:44 PM

"The Democrats under Clinton are the party of fiscal responsibility, while the Republicans under Reagan and Bush II are the party of debt and deficits."

Reagan took down the Commies. Bush is trying to take down Islamofascism. Who did Bubba go down on?

Posted by: some guy at October 19, 2006 11:18 AM

Woody is right. Plus, if the Dow were at, say, 7800 and not improved much since Fall '01 (when investors panicked for no reason) it would be a non-stop barrage of headlines blaming Bush. Instead, the MSM needs to make up things to blame Bush for. Unemployment in the 00's is lower than it was in the 90's. I saw that consumer prices were down - the article was buried on the last page of the business section of my local paper. I seem to recall that when they rise, it's on page A1 of that same paper; or any paper for that matter.

By the way, when was the last time anyone heard the word "hurricane" in the news? haha. In May and June, that's all we heard. What happened? Maybe we should ask that hurricane and structural engineer expert, Spike Lee.

Posted by: bws53 at October 19, 2006 07:37 PM

If the entire nation is in debt that should be good news because the big, evil, predatory lending practicing, credit card companies will lose and lose big when people start defaulting and filling for personal bankruptcy. This is good for the Democrats because, then, maybe the big credit card companies like Citigroup (I can't name any others because I have no CC debt because I'm smart) will have to lay off people if their profits decline; like they hope will happen to ExxonMobil. The Democratic party's ideal - the cycle of dependency - might pick back up again.

Posted by: bws53 at October 19, 2006 09:40 PM