Three weeks ago the financial market was in "dire straights" and the with oil prices almost reaching $100 a barrel, the pessimist went into their typical panic mode that included scare tactics and talk of a recession. The only problem? Consumers are spending because they have money------because they have jobs.
This morning the Dow Jones shot up past 100 in the first 45 seconds of the opening bell and it looks like it may be a big day. With the lenders getting together to work out creative ways to keep people in their homes and reduce the foreclosure rate, AND oil dropping below $90 dollars, the Dow could have another triple digit uptick that would put the week into new record book gains.
While the mainstream media's business writers think they can manipulate the forces in the market with their biased tales of a tanking economy, consumers continue to make them look ridiculous by purchasing big ticket items that feed a healthy economic outlook.
Here's some perfect examples:
From AP
By THOMAS HOGUE
AP Business Writer
BANGKOK, Thailand (AP) - Oil futures were little changed Friday as concerns of a supply disruption from a U.S. pipeline fire abated.
Prices have tumbled more than 7 percent this week amid speculation that supplies are rising and a slowdown in U.S. growth will undercut energy demand.
The fire along the oil conduit from Canada to the Midwest caused a spike in prices above $95 a barrel Thursday—and renewed speculation that oil was as back on its way to $100 a barrel.
But later in the article that AP thinks most readers won't get to:
The network consists of four separate conduits, and after the fire, all were shut down. But three of the lines carrying a total of about 1.4 million barrels of crude a day were restarted by the end of Thursday, according to the company. And the fire-damaged pipe, which can carry 420,000 barrels of crude a day, could be repaired and returned to service within two or three days, the company said.
Can Mr. Hogue write that he hopes the economy tanks and the price of gas rises so he can fit AP's agenda to promote the democrats that pray for a recession the same way they have prayed for defeat in Iraq?
From the New York Times
By PETER S. GOODMAN
Published: November 29, 2007
Credit flowing to American companies is drying up at a pace not seen in decades, threatening the creation of jobs and the expansion of businesses, while intensifying worries that the economy may be headed for recession.
Could Mr. Goodman actually be a ghost-writer for Al Gore? He's certainly got the "sensationalism" part down. Now all we need is Hollywood to come out with a "Grapes of Wrath ll" for the public to believe we are headed for a full blown depression. The doom and gloom pessimist that continue to drive an agenda, (that the democratic party has relied on to put them in power), of negative solipsisms based on their premise that the mean powerful corporations are the root of evil that feeds on the poor. Again, the only problem is poverty in this nation is at an all time low. People are working, spending, and living better now than in the past thirty years.
With the continued success in the stability in the Middle East, and certainly the progress in Iraq under a General that knows how to succeed, the Democratic Party will turn to the economy and attempt to spin, (lie) about these current and upcoming conditions. The mainstream media will follow like the lapdogs they are with their hope for a recession. When Bush 41 lost to Clinton, the news media reported that the economy was in the tank even while the last quarter before the election was rising to a robust 3.9%. That fabrication and the "Read my Lips" meme was the major cause for the loss.
Speaking of "no new taxes", a recent survey of businesses that asked what are your concerns for the economy next year and in the near future, the list is a plethora of Democratic policies:
Higher Taxes
Government Regulation
Government intrusion into the markets
Government spending policies
While the Republicans have no one but themselves to blame for the rampant spending policies that had a lot to do with conservative voters staying home in 2006, the Democratic Party has (for the better part of forty years) embraced all four of these concerns that will guarantee these past few years of economic growth will be short lived. While many fear that a Democrat Administration's foreign policies may jeopardize this nation, it's their total inexperience in the economy that we should fear in the short term.
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