NEW YORK, Oct. 23 (UPI) -- Stocks took a beating (click here) in New York Tuesday with investors pondering disappointing third-quarter reports and ongoing economic struggles.
In a two-day stretch without a significant economic report to divert anyone's attention, investors were contemplating DuPont's July through September results, the latest in a string of blue-chip firms that came in under expectations.
By close of trading, the Dow Jones industrial average gave up 243.53 points, 1.82 percent, to 13,102.53. The Nasdaq composite index shed 26.49 points or 0.88 percent to 2,990.46. The Standard and Poor's 500 index dropped 20.71 points or 1.44 percent to 1,413.11.
On the New York Stock Exchange, 825 stocks advanced and 2,222 declined on a volume of 3.5 billion shares traded.
The benchmark 10-year treasury note rose 15/32 to yield 1.764 percent....
I have to laugh at the Republican rhetoric surrounding the issue of the economy. Now, if I remember correctly, the Bush Tax Cuts were suppose to give the high income earners EVERY ADVANTAGE to grow their businesses, put people back to work and spawn economic prosperity. Isn't that what was suppose to happen? Am I mistaken?
Now according to the Republicans, the Bush Tax Cuts had to stay in place for the wealthy past their expiration in 2009. Right? They were suppose to expire January 1, 2010.
IF you make more than $200,000, or $250,000 as a married couple, (click here) your income tax rates will almost certainly go up in 14 months. But there are some steps you can take to ease that burden, and if you act in the next two months you could save twice as much.
That’s because the tax cuts sponsored by President George W. Bush lapse at the end of next year. Those cuts will have saved individuals, and cost the government, $2.34 trillion, according to calculations the Tax Policy Center, a nonpartisan research institute, made for The New York Times. The Bush and Obama administrations have called the center’s past calculations reliable. Interest on the money borrowed to finance those tax cuts equals a month worth of income taxes paid to the government by individuals....
Now, the Republican Plan to grow the USA economy, was to cater to Wall Street and the wealthy and HAS IT CAUSED ROBUST ECONOMIC GROWTH?
NO. It has not caused robust economic growth. It has caused huge huge deficits in our national budget and increased in huge amounts our National Debt. The Republican demands for Tax Cuts for the wealthy has FAILED to cause robust economic growth in the USA.
Now, why is that? And where has economic growth occurred and why? The reason the Republican plans have caused hardship on the USA economy is because the wealthy did not invest in the USA. They bankrolled their monies and sought other places in the world to invest. Offshore accounts and risk taking causing Morgan billions in equity.
When is the American electorate going to call this irresponsible policy and hold responsible the Republicans for the lack of robust growth? When is that going to happen? Their legislative agenda has not returned robust growth to the USA economy in over a decade since President Clinton finished his second term.
Hello?
NO. It has not caused robust economic growth. It has caused huge huge deficits in our national budget and increased in huge amounts our National Debt. The Republican demands for Tax Cuts for the wealthy has FAILED to cause robust economic growth in the USA.
Now, why is that? And where has economic growth occurred and why? The reason the Republican plans have caused hardship on the USA economy is because the wealthy did not invest in the USA. They bankrolled their monies and sought other places in the world to invest. Offshore accounts and risk taking causing Morgan billions in equity.
When is the American electorate going to call this irresponsible policy and hold responsible the Republicans for the lack of robust growth? When is that going to happen? Their legislative agenda has not returned robust growth to the USA economy in over a decade since President Clinton finished his second term.
Hello?
What have others stated would be best for the country, both morally and economically? What has Warren Buffet stated? What has George Soros stated? Economic growth requires reinvestment by the government to spawn a re-vitalized economy in a new paradigm that will work for Americans and the generations to come.
How long are Americans going to be lead down a path of no return and further hardship?
Wall Street is not optimistic lately. Well, how much of the USA have they invested in to spawn growth of the USA populous purchasing power?
Example: The car industry. They are seeing record sales this year, one might wonder why. Is it because there are actually very gainfully employed citizens of the USA purchasing new cars that have work within this industry? It certainly looks that way. And do those well employed Americans spend their money on real estate, pay property taxes, purchase items in their local economies, spawn growth in their spending, growth that employs more Americans THAT BUY NEW CARS, TOO?
Auto Sales Seen Near Peak On Economy, Boomers, Price (click here)
Posted 10/19/2012 05:52 PM ET
...Car sales should top 14 million vehicles in 2012, a leap of nearly 4 million from the 2009 trough. But weak economic fundamentals, demographics, regulations and generational differences could limit remaining growth....All the naysayers want to predict this is the end of the climb. It sure doesn't look that way.
The only place in the auto industry lacking in sale is on USED CAR LOTS. The stocks of used cars are swelling and it is becoming more difficult to sell them. The difference in fuel efficiency and the future of CAFE standards predicts the best outcomes for new cars.
When is the rest of Wall Street going to catch up with what the Auto Industry already knows, that if they employ Americans they get returns on their investment.
The Opening of the Ford Flat Rock Assembly Plant.
The low growth in the USA economy is due to the crash and the degree President Obama has provided a direction of rescue for Americans and their future. Wall Street and the wealthy never did anything. Not to say there are no business owners in the USA that would like to expand their capacity, but, they aren't Wall Street.
Wall Street is going to have to get used to their own sluggish reality as Americans seek control through local economies with ethical and moral priorities. Good paying jobs with reasonable hours, that provide for a happy family life well educated and loved children when parents are home after work and good health care benefits or state exchanges soon to be in place.
If Wall Street is not happy, then it is their own fault. Americans are waiting for them to catch up with the auto industry, which is forging ahead as best they can. Sooner or later, Wall Street will learn what it is to abandon Americans and they will change their priorities, but, until then Americans are moving forward.
It is time for the Bush Tax Cuts to expire and pay our debts so our Treasury Bonds are still the best in the world. Economic growth will follow but it won't be because the wealthy invested as promised by Republicans. It will because Americans have set their own path and forged a better future under a President with high ethical and moral standards.
That is the truth. It is time Every American lives with it.
The Republicans have baseless claims to their demands for further tax cuts for the wealthy. They have no sound proof any of that strategy has worked at all for over 12 years. 12 years of mistakes. It needs to end.
