Posted by AzBlueMeanie:
John Aravosis at Americablog.com gets it exactly right regarding the latest in Bloomberg News. 'If he was a Republican, we would hear a never-ending drumbeat of news stories about markets voting in favor of the president.'
One year after U.S stocks hit their post-financial-crisis low on March 9, 2009, the benchmark Standard & Poor’s 500 Index has risen more than 68 percent, and it’s up more than 41 percent since Obama took office. Credit spreads have narrowed. Commodity prices have surged. Housing prices have stabilized.
“We’ve had a phenomenal run in asset classes across the board,” said Dan Greenhaus, chief economic strategist for Miller Tabak & Co. in New York. “If he was a Republican, we would hear a never-ending drumbeat of news stories about markets voting in favor of the president.”
[M]onthly job losses have abated, from 779,000 during the month Obama took office to 36,000 last month. Corporate profits have grown; among 491 companies in the S&P 500 that reported fourth-quarter earnings, profits rose 180 percent from a year ago, according to Bloomberg data. Durable goods orders in January were up 9.3 percent from a year earlier. Inflation is tame, and long-term interest rates remain low.
The U.S. may add as many as 300,000 jobs in March, the most in four years, David Greenlaw, chief fixed-income economist at Morgan Stanley in New York, said in a Bloomberg Radio interview.
[Mark] Zandi said the economic rebound is largely a result of the policies of the White House and Federal Reserve. He cited the bank bailout, the Fed’s low-interest-rate policy and support for credit markets, and the Obama administration’s stimulus plan, bank stress tests and backing of Fannie Mae and Freddie Mac.
“When you take it all together, the response was massive and unprecedented and ultimately successful,” Zandi said.
This is rather compelling evidence that the administration brought us back from the brink. No, people won't entirely believe it until they see their own bottom line improving – but, if Democrats did a better job reminding people of how dire things were a year ago, how we were on the verge of another Great Depression, and how Republicans were claiming that there was no economic crisis at all, I think voters would be more appreciative of the gains we've made to date.
Today the Senate passed a $140 billion bill extending jobless claims by a vote of 62-36. It now goes to the House. The Senate will take up next a $15 billion job creation effort that will:
–Exempt employers from Social Security payroll taxes on new hires who were unemployed.
–Fund highway and transit programs through 2010.
–Extend a tax break for business that spend money on capital investments, such as equipment purchases.
–Expand the use of the Build America Bonds program, which helps states and municipalities fund capital construction projects.
The Senate already passed this measure, but then the House amended it last week, sending it back to the Senate. Should it pass again, this time unchanged, the bill would go to President Obama for his signature.
The House passed a comprehensive $154 billion job creation bill in December, but the Senate opted to address the unemployment issue with a series of smaller measures. Senate Majority Leader Harry Reid, D-Nev., has said he will soon unveil additional efforts, including those aimed at small businesses.
It takes a massive effort to restore an economy destroyed by 30 years of faith based GOP supply-side economic policies, whether you appreciate that fact or not. There is still much to do (financial services regulations) and it will take time to restore employment. The economy did not fail overnight and it will not recover overnight. But it is coming back.