Posts Tagged ‘Japan’

It’s (Still) the Economy, Stupid

Friday, August 5th, 2011

Inspired by Markets plummet on global economic fears: U.S. stocks down 4.8% (Washington Post8/05/11).

No, it’s wasn’t the lousy debt deal per se

That caused the market to crash yesterday.


The Dow dropped 4.8%, and 10.5% since July 21.

(For investors, the last week hasn’t been fun.)


This time, in spite of the standard Republican claim,

It’s not the President that’s to blame.


This time it’s not even Congress’s fault,

Though it didn’t help that we came so close to default.


It’s the global economy that cause the devastation,

And even Repubs can’t blame that on the Obama Administration.


Things look bad in the US, but Europe’s no better,

With Italy now assuming the position of potentially deadbeat debtor.


Spain is also in big economic trouble.

(If you think our 10% unemployment’s bad, theirs is double!)


Japan’s economic meltdown isn’t helping much either.

(It would be nice if the global economy could get a breather.)


So no, it wasn’t the debt deal alone that caused the drop,

But it also didn’t cause the market dive to stop.


The reason the market found the deal so uninspiring

Is because it contained no incentives for employers to start hiring.


Instead of including bold economic action,

The deal will contribute to further contraction.


The deal sets the stage for continued austerity,

Even though we can’t cut our way to economic prosperity.


If economic indicators continue to slip,

We could be in for a double dip.


It’s not politically popular, but we need to discuss

The need for jobs, infrastructure, and more stimulus.


If economic policy is left in the hands of these economic rubes,

Our country, like the market, will go down the tubes.


(And Mr. President: I know it sorely disappoints

When the market’s bday gift is a loss of 513 points.


I hope my bday greetings cheered you up to some extent–

It’s not easy to find something for a President.)


Here’s Rachel’s 8/04/11 report on the market drop and impact of the debt deal on the economy.

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