For Investors: Market Plunges Again -- Drops Through the 11,000 Floor -- President's Speech: $0.5 Trillion Spending -- No Specifics

Update

Harvard professor: blame Dems for no jobs.

A majority of Americans think President Obama's jobs plan won't help lower the 9.1% U.S. unemployment rate: 51% say it won't work, while just 40% think it will create enough jobs to lower the jobless rate, according to a recent Bloomberg News poll.

Jeffrey Miron, director of undergraduate studies in the department of economics at Harvard University and senior fellow at the Cato Institute agrees with the majority for several reasons.

Obama drops to new low in polls with jobs program -- Bloomberg. Folks are catching on that this is a half-trillion dollar pay-off to teachers.

A majority of Americans don’t believe President Barack Obama’s $447 billion jobs plan will help lower the unemployment rate, skepticism he must overcome as he presses Congress for action and positions himself for re- election.
The downbeat assessment of the American Jobs Act reflects a growing and broad sense of dissatisfaction with the president. Americans disapprove of his handling of the economy by 62 percent to 33 percent, a Bloomberg National Poll conducted Sept. 9-12 shows. The disapproval number represents a nine point increase from six months ago.

JPMorgan: new international rules (to which US subscribes) are anti-American

Democratic fundraising: August -- worst month of the year.

The Democratic National Committee raised about $5.5 million in August, its worst fundraising month of the year, down from $6.7 million in July, according to figures provided by Democratic officials on Saturday and Federal Election Commission filings.

From the Dickinson Press: President Zero.  The number of jobs the president created in August. Reaganomics beats Obamics.

From The New York Times: Democrats "Fretting" Over Obama's 2012 Re-Election Chances; Could Lead a Losing Ticket. I was curious when mainstream media, particularly TNYT would start turning on Obama. It's subtle but it's real. 

Following my original post, DrudgeReport updated its own description of today's market: "Stocks Slammed" with same link as below.  Some folks wrote me to say that I misread today's market action. I think not. This is not rocket science. Only the most ardent Obama supporters saw silver lining in the dark clouds today. But, wow, what a great buying opportunity for long term investors.

From The New York Times: CEOs say "jobs plan" won't create jobs. Does anyone ever do the math? The article says the $447 billion jobs program "could" create anywhere from 500 thousand to 2 million jobs next year. At 500,000 jobs that works out to $894,000/job; at 2 million jobs, it works out to $238,500. Wouldn't it be more effective to just give 4 million folks $100,000 to spend on retail for the year.

Original Post

From The New York Times:

Stocks on Wall Street declined sharply on Friday in the wake of a speech by President Obama on jobs that added to the uncertainty already weighing on financial markets over European sovereign debt and the weak economic recovery.

The Dow Jones industrial average lost 303.34 points, or 2.6 percent, to 10,992.47, breaking through the 11,000 floor for the first time in quite some time.

Time for some golf. I cannot make this stuff up.

With regard to the speech: we waited three weeks for this? A speech requesting to spend another half-trillion dollars and no specifics. The specifics will be quietly sent to Congress in the next week or so.

American Petroleum Institute: "A missed opportunity." My sentiments exactly.