The Republican plan is working as intended:
The stock market fell sharply Thursday on intensifying investor fears about a slowdown in global economic growth and worries about Europe’s ongoing debt crisis, which is centered now on Italy and Spain.
As Japan intervened to weaken its currency and European stock markets turned negative across the board, United States stocks fell by around 2 percent in morning trading in New York.
The Standard & Poor’s 500-stock index was down 33.71, or 2.67 percent. The Dow was off 278.75, or 2.34 percent, to 11,617.69, and the Nasdaq was down 77.10 points, or 2.86 percent.
A fear haunting markets in the United States is that the economy may be heading for a double-dip recession. Although the fractious debt ceiling debate is now past, markets fear spending cuts and weaker economic data point to a weaker economy. The latest weekly jobless data Thursday again showed the economy was still fragile.
And for the delicate souls who claim this is just hyperbole, a quick review of the facts:
Appearing on CNBC this morning, presidential candidate Rep. Michele Bachmann (R-MN) was asked about this morning’s dismal jobs report and whether higher unemployment rates might help her chances of winning in 2012. “Does it strike you that as the unemployment rate goes up, your chances of winning office also go up?” host Carl Quintanilla asked. “Well, that could be. Again, I hope so,” Bachmann replied.
Even with the country on the brink of default, the Senate’s highest ranking Republican says his “single most important” goal is to make Barack Obama a one-term president.
“The single most important thing we want to achieve is for President Obama to be a one-term president,” Senate Majority Leader Mitch McConnell told National Journal’s Major Garrett in October.
“Insurgency, we understand perhaps a little bit more because of the Taliban,” Sessions said during a meeting yesterday with Hotline editors. “And that is that they went about systematically understanding how to disrupt and change a person’s entire processes. And these Taliban — I’m not trying to say the Republican Party is the Taliban. No, that’s not what we’re saying. I’m saying an example of how you go about [sic] is to change a person from their messaging to their operations to their frontline message.
The teahadists have one goal, and one goal only. Getting back in power. If crashing the economy has to happen, well so be it. Plus, given our worthless media and idiot populace, they can use additional economic strife as a pretext for further tax cuts, deregulation, and attacks on medicare and social security because we “can’t afford them.”
But, you know, Paul Krugman is shrill.