Why We Can Thank Republicans for a Double-dip Recession

[Omaha Steve]

http://www.alternet.org/economy/151922/why_we_can_thank_republicans_for_a_double-dip_recession/?utm_source=feedblitz&utm_medium=FeedBlitzRss&utm_campaign=alternet_workplace

Republicans repeatedly assured the nation that once the debt-limit deal was done, the economy would bounce back. Just the opposite seems to be happening.
August 5, 2011 |


John Boehner said Tuesday the Republicans got "90 percent of what we wanted" from the budget deal. So presumably he and his colleagues are willing to take responsibility for some 450 points of today's mammoth 513-point drop in the Dow Jones Industrial Average.

I'm being a bit facetious - but only a bit. It's always dangerous to read too much into one day's move in the stock market.

Yet the stock sell-off -- not just today's, but that of the last days -- cannot be easily dismissed. It marks Wall Street's largest losing streak since 2008.

Republicans repeatedly assured the nation that once the debt-limit deal was done -- capping spending, cutting the budget deficit, and getting "90 percent" of what they wanted -- the economy would bounce back.

Just the opposite seems to be happening.

Call it the Republican's double-dip recession.

Wall Street investors aren't ideologues. They don't obsess about budget deficits ten years from now, or the size of the government. One day doesn't make a trend, but a giant sell-off like this is motivated by hard, cold realities.

Here are the two hard, cold realities investors are most worried about:

FULL story at link.