Debt Deal, Economy Still Sucks

The Senate has voted. A debt deal has been reached.



The United States of America is saved!

CELEBRATE!

Oh, wait.

The economy still sucks. It really sucks.

The stock market continues to tank. Home values continue to sink. There are no jobs.

From the New York Times:

A Senate vote to pass the debt ceiling plan on Tuesday may have averted the potential for the United States to default on its obligations, but it failed to lift investors’ spirits.

Within minutes of the news of the vote on the budget agreement, which had already passed the House on Monday, the three main indexes on Wall Street were down more than 1 percent.

Stocks had slumped since the morning opening as investors weighed recent data that drove home the challenges the economy faces. Their next step: weighing the debt limit agreement’s impact on the economy and whether it could possibly slow growth.

“As the macro data comes out, it seems like we may have more on our hands than just getting the debt ceiling raised,” said Myles Zyblock, chief institutional strategist and managing director of capital markets research at RBC Capital Markets.

"It SEEMS like we may have more on our hands than just getting the debt ceiling raised"?

NO KIDDING.

The Obama economy is an absolute disaster.

I can't take it anymore.

Obama has to follow in Jimmy Carter's footsteps. He has to be a one-term president.

It's the economy, stupid.

And the economy sucks.
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UPDATE: U.S. stocks in worst streak since credit crisis, Dow industrials extends declines into an eighth session

U.S. stocks fell hard Tuesday, posting their longest losing streak since the heart of the 2008 credit crisis, on investor worries about upcoming federal deficit cuts and a likely stall in the recovery.

The Dow Jones Industrial Average /quotes/zigman/627449/delayed DJIA -2.19% fell 265.87 points, or 2.2%, to 11,866.62, its worst one-day loss since June 1. The eight-day losing stretch was the longest since October 2008, weeks after the collapse of Lehman Bros. and by some measures, the peak of the U.S. credit crisis.

The S&P 500 posted a new closing low for 2011 and turned negative for the year.

What a nightmare!