Misery Index: The Obama Depression - "Private sector doing just Fine"

[333386]

Kroger to Slash Hourly Workers to Avoid Obamacare Penalties
Flopping Aces ^ | 11/4/2012 | Doug Ross
Posted on November 12, 2012 3:05:46 PM EST by tobyhill

Operative Faith reveals that Kroger will soon join the ranks of Durden Restaurants and slash the hours of its non-exempt (hourly) workers to avoid millions in Obamacare penalties.

To give you a sense of Kroger’s size and importance, its sales last year were $90 billion and it employs nearly 350,000 people. Most of its jobs are hourly and the vast majority of workers are neither millionaires or billionaires.

Faith is a mid-level manager at Kroger and reports the dire news:

Last week we found out that, beginning in January, any employee who is not full-time at that point,will be limited to 28 hours per week and all new hires will be subject to the same policy.

Currently, part-time employees can work as many hours as needed.

Many Kroger employees, I believe, will be shocked to find out about this new policy.

(Excerpt) Read more at floppingaces.net ...

[333386]

http://www.dailyjobcuts.com


Damn! 

[333386]

IBD/TIPP Poll: U.S. Consumer Confidence Nosedives
 TIPP Online ^ | 11-13-12

Posted on Tuesday, November 13, 2012 2:55:56 PM


The IBD/TIPP Economic Optimism Index declined by 5.4 points, or 10%, in November, posting 48.6 vs. 54 in October. The index is 0.4 points above its 12-month average of 48.2, 4.2 points above its reading of 44.4 in December 2007 when the economy entered into the recession, and 1.3 points below its all-time average of 49.9.

Note: Index readings above 50 indicate optimism; below 50 indicate pessimism.

The IBD/TIPP Economic Optimism Index has a good track record of foreshadowing the confidence indicators put out later each month by the University of Michigan and The Conference Board. IBD/TIPP conducted the national poll of 606 adults from November 8 to November 11. The margin of error is +/-4.0 percentage points.

The IBD/TIPP Economic Optimism Index has three key components. This month, two of the three components declined.

• The Six-Month Economic Outlook, a measure of how consumers feel about the economy’s prospects in the next six months, dropped 12.3 points, or 20.8%, to 46.8. The sub-index was 32.1 when the economy entered the last recession in December 2007.

• The Personal Financial Outlook, a measure of how Americans feel about their own finances in the next six months, declined 5.0 points, or 8.3%, to 55.5.

• Confidence in Federal Economic Policies, a proprietary IBD/TIPP measure of views on how government economic policies are working rose 1.1 points, or 2.6%, to reach 43.5.

"Last month economic optimism surged, mainly driven by Republican hopes of taking the White House. But optimism among Republicans fell sharply in November after Romney’s loss. Also, recent stock market losses, gas prices and high unemployment are hurting confidence,” said Raghavan Mayur, president of TIPP, a unit of TechnoMetrica Market Intelligence, IBD's polling partner.


(Excerpt) Read more at tipponline.com ...

[Option D]

IBD/TIPP Poll: U.S. Consumer Confidence Nosedives
 TIPP Online ^ | 11-13-12

Posted on Tuesday, November 13, 2012 2:55:56 PM


The IBD/TIPP Economic Optimism Index declined by 5.4 points, or 10%, in November, posting 48.6 vs. 54 in October. The index is 0.4 points above its 12-month average of 48.2, 4.2 points above its reading of 44.4 in December 2007 when the economy entered into the recession, and 1.3 points below its all-time average of 49.9.

Note: Index readings above 50 indicate optimism; below 50 indicate pessimism.

The IBD/TIPP Economic Optimism Index has a good track record of foreshadowing the confidence indicators put out later each month by the University of Michigan and The Conference Board. IBD/TIPP conducted the national poll of 606 adults from November 8 to November 11. The margin of error is +/-4.0 percentage points.

The IBD/TIPP Economic Optimism Index has three key components. This month, two of the three components declined.

• The Six-Month Economic Outlook, a measure of how consumers feel about the economy’s prospects in the next six months, dropped 12.3 points, or 20.8%, to 46.8. The sub-index was 32.1 when the economy entered the last recession in December 2007.

• The Personal Financial Outlook, a measure of how Americans feel about their own finances in the next six months, declined 5.0 points, or 8.3%, to 55.5.

• Confidence in Federal Economic Policies, a proprietary IBD/TIPP measure of views on how government economic policies are working rose 1.1 points, or 2.6%, to reach 43.5.

"Last month economic optimism surged, mainly driven by Republican hopes of taking the White House. But optimism among Republicans fell sharply in November after Romney’s loss. Also, recent stock market losses, gas prices and high unemployment are hurting confidence,” said Raghavan Mayur, president of TIPP, a unit of TechnoMetrica Market Intelligence, IBD's polling partner.


(Excerpt) Read more at tipponline.com ...

LANDSLIDE COMING!!!!!!!!!!!!!!!!!

[333386]

Skip to comments.
45,000 laid off since the election
 Various, mostly Daily Job Cuts ^ | 11/13/12 | nully

Posted on Tuesday, November 13, 2012 10:04:30 PM by null and void

Since the election:

 (Updated 11/13/12 at 7:00M PST)

Layoff numbers





 Organization

# Laid off

Running total

Sector

Notes



AMD

400

400

Electronics





American Coal

54

454

Energy





Ameridose

790

1244

Health





Art Gallery of Windsor

12

1256

Art Gallery

Canada



Associated Milk Producers Inc

130

1386

Agriculture





ATI

172

1558

Education





Atlantic Club

80

1638

Gaming





Atlantic Lotto Corp

16

1654

Gaming





Bartikowsky Jewelers

25

1679

Retail

Business closure



Bayou Cane

7

1686

Government

Firefighters



Brake Parts LLC

75

1761

Automotive





Bristol-Myers Squibb

479

2240

Health





Career Education Corp

900

3140

Education





Caterpillar

100

3240

Construction Eq





Center for Hospice and Palliative Care

40

3280

Health





Cigna

1300

4580

Health





Citigroup

100

4680

Banking





Commerzbank AG

6000

10680

Finacial Services

Cuts in Germany



Community Newspaper Holdings Inc

21

10701

Media





Corning

100

10801

Manufacturing





Covidien

595

11396

Health





Crouse Hospital Syracuse

70

11466

Health





CVPH

17

11483

Health





Dana Holding Corp

7

11490

Automotive





dapd

100

11590

Media

Cuts in Gemany



DuPont

64

11654

Defense

Kevlar/Nomex plant. Planning 1500 layoffs 2013.



Energizer

1500

13154

Energy





Ericsson

1550

14704

Consumer Electronics

Cuts in Sweden



Exide

150

14854

Energy





Gameforge Berlin

20

14874

Online Games

Cuts in Germany



Glens Falls Hospital

29

14903

Health





Groupon

600

15503

Consumer





Hamilton FD

17

15520

Government

Firefighters



Hawker Beechcraft

410

15930

Aerospace





Hill-Rom

200

16130

Med Eq/Dev Mfg





Hostess Brands

627

16757

Food





Husqvarna

600

17357

Tools

Cuts in Sweden



Iberia

7000

24357

Airline

Cuts in Spain



ING

2350

26707

Finacial Services





Iron Range

4

26711

Non-profit

Battered women



Kinetic Concepts

427

27138

Health





Lightyear Network Solutions

14

27152

Software/internet





Lower Bucks Hospital

30

27182

Health





Lulu

9

27191

Publishing

More to come



Majestic Star Cassino

80

27271

Entertainment





Medtronic

500

27771

Med Eq/Dev Mfg





Mills Manufacturing

68

27839

Defense





Mississippi County AR

12

27851

Government





Momentive Performance Materials

150

28001

Chemicals





Monitor Group

235

28236

Consultancy





Murray Energy Corporation

48

28284

Energy





NBCUniversal

500

28784

Media





New Energy

40

28824

Energy





OCE

135

28959

Office equip





Penn Refrigeration

40

28999

Commercial Service





PerkinElmer

66

29065







Pratt & Whitney Rockedyne

100

29165

Aerospace





Providence Journal

23

29188

Media





Research in Motion

200

29388

Consumer Electronics





SAS

6000

35388

Airline

Cuts in Scandinavian countries



Smith & Nephew

104

35492

Med Eq/Dev Mfg





Southeastern Container

15

35507

Consumer





SRA International

222

35729

IT Federal contractor





St Jude Medical

300

36029

Health





Stryker

96

36125

Med Eq/Dev Mfg





Sun Media - newspaper div

500

36625

Media





TE Connectivity

620

37245

Electronics





Teco Coal Corporation

90

37335

Energy





The Commercial Appeal

11

37346

Media





TMX Group, Ltd.

100

37446

Finacial Services

Cuts in Canada



TooeleCounty, UT

22

37468

Government





TurboCare

88

37556

Energy





U.S. Cellular

980

38536

Electronics





Umatilla Chemical Depot

34

38570

Defense





UtahAmerican Energy

102

38672

Energy





Vestas

3000

41672

Energy





Welch Allyn

275

41947

Med Eq Mfg





West Ridge Mine

102

42049

Energy





Westinghouse

17

42066

Hi Tech Services





Westinghouse Anniston

50

42116

Defense





Wingspan Portfolio Advisors

459

42575

Finacial Services





Wright-Patterson

115

42690

Defense





Xerox

2500

45190

Office equip





Yakima Regional Medical Center

10

45200

Health






































































































Layoffs without exact number specified





 Organization

% Laid off

# Affected

Sector

Notes



Boeing Defense, Space & Security

30



Defense

Executive Staff



Dana





Automotive

"A large number"



EMD Millipore

2



Biotech





Plexus Corp





Manufacturing





Saugerties, NY





Government





SCA





Paper products





Slidell, LA





Government

"Will try to spread equally"



Standard Bank Group

10



Banking

London



United Blood Services

10



Health

All staff



Wilkes-Barre, PA





Government

Firefighters



Atlantic City casinos





Gaming










































Worker Reduction In Scheduled Time (to below ObamaCare threshold)





 Organization

% WRIST

# Affected

Sector

Notes



Darden Restaurants





Food service





JANCOA Janitorial Services





Janitorial Service





Kroger





Grocery





Applebee's





Food service





Papa John's





Food service

[333386]

Big Miss In Retail Sales Paints Grim Picture For Holiday Shopping
zero hedge ^

Posted on Wednesday, November 14, 2012 9:24:34 AM


Here we go with the "but, but, Sandy" excuses. The just announced October retail sales tumbled, with their worst miss of expectations since May 2010, and the first sequential decline since June: printing at -0.3% for both the headline and the 'ex autos and gas', on expectations of a -0.2% and +0.4% rise. Ignoring for a second that the Commerce Department said that Hurricane Sandy had both positive (remember those massive lines in various stores ahead of Sandy) and negative impacts on retail sales, it would be truly inconceivable for the sellside Wall Street consensus of diploma'ed PhDs, which knew about Sandy's impact on retail sales well in advance, and thus could adjust its numbers, to actually, you know, adjust its numbers. Either way there is no way to spin the longer term major store sales trend (last chart), which shows that the US consumer, out of money, out of credit, and out of savings is entering the holiday season with little to zero disposable spending power.


(Excerpt) Read more at zerohedge.com ...

[333386]

Millions More Americans In Poverty Than Previously Estimated: Census Bureau
By HOPE YEN 11/14/12 12:33 PM ET EST


www.huffingtonpost.com




WASHINGTON -- A different way of calculating America's poor by taking into account medical costs and work-related expenses finds a higher total than the government's official count.

This measure is aimed at providing a fuller picture of poverty. It found there are 49.7 million poor people in the country – or 16.1 percent of the population. That compares with the 46.2 million, or 15 percent, as reported in September in the Census Bureau's official count.

According to the newly developed measure, those more likely to live in poverty are people 65 or older, urbanites and Hispanics – the result of medical expenses and higher living costs in cities.

California had the highest share of poor people, followed by Arizona and Florida. In the official tally, it's Mississippi, New Mexico and Arizona.

[333386]

Obama Donor's Corporation Lays Off Employees Due to ObamaCare
Breitbart's Big Government ^ | November 13, 2012 | Dr. Susan Berry
Posted on November 15, 2012 1:37:56 AM EST by 2ndDivisionVet

Stryker Corporation has announced that it will close its facility in Orchard Park, New York, eliminating 96 jobs next month. It will also counter the medical device tax in Obamacare by eliminating 5% of their global workforce, an estimated 1,170 positions.

Jon Stryker is heir to the Stryker Corporation, one of the largest medical device and equipment manufacturers in the world. Stryker’s grandfather was the surgeon who invented the mobile hospital bed. The company now sells $8.3 billion worth of hospital beds, artificial joints, medical cameras, and medical software every year.

Stryker, a member of the Forbes 400 list, was one of the top five donors to the Obama campaign. Having donated $2 million to the Priorities USA Action super PAC, Stryker also gave $66,000 in contributions to Obama and the Democrat Party.

Prior to the 2012 election, Stryker contributed millions to help Democrat candidates in his home state of Michigan. He also gave nearly $250 million to groups supporting gay rights, transgenderism, and the conservation of apes. In January, his Arcus Foundation donated $23 million to Kalamazoo College for an endowment to fund a center for social justice leadership.

Stryker's corporation is part of an industry that has been a big loser at the hands of Obamacare. Having refused to get on board with the White House and the Senate Finance Committee when the law was being crafted in 2009, the medical device industry was punished with an excise tax of 2.3% of their revenues, regardless of whether they make a profit...

(Excerpt) Read more at breitbart.com ...

[333386]

http://www.businessinsider.com/initial-jobless-claims-november-15-2012-2012-11


lol!!!

[tu_holmes]

http://www.businessinsider.com/initial-jobless-claims-november-15-2012-2012-11


lol!!!

From your link.

"Economists aren't too worried about this number.  They're blaming the jump on Hurricane Sandy."

[333386]

From your link.

"Economists aren't too worried about this number.  They're blaming the jump on Hurricane Sandy."

Its always an excuse of some sort from these clowns. 

We are heading right don the fng toilet.  Obama and Big Ben printed just enough to get him through the election and now we are going to feel the pain.   

[333386]

"The unemployment rate among people eligible for benefits rose to 2.6 percent in the week ended Nov. 3 from 2.5 percent. Thirty-four states and territories reported an increase in claims, while 19 reported a decrease. "


Weak before also revised up 5k. 

[333386]

The Election Is Over And Philly Fed Plunges
Submitted by Tyler Durden on 11/15/2012 - 10:13 Market Conditions Philly Fed Reality

Let's see if Bush Sandy can be blamed for not only the Empire Fed, whose employment and expectations components plunged, for the Initial Claims, which soared and missed expectations by the second most in the past 13 years, but also for the Philly Fed, which just plunged from 5.7 to -10.7, far below consensus of 2.0, the 6th miss of the last 8 (except for last month of course), and returning to solidly negative territory after last month's "miraculous" pre-election surge. And while virtually all subcomponents plunged, the one that stood out to the upside was Prices Paid, as the margin collapse is set to ravage all companies not only in the greater Philadelphia region but everywhere else soon as reality, deferred for the duration of the Obama reelection campaign, slams everyone in the stomach.

[magikusar]

why do mcdonalds and other wankers get to opt out?

[333386]

GameStop Is Planning To Close 200 Stores
 


Ashley Lutz|20 minutes ago|87|
 


Gamestop plans to close 200 stores, the company announced on its Q3 earnings call with analysts.



 
The videogame retailer reported today that sales fell 8.3 percent. CEO J. Paul Raines blamed the drop on “the longevity of the current console cycle and the difficult comparison of major new software titles released during the third quarter of 2012."
 
While 200 stores is substantial, GameStop still has a huge footprint, with more than 6,000 locations.
 
It's not the only retailer struggling with the downturn in the video game industry.
 
Toys 'R' Us CEO Jerry Storch told us last month that sales are down because video games are flopping, down 30 percent in the past year.
 
"There just hasn't been much excitement in that category and it drags the rest of sales down," Storch said. "It's not that the internet is taking away our business, which is a popular story."
 
DON'T MISS: 18 Facts About Walmart That Will Blow Your Mind >


Read more: http://www.businessinsider.com/gamestop-close-stores-2012-11#ixzz2CJVZBY7X

[240 is Back]

GameStop Is Planning To Close 200 Stores

See, I see this store as something along the lines of Blockbuster... an outdated model that is better served using internet, and given the advent of Redbox, you can rent games and try first - thus limiting the number of re-sells.

Plus, their overhead is so high that they only give $9 per game for a $60 game.  Better to re-sell online.

I guess if we're going to blame every business that is outsmarted by the marketplace for 8 years on obama, that's cool then.

[tu_holmes]

See, I see this store as something along the lines of Blockbuster... an outdated model that is better served using internet, and given the advent of Redbox, you can rent games and try first - thus limiting the number of re-sells.

Plus, their overhead is so high that they only give $9 per game for a $60 game.  Better to re-sell online.

I guess if we're going to blame every business that is outsmarted by the marketplace for 8 years on obama, that's cool then.

It sucks... but there's just lots of markets that can't support a "game store".

The rental markets are where it's at... Redbox is slicing at their money... So is Gamefly and Steam.

[333386]

Hostess to liquidate if bakers' strike continues through Thursday
 cnn money ^ | 11/14/2012 | By James O'Toole

Posted on Wednesday, November 14, 2012 7:45:23 PM by tobyhill

Hostess Brands said Wednesday that it will go into liquidation unless bakers striking in protest against a new contract imposed in bankruptcy court return to work by the end of the day Thursday.

"We simply do not have the financial resources to survive an ongoing national strike," Hostess CEO Greg Rayburn said in a statement.

The liquidation would result in Hostess' nearly 18,000 workers losing their jobs. The bakers' union represents around 5,000.

The union did not immediately respond to a request for comment Wednesday, but has called the concessions demanded in the new contract "outrageous."

"Our members are on strike because they have had enough," bakers' union president Frank Hurt said in a statement Tuesday. "They are not willing to take draconian wage and benefit cuts on top of the significant concessions they made in 2004 and give up their pension so that the Wall Street vulture capitalists in control of this company can walk away with millions of dollars."


(Excerpt) Read more at money.cnn.com ...

[333386]

TI Cuts 1,700 Jobs, Exits Mobile Chip Market
 Information Week ^

Posted on Thursday, November 15, 2012 1:10:49

By Paul McDougall InformationWeek

November 15, 2012 11:37 AM

Texas Instruments said it will lay off about 1,700 workers, or about 5% of its total workforce, as part of a restructuring that will see it exit the market for mobile chips that power smartphones and tablets, including Amazon's Kindle Fire.

The company said it would instead focus its OMAP (Open Multimedia Applications Platform) business on embedded systems that power business tools and other products that don't evolve as rapidly as mobile gadgets.


(Excerpt) Read more at informationweek.com ...

[333386]

U.S. Postal Service on a ‘Tightrope’ Lost $15.9 Billion

By Angela Greiling Keane - Nov 15, 2012 10:50 AM ET.


U.S. Postal Service Faces Default Without Action

The U.S. Postal Service said its net loss last year widened to $15.9 billion, more than the $15 billion it had projected, as mail volume continued to drop, falling 5 percent.


Mail sits at the U.S. Postal Service processing and distribution center in Merrifield, Virginia. Photographer: Andrew Harrer/Bloomberg
.
Without action by Congress, the service will run out of cash on Oct. 15, 2013, after it makes a required workers compensation payment to the U.S. Labor Department and before revenue typically jumps with holiday-season mailing, Chief Financial Officer Joe Corbett said today.

The service, whose fiscal year ends Sept. 30, lost $5.1 billion a year earlier. It announced the 2012 net loss at a meeting at its Washington headquarters.

“We are walking a financial tightrope,” Postmaster General Patrick Donahoe said at the meeting. “Will we ever stop delivering the mail? It will never happen. We are simply too important to the economy and the flow of commerce.”

The Postal Service uses about $250 million a day to operate and will have less than four days of cash on hand by the end of the fiscal year, Corbett said.

The service is asking Congress to enact legislation before it adjourns this year that would allow the Postal Service to spread future retirees’ health-benefit payments over more years, stop Saturday mail delivery, and more easily close post offices and processing plants.

Over Edge

“The Postal Service is facing a fiscal cliff of its own and any unanticipated drop in mail volumes could send the agency over the edge,” said Art Sackler, co-coordinator of the Coalition for a 21st Century Postal Service, whose members include Bank of America Corp. and EBay Inc. (EBAY) “If Congress fails to act, there could be postal slowdowns or shutdowns that would have catastrophic consequences for the 8 million private sector workers whose jobs depend on the mail.”

Without legislative change, the service expects its losses to continue in 2013, with a forecast loss of $7.6 billion for the year that started Oct. 1, Corbett said.

“There is no margin of error,” given the low level of cash, he said.

The service is trying to cut costs by giving retirement- eligible workers a financial incentive to retire. Those employees have a Dec. 3 deadline to accept the offer, with $200 million budgeted for the incentive costs in fiscal 2013.

Health Benefits

Next year’s loss forecast includes a $5.6 billion payment due to the U.S. Treasury for future retiree health benefits, Corbett told reporters after the meeting. The 2012 loss includes the $5.6 billion payment to the fund that the service defaulted on Sept. 30, and the previous year’s $5.5 billion obligation that was due Aug. 1 and also not paid. Because that year’s payment was deferred, the 2011 loss doesn’t include any pre- funding amount.

Mail volume for the year fell to 159.9 billion pieces, led by an 8 percent decrease in single-piece first-class items, the most profitable kind of mail that includes letters, cards and bill payments.

Operating revenue fell less than 1 percent to $65.2 billion for the year as the service cut work hours while delivering less mail.

The service’s outlook worsened this week, when the U.S. Office of Personnel Management said the service’s projected surplus in a government-worker retirement account has fallen to $2.6 billion, less than one-quarter of the previous year’s estimate, due to lower interest rates. It found another retirement account now has a $17.8 billion shortfall instead of a previously estimated surplus. The service has proposed tapping the surpluses to help cover its losses.

“Relying on a temporary, projected surplus to keep USPS solvent is a risk no matter which set of assumptions OPM is directed to use,” said Ali Ahmad, a spokesman for House Government and Reform Committee Chairman Darrel Issa, a California Republican who is a sponsor of a postal overhaul measure pending in the House. “It is no substitute for the actual cost-cutting USPS needs to do to find real savings.”

To contact the reporter on this story: Angela Greiling Keane in Washington at agreilingkea@bloomberg.net

To contact the editor responsible for this story: Bernard Kohn at bkohn2@bloomberg.net

[tu_holmes]

I don't think the post office is Obamas issue.

They live on stamps and other shit. Not taxes anyway. Never have.

If people send email and message on Facebook there will be less packages and letters.

[333386]

I don't think the post office is Obamas issue.

They live on stamps and other shit. Not taxes anyway. Never have.

If people send email and message on Facebook there will be less packages and letters.

The economy is bad and less people are sendin packages, parcel, etc.   They also have a terrible benes cost problem.

[333386]

Minnesota employers cut 8,100 jobs in October
 Star Tribune ^ | 11-15

Posted on Thursday, November 15, 2012


Minnesota employers cut 8,100 jobs statewide in October, by far the worst monthly job report of the year.

A massive positive revision to the September numbers helped offset the loss, but the state’s employment and economic development agency, DEED, reported major losses in administrative support and lower-paid business services jobs, which shed 4,800 jobs. State government lost 1,900 jobs, mostly in education, and durable goods manufacturing lost 800 jobs.

“Employment data for October does certainly reinforce the concerns we’ve expressed here, that the recovery, while it does continue, is a fragile one,” said Steve Hine, DEED’s labor market economist. “We’ll be paying a great deal of attention to Congress as they grapple with the so-called fiscal cliff.”

Hine said the weakness in business-to-business service jobs is a bad sign for the economy, even though many of the positions are on the low end of the pay spectrum and a large portion of them are temporary positions.

“You could see it as a leading indicator,” he said.


(Excerpt) Read more at startribune.com ...


________________________ ________________________ _______________


HOPE AND FUCKING CHANGE!!!!!


I warned everyone time and time and time and time again.  Double Dip baby. 

[333386]

Census: U.S. Poverty Rate Spikes, Nearly 50 Million Americans Affected
 CBS DC ^ | November 15, 2012

Posted on Thursday, November 15, 2012 2:27:26 PM by george76

Barack Obama is set to begin his second term, new statistics on America’s poverty rate indicate that nearly 50 million Americans, more than 16 percent of the population, are struggling to survive.

New figures released by the Census Bureau this week found a spike in poverty numbers last year, going from 49 million in 2010 to 49.7 million last year. The numbers may come as a surprise to Congress, which estimated in September that the poverty rate would drop to 46.2 million.


(Excerpt) Read more at washington.cbslocal.com ...

[333386]

President Obama Is Why Investors Aren’t Buying Stocks: Schoenberger
By Jeff Macke | Breakout – 2 hours 53 minutes ago.. .

 
"President Obama; that's why people aren't buying stocks," says Todd Schoenberger, managing principal at The BlackBay Group.
 
Schoenberger is aping conventional wisdom. With stocks down 5% since the votes were tallied it's hard to argue that something in the results spooked investors. The question is what it was, since most of the results were exactly as expected. Schoenberger suggests it's a matter of there being no meaningful changes in the roster at any political level.
 
"Bottom line is that you have a Congress right now that can't seem to work with the President of the United States." he says in the attached clip. With the President back in office that gridlock unleashes an assortment of woes scaring off traders enough to cause the market to rollover without anyone buying the dip.
 
Related: Post-Election Sell Off: It's All About Obama Says Peter Schiff
 
Whatever the merits of the arguments Schoenberger rattles off four specific reasons why traders aren't buying stocks. The claims are his own but there's nothing in his list you won't hear on any trading floor over the last week:
 
1. Companies aren't going to hire with the increased expenses associated with Obamacare
 
2. People aren't going to have money for discretionary spending when taxes going up for the 1%
 
3. Small business owners won't expand
 
4. Higher tax rates for individuals making over $250,000 a year will result in a general lack of ambition.
 
"There's no reason right now to work hard and actually do something with your life, to actually become a huge success," Schoenberger wails, "because, if you are, you're the villain and villains are meant for Batman and Spiderman movies, not for America right now."
 
Apparently we all have some time to kill. Spend some of yours by letting us know whether or not you're buying the dip and what the government has to do with it. Comment below or visit us on Facebook!