Politics Plus

The market has been on a ten day slide, and I have heard more than one Republican pundit comment, that the market would respond favorably to the deal.  Boehner said he got 98% of what he wanted, but the deal is so bad for the economy that the market did respond, with it’s worst day since December 2009.  Now I won’t try to say that the deal alone is responsible, but the knowledge that the deal will cost 1.8 millions jobs, and that the deal will cause the GDP to lose 1 3/4% had to make it worse.

The stock market is finishing its worst day since the financial crisis.

The Dow Jones industrial average plunged more than 500 points Thursday. Investors are concerned that the U.S. economy will enter another recession and that Europe’s debt problems are not closed to being solved.

Major stock indexes fell more than 4 percent.

The Dow is closing with a loss of 513 points, or 4.3 percent, to 11,384.

The S&P 500 is down 60, or 4.8 percent, to 1,200. The Nasdaq is down 137, or 5.1 percent, to 2,556.

Twenty stocks fell for every one that rose on the New York Stock Exchange. Volume was very heavy at 7.5 billion shares.

Financial analysts say what happened on U.S. markets has been building for some time. Nigel Gault, chief U.S. economist at IHS Global Insight, says "real risks" of the economy falling back into recession and Europe’s widening debt crisis may have been obscured by the recent debate over the US debt ceiling… [emphasis added]

Inserted from <NPR>

The effects of Republican blackmail make a double dip recession far more likely, because it hamstrung attempts to stimulate the economy.

Keith Olbermann explains it with Paul Krugman on Countdown.

The damage done by the Bush Regime was far worse than anybody knew.

Lawrence O’Donnell also covers the crash with Howard Fineman and Robert Reich.

Visit msnbc.com for breaking news, world news, and news about the economy

Note that Bought Bitch Mitch McConnell promised another Republican hostage crisis in 2013.  There is only one way we can prevent it.  For effective Democratic government, we need a majority in the House and a super-majority in the Senate.  That does not include DINOs, like Ben Nelson (DINO-NE), who goose-steps with the Republicans on almost every vote.

David Wu, despite his recent improprieties, has been an excellent Representative.  With very few exceptions, he has consistently voted the way I wanted him to vote.  I am sorry that he had personal issues that made his behavior an unacceptable political liability.  Now that he has resigned officially, the stage is set for a primary in November and a special election in January to replace him in Oregon’s 1st district.

WASHINGTON — U.S. Rep. David Wu, D-Ore., formally resigned from Congress Wednesday with a phone call to Gov. John Kitzhaber, capping a day of mounting speculation over when he would finally leave…

…Wu’s departure allows  Kitzhaber to start the timeline for a special election to replace him. The plan, according to spokesman Tim Raphael, is to call for a special primary election to coincide with an already scheduled election Nov. 8, as a way to save money. That would be followed by a special general election on Jan. 31.

"The governor is looking for an opportunity now to give the voters in the 1st Congressional District the most input possible in picking their replacement," Raphael said…

…His departure promises a no-holds battle for his replacement, and candidates from both parties are lining up. Tualatin businessman Rob Cornilles, the Republican who lost to Wu in 2010, has scheduled a news conference today to announce he’s going to run again. On the Democratic side, state Sen. Suzanne Bonamici, of Beaverton, also is expected to announce today that she’s in the race.

Already announced candidates include state Labor Commissioner Brad Avakian and state Rep. Brad Witt, of Clatskanie, both Democrats… [emphasis added]

Inserted from <The Oregonian>

On first instinct, I like Avakian, but I will need to so more investigation before making an endorsement.

Congress has gone on vacation, leaving the FAA in limbo for over a month and costing the US Treasury over $30 million per day in revenues.  This certainly seems insane, and it follows that behind all insaniTEA, Republicans are lurking and scheming.  At issue is a  Republican demand to strip transportation workers of their collective bargaining rights.

The House and Senate began a five-week recess on Tuesday without resolving a funding stalemate at the Federal Aviation Administration, leaving 4,000 agency employees and 80,000 contractors high and dry.

Senate Majority Leader Harry M. Reid (D-Nev.) announced shortly before 7 p.m. that the chamber was in recess until Sept. 6. The House, which wrapped up its legislative business on Monday, will not be in session again until Sept. 7.

The impasse is over a proposal by House Republicans to cut funding for a program for airports in several rural areas. Also at issue is a longer-term FAA reauthorization bill containing provisions restricting airline workers’ collective bargaining rights… [emphasis added]

Inserted from <Washington Post>

Rachel Maddow discusses how Republicans are hurting the economy through their union busting.

Visit msnbc.com for breaking news, world news, and news about the economy

Republicans care so much about jobs that they are idling thousands of workers.  Republicans care so much about the deficit that they are embarking on more economic terrorism costing the Treasury almost $1 billion.