Dow 7000?

Back on October 6, I predicted - well sort of predicted by writing a headline on some market news aggregation - Dow 8,000.  Based on the economic and financial industry news of that day just 2 1/2 months ago (seems longer) the Dow dropping to 8,000 and staying in that vicinity for some period of time seemed reasonable.

At the time we had been through Fannie and Freddie, Lehman was failing, more banks were failing and the federal government and media began explaining things like credit default swaps to America.  Things looked bad, but some were still touting the “fundamentals” of the U.S. economy and the publicly traded companies on our major stock exchanges shouldn’t pay too high a price (with dropping share values) for the excesses of the financial services industry.  Also at that time, I was reading Kevin Phillps’ book, Bad Money.  If you want a better understanding than the average bear - or bull - of the current U.S. financial system Bad Money is a must read.  At any rate, under the influence of that book, it was just obvious that as stocks dropped sharply that day there were probably many more shoes to drop, hence the market wasn’t at the bottom yet.

Now I’ll revise my estimate.  On top of the crisis in the financial system and all that it entails, from failing banks to a still too tight credit market there are many more economic indicators pointing to the final quarter of 2008 just being the beginning of a difficult economic downturn.  Here are a few things that immediately come to mind: Read more

Ohio Newsbreak - End of the Week

Strickland, Stivers, Kilroy, Keno, Provisional Ballots, Unemployment, and more …

• Bill readied to prevent ‘Joe the Plumber’ snoops - Dayton Daily News
• Election results pointing to new religious coalition - Toledo Blade
• Strickland prods Congress for help - Toledo Blade
• Next casino effort will be multi-city - The Plain Dealer
• Brunner orders statewide election audit - Associated Press
• Chunk of Strickland’s Year Spent on Elections - Columbus Dispatch
• 27,000 ballots on hold - Columbus Dispatch
• Stivers leading Kilroy by less than 400 votes (Friday) - Associated Press

• Provisional ballot use increasing - Columbus Dispatch
• Lottery vendor not disclosed at Keno hearing - Associated Press
• Unemployment fund likely broke by end of year - Columbus Dispatch
• Cafaro to lead Ohio Senate Dems - The Plain Dealer
• Batchelder will lead Ohio House Republicans - Columbus Dispatch
• More workers accused of politicking on state time - Columbus Dispatch
• No state records show database checks before ‘Joe’ - Columbus Dispatch

With DHL Leaving, Who Other Than Ted Strickland Would You Want in the Governor’s Office?

During a Tuesday trip to Wilmington, Gov. Ted Strickland told the Southwest Ohio community, “We will get through this, and we will do it together.”

Strickland was of course talking about the planned closure of DHL’s operations at the Wilmington Air Park.  According to a story in the Dayton Daily News, DHL employs between 7,400 and 7,800 people there.  The city of Wilmington itself has a population of around 12,000, but the Air Park employs people from a several county area.

For folks faced with the prospect of losing their jobs, there doesn’t seem to be much room for hope in the current economy.  One thing people in Clinton and other area counties may glean some measure of hope in is who they have advocating for them.

Governor Ted Strickland represented Wilmington and Clinton County when it was part of the old Sixth Congressional District.  He knows the area well and has bonds with members of the area’s business and political communities.  He’s advocated for them before, he’s advocated for them as Governor and with things looking grim, it’s a given he’ll redouble his efforts.

Strickland has talked about seeking assistance from the federal government for extended unemployment and other benefits to get workers through the interim and help them get back on their feet.  It’s one thing to say Strickland cares and he’ll work hard to get results.  It’s another thing to say that Strickland’s political organization just delivered the White House for the first Democratic president in eight years.

If there’s any governor better positioned to advocate for federal help in turning around an economic crisis within their state, it’s Strickland.  That doesn’t mean Southwest Ohio will receive a get out of recession free card.  There’s a whole nation of people hurting out there and President-elect Barack Obama’s administration will be under intense pressure from every conceivable direction from day one.  Still, it can’t hurt having Strickland on our side.

Ohio Sunday Papers - November 9, 2008

Politics & Elections News

• Obama’s focus on rural and urban Ohio paid off - Dayton Daily News
• Budish will focus on economy as Speaker - The Plain Dealer
• Voters more likely to mess up without machines - Columbus Dispatch
• Cuyahoga Corruption probe one of many investigations - The Plain Dealer
• Out of state volunteers energized campaigns - The Plain Dealer
• Quick action on economy tops wish list - Toledo Blade
• Young people tune into Obama’s call to service - Columbus Dispatch
• Editorial: Working Together - Columbus Dispatch
• Editorial: Ohio Dems have a House of their own - The Plain Dealer
• Editorial: Dems should preserve Republican school reforms - Columbus Dispatch
• Op-Ed, Joe Hallett: Republicans lost more ground than Dems gained - Columbus Dispatch
• Op-Ed, Mayor Michael Coleman: Black community’s expectations a hurdle for Obama - Columbus Dispatch
• Op-Ed, Jonathan Riskind: Obama, Charles Preston and History - Columbus Dispatch
• Op-Ed, Thomas Suddes: Bill before Ohio Legislature bad for consumers - The Plain Dealer

Other News

• Rush to deregulate - Columbus Dispatch
• Cleveland Medical Mart threatened by NY project - The Plain Dealer
• Cleveland or NY? Advantages for Medical Mart - The Plain Dealer

Ohio Agency Director Put on Leave & Other News from the Buckeye State

Helen Jones-Kelley Coverage

• Emails get state leader in trouble – Columbus Dispatch
• Jones-Kelley on paid leave pending investigation - The Plain Dealer
• Stivers event among topics of emails under investigation - Dayton Daily News
• Governor places family services director on leave – Dayton Daily News
• Agency chief put on leave -Toledo Blade
  

Politics & Elections News

• GOP’s grip on County’s suburbs slipping – Columbus Dispatch
• Editorial: GOP must make honest appraisal of its defeat – The Plain Dealer
• Obama’s victory in Cuyahoga was overwhelming – The Plain Dealer
• Obama won – so did shirt sellers – Columbus Dispatch
• Maureen O’Connor’s huge totals may lead to something else – The Plain Dealer
• Brunner calls summit on vote –Columbus Dispatch
• Ohio GOP to work on ‘identity crisis’ – Columbus Dispatch
• Dolan out of Minority Leader race – The Plain Dealer
• The new Ohio Senate and House – Columbus Dispatch
• Timing of Cordray’s start as AG uncertain – Columbus Dispatch
• Total state approach aided Obama – Columbus Dispatch
• No Treasurer replacement yet – The Plain Dealer
• Editorial: House Democrats in charge – Akron Beacon Journal

Other News

• Jobless rate highest in 14 years – Columbus Dispatch
• Hard recovery seen for Ohio – Associated Press
• Wilmington worried about pending DHL announcement – Dayton Daily News
• Glowing review earns Gee possibly $2 million – Columbus Dispatch

Why I’m Voting for Obama – Reason 1 of 3 – The Economy (and Energy)

Since the first presidential election in which I could vote, I’ve been hearing politicians promise tax relief for the middle class. They called it “tax relief” because very often there was nothing in it for the middle. President Clinton, to his credit, took care of the lower end of the scale with the Earned Income Tax Credit. Both Bushes gave us more of the Laffer Curve and Trickle Down Economics. The biggest breaks under every president I’ve had the privilege to vote for or against has benefited large corporations, usually of the multi-national type. Read more

Ohio Sunday Papers October 26 – Politics, Elections

Politics & Elections News

• Endorsement: Obama better choice to lead U.S. – Youngstown Vindicator
• Ohio Dems outspend Republicans in Ohio House races – The Plain Dealer
• $1 million bail set in Brunner death threat – Columbus Dispatch
• Is Ohio doomed to elections battles?
  – Columbus Dispatch
• Ballot dispute history
  – Columbus Dispatch
• Changes proposed to state’s constitution – Toledo Blade
• Obama, McCain must commit to job creation in NE Ohio
  – The Plain Dealer
• War fades as voters’ central issue
  – Dayton Daily News
• Op-Ed, Thomas Suddes: Handicapping the next Ohio House
  – The Plain Dealer
• Strickland stumps for Ohio House race – Cincinnati Enquirer
• Op-Ed, Dennis Willard – Bigotry, hate polarizing Americans
  - Akron Beacon-Journal
• Op-Ed, Jonathan Riskind: Big victory could could quell cries of election fraud – Columbus Dispatch
• Op-Ed, Joe Frolik: Obama is battered but not bruised – The Plain Dealer
• Op-Ed, Joe Hallett: McCain’s gamble on Palin looking like iffy bet in Ohio – Columbus Dispatch
• Op-Ed, David Skolnick: Republicans brace for political thrashing – Youngstown Vindicator
• Campaigns plan presence at polls
  – Columbus Dispatch
• McCain slams Ohio snooping on ‘Joe’ – Columbus Dispatch
• It only feels like candidates visit daily
  – Columbus Dispatch
• Odds against no tax casinos
  – Columbus Dispatch
• D.C. Dispatches
  – Columbus Dispatches
• Voters weigh limits for payday lenders – Toledo Blade
• Endorsement: Vote to keep curbs on payday lenders – Columbus Dispatch
• Endorsement: McCain for President – Warren Tribune-Chronicle

 

Other News

• Op-Ed, Mike Curtin: Ohio leads in state government fiscal restraint – Columbus Dispatch
  
• Ohio leads service effort
  – Columbus Dispatch
  
• Toledo Mayor proposes 3-day government shutdown
  – Toledo Blade

Ohio Sunday Papers – Plain Dealer Obama Endorsement | Politics & Elections News

Politics & Elections News

• Endorsement: Obama for President – The Plain Dealer
• Endorsement: McCain for President – Columbus Dispatch
• Presidential campaigns get in voters’ heads – Columbus Dispatch
• Husted: Just where does he live? – Dayton Daily News
• Husteds taking property tax breaks in two places – Dayton Daily News
• New suit over voter registrations goes to Ohio’s top court
  – Dayton Daily News
• Plenty of puzzles in Ohio voter registration data – Cincinnati Enquirer
• McCain returns to Ohio with Joe on his mind
  – Toledo Blade
• Op-Ed, Jonathan Riskind: Barring unforeseen, Ohio won’t be key to White House – Columbus Dispatch
• Op-Ed, Joe Hallett: With plenty of ugliness to go, let’s get this over with – Columbus Dispatch
• Op-Ed, Thomas Suddes: Ohio should beat casinos to the punch – The Plain Dealer

Toledo Blade Special Report: State of Distress

Homepage for Day 1 of 3: Job losses, poverty sting Ohio over last 8 years

Ohio Sunday Papers – October 5, 2008

Elections & Politics News

• New Dispatch Poll: Obama lead widens – Columbus Dispatch
• Key to Ohio? Appalachia. – Cincinnati Enquirer
• Op-Ed, Joe Hallett: McCain’s MI departure makes it all the harder – Columbus Dispatch
• Endorsement: For Richard Cordray – Columbus Dispatch
• Endorsement: Cordray better choice for AG – The Plain Dealer
• Endorsement: No on Issue 6 – Columbus Dispatch
• Cordray says contract, contribution not linked – Dayton Daily News
• Many provisional ballots rejected; more help needed from poll workers – The Plain Dealer
• Many NE Ohio school districts to close on Election Day – The Plain Dealer
• Obama has Irish kin in Southern Ohio – The Plain Dealer
• Ohio’s payday lenders hope dimwits turn out on Election Day – The Plain Dealer
• Editorial: VP Debate – Expectations Fulfilled – Toledo Blade
• McCain, Obama on the issues – Dayton Daily News
• Which party will benefit from early voting in Ohio? – Dayton Daily News
• Op-Ed, Jonathan Riskind: Space goes out on a limb for bailout – Columbus Dispatch
• Casino’s effects mixed for town in Michigan – Columbus Dispatch
• Jobs, cash hard to turn down – Columbus Dispatch

Other News

• Job seekers look for flicker of hope in dim economy – Dayton Daily News
• Everything going wrong than can – Dayton Daily News
• How fast is too fast? – Columbus Dispatch

Full Text: Ohio Gov. Ted Strickland Gives Democratic Radio Address, October 4

(Source: WSAZ-TV)

“Good morning, this is Ohio Governor Ted Strickland.

Yesterday, we woke up to some tough news. Our economy lost another 159,000 jobs in September – our single biggest monthly job loss in more than five years.

That’s another 159,000 Americans wondering how they’ll find the courage to go home and give their families the news. Wondering how they’ll pay for the food, gas, and energy costs that are eating up more and more of their budget. Wondering how they’ll keep their home. Read more

Ohio News Check – Saturday – Strickland Democrats’ Radio Response

Politics and Elections

• Strickland slams McCain’s economic policies – Bloomberg
• Dems radio address bashes McCain – Associated Press
• Ballots with missing check marks to be counted – The Plain Dealer
• Ohio early voting survives court challenge – Associated Press

• Analysis says Ohio casino figures vague – Associated Press
• State Analysis says Issue 6 language vague – Columbus Dispatch
• Hamburgers, soap can offer political lessons – Associated Press
• Op-Ed, Joe Frolik: GOP’s downs and ups – The Plain Dealer
• Cordray has cash lead in AG’s race – Columbus Dispatch
• Marc Dann: Threats forced use of campaign cash – Columbus Dispatch
• Mediation in AG Harassment case loses steam – Columbus Dispatch

Other News

• Ohio minimum wage to rise in 2009 – Toledo Blade
• Regional indicators point to slow Cleveland recovery – The Plain Dealer

Ohio News Roundup – October 1: Obama leading, McCain Complaining, Payday lenders, Brunner, Bailout, Sherrod Brown, Voinovich, Gov Approval Rating, Strickland establishes economic growth group

Presidential Politics and Election News

• Quinnipiac: Obama lead widens in Ohio, other states – Columbus Dispatch

• Race, unfamiliarity could defeat Obama in Southeast – Columbus Dispatch
• Ohio House battle taking shape – The Plain Dealer
• Kilroy attacks Stivers’ history as bank lobbyist – Columbus Dispatch
• Payday lenders: 200k more signatures – Columbus Dispatch
• McCain’s remarks at Capital U. spark bailout blow – Columbus Dispatch
• McCain interview with Dispatch on Bailout – Columbus Dispatch
• Endorsements: Celeste and others – Columbus Dispatch
• Editorial: PD slams Members who voted against bailout – The Plain Dealer
• Brunner backed by courts – The Plain Dealer
• McCain defends role in Bailout – Dayton Daily News

Other News

• Voinovich to vote for bailout, Brown undecided – Columbus Dispatch
• Strickland establishes economic growth group – Columbus Dispatch
• Poll: Strickland approval rating slips – WHIO-TV
• State budget cuts will affect county programs – Dayton Daily News
• Economic crisis yields many opinions – Columbus Dispatch
• New law benefits bankrupt Ohioans – Columbus Dispatch
• Capital Notes – Columbus Dispatch

Sunday Papers September 14 – OSU?, Tax abatements as development tool, Dimora, Cuyahoga Corruption, Opinion, Obama, McCain, Browns Gameday

Ohio State Destroyed in LA

• West Toast – Columbus Dispatch

Ohio News & Opinion

• State failing to track new jobs – Columbus Dispatch
• Abatement help – Columbus Dispatch
• McCain tax cuts simply too pricey says Greenspan – Columbus Dispatch
• D.C. Dispatches – Columbus Dispatch
• Pair wonder why their names on inventory list from Dimora’s office – Cleveland Plain Dealer
• Endorsement: Moran for Ohio House 42 – Cleveland Plain Dealer
• Editorial: Obama-ites should take a deep breath – Cleveland Plain Dealer
• Op-Ed, Joe Frolik: Polls seem to show and Ohio up for grabs – Cleveland Plain Dealer
• Op-Ed, Thomas Suddes: Explaining Ohio’s voting patterns difficult – Cleveland Plain Dealer
• Goodyear complex coming together – Akron Beacon Journal
• Editorial: Troubled by term limits – Akron Beacon Journal
• Op-Ed, Michael Douglas: Battleplan for Ohio – Akron Beacon Journal
• Two Governors talk Obamanomics in NW Ohio – Toledo Blade

Cleveland Browns GameDay

• Can Browns erase Black & Gold nightmare? – Cleveland Plain Dealer
• Browns v. Steelers Game Preview – Cleveland Plain Dealer
• Pluto on Offense – Cleveland Plain Dealer
• Shaw on Defense – Cleveland Plain Dealer

Ohio’s State Government Not Held Harmless by Flagging Economy

With the exception of the Ohio Departments of Correction & Rehabilitation and Youth Services, as well as education and Medicaid, state agencies in Ohio have until September 22 to file plans with the Office of Budget and Management to trim hundreds of millions more dollars. This follows a $733 million round of cuts earlier this year.

• Strickland orders cuts of 4.75% in cuts to state budgets – Columbus Dispatch
• Governor Ted Strickland Press Release – Office of the Governor, State of Ohio
• Ohio Governor to make $540 million in cuts – Associated Press
• Governor cuts $540 million – Cleveland Plain Dealer
• Governor orders huge cuts in state budget – Dayton Daily News

Wednesday Late Nite News – Strickland Releases Economic Plan, Tommi Dorris, Parole Board, GOP, Barack Obama, Tave Zelman, Karl Rove