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Tag: Pelosi

  • Impeachment—What It Means For the Stock Market

    Impeachment—What It Means For the Stock Market

    House Speaker Nancy Pelosi on Tuesday announced a formal impeachment inquiry against President Trump. To no one’s surprise, the stock market took a nosedive in the aftermath of the announcement, leading business owners and shareholders alike to wonder how this will impact their bottom line.

    Jim Cramer discussed the topic on Mad Money, making a point of highlighting how the markets survived the last time this happened.

    “We have something else to worry about. We have partisan acrimony per share.”

    Mr. Cramer went on to highlight that—in the wake of revelations that President Trump may have tried to pressure Ukraine into investigating a political rival—Democrats seemed determine to impeach Trump, sending articles of impeachment to the Senate.

    “Before you freak out, for those of you who don’t remember civic classes, let me explain. Even if the House impeaches Trump, you can’t remove a sitting president without a two-thirds majority in the Senate. So until the Democrats can convince at least 20 Republican senators to turn on their guy, impeachment remains a sideshow.

    “Still, I get why people sold today. It made a lot of sense. We haven’t seen this level of partisan acrimony in the United States since the Civil War. And when things in Washington turn hostile, that can and always will hurt the stock market.”

    Despite the potential for stocks to take a beating, Cramer sees a silver lining. Ultimately, with the Senate under Republican control, the likelihood of impeachment leading to anything is virtually nil.

    “The Senate will most likely acquit. How much will that matter to the stock market? You know what? We’ve seen this movie before. When the Republican House of Representatives impeached President Clinton, everyone knew he’d be acquitted in the Senate. So how did the Clinton impeachment impact the market?”

    Cramer goes on to highlight how much the stock market dropped when impeachment proceedings were announced against Clinton, with the Nasdaq and tech stocks bearing the brunt. However, as Cramer points out, the market quickly recovered with tech leading way and showing some of the biggest gains.

    “If you let the impeachment story shake you out of the market, well, guess what happened? You missed one of the greatest moves of all time….Every pullback during that period—every one—was a buying opportunity….If this turns out like 1998 all over again, then you may want to buy at the moment of maximum rancor.”

    The message is clear: While stocks may take a short term hit, over the long term, impeachment may represent a significant economic opportunity.

  • Nancy Pelosi says Democrats will ‘Stand Tall’ in Support of Obamacare

    As suspected, the talk around Washington DC is the loss of the presidents approval ratings. As Fox News put it, “President Obama’s approval rating has dropped to 39 percent amid the problems plaguing the ObamaCare rollout, according to a new poll by Quinnipiac University released Tuesday.”

    But House Minority Leader Nancy Pelosi says different, in an interview Sunday on NBC’s Meet the Press, Pelosi said, “I don’t think you can tell what will happen next year” when voters cast ballots in the mid-term elections, but “I will tell you this: Democrats stand tall in support of the Affordable Care Act.”

    She, like many other democrats believe that the issues with the HealthCare.gov website is not weighing heavy on their heads. Yes, it’s inconvenient, but as Pelosi puts it, “is an issue that has to be dealt with, but it doesn’t mean, ‘oh, this is a political issue so we’re going to run away from it’” and that jobs would be the main issue in 2014.

    It’s those nasty letters that are haunting Mr. President, and all the other people who thought they had insurance. Those letters that dropped tens of thousands of Americans. However, that issue was immediately dealt with, when “39 of Pelosi’s House Democrats joined with 222 Republicans to vote for a bill sponsored by Rep. Fred Upton, R-Mich., that would allow health insurance firms to continue to sell insurance plans next year that don’t comply with Affordable Care Act (ACA) requirements.”

    But in regard to the credibility issue, Obama repeatedly pledged “if you like your health care plan, you can keep your health care plan,” but that didn’t happen, many Americans that had coverage were dropped. Their current plans not complying with the requirements of the ACA. That could be a good thing, though, if people didn’t panic. If insurance companies are now being regulated by ACA, who would want to stick with an insurance company that doesn’t comply? Wouldn’t that mean higher rates, and address the same problems that existed which ACA was developed to fix?

    The Affordable Care Act is working great in many states, and will be up and running in others soon.

    Image via WikiMedia

  • Nancy Pelosi Won’t Be Speaker Again

    Nancy Pelosi Won’t Be Speaker Again

    House Democratic leader Nancy Pelosi has announced that she will not be Speaker of the House again. However the 73-year-old says she will run again for her seat.In an interview published Friday in the National Journal, an inside-Washington magazine, Pelosi was asked whether she wishes to return to the top job. Pelosi said she did not, pointing out that she has held the post.

    “No, that’s not my thing. I did that,” Pelosi said.

    However, Pelosi spokesman Drew Hammill discounted Pelosi’s comments, saying they’re in line with her stock response when she’s asked about running for leadership positions. Hammill said Friday that she’s working hard to win back the majority for Democrats and that, if the effort is successful, her colleagues would elect their speaker.

    “She was simply saying she doesn’t ‘wish’ for things,” Hammill said.

    Pelosi became the first woman to ever be Speaker of the House in 2007, when democrats won the majority. She lost it to current speaker John Boehner in 2011 in the landslide 2010 midterm elections when Republicans gained control of the House. During the interview, Pelosi was asked if Congress, after the long recess was starting to feel “repetitive”. She replied,

    “Oh, it’s Groundhog Day Central. There’s no question about that. It’s not productive. It’s a waste of the taxpayers’ dollar. It’s a waste of our time. And it’s time that’s not working [for] the American people. [The Republicans’] agenda is nothing, and their timetable is never. But having said that, hopefully there are some among them that realize we have a responsibility to govern.”

    She was then asked if she thought it was because of the 20 or so Republicans dominating conversations from the right, she responded,

    “I think it’s more than 20. Here’s what I have to say to my Republican friends out there: Take back your party. This isn’t the Grand Old Party that used to have such great leadership. The name “Republican” in some ways has been hijacked by obstructionists. They are nowhere on the spectrum of trying to get the job done, and they claim the name without bringing to it the greatness, the leadership of the past.”

    The interviewer continued by asking if the disjointed Repulican party gave her some leverage when it came to them needing votes, she said,

    “I only have leverage if the other side is willing to govern. If they are willing to govern, we can find compromise. Not if they are just going to hold their ideological position and say, ‘We can be irresponsible because the Democrats are going to be responsible.’ “

    Read the interview in it’s entirety at The National Journal!