Dow closes down 634 points after final plunge
Me neither, I want to watch the mayhem.
Just another "Sonofabitch" Day !
Investors piled out of stocks and into a few "safe havens," such as gold and Treasury bonds. The appetite for Treasury bonds suggests that the Standard & Poor's downgrade has not shaken investors' faith in U.S. bonds.
Market experts said the Monday sell-off was sparked by the S&P announcement but was motivated more by growing concerns about the weakness of the global economy.
"It’s really all about economics," said Mike Norman, the chief financial strategist at John Thomas Financial.
The Dow ended the day down 634.76 points, or 5.5%, to 10,809.85. The broader Standard & Poor's 500 index fell even more sharply, finishing the day down 79.83 points, or 6.6%, to 1,119.55.
Monday, August 8, 2011
Have your spot in that hanbasket yet ?
Tuesday, June 8, 2010
Liberals and progressives flunk economics 101
No wonder we have a 3 trillion budget deficit this year. Wall Street Journal
Who is better informed about the policy choices facing the country—liberals, conservatives or libertarians? According to a Zogby International survey that I write about in the May issue of Econ Journal Watch, the answer is unequivocal: The left flunks Econ 101.[...]
How did the six ideological groups do overall? Here they are, best to worst, with an average number of incorrect responses from 0 to 8: Very conservative, 1.30; Libertarian, 1.38; Conservative, 1.67; Moderate, 3.67; Liberal, 4.69; Progressive/very liberal, 5.26.
Americans in the first three categories do reasonably well. But the left has trouble squaring economic thinking with their political psychology, morals and aesthetics.
Tuesday, July 21, 2009
Senator Inhofe tired of the Administration apoligizing for America
I'm so tired of people apologizing for us,"
That makes two of us. Washington Times
Sen. James M. Inhofe, Oklahoma Republican, said Tuesday that Secretary of State Hillary Rodham Clinton's apologizing for the United States being a major contributor to climate change was poorly timed and will further doom Capitol Hill legislation to limit carbon-dioxide emissions.
Mr. Inhofe, a senior member of the Senate Armed Services Committee, repeated the argument that cap-and-trade legislation on manufacturing pollution will only send jobs overseas to India and China.[...]
Mr. Inhofe also said Tuesday that EPA Administrator Lisa P. Jackson has told him publicly that the legislation in the Democrat-controlled Congress will not reduce carbon-dioxide emissions, so global warming will not be slowed even if man-made gases contribute to global warming.
"She said, no, it would not," Mr. Inhofe said. "There are some people out there that still believe in this hoax that man-made gases cause global warming."
Monday, July 20, 2009
Obama's top economic adviser uses google searches as indicator of consumer confidence
The Obama administration is grasping at straws trying to find find positive spin for their bumbling of the economy. Larry Summers, Obama's top economic adviser, claims that consumer confidence is up because less people are searching for "economic depression" on google. Only problem is that there are more news stories referencing economic depression than normal. Plus google searches for "economic recession" is still pretty high.
Are google searches good indicators of consumer confidence? Politico
Of all the statistics pouring into the White House every day, top economic adviser Larry Summers highlighted one Friday to make his case that the economic free-fall has ended.
The number of people searching for the term “economic depression” on Google is down to normal levels, Summers said.
Searches for the term were up four-fold when the recession deepened in the earlier part of the year, and the recent shift goes to show consumer confidence is higher, Summers told the Peterson Institute for International Economics.
Friday, July 17, 2009
Joe Biden: ‘We Have to Go Spend Money to Keep From Going Bankrupt’
Huh? CNS News
(CNSNews.com) – Vice President Joe Biden told people attending an AARP town hall meeting that unless the Democrat-supported health care plan becomes law the nation will go bankrupt and that the only way to avoid that fate is for the government to spend more money.AAAAAAHHHHH....makes perfect sense to me now.
“And folks look, AARP knows and the people with me here today know, the president knows, and I know, that the status quo is simply not acceptable,” Biden said at the event on Thursday in Alexandria, Va. “It’s totally unacceptable. And it’s completely unsustainable. Even if we wanted to keep it the way we have it now. It can’t do it financially.”
“We’re going to go bankrupt as a nation,” Biden said.
“Now, people when I say that look at me and say, ‘What are you talking about, Joe? You’re telling me we have to go spend money to keep from going bankrupt?’” Biden said. “The answer is yes, that's what I’m telling you.”
Tuesday, June 30, 2009
China's banks an accident waiting to happen
China could be worse waters than the US.
Sometime ago I read an article that stated most of China's companies are operating on razor thin margins and few if any actually make any profit. With the recession things in China could and will be much worse but so far the government has been masking the problem with massive loans.
Sooner or later the sh*t will hit the fan for China. Telegraph
China's banks are veering out of control. The half-reformed economy of the People's Republic cannot absorb the $1,000bn (£600bn) blitz of new lending issued since December.
Money is leaking instead into Shanghai's stock casino, or being used to keep bankrupt builders on life support. It is doing very little to help lift the world economy out of slump.[...]
"Future losses on stimulus could turn out to be larger than expected, and it is unclear what share the central and/or local governments ultimately will be willing or able to bear."
Note the phrase "able to bear". Fitch's "macro-prudential risk" indicator for China threatens to jump from category 1 (safe) to category 3 (Iceland, et al). This is a surprise to me but Michael Pettis from Beijing University says China's public debt may be as high as 50pc-70pc of GDP when "correctly counted".
The regime is so hellbent on meeting its growth target of 8pc that it has given banks an implicit guarantee for what Fitch calls a "massive lending spree".
Thursday, May 28, 2009
Canada launches shariah compliant index
Shariah complaint indexes should not exist. If the muslim investor does not want to invest in companies that sell pork, alcohol or that hold debt then he/she should do some research.
I'm afraid these shariah indexes are a backdoor entrance to try to bring in total shariah law. CTV
Standard & Poor's is launching a Shariah compliant version of the S&P/TSX 60 that will exclude companies that don't meet criteria outlined within Islamic law.
Shariah law, based on the teachings of the Koran, does not allow for investment into companies that deal in pork, alcohol, gambling or pornography.
Banks are also excluded because investors are not allowed to earn profit from interest.
Monday, April 27, 2009
George Soros Says China Can Help Replace U.S. Consumer
Speaking at a seminar ahead the G20 summit, George Soros proclaimed that Chinese consumers will replace American consumers. This coming from the same guy who is actively undermines the economy of the US every chance he gets. News Max
Rising economic power China is the most likely country to help replace the falling demand from U.S. consumers, investor George Soros said on Thursday.
'In so far as you will have a positive replacement for the American consumer it is going to come largely from China. They are of course much smaller than the United States,' he said at a conference, according to Reuters.
Thursday, March 26, 2009
Obama's economic recovery "a way to hell"
The road to hell is the same as the road to Obama's vision of a socialist America. BBC
The Czech prime minister has condemned US President Barack Obama's economic recovery plans as "a way to hell".....
Mirek Topolanek was speaking in the European Parliament, in his capacity as current holder of the EU presidency.
Hours before his remarks, President Obama appealed for all countries to bear the burden of spending to stimulate the world economy.
Mr Topolanek said the biggest success of last week's EU summit was its refusal to copy the US example.
Monday, March 16, 2009
Aaaaaaaaah...$787,000,000,000 isn't enough to save us we need more
Since the $787 billion dollar bail out, stimulus recovery (whatever the hell they're calling it today) wasn't enuf to get us of the economic trouble we should dig ourselves deeper by giving out another $500 billion.
