“The Dow Jones Industrial Average was down more than 200 points, or over 2 percent, in afternoon trading,” Perman reports. “The S&P 500 and Nasdaq also fell 2 percent or more.”
“The selloff was so severe that decliners outpaced advancers more than 12 to 1 on the New York Stock Exchange. And the CBOE volatility index spiked over 10 percent, topping 33,” Perman reports “Industrials, materials and consumer discretionary were the biggest decliners.”
Perman reports, “US employers added 431,000 jobs to nonfarm payrolls in May, but 411,000 of those were temporary census workers. The private sector added just 41,000 jobs: Manufacturing, temporary help and mining added jobs, while construction declined. That number was also well short of the more than 500,000 economists had expected. The unemployment rate, however, fell to 9.7 percent from 9.9 percent in April. ‘This number is extremely disappointing,’ said Todd Schoenberger, managing director at LandColt trading. However, he said, it should come as no surprise. ‘Considering first time jobless claims have been inching higher over the past four weeks … and GDP came in at a lackluster 3%, American companies are going to be reluctant to hire.'”
Perman reports, “‘The two areas of potential vulnerability for the economy remain payrolls and housing and they’re both staggering a good deal,’ Art Cashin, director of floor operations at UBS, said on CNBC this morning. ‘From a market standpoint, I think we’re going to switch over and start issuing Dow 10,000 helmets!’
Perman reports, “Apple is expected to debut a new version of the iPhone on Monday but the early buzz is that it may not be a dazzler.”
Full article here.
MacDailyNews Take: This “next iPhone not a dazzler” meme is running throughout the mainstream media today. We wonder who paid for today’s FUD-fest?
• Reuters: New Apple iPhone on tap but may fail to dazzle
• The Telegraph: 10 reasons not to buy Apple’s new iPhone 4G
• CNN: As strong rivals emerge, do you really need a new iPhone?
Despite all of this, AAPL is holding up pretty well, trading down just $3.61, or -1.37%, to $259.51.
And so it continues…
Look at the bright side… we’re taking care of that pesky don’t ask don’t tell law, 95% of media representatives agree that Obama isn’t at fault for the gulf oil disaster, California is getting rid of grocery bags, Congress is working feverishly on preparing new legislation to take control of the Internet, we spend more on the interest on the national debt in a few months than the entire cost of the Iraq and Afghanistan wars to date, (oh wait, that’s bad)… the administration will likely push for yet another ineffective trillion dollar pork package masquerading as a stimulus package, that no one can track, the Congressional Budget Oversight folks have finally done the math and figured out the Health Care package will “put extreme stress and demand” on the American economy…
41,000 actual, meaningful private sector jobs vs. 411,000 government jobs. Ouch!
10 new temporary government workers, with taxpayer funded paychecks, for every new private employee. Is that what the stimulus is all about?
If that doesn’t embody what the future holds for this country under Democratic control led by the Obama regime, then I don’t know what does.
The government is eating us alive.
And with that we call the meeting of the Republican Mutual Masturbation Society to order!
Will the Bush catastrophe never end?
<i>Man is not free unless government is limited.<i> – Ronald Reagan
The day of reckoning, Tuesday, November 2, approaches rapidly.
Enjoy your summer, Libs.
“If that doesn’t embody what the future holds for this country under Democratic control led by the Obama regime, then I don’t know what does. “
It doesn’t and you don’t. All of these jobs were lost during the Bush years.
So I guess this site has converted completely to a far right wing political opinion rag. Yes Apple is a public traded company, but we all know what this post is all about. It’s pretty easy to post anything anti Obama. It’s like the 6 degrees of separation. We’re only 2 away from Kevin Bacon. The new catch word “Mainstream Media” pops up here more and more. Fox news started it, and now every righty follows suit.
“Government does not solve problems; it subsidizes them.” – Ronald Reagan
“Governments tend not to solve problems, only to rearrange them.” – Ronald Reagan
What we need is another Ronald Reagan. This time, without the Cold War to win, we’d be debt-free within 8 years!
Stock traders are a bunch of gutless, reactionary pansies.
Artist,
Give it up. Your liberal pie-in-the-sky robin hood bullshit doesn’t work. It never has and it never will. You can’t have a society of takers leeching off an increasingly pissed-off and shrinking group of producers.
Am I doing the math wrong here? Doesn’t 431 – 411= 20?
I miss the days when reporters just reported the news and didn’t force on us their moronic, miopic, and un-wanted opinions!
Well, at least we now have a President who knows what a library is hahaha!!!…..what’s that? President Bush was married to a librarian? Man, he really IS stupid, then!!!
Uh, now what? Oh, Sir Paul never got a degree but Bush did?
Well, anyone can fake a document….from Yale? So what.
From Harvard, too? Man, his daddy must have had to pay a small fortune in bribes to get those…hahahaha!
Anyhow, what good is a business degree from Harvard?
As if anyone of any importance has one…hahaha!!!
How about we just focus on the iPhone part at the end?
Disappointing? Who set the expectations?
I’m thinking back to the original iPhone sales. Had a bunch of “analysts” who predicted it wouldn’t sell at all. Then after it had the massive weekend, some analysts came up with bogus numbers on what Apple was expecting, to make the claim that the huge iPhone sales were somehow disappointing.
I guess I should be disappointed with all automobiles, because they don’t match my expectation of being Star Trek transporters.
Gallup: Obama Weekly Approval Average Dips to New Low
http://www.gallup.com/poll/139337/Obama-Weekly-Approval-Average-Dips-New-Low.aspx
Soon it’ll all be just a bad memory.
“The Middle East is obviously an issue that has plagued the region for centuries.” – Barack Obama, Tampa, Fla., Jan. 28, 2010
“UPS and FedEx are doing just fine, right? It’s the Post Office that’s always having problems.” –attempting to make the case for government-run healthcare, while simultaneously undercutting his own argument, Barack Obama, Portsmouth, N.H., Aug. 11, 2009
“The reforms we seek would bring greater competition, choice, savings and inefficiencies to our health care system.” — Barack Obama, Washington, D.C., July 20, 2009
“No, no. I have been practicing…I bowled a 129. It’s like — it was like Special Olympics, or something.” – Barack Obama, March 19, 2009 (Obama later called the head of the Special Olympics to apologize)
“I’ve now been in 57 states — I think one left to go.” -Barack Obama, May, 2008, Beaverton, Oregon
Mac news? Oh right, there isn’t any.
“95% of media representatives agree that Obama isn’t at fault for the gulf oil disaster,..”–theloniousMac
Facts don’t matter much to you, do they? If you have proof Obama swam down to the well a mile under the sea and somehow sabotaged it, please share it with the public.
Rachel
“Government does not solve problems; it subsidizes them.” – Ronald Reagan
“Governments tend not to solve problems, only to rearrange them.” – Ronald Reagan
What we need is another Ronald Reagan. This time, without the Cold War to win, we’d be debt-free within 8 years!
Um, no. Ronald Reagan increased the federal debt as a percentage of GDP by more than 10% in his first term and more than 9% in his second. And he wasn’t trying to stimulate the economy.
George H. W. Bush increased the federal debt by 13% during his term…George W. Bush increased the debt in relation to GDP by more than 7% in his first term and 20% in his second. To be fair, I would guess the TARP bank bailout bill played a role in the 20% figure.
In contrast, Bill Clinton reduced the federal debt by almost 10% during his time in office.
Facts are Republican presidents have ballooned the federal debt with unpaid obligations, before the economy cratered and before the stimulus package was enacted to counter the downward trend. The whole “Republicans cut spending” meme is fake. No one can cling to it and claim to tell the truth.
Islandgirl,
“…without the Cold War to win…”
You quoted it, but somehow you missed it anyway.
@ Rachel
Bedtime for Bonzo — Ronald Reagan
And you better review your history: Reagan provided tax cuts and increased spending that led to huge deficits. The most recent president who had a budget surplus was Bill Clinton.
First 2010, then 2012
Artist,
Give it up. Your liberal pie-in-the-sky robin hood bullshit doesn’t work. It never has and it never will. You can’t have a society of takers leeching off an increasingly pissed-off and shrinking group of producers.
What the heck are you talking about? Why do you feel the need to fabricate this fake, straw-man diatribe?
Hm…
And don’t forget, Reagan did that with a Democrat House and Clinton did that with a Republican Congress.
I know, details are a bitch….
Rachel
Islandgirl,
“…without the Cold War to win…”
You quoted it, but somehow you missed it anyway.
I missed nothing. I suggest you read the comment from Hm… directly below yours.
President Reagan cut taxes in 1981. In 1982, as a recession and those tax cuts began to cause fiscal problems, he enacted a large tax increase on business, higher payroll taxes in 1983 and higher energy taxes in 1984.
Somehow, Rachel, you “missed” mentioning that.
TowerTone
Hm…
And don’t forget, Reagan did that with a Democrat House and Clinton did that with a Republican Congress.
I know, details are a bitch….
Not sure what you mean about “details are a bitch,” but I think people used to be able to work together for the common good. Of course, we didn’t have quite the 24/7 attack-dog culture we have now.
How’s that Hope and Change working our for you Obama Zombies?
Islandgirl,
He means the congress, not the president, controls the spending and when Republicans were in charge, you got your budget surplus and deficit reductions.
Do you get it now, honey?
The president usually drives the narrative he wants Congress to follow. He then signs the resulting bills into law.
Do you get it now, honey?
Islandgirl
Bill gets credit for something that was just some numbers re-arranged on paper (mainly because he always brings it up….) yet he could not have done that without Congress, and probably wouldn’t have done it had the elections of ’94 not brought in so many Republicans.
Also, he never discusses where all this ‘peace dividend’ money came from to lower the deficit and who was responsible for it, yet many on the left point to Bill and talk about what a great budget he had, which wouldn’t have occurred if HilaryCare had passed.
Just ironic to me.
Also, don’t forget the Reagan deficits were built largely on revamping the military which had been cut drastically since Vietnam. This was the catalyst leading to Moscow’s eventual capitulation, and the roots of Bill’s budget.
Just my view.
@ TowerTone
I don’t remember Reagan’s congress being nearly as hostile as Clinton’s, but you’re right that Clinton did it with a Newt-run House, which is amazing. For all his foibles and idiocies, the fellow could get good things through. These days, the only thing hyper-partisanship (on all sides) allows us to do together is sink into the quagmire.
It took Bush 8 years to devastate the U.S. economy, and you want Obama to fix it in a year and a half? You teabaggers are mindnumbingly dumb. It’s going to take at least 5 years for Obama to fix Bush’s trainwreck. Just relax, teabaggers; he’s cleaning up your mess, let him work.
According to that poll Obama has a one point better approval rating than did Reagan at the same point in his presidency. Not sure polls at this point mean much in terms of predicting the future. Not sure what this all has to do with Apple products either.
“It’s going to take at least 5 years for Obama to fix Bush’s trainwreck.”
So, do you have a time-table of what he needs to do (specifically, like close Guantanamo, end the wars, drop all that spying on Americans stuff..you know, the stuff that got him elected by hysterics), and is there a list of steps he is taking to lower unemployment, like calming the markets and keeping out currency stable by lowering the ‘horrendous’ deficit Bush left out grandkids?
Or will we be hearing this same BS in the 2012 elections so he can ‘finish the job of repairing America’ that a mere 4 years didn’t allow?
Just curious.
TowerTone,
I certainly understand the role that the House and Senate play in budgeting. In your examples, I think the president and Congress used to be able to work together to accomplish goals even if they were in different parties. As Hm… said, hyper-partisanship benefits no one.
And you’re right, the Reagan tax hikes did bring in additional revenue and help to set the stage for Clinton being able to reduce the deficit. However, I don’t think all of Reagan’s deficit can be attributed to his robust defense spending. His tax cuts, which weren’t offset, also played a role and he had to raise taxes later on as an acknowledgment of falling revenues and the effects of a recession.
In my opinion, I don’t think we know any specifics on how “Hillarycare” would have played out and what it eventually would have cost. Its aim was to provide universal coverage and reduce costs rather than increase them.
“Its aim was to provide universal coverage and reduce costs rather than increase them.”
If that would have been possible, while at the same time keeping our the system of health the best in the world, I believe it would have been passed many, many years ago. The reality is that finding this ‘perfect answer’ is turning into the modern day version of alchemy…..
TowerTone,
“If that would have been possible, while at the same time keeping our the system of health the best in the world, I believe it would have been passed many, many years ago. The reality is that finding this ‘perfect answer’ is turning into the modern day version of alchemy…..”
I think the reason nothing was passed until recently has a lot to do with the 2009 figures I read estimating there were 3,300 lobbyists representing more than 1,500 health-related organizations…all involved in lobbying for and against the issue of healthcare reform.
Not to mention the more than $500 million these groups spent to push their views on healthcare issues during 2008-2009.
In a way, that’s alchemy, isn’t it? Turning words into gold.
@TowerTone
So, do you have a time-table of what he needs to do (specifically, like close Guantanamo, end the wars, drop all that spying on Americans stuff..you know, the stuff that got him elected by hysterics),
By “hysterics” you mean 53% of the American public, right?
and is there a list of steps he is taking to lower unemployment, like calming the markets and keeping out currency stable by lowering the ‘horrendous’ deficit Bush left out grandkids?
Why do you have “horrendous” in quotes? Do you really not consider the 1.3 trillion dollar deficit left by Bush to be horrrendous?
Or will we be hearing this same BS in the 2012 elections so he can ‘finish the job of repairing America’ that a mere 4 years didn’t allow?
Explain how allowing Obama 5 years to fix Bush’s catastrophe is “BS”? You really think he should have fixed everything by now? Do you have no concept at all of how job growth works?
Let me simplify this for you. Bush destroyed millions of jobs. You can’t just magically create millions of jobs overnight. To get those jobs back, it will take years of sustained job growth. That growth has started, but will take a long time to complete.
Here it color coded by president so even you teabaggers can understand it:
http://www.businessinsider.com/chart-of-the-day-jobs-lost-in-the-bush-and-obama-administration-2010-2
Do you get it now?
The Real Rob,
Just FYI, I don’t think TowerTone is a “teabagger” as you put it.
You may disagree with his opinions, and so do I sometimes, but he doesn’t scream in ALL CAPS like the mindless fool who habitually yells “SUCK IT” on this site.
As far someone questioning what President Obama has taken to lower unemployment, I note that the stimulus package itself was at least one-third tax breaks which is what Republicans usually propose themselves. I also recall it took quite a while for the economy to recover from recession during the Reagan years, and unemployment was the last indicator to come back, as it always is.
In addition, I’m not sure what Obama could do to “calm the markets” considering part of today’s drop is due to Hungary announcing its economy is on the brink of a Greek-style crisis.
Just my 2 cents.
“U.S. markets tumble after poor jobs report.”
Apple markets rise after great Job’s report.
Islandgirl
Any idea why those lobbyist don’t like health care reform?
Could they be representing companies that would not make as much money and thus not have as much for research?
I don’t know, I’m just asking.
Rob
It doesn’t take 5 years to pull out of a recession unless the programs you institute turn it into a depression.
If I am wrong then show me where a modern recession has lasted 5 years.
I’m not sure if this graph will work with a link
but the numbers seem pretty consistent.
There was a recession under Reagan.
One at the close of Bush l, and one at the close of the Clinton term.
Then the major one at the end of Bush ll.
http://data.bls.gov/PDQ/servlet/SurveyOutputServlet
…and the link didn’t work.
You have to pick the years (I chose 1980-present) for unemployment stats.
And you are partially right, Islandgirl.
I’m not a teabagger (unless my girlfriend has TWO margaritas….)
But I have been to two Tea Party meetings, in two different states one year apart (4/15). I mainly took pictures of the posters to counter any BS about their intent. I listened to a couple of speakers, ate a hot dog or two, then called it a day.
I never heard one disrespectful word about Democrats, our President, or minorities.
I did hear a lot of griping and complaining about Congress, spending, and open borders.
Democracy in action can be pretty kewl.
“Government does not solve problems; it subsidizes them.” – Ronald Reagan
Ever notice how these kind of quoted comments always seem to come from those with the wealth and power? Just an observation.
@ TowerTone
This isn’t some normal recession we’re in, it’s the worst economic meltdown since the Great Depression. That one took over 10 years to recover from.
Bush took 4 years to get back the jobs lost in the 2001 recession. This one is much, much worse.
Five years to recover from the Bush Catastrophe is actually optimistic.
TowerTone,
My best guess about lobbyists is that they represent people who don’t want to rock the status quo. In the case of insurance companies, that means they don’t like the idea of not being able to cut people from coverage if they’re costing too much, or the ability to deny folks for pre-existing conditions.
The only reason insurance companies signed on to Obama’s reform idea earlier was because the mandate would give them lots of young, healthy people paying premiums to spread the risk of older sicker policy holders. Economies of scale.
For me personally, the Senate Health Care bill didn’t go far enough. I really was hoping for a Medicare-type option for people like me whose employer health insurance (for which I am paying, it’s not free) is crap. I work for a nonprofit whose rates were doubled this year by Anthem Blue Cross. As a result, my employer doubled our annual deductibles and mine is now $5,000! Yes, that’s right, my health insurance deductible is higher than the hurricane deductible on my homeowner’s insurance policy. So effectively, I don’t have health insurance unless I walk out in front of a truck.
It’s nice to hear you attended a Tea Party meeting in which they weren’t nasty. I always wonder why folks suddenly “woke up” to oppose government spending after President Obama was elected, yet most never uttered a peep while our former president took us into war and ran up $1.3 trillion of debt.
Just curious about that.
The two Tea Partiers I know in my group of acquaintances are ardent Glenn Beck fans who parrot whatever he says. They went ballistic when America elected a black president, although they would deny that. I’ve known them for nearly a dozen years and only since Obama took office have I heard more comments about “white people this, white people that” and heightened levels of concern about the government.
One of these women is in her 70s, on Social Security and Medicare, and she continually complains, “Get the government off my back.” One time, I asked her if that included Medicare, but she became agitated so I dropped the discussion.
The other is my age (ahem
” width=”19″ height=”19″ alt=”smile” style=”border:0;” />, and she has forwarded me some emails “that were sent to her” with racist statements about Muslims and some along similar lines about black people. I always send them back, point out what I consider the racist comments and provide links to Snopes, or Politifact, or Factcheck debunking their claims.
As you said, Democracy in action can be pretty cool. And I would add, sometimes confusing and messy.
“Islandgirl
Any idea why those lobbyist don’t like health care reform?
Could they be representing companies that would not make as much money and thus not have as much for research?”
OMG are you joking??
These big pharma companies spend more on advertising on TV than they spend on research. They weren’t even allowed to advertise on TV until I think around 2000. Drug dependency has gone through the roof. They NEVER cure anything. They just maintain your disease so you have to take their drugs the rest of your life. You must work for one because that’s the dumbest remark on this thread yet.
By the way, the guy who invented the CURE for polio didn’t make a dime on it. If a disease like that hit today, millions would be taking polio pill at $20 a pop every day for the rest of their lives!
http://en.wikipedia.org/wiki/Jonas_Salk
“10 new temporary government workers, with taxpayer funded paychecks, for every new private employee. Is that what the stimulus is all about?”
Actually even those temporary government jobs aren’t from the stimulus but are from the Constitution obligating the government to do the census every 10 years.
First- I didn’t vote for Obama OR Grampy McSame & Sister Sara.
Second- I don’t by any means consider Obama a liberal although I am a progressive.
Third- Today’s Republicans are an embarrassment to the party of Lincoln,Teddy Roosevelt, Eisenhower, Gerald Ford, etc.
Fourth- Today’s Democrats are an embarrassment to the party of Franklin Roosevelt, Harry Truman, John Kennedy, etc.
We as a nation are in a real mess, didn’t get into it over night and won;t get out of it over night. I’m no fan of Obama, but he was left with a terrible mess that just keeps on paying interest- some from the Clinton era and most from the Bush era.
The schizoid Cons need to figure out if they want an activist government (help us on the Gulf- BP isn’t getting it done) or a hands off government (we don’t want the government to interfere with free enterprise)- kinda like Bobby Jindal opposing the stimulus and then getting photo ops with big cardboard checks when the project money started rolling in. It happened- over and over in La & he wasn’t the only Republican Governor to do so.
As to Obama- give the guy a break. He inherited a train wreck and has had automatic Republican opposition to everything since inauguration day.
“As to Obama- give the guy a break. He inherited a train wreck and has had automatic Republican opposition to everything since inauguration day.”
Why should give a guy who poured gasoline onto the fire a break. Barack Obama and the Congressional Democrats have already added more than twice as much to the national debt in less than two years than Bush did in his entire eight. The so-called “stimulus” has mostly consisted of unprecedented pork funding instead of what would really stimulate the economy. We could have built a world class fiber to the home network to nearly every U. S. home, school, and business for a fraction of the giant pork spending that clearly is not creating jobs and that will lead to either higher taxes and interest rates or hyperinflation in the future.
@Maddan
Why should give a guy who poured gasoline onto the fire a break.
LOL. That’s a joke, right?
Barack Obama and the Congressional Democrats have already added more than twice as much to the national debt in less than two years than Bush did in his entire eight.
There was a $1.3 trillion deficit when Obama took office. We’re in the middle of Bush’s catstrophic recession. You can’t just wish those kind of deficits away. It will take decades to climb out of the deficit hole that Bush caused. If only that monkey hadn’t squandered Clinton’s surplus. Unbelievable.
The so-called “stimulus” has mostly consisted of unprecedented pork funding instead of what would really stimulate the economy.
You have no concept of what was in the stimulus, do you? Here, do some research for a change:
http://www.recovery.gov
We could have built a world class fiber to the home network to nearly every U. S. home, school, and business for a fraction of the giant pork spending that clearly is not creating jobs and that will lead to either higher taxes and interest rates or hyperinflation in the future.
You want the government to build fiber to people’s homes? Don’t you know that would be socialism? I thought private sector was supposed to be responsible for that? The free market solves everything, right?
Laughable.
You know what else would have funded fiber to everyone’s home? The $1 trillion we wasted on Bush’s Iraq war. I sure don’t hear many teabaggers complaining about that.
Simply not true. The Dems put Bush’s wars on budget where Bush kept them off budget in order to make his deficits look less egregious. I’m not happy about the escalation of the Afghan war, but at least Obama has it on budget.
Progressive Agent Provocateur
Second- I don’t by any means consider Obama a liberal although I am a progressive.
True that. He has governed more from the center or center-left, which seems to both confuse and frustrate liberals. I never considered Obama a liberal so I wasn’t surprised.
The key is, if you look at things from the extreme left, Obama looks too far right.
If you look at things from the extreme right, Obama looks too far left. (And this is where today’s GOP seems to be coming from.)
I try to look at things from the middle, probably center-left for me personally, so I can see what both sides are doing.
“You want the government to build fiber to people’s homes? Don’t you know that would be socialism? I thought private sector was supposed to be responsible for that? The free market solves everything, right?
Actually I just used FTTH as an example of an infrastructure improvement that could be built by private contractors with partial to full government funding and would at least be somewhat relevant to a Mac news site. If that’s socialism than I guess the interstate highway system is also socialism.
If that’s socialism than I guess the interstate highway system is also socialism.
It is. Get the gub’ment off of my roads and out of my medicare.
may I remind you that you are a Mac site thank you.
Oh gosh Karlv, if only using a Mac would be enough to make people “think different”… only half of the actual % of users would have been enough to have a smarter society.
Helas… Too bad, it’s not!