“Stocks eased off their session lows but were still sharply lower across the board in another volatile session Thursday as fears over a global economic slowdown intensified and ahead of the widely-followed monthly unemployment report,” JeeYeon Park reports for CNBC.
“The Dow Jones Industrial Average plunged over 2 percent, led by Caterpillar and Alcoa, after rebounding from a deep selloff in the previous session to snap an eight-day losing streak,” Park reports. “The blue-chip index tumbled 372 points at its session low and is down for the 9th day in 10.”
Park reports, “The S&P 500 and Nasdaq also plummeted. The S&P entered its ‘correction territory,’ defined by a drop of 10 percent from its peak from its intraday high in May. Both the S&P and Nasdaq are currently trading in negative territory for the year.”
“On the economic front, weekly jobless claims were little changed last week, edging down to a seasonally adjusted 400,000, according to the Labor Department,” Park reports. “The unemployment rate is expected to hold steady at 9.2 percent… Adding to day’s woes, JPMorgan cut its third-quarter U.S. economic growth forecast by 1 percent, pointing to recent developments in the U.S. economy. The firm added that it doesn’t expect the Fed to raise interest rates until at least 2013.”
MacDailyNews Note: Shares of Apple Inc. (AAPL) are currently down $7.65, or -1.95%, to $384.92.
Read more in the full article here.
Hope for change
Change for Hope
How’s taken back your country working out for you? GOP governors have cut government workers, made others take furlough days and increased the amount they pay for retirement all the while cutting programs and giving tax brakes to the rich.
The GOP house stuck a union busting bill into the standard funding of the FAA bill and the Senate said no. Meanwhile up to 70,000 works are not working while FAA inspectors have to pay their own way until this mess is resolved. All this just adds to the unemployment of the country. The republicans don’t mind if the country suffers a little more to make sure Obama doesn’t get re-elected.
The House leader said the GOP got 98% of what they asking for in the budget talks. What happened to the stock market, it tanked on the news. No taxes, no unemployment extensions, only cuts in spending programs. People with no money can’t spend money.
The only thing the republicans have agreed to is cutting Medicare for anyone under 55 and cutting taxes on the rich to 25% down form 39.6%. That’s a hell of a platform to run on for the 2012 elections.
The 2012 election day will be Fright Night for the republicans.
Bullshit! Government workers ( that’s people being paid by your tax dollars) pay and retirement benefits are outrageous! It has put most cities in dire financial situations. For years government workers, as opposed to private sector workers, have been given more and better benefits every year no matter what. Most can retire with free medical and guaranteed pensions with raises. Police and fire fighters can retire after 20 years and draw their pensions! Teachers retire at 50! C’mon, no one in the private sector gets anything like that. Try firing a teacher,cop or fire fighter. Their unions will shut down city hall. And I believe in unions but not for public workers. The government workers unions have bankrupt cities and they don’t care. Pay attention to what goes on in your community. It’s your tax dollars. Its not Republicans it’s the government workers unions.
In Houston, the city hired a company to recommend benefits plan changes. That third party company used stupid assumptions for rates of return on pension assets and recommended a massive boost in benefits. As you can imagine, their assumptions were bogus and the red ink started flowing. Most of our current financial problems can be chalked up to greed, ignorance, and stupidity. Reverse Darwinism is rampant in the U.S.
Fap for chalupas
We definately need four more years of this amazing change and strong leadership. Worse than Carter.
DOW on 1/20/2009 8500
DOW today 11500
I’ll take that Change any day of the week.
How many tens of millions have lost their jobs under Obama?
Obama Job Approval Index (Rasmussen):
1/20/2009: +23
Today: -18
Now there’s some real change!
Dick Morris – Obama Facing Landslide Loss:
Reagan job approval at inauguration 60%
Reagan job approval 2 years later 39%
-21%
Got anything else besides right-wing talking points?
From Gallup:
Reagan job approval at inauguration 51%
Reagan job approval upon leaving office: 57%
+6 percentage points
Reagan’s current post-presidency approval rating: 75%
Wanna bet right now that when Obama hits the road on 1/20/2013 his approval rating wil be lower than when he took office?
Nice try, but the typical Lib lies don’t fly here. This isn’t ABC/CBS/NBC, we don’t accept lies blindly.
Obama has been in office for 2.5 years, not 2. 30 months.
Gallup:
Reagan job approval at inauguration: 51%
Reagan job approval 2.5 years later: 47%
-4 percentage points.
Gallup:
Obama job approval at inauguration: 68%
Obama job approval 2.5 years later: 41%
– 27 percentage points.
Reagan 47 – Obama 41
not so much different after 2.5 years
The difference is that only slightly over half the people had high hopes for Reagan
You forgot to use the term “neo-con”. Didn’t you read you “talking points”?
Wow, toe-sucking Dick Morris. There’s a credible observer.
If your comment is your concept of rebuttal/debate, I think the toe sucking is obviously on the other foot.
Based upon what I read elsewhere in the web, with interest free loans from our treasury to Goldman Suchs and other firms to day trade in the market, yes, that would cause a nice increase. But when that game is over, I wouldn’t want to be in the market.
As you clearly didn’t vote for Obama the first time, your lack of confidence isn’t surprising. But are you really happy that the party you do support is willing to ruin the economy in order to prevent obama’s reelection? In other words, would you prefer that the American economy crash to help elect a republican president?
What’s funny (and sad) is that you fail to realize that Obama is attempting to execute the Cloward–Piven strategy right now.
Luckily for us non-socialists, he’s going to run out of time.
You’re ASSuming (and reaching) to conclude that Republicans are intentionally crashing the economy in order to prevent Obama’s reelection. Puuuulease. The DEMOCRATS controlled all three houses of government for 2 years. They could have passed a budget, tax reform, or even tax increases. I don’t think Obama needs any help from Republicans to destroy our economy.
When will you Dems admit that the guy is not a leader and is not a great President. Most Repubs are willing to admit Bush’s mistakes and our disappointment in the wars. But, you can’t admit your man is a flop.
“Most Repubs are willing to admit Bush’s mistakes and our disappointment in the wars. ”
That’s a joke. Over $1 Trillion spent on Bush’s watch on unnecessary wars, excessive deficits post 9/11 from a “conservative Congress”, Wall Street abuse/crash etc. etc. and you and your imaginary friends are just “disappointed”??? What ever happened to the word “irate”???, or is that a “no-no” in your Fox driven brain???
Still waiting for an answer to my question…
Would you prefer a growing, strong American economy in the next two years or would you prefer to defeat Obama? Surely you understand the next election hinges on this issue. Not rhetorical…
As for Democrats “controlling” Congress, maybe you slept through civics and are unfamiliar with the word “filibuster.” As in, record-setting unprecedented use of the filibuster.
Mitch McConnell said it out loud: His number one goal is to prevent Obama’s reelection. At what price?
Obama won’t allow the economy to improve, it would wreck his attempt to execute the Cloward–Piven strategy.
You are joking? No, probably not.
The only hope America has – with the exception of God – is to defeat 0bama at the ballot box, or hope he expires from natural causes.
If 0bama is re-elected there will not be an economy. You will have the first American dictatorship – “temporary” of course, to deal with the anarchy.
America’s hope is in God, plus any Republican that can defeat Obama? That’s some really deep thinking…
Dictatorship…right.
You and F10T12 are prime representatives of the crowd that truly threatens the future of America with your biblical certainty that only you know the right path. It is both infuriating and laughable – certainly enough to drive many people to the opposite end of the political spectrum just to demonstrate that they are not affiliated or contaminated by you in any way whatsoever.
You are doing a fine job of pushing dedicated independent moderates towards the left.
Time to buy more AAPL.
By far the Best comment of the Day!
The smartest post on the entire site! As I told the fanboys yesterday, buy AAPL. Use calls and puts (sweet today) to cover your stock position. C’mon fanboys, borrow a couple of bucks from your parents and invest in AAPL. Maybe you can move out of their basement. Oh sorry, didn’t mean to scare you. I realize moving all of your gaming equipment could be a nightmare!
Don’t blame Obama. He’s simply executing the Cloward–Piven strategy the best he knows how.
Blame the fools who voted for him based on a cake baked of undefined “Hope and Change” frosted with white guilt.
F10T12, you seem obsessed with a “Cloward-Piven” strategy from the 1960’s. Well, here’s an excerpt from Conservatism in the United States (Wikipedia):
“In the 1980s President Ronald Reagan solidified conservative Republican strength with tax cuts, greatly increased government spending, deregulation, a policy of rolling back Communism (rather than just containing it), a greatly strengthened military, and appeals to family values and conservative Christian morality. The Reagan model became the conservative standard for social, economic and foreign policy issues, and that period of American history became known as the “Reagan Era”.[5] After the fall of Soviet Communism in 1991, key conservative domestic issues become what conservative columnist William Safire calls “God, guns, and gays”. Conservative voters tend to oppose abortion, gun control, and gay marriage.[6][7][8][9] From 2001 to 2008 Republican President George W. Bush stressed cutting taxes, increasing spending, minimizing regulation of industry and banking,[10] and the use of American military power to fight terrorists, promote democracy, and secure American Oil interests in the Middle East.[11]”
Actions: tax cuts, increased spending, deregulation…
What happened: stock market crash of 1987, Savings and Loan bailout, housing bubble collapse followed by massive and long-lasting recession, massive increase in national debt, and so on. Not much of a record, eh mister conservative?
What we need is true fiscal conservatism combined with reasonable social and environmental liberalism. In other words, get the deficit under control, quit worrying about gay people getting married, and protect the land, air, and water because corporate isn’t going to do that voluntarily.
KingMel, you really shouldn’t try to mix facts into the argument. It’s impossible to debate the wing nuts whose ears (and minds) are solidly glued shut. Not to mention the waste of time and bits used in responding to their folderol.
Yeah, we’d be MUCH better off with four more years of GOP rule.
Sarcasm noted
We certainly were after we dispatched the last Carter.
Jimmy Carter was the *only* Carter. One would think that you would at least appreciate his pious nature. It is also rather ironic that the religious nutcases in Iran played a key role in helping Reagan to get elected by taking and holding American hostages until just after the 1980 election. Hmmm…
Congressman Ron Paul has the highest correct planned actions to straighten out our country, beginning with abolishing the (non) Federal (non) Reserve!
Go Ron!
Every president who has tried that has wound up with a bullet in his head – i.e. Kennedy
Finally it’s getting through to you
It is naive to use Keynesian debt-funded liquidity now, on top of the perverted, upside-down Keynesian stimulus practiced by Reagan, and especially Geo W, who are still the biggest deficit busters ever (where were the tea party deficit hawks then?). What’s called for now are increased taxes on the rich and cessation of wars. The US, Europe, and Japan have been hollowing out their wealth for decades. A sharp cyclical decline is inevitable.
(where were the tea party deficit hawks then?)
Right here, and he will also be our President in 2020….if not sooner.
Thanks, teabaggers for a fake crisis.
You Repubs should be happy to have a Republican President- because Obama is by no means a liberal or progressive. He’s a DINO (Democrat In Name Only) and I did not vote for him & I won’t be voting for him in 2012.
Your drug use must be at the intravenous stage.
The man’s record looks mostly like a continuation of Dubya’s.
You’ve absolutely no clue, progressive.
The Democrats did not do their job and propose a budget when they had control of both Houses of Congress.
They created this.
Also, you WILL vote for Obama, and you know it!
What?! No MDN comment on Apple setting a new weekly low?
GM said: “Try firing a teacher,cop or fire fighter.”
I say, try BEING a teacher, cop or fire fighter. Or try recruiting them offering only crap pay AND crap benefits. Middle class public servants are not the problem. Tax cuts and loopholes for super-rich individuals and corporations, that’s the big money down the drain.
blah blah
There are not enough super-rich people to create an appreciable tax base – we are talking trillions of dollars in debt, remember.
One of the problems is there are too many people who don’t pay any taxes. Ann Coulter said everyone should pay tax, even if it’s just to send in their can of Spam.
Unemployment is a result of over-taxing the sector which provides the jobs, in the first place. Why do you think Apple products are created in China?
do you want the Federal Government to be the only employer?
The reason we have no manufacturing here in the states is because of these bogus “Free Trade” policies started under Reagan. Up until the the 1980’s 30% of our federal budget came from tariffs and protection of American jobs. Up until the 1860’s It was 100%
Remember when Walmart only sold American Products?!?
I do.
That is a major impact, no doubt, however, I remember FT as part of the Clinton legacy. No?
To be honest I am not an enthusiastic student of history; despite the well-known aphorism, I think a study of history shows we have a tendency to repeat it, whether or not it is mandatory.
I am an even less enthusiastic student of economics. I found the following when attempting to get a grasp of Reagan’s FT philosophy. The following is from the WSJ, May 1982
http://www.fff.org/comment/com0406h.asp
Break it down.
Here is a typical video of a low-paid Black guy attacking a rich White guy on his stance about money and taxation.
http://www.pjtv.com/?cmd=mpg&load=5861&mpid=84