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August 05, 2011
Stocks Crater On Jobless Fears and ABC's Jake Tapper Asks: What Exactly is Obama Doing?
Check out this video: ABC's Jake Tapper Asks: What Exactly is Obama Doing?
Stocks crater on jobless fears
It was a nightmare day on Wall Street today, with the Dow Jones Industrial Average plunging more than 500 points – the 10th worst drop on record, and the worst day since the day Barack Obama was inaugurated as President in 2009.
Stocks thudded lower on Thursday as Wall Street tore a rapid retreat down a wall of economic worry rooted in the nation’s lingering employment weakness.
The Dow Jones Industrial Average fell 513 points, or 4 percent, sinking well below 11,500. The Nasdaq was off 137 points, or 5 percent, at 2,556, and the S&P 500 tumbled 60 points, or 5 percent, to 1,200.
Traders also fled from crude oil, sending the commodity down 5.8 percent lower to $86.63 a barrel, its lowest settlement since mid-February.
“We’re just worrying ourselves to death,” said Bruce McCain, chief investment strategist at Key Private Bank. “How do you get out of this roller coaster of the relentless onslaught of bad news?”
European stocks fell sharply on worries that Italy or Spain might require help from the European Union.
“The one thing this perhaps does do, it effectively dispels the myth that the US could achieve a self -sustaining recovery all on its own. Longer term, we’re going to have to be a lot more careful monitoring what is going on in Europe and emerging markets,” said McCain, noting the implications for US exports.
This is a new web ad put out by GOP House Majority Whip Kevin McCarthy’s Office that asks a simple question: “Mr. President, Where are the Jobs?”
House Majority Whip Kevin McCarthy (CA-22) released the following video : "Mr. President, Where are the Jobs?" There have been a lot of nice speeches about jobs. Now it's time for speeches to stop and actions to begin. The President said it would be the "Recovery Summer" last year, but when you look at entrepreneurship over the last twelve months it's been the lowest in a decade. It's time to read the data, stop the speeches, and take action that creates jobs, empowers entrepreneurs and gets this country working again. Now is a time for action, not political posturing.
Wild Thing's comment......
Soros and Obama keep up their agenda of taking America down. Pure evil both of them and we need someone really strong to win thie next election and to take back our country.
Posted by Wild Thing at August 5, 2011 04:50 AM
Bank of New York customers that have deposited more than $50 million into their accounts since the end of July will not earn interest but to the contrary face an annual fee of at least 0.13% of the excess deposits.
The fee would rise if the one-month Treasury yield dips below zero, according to the letter sent to customers in this from today's The Wall Street Journal:
I don't know what to make of this. A big New York bank actually doesn't want new large deposits ?
How long before this President's Marxist rhetoric causes a run on the banks, brokerages and American financial institutions ?
All this uncertainty created in the markets by his administration's policies will end soon simply because they must end.
Posted by: Carlos at August 5, 2011 07:51 AM
There won't be any jobs. The whole idea is to collapse the system, to make it difficult even for those who are fortunate enough to still be working. His, obama's, agenda to to collapse the economy to the point of anarchy, to where the people will be screaming do something, do anything, we don't care. The Food stamp program has increased by more than 30%. Obama is advertising for new recipients. He won't drill for oil in our own country, hence the price of oil is solely from the Midle East.
Thewhole problem is, this is not new, the Romans went through the same process, from a Republic to an Oligarchy. Right now we are in the Democracy stage, where a majority are dictating what we can do. Individual rights no longer exist, and the constitution is in the same spot. Obama's making it up as he goes along. Healthcare, never would have been forced through by only a selected few, it violates our Rights as individuals and our rule of law. The Constitution.
As Franklin say to the woman who asked him, "what have you given us." 'A Republic, if you can keep it.' Power and greed is why we are where we are at and complacency of the people. At this point, I don't know if we will wake up in time. After this 2 Trillion dollar debacle it is doubtful.
Posted by: Mark at August 5, 2011 07:53 AM
Carlos, WOW, thank you for that information and link.
Posted by: Wild Thing at August 6, 2011 01:44 AM
Mark, thank you, well put. It is extremely disturbing and scary.
Posted by: Wild Thing at August 6, 2011 01:48 AM