Posted on 07/08/2011 7:30:55 AM PDT by Red Badger
Stocks tumbled Friday after employment rose far less than expected, shattering hopes that the economy was starting to regain momentum following a soft patch in the first half of the year.
The Dow Jones Industrial Average slid almost 1 percent, led by Caterpillar [CAT 109.30 -2.33 (-2.09%) ] and GE [GE 18.9671 -0.3329 (-1.72%) ] after finishing almost 100 points higher in the previous session.
The S&P 500 and the tech-heavy Nasdaq also plunged. The CBOE Volatility Index, widely considered the best gauge of fear in the market, jumped above 16.
(Excerpt) Read more at cnbc.com ...
More of that “Hope and Change.”
Wait ‘till after Zer0’s speech.
Soft Patch? Something tells me I’m about to hear that a lot.
The MSM will call this unimportant, as they continue to pay homage to The One.
More alibis from the chief.
Heard it on CNN at the top of the hour.............
Summer of Recovery III..................
You can hear the creaking and snapping of wood on the slowly sinking ship.
BOTH!.....................
Down 136 now. Oil down to 95.80.
There has been NO good reason for the meteoric rise of the stock market this week! So, someone was manipulating the market into a higher mark, so when these dismal numbers were published, it didn’t look as bad!
Well, that is what they were TRYING to do, but they are completely clueless if they think the American people do not see this ruse!
But the news keeps telling me we’re in a healthy recovery. If this keeps up, I’m going to start doubting them. </sarc>
A soft patch is the uppermost view of a quicksand quagmire.
“Nope, I think this destruction is by design.”
I’m going to have to go with both as well. I do believe that Obama and the communists realize that dependence on government leads to bigger, more powerful government, and that’s what they want.
But I also believe they want a temporary fix of the economy so that they can win re-election in 2012. The failure we are seeing now simply shows how incompetent communists are in dealing with an economy.
“What I don’t understand is why the DOW is down only 100 points.....”
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Exactly. It should be totally in the tank. NOTHING has been done by this counterfeit administration or Congress to do ANYTHING that would take the economic disaster we are suffering from Obama, back toward real USA capitalism. Quite the opposite as we all know.
There is no logic from a pro-American viewpoint. It is malice. After all, answer this -— WHO HATES AMERICA????
I fear you are right. If the Fed phases in QE3, we're screwed, as the only reason to do this is to prop up the stock market and flood financial markets with too much liquidity and cheap credit. The economy is in a classical Keynesian Liquidity Trap and the only way out is fiscal policy. That means either tax cuts (the best choice) or more spending (yeah, like we don't have enough already). Alas, the GOP lacks the stones to do what's right and force a cut in taxes. Already they're backpeddling and saying that "some tax increases" are acceptable. Really? To whom? It sure as hell isn't "acceptable" to me and I will do everything I can to see people vote against anyone who votes for a tax increase. We need less gov't, not more.
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