King Muffin
Posted on 09/22/2011 8:07:09 AM PDT by IbJensen
NEW YORK (Reuters) - Stocks tumbled on Thursday, extending losses for a fourth straight session, as the Federal Reserve's weak outlook for the U.S. economy and disappointing data China heightened fears about a global recession.
Big banks were the top decliners, a day after Moody's lowered debt ratings for large lenders.
Shares of Citigroup Inc (NYSE:C - News) and Morgan Stanley (NYSE:MS - News) hit a 52-week low at the market's open. Citigroup fell more than 4 percent to $24.25 and Morgan Stanley dipped more than 6 percent to $12.99.
-snip-
"A lot of people were hoping for the Fed to say we are close to recession but not really in it and were expecting an aggressive action out of the Fed. The market didn't get this," said James Dailey, portfolio manager of TEAM Asset Strategy Fund in Harrisburg, Pennsylvania.
The market's mood has turned decidedly negative since the Fed statement on Wednesday, which detailed additional stimulus measures but also focused on the weak economy.
Investors are taking a more pessimistic view, and they question the ability of euro zone governments to control the sovereign debt crisis and reverse sluggish growth.
-snip-
FedEx Corp (NYSE:FDX - News) shares fell 10.4 percent to $64.93 after the world's No. 2 package delivery company reported higher quarterly profit that slightly beat forecasts but pared its outlook for a full year, citing fuel prices and moderate global economic growth.
-snip-
The Fed announced a program Wednesday to sell $400 billion of short-term Treasury bonds and buy the same amount of longer-term U.S. government debt in a bid to lower long-term borrowing costs and bolster the housing market.
But investors were more focused on the Fed's wording that there were "significant" risks to the economy.
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(Excerpt) Read more at finance.yahoo.com ...
This is NOT a double-dip recession this has always been a rapid descent into depression!
HE MUST BE DEFEATED BEFORE 2012!
mark - watching closely.
One bright note....NYT stock is down almost 7%.
Much of Twist was about Refi of mortgages (remember Obama’s speech)? So much for Fed autonomy from the Administration.
http://confoundedinterest.wordpress.com/
Amen!
He needs to be gone along with his union thugs and green heads.
Dow 10,761.03 -363.81 -3.27%
Nasdaq 2,475.66 -62.53 -2.46%
S&P 500 1,132.46 -34.30 -2.94%
10 Yr Bond(%) 1.7690% -0.1060
Oil 81.62 -4.30 -5.00%
Gold 1,739.80 -65.70 -3.64%
Much of Twist was about Refi of mortgages (remember Obama’s speech)? So much for Fed autonomy from the Administration.
http://confoundedinterest.wordpress.com/
Dow down 372.
I don’t even know what to do anymore to protect my family from the ravages of another recession, let alone depression. I have a son out on his own who can’t find a job and a daughter and grandaughter soon to be on their own due to divorce who I am worried will not make it on their own. Meanwhile, hubby and I are doing better than ever as we approach retirement. We have already downsized ater the kids left home but are now considering buying a large home where all of us can live together and pool our reseources. Husband thinks I’m nuts.
I don’t think you’re losing your mind. Your dilemma is just a sign of the worst times we’ll see in our lifetimes.
We too worry about our family and especially our 12 grandchildren. The oldest graduated in Miami last year, couldn’t find a job and went back to graduate school which makes no sense at all. If you can’t get employed with a bachelor’s how can a master’s help in this convoluted government botched economy?
This nation needs its manufacturing base which was the envy of the world until the political class ruined everything.
I’ve seen some nasty markets in the 70’s and this one is a corker!
One analyst I follow warns of Deflation and I’m beginning to think he’s got it correct.
Another believes we entered a new era of zero/negative growth going forward........forever. He’s written a book I may pick up called the End of Growth. For all I know, he may be correct.
One ingredient that this mess has that the 70’s didn’t is an African president. Jimmy was terrible, but Bozo is horrible! He has butchered the goose and ate the golden egg.
HE MUST BE DEFEATED BEFORE 2012!
I could not agree more, given his act the past two weeks. The Dems almost have to primary this guy, because while I know Obama literally wants to crash our economy, I don't think that the Dems as a party want the same goal. Obama is only acting on his own interests now, and not the interests of his voters or voting base.
DJIA down 411 at 0912 PST.
Manufacturing Jobs Go Unfilled
Thursday, September 22, 2011
The nation has shed 5 million manufacturing jobs in three decades, but higher-skill factory jobs, posts like Starr wants, increasingly go unfilled as employers deal with applicants with poor reading and math abilities and a bad attitude about blue-collar work.
The National Association of Manufacturers says the skill shortages have hurt production and the ability to meet customer demands.
The pattern is likely to persist as the nation sheds old-style manufacturing to compete in a global economy.
http://beta2.tbo.com/business/business/2007/may/22/manufacturing-jobs-go-unfilled-ar-192914/
Funding scarce for training new hires
Skilled positions going unfilled for lack of qualified candidates
6/23/2011
There’s widespread consensus that millions of jobs go unfilled in the U.S. because employers can’t find skilled workers.
But there’s less agreement on where the money will come from to train those jobless workers. Nobody, it seems, wants to pick up the tab.
Despite an unemployment rate of 9.1 percent in May, nearly three million job openings went unfilled — up from roughly 2.1 million when the recession ended in June 2009. To be sure, that’s not nearly enough jobs for the roughly 15 million Americans who are out of work.
But many of those positions remain unfilled because employers can’t find qualified candidates to do the work. From manufacturing to health care, employers report that they can no longer rely on hiring entry level workers and training them on the job.
In some areas, it seems the shortage of qualified employees is the problem rather than a shortage of jobs.
Down 438.51 right now, with a drop of about 15 points in two minutes.
Many of them can't pass the drug test. You'd be surprised how many people interview, but never come back when they find out they're going to be tested. It's hard for employers find good kids these days.
Two of my college kids just found jobs. One is a permanent position in the Fine Arts field, the other an IT apprenticeship. (Both were home schooled. That might explain it).
Obama's REAL shovel ready job and he's digging as fast as he can.
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