The stock market plunged 4.3%

"Stocks posted a severe drop today, with the Dow Jones Industrial Average falling 4.3% and the Nasdaq crumbling over 5%. It's extremely unlikely we're going to see good economic news anytime soon. A terrible jobs number tomorrow is now assumed"

=========================================================
Damn, a double-dip recession???? Maybe, a DEPRESSION?

With the morons we have in Washington what other outcome did you expect? Obama & Bush have been a joke of Prez of this country. They haven’t picked up a single economics concept at Harvard. Spend less, save more, how is that hard to grasp, idiots. Don’t tax the hell out of companies who actually create good job with great benefits for Americans. Ppl are hoarding their cash and don’t want to invest because of the uncertain economic climate, and the shenanigans in Washington. Why don't ya tax the shit out of companies who are shipping good American jobs overseas, i.e. to China, India, etc…for sweat shop labor and turn around and charge Americans a boat load of money for their products.
Enough with the jokesters in DC, getting lucrative salary and pension for doing a damn thing. Obama and Capitol Hill have been a JOKE; Vote them all out in 2012. Ship them all to Kenya where they can run a rundown socialist backward broke nation. We want to keep America as a 1st world.

Revolution time Bitches!!!!!!!!!

Thank you.

 

Wish I could rep you

 

this is what happens when you let people from a privileged, spoiled atmosphere where they didn't have real blue-collar responsibility run your country

if you elected a third party from community college, money would be tighter than fantastic's jeans

 

If the guys on Wall Street can buy 2 parties they can sure as hell buy 3.

 

I lost 2.98% today.

What about you guys?

 

Haven't looked yet.

 

Minimum wage in America is $7.40 an hour. Go overseas and you will have a person do that same job for $1.25 an hour. Your proposal to spend less and save more is exactly what these companies are doing.

So why are you so upset????

 

You know u wanna look. It's a fun game!

 

You're talking about manufactoring jobs maybe but not everything and cheaper doesn't always mean better. This is forcing us back into a more localized econonmy which to me is a much better idea. We still have resources here to cultivate and use. It's going to be painful at first but to be honest I'm tired of our ENTIRE lives being about consuming as much as possible. As long as I can eat and educate myself and have some type of roof over my head I'm good

 

Down 300 already

One hour in today...already blood on the street. :smt073

 

Please don't spread the panic xoxo. Give the markets time to adjust. Investor need a couple of days to see that the sky isn't falling. In more upbeat news the price of oil dropped another 2 dollars signaling a drop in gas prices as well as food.

 

If I where to stick with my goals now, my quick numbers tell me I'd be working until I was 72.

 

I hope I can serve for that long

 

Keep This In Mind

[YOUTUBE]dZ1E6N9bhas[/YOUTUBE]

 

Mos def...this is just a bump for some of us...I'm a paper jockey, an urban warrior, they can't keep me or my paper down...we will make it through this just like we made it through the bubble and other crisis.

 

Fresh I hope you don't take offense to this but you're definitely my nigga right now. I love a can do attitude. Can't dos won't do shit.

 

Why S&P Has No Business Downgrading the U.S.

Robert Reich.Chancellor's Professor of Public Policy, University of California at Berkeley; Author, 'Aftershock'



Standard & Poor's downgrade of America's debt couldn't come at a worse time. The result is likely to be higher borrowing costs for the government at all levels, and higher interest on your variable-rate mortgage, your auto loan, your credit card loans, and every other penny you borrow.

Why did S&P do it?

Not because America failed to pay its creditors on time. As you may have noticed, we avoided a default.

And not because we might fail to pay our bills at the end of 2012 if tea-party Republicans again hold the nation hostage when their votes will next be needed to raise the debt ceiling. This is a legitimate worry and might have been grounds for a downgrade, but it's not S&P's rationale.

S&P has downgraded the U.S. because it doesn't think we're on track to reduce the nation's debt enough to satisfy S&P -- and we're not doing it in a way S&P prefers.

Here's what S&P said: "The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics." S&P also blames what it considers to be weakened "effectiveness, stability, and predictability" of U.S. policy making and political institutions.

Pardon me for asking, but who gave Standard & Poor's the authority to tell America how much debt it has to shed, and how?

If we pay our bills, we're a good credit risk. If we don't, or aren't likely to, we're a bad credit risk. When, how, and by how much we bring down the long term debt -- or, more accurately, the ratio of debt to GDP -- is none of S&P's business.

S&P's intrusion into American politics is also ironic because, as I pointed out recently, much of our current debt is directly or indirectly due to S&P's failures (along with the failures of the two other major credit-rating agencies -- Fitch and Moody's) to do their jobs before the financial meltdown. Until the eve of the collapse S&P gave triple-A ratings to some of the Street's riskiest packages of mortgage-backed securities and collateralized debt obligations.

Had S&P done its job and warned investors how much risk Wall Street was taking on, the housing and debt bubbles wouldn't have become so large - and their bursts wouldn't have brought down much of the economy. You and I and other taxpayers wouldn't have had to bail out Wall Street; millions of Americans would now be working now instead of collecting unemployment insurance; the government wouldn't have had to inject the economy with a massive stimulus to save millions of other jobs; and far more tax revenue would now be pouring into the Treasury from individuals and businesses doing better than they are now.

In other words, had Standard & Poor's done its job over the last decade, today's budget deficit would be far smaller and the nation's future debt wouldn't look so menacing.

We'd all be better off had S&P done the job it was supposed to do, then. We've paid a hefty price for its nonfeasance.

A pity S&P is not even doing its job now. We'll be paying another hefty price for its malfeasance today.

Robert Reich is the author of Aftershock: The Next Economy and America's Future, now in bookstores. This post originally appeared at RobertReich.org.





http://www.huffingtonpost.com/rober...il&utm_content=BlogEntry&utm_term=Daily Brief

 

:smt021

 

If government had been listening to him, or even better yet, Paul Krugman, all along we wouldnt be in this mess.

 

Ok folks, huge selloff today, the Dow dropped about 630 points at the close of the market.

Another steep loss. :x

Lets hope that the Dow can stay above the psychological level of 10,000. If it falls below that, we're heading back into a recession.