The scoreboard:
Dow: -324, down 3.16%
S&P 500: -38, down 3.44%
NASDAQ: -84, down 3.64%
S&P 500: -38, down 3.44%
NASDAQ: -84, down 3.64%
And now, the top stories:
- The panic really got started pre-market, when a rumor started spreading that SocGen was facing a big derivatives loss. The euro plunged, even though the rumor was never confirmed. Combined with the market's newfound source of panic, Hungary, things were already looking bad early in the day. See: 12 signs the bull market over >
- The second thing to club this market was the jobs report, which came in WAY worse than expectations. There's still virtually no private sector job creation. By all accounts, the jobs recovery seems to have plateaued.
- The LMRP is on the Deepwater Horizon gusher, but there's no indication yet that it's working significantly. BP has expressed some optimism that it will work, but nobody will feel confident about that for some time. See 10 companies that will get savaged if the Gulf of Mexico gets shut down >
- The action in the commodities space was simply horrendous. Copper and palladium, two industrial metals we've been focusing on closely were savaged. Gold however did rally. See evidence deflation is spreading across the economy>
- As a politician, Barack Obama is in a total tailspin. The jobs situation made things worse. Earlier this week he appeared to tip a strong report, but it came in weak. Then when he spoke this morning, he ignored how bad it was, and sounded foolish.
- A shale explosion in Pennsylvania has cast a pall over the natural gas industry, one group that was expected to benefit in the post Deepwater Horizon era.
- The euro fell below $1.20.
- The oil spill has officially hit the beaches of Pensacola, FL.
Watch the panic really hit as the oil GUSHER moves up and around Florida to the East Coast (they predict it could travel up to Maine).
ReplyDeletecollapse of america is already happening. hyperinflation is a sure thing. there is no way out until collapse happened. rebuild will take place once the chaos subsided.
ReplyDeletethe pheonix will rise from the ashes. the future is looking good if we let the market force takes place.
In heaven
ReplyDeleteEverything is fine
You got your gold bullion
I got mine
It's obvious this ride is going to reach the end of the tracks pretty soon.
ReplyDelete95% of job creation due to the census. Not even enough jobs to keep up with new workers coming into the workplace.
Honestly, i just wish it would happen already. The quicker the collapse happens, in whatever form it will take, the quicker we can do something about changing the system.
Not me. I hope the fake economy and bullshit keeps going forward. I am fully prepared, but not looking forward to millions suffering, starving, dying.
ReplyDeletePensacola. Lots of fond memories of that beach. It is going to be a massive black blob. Thanks corporate elite I hope you enjoy your profits.
ReplyDelete12:20 I like that mentality.
ReplyDeleteSo many are fearful of a collapse so they bury their heads. The crash is coming, it is unavoidable.
Why people wish to be dragged on like this is beyond me, they must really fear "change".
With a crash we can finally not be dragged on but be able to begin making a new foundation for a new world. Rebirth.
My fear is that as the chaos dissipates and people begin rallying, they won't allow the truly intelligent people to work on the new government which can potentially be better than the Constitution. The way they'll screw this up is if they choose someone's word because they are older so they must know better, think people who are very intelligent sound strange because they're too dumb to understand what they are saying, or pick leaders who are militants and will in turn end up wrecking everything. That kind of thing.
Plato's dream might be able to come true two thousand years after. Philosopher Kings - society run by people who are actually smart and not the kinds we have always had and especially have now, those run by mindless idiots who are unqualified due to the reality that they demonstrate a lack of any skills even though their "education" would trick people dumber than them into confirming their competence (which they have none).
Either our politicians are the dumbest people on earth or the most corrupt. you pick
ReplyDelete"As a politician, Barack..Sounded foolish"
ReplyDeleteTens of thousands homeless after Kentucky flood
and Obama NEVER shows up for a visit.
Oil valcano gushing. Obama denies request for sand barrios due to environmental concerns.
Buyers remorse any one?
Edit: Sand barriers
ReplyDelete4:03 Like McCain would be a viable alternative now? Let's get real people. All these politicians don't give a cows tit about the masses.
ReplyDeleteAnd on top of all this you have incredulous "thinkers" like 3:09
ReplyDeleteI've got news for you thinker; next to the Bible,
the Constitution of The United States is without a doubt the most important document ever created.
I'm sorry to be the one to tell you that there are no more Ben Franklins and Thomas Jeffersons
and "societies who are run by people who are smart" your kidding us right ?
We are where we're at because these same smart people have bent, broken and defaced the constitution in the first place.
Our founding fathers were of divine inspiration
you didn't tell Thomas Paine to take a kickback
for not writing against monarchial government. We have no such scruples at any level today. People are basically whores unto themselves.
How is a loss of 3% worldwide panic?
ReplyDeleteEven that "1000 point drop" wasn't a drop at all, it was just a swing that was recovered within a few hours to translate into... just another 3-4% drop, which was then bought back later in the week.
Wait, don't bother answering me, because I'm just a (a) shill, (b) not too bright, (c) whatever other name you guys call people who disagree with you.
You guys need to get off your computers and go outside and get some sunshine.
Don't make negativity your hobby.
lost!!!!!!!!!!!!!
ReplyDeletecause!!!!!!!!
these things will happen as shore as that sun comes up.
ReplyDelete7;22 there is always a stupid poster out of the group of 10. Unemployment is way down, the market has plummeted from 14,000, the oil gusher has destroyed vast lands, Europe is crashing, war is about to erupt, housing has crashed, million on food stamps, people homeless and the list goes on.. you're not a shill you're a mentally incapacitated individual
ReplyDeleteThe only way the economy has survived this long is due to bailouts. As we see with the 'rie' of jobs last month, 95% were govt. paid. Nothing is improving. It's going to get ugly when there is no more money to support govt. mandates.
ReplyDeleteThe one called the shill here, the guy who keeps posting these little snippets of "positive" figures isn't seeing the forest for the trees. You simply cannot have negative job growth worldwide, compounding debt growth worldwide and have a recovery from that without a crash first. You are right in that we will recover, but what most of us are saying here (ignore the name callers) is that there has to be a crash to resolve the bad debt first. Simply spouting tiny bits of positive news is irrelevant because there will always be bright spots in any situation which show some sort of short term gain.
ReplyDeleteWe are looking at the big picture though, which you seem to ignore in an attempt to be contrarian in a very immature way I might add. Everyone else see's past this and that's why they call you a shill and a troll.
Based on Mr. Um um um's actions, we can only surmise all the doom and gloom is without merit. Deficit spending is very good for the country because he is increasing the deficit three times faster than that evil G.W. Bush. People are out of work only because they choose to be. Unemployment under evil Bush was a crisis at 6.7% according to princess Pelosi, now she is silent. Why even a little oil leak is not a problem. Um um um says all this by his actions. Parties every Wednesday at the white house further proves the point.
ReplyDeleteYou see people, we are all delusional and on the wrong side of history. Just follow dear leader um um um and all will be better.
Yes we can
Hey, where are the Tea Parties? Why don't they protest BP?
ReplyDeleteWhen the printing press runs out of ink we will start a war with someone who can actually fight back. That’s where the money is. What’s a few hundred thousand dead compared to millions starving to death.
ReplyDeleteThe Tea partiers aren't protesting BP because they realize the people wasting their time protesting BP are simply too stupid to realize that we can't have a world without oil anytime soon.
ReplyDeleteMaybe we should allow oil companies to drill in places where it's easier to get the oil, rather than in deep water where it's much more expensive, dangerous, and environmentally risky.
This comment has been removed by a blog administrator.
ReplyDeleteSome people's comments really amaze me. Negativity? I am in great shape financially but we as a country are in a world of hurt right now. No jobs. No improvement. We're being turned into a 3rd world country...now the oil spill. Keep thinking your positive thoughts...they won't change reality. The reality is, this country is going to fall off a cliff. If you're not ready dearie...you're going to freak out in a major way.
ReplyDeleteThe Tea Party "Patriots" are silent about a lot of things in the budget deficit.Especialy the sacred costs of militarism .
ReplyDeleteThanks to oblivious American imperialist racism and a Democrat Militarist President in power the US is still refusing to budge on the cost of promoting War plans in Asia with military bases directed at and surrounding China under cover of being protection against hyped up Nth Korean threats by the confrontation Maniacs.
After 9 months the new prime minister of Japan Yukio Hatoyama had to resign without achieving his platform promise of removing a U.$. military base, Futenma on Okinawa. Obama was no help.
Though we often hear more about U.$. troops in Korea, there are more U.$. troops in Japan–47,000.(1) With the Six Party talks regarding northern Korea going on in northeast Asia between 2007 and 2008, the Japanese people had reason to believe and hoped with the election of Obama , if they made a step forward toward relaxing tensions, then others in the region would also. The election of racist extremists Democrats in hock to the Pentagon and business
dashed the hopes of the Japanese people to cut back on wasteful U.$. militarism, that the Japanese have to pay for in part.
Despite huge budget deficits and an economic crisis mainly bought to a head by the cost of militarism . Bailouts for banksters remain in place and unemplyment benefits may not be extended but nothing is done to cut back on the cost of militarism Its business as usual .
Prime Minister Hatoyama had promised in his campaign to remove the base and the Japanese people have a greater sense of honor than Amerikan voters, so Hatoyama’s failure to deliver cost him and his party.
There is another ruler that promised to close a certain military base, Guantanomo and he had more than enough time to do it as promised . He should also resign as a failure .
But their is no honor amongst thieves or puppets And Americans and Jappanese people
must pay the costs for that militarism
in reductions and cuts to now "unafordable" social security benifits.
when times get tough and the economy begins to really tank the politicians (puppets of the elite) will start (false flag ) a war to distract the sheep.
ReplyDeleteprepare for ww3 - buy a couple of bikes and good walking shoes.