Yesterday the discussion was about whose answer to our problem was better, bush's or the Democrats. I thought we had a fantastic answer and the answer as usual is neither one. Each side of the aisle as is the norm ignores what is right for the average American and our failing America as they continue to play their usual childish games. If really solving our problems the goal would be to Help the poor and put America to work Rebuilding our rapidly failing infrastructure
I have been warning for years now what was going to happen when reality caught up to the house of cards Bush has created. Despite his trying to stave it off it is rapidly approaching and the world is reacting.
Stocks fell sharply worldwide on Monday following declines on Wall Street last week amid investor pessimism over the U.S. government's stimulus plan to prevent a recession. U.S. markets were closed for Martin Luther King Jr. Day, but the downbeat mood from last week's market declines there circled through Europe, Asia and Canada. The U.K. benchmark FTSE-100 dropped 4.7 percent to 5,625.20; France's CAC-40 Index plunged 5.9 percent to 4,793.39, while Germany's blue-chip DAX 30 slumped 6.74 percent to 6,821.42. In Asia, India's benchmark stock index tumbled 7.4 percent, while Hong Kong's blue-chip Hang Seng index plummeted 5.5 percent to 23,818.86, its biggest percentage drop since the Sept. 11, 2001, terror attacks. Canadian stocks fell as well, with the S&P/TSX composite index on the Toronto Stock Exchange down 4.8 percent. In Brazil, stocks plunged 6.9 percent on the main index of Sao Paulo's Bovespa exchange.
Concerns about the outlook for the U.S. economy, a major export market for Asian companies, has sent the region's markets sliding in 2008. Just last Wednesday, the Hang Seng index sank 5.4 percent. "It's another horrible day," said Francis Lun, a general manager at Fulbright Securities in Hong Kong. "Today it's because of disappointment that the U.S. stimulus [package] is too little, too late and investors feel it won't help the economy recover." Japan's benchmark Nikkei 225 index slid 3.9 percent to close at 13,325.94 points, its lowest close in more than two years. China's Shanghai Composite index plunged 5.1 percent, partly on worries about mainland Chinese banks' exposure to risky U.S. mortgage investments. "People are certainly nervous about a potential recession in the U.S. spilling over to the rest of the world," said David Cohen, Director of Asian Economic Forecasting at Action Economics in Singapore. they will blow this too for the world
Oil prices also fell Monday in Asia as concern over the U.S. economy drove down regional stock markets and outweighed concern that OPEC will resist pressure to raise crude production levels. Oil prices have now retreated more than $10 from a record above $100 a barrel early this year on worries a flagging U.S. economy would dampen fuel demand. Prices had gained Friday on hopes that President George W. Bush's economic stimulus plan would work. But most stock markets have since reacted pessimistically, uncertain Bush's plan is enough to stave off a severe economic downturn in the world's largest oil consumer. Asian markets plunged Monday, with benchmark indices in Hong Kong and China both dropping more than 5%. On Friday in the U.S., the Dow Jones industrials fell 0.5% after Bush announced a $145 billion tax relief package. our economy is even affecting oil
the Peruvian stock market of course is small but it was so bad they had to close. The world is rightly panicked but this breakdown too will continue thanks to Bush's ineptitude and lies! At last check Dow futures were down almost 500 points. That is Big! After the heavy losses nursed by Asian and European stock markets, U.S. stock futures are pointing to huge losses when markets re-open on Tuesday. Futures on the Dow Jones Industrial Average dropped 476 points, the S&P 500 futures contract fell 62 points and the Nasdaq 100 futures contract declined 81 points. Continuing selloff
You know both sides are on either side of the right answer and will not come together or solve this problem as it rapidly develops and affects the entire world as they continue to play their routine childish games while we fall apart. With that said I will repeat for the umpteenth time that this is no recession. This is the beginning of The second Great Depression
Mike Whitney laid out the scenario a year ago. Bush's hiding of the facts, allowance of unmonitored abuse of all facets of the country, and Alan Greenspan's complicity set the stage once again for a financial meltdown. The perfect US and World destructive perfect storm. I went so far as predicting a Dow 10,000 and it is coming. Six months ago I did a comparison as to the comparisons of the First Great Depression and I wish people could have thought about and learn form who was in control the last time this happened. Eighty years ago it was also the Repuclicans