Stocks plunge as worries about Europe intensify
U.S. stocks plunged Friday, erasing the week’s gains, as rising fears about fallout from Europe’s debt crisis overshadowed President Barack Obama’s plan to revive the U.S. job market.
The resignation of a key official from the European Central Bank was the latest sign of deepening disagreement over how to solve Europe’ economic problems. And investors have to wonder whether the president’s jobs plan can pass through a divided Congress.
At 12:20 p.m. Eastern time, the Dow Jones industrial average fell 298 points, or 2.6 percent, to 10,998. The S&P 500 index dropped 31, or 2.6 percent, to 1,155. The NASDAQ composite index skidded 60 points, or 2.4 percent, to 2,469.
All three indexes are lower for the week. The Dow is down more than 2 percent. It has fallen in five of the past six weeks, and four of the past five trading sessions.
Full Story Here:
Stocks plunge as worries about Europe intensify
Worries about Europe huh? Well, let me tell you what the most of the Media won’t, it’s a lot more than worries about Europe.
The biggest fear that markets, businesses and employers have is Barack Hussein Obama and his total ineptness as a President and a leader.
Everything Obama has touched has fallen into complete and total FAILURE!
This is from Karl Rove.
Twelve Words to Describe Obama’s Jobs Speech
Thursday night’s show by President Obama struck me as…
Presumptuous: He demanded – 17 times – that Congress immediately pass a bill no one has seen.
Tired: The speech contained little new, just mostly recycled ideas or extensions of current programs that haven’t worked.
Small: Its proposals, while expensive, offer little hope of really jump-starting the economy.
Mind-boggling: Mr. Obama wants to drain hundreds of billions from Social Security for another stimulus.
Slippery: It will all be paid for, the president said, but it’s up to a Congressional committee to figure out how.
Misleading: These were just GOP ideas. Really? Republicans have proposed another $450 billion stimulus bill, Mr. Obama?
Arrogant: He refused to consult in advance with anyone on the Hill, even refusing a meeting request from the House Speaker and Majority Leader.
Self-centered: The only job he’s really concerned about is his own. If he really wanted a bipartisan package, he would have worked with Republicans to come up with one.
Unnecessary: The president would have been better off traveling the country this week to lay out proposals, surrounded by people he could claim would might benefit.
Completely political: Before he spoke, Mr. Obama sent supporters an email titled “Before I head to the Capitol” that ended with “You should donate today.”
Hyper-partisan: This speech – especially its angry tone – was aimed at setting up the Republicans for blame next fall. Then he’ll say the economy would be better if the GOP has just done what I ordered them to do.
Misguided: Mr. Obama is betting his re-elect on a massive spending bill.
Other than that, Mrs. Lincoln enjoyed the show. SOURCE
Sometimes Rove hits a good one….this is a HOME RUN! There is only ONE job Barack Hussein Obama is concerned with; his own!
Barack Hussein Obama has NO ideas, he has never, especially since he took the White House, given a speech that was his own. Obama is a bumbling IDIOT that can’t string a sentence of words together without several *umms, ahhs, uhhs* and the like.
When Barack Hussein Obama gives a speech he is reading a script that has been prepared and approved by his handlers, his *puppet masters*. Obama can do so serious READING!
George Soros
Jimmy Hoffa
Richard Trumka
Those 3 individuals, Soros, Hoffa and Trumka, represent the worst of all things that Socialism and Union corruption encompass.
Barack Hussein Obama has got to go! Obama goes away or this nation DIES an ugly death. Obama doesn’t even try to hide his disdain for America, he doesn’t even try to achieve approval from the Congress and Senate for his corrupt government, he merely appoints a new CZAR to do his evil bidding as he bypasses Congress and shreds the U.S. Constitution.
You think I’m wrong? You think I’m picking on Obama and the Unions wrongly? See this, White House Touts Hoffa’s Endorsement of Obama’s Jobs Plan, and if you still think I’m wrong, then YOU are a hard-core Obama Bot and are NOT worth MY time…
Obama’s speech was strictly a kickoff to the 2012 campaign to return him (keep him in) to the White House. Here is the plan, in a nutshell:
1. Put a bunch of mumbo-jumbo in front of a joint session of Congress. Notice that we have to pass the bill right away (if you were involved in a drinking game with that phrase you probably woke up with a hangover), but he’s not going to tell us what the bill is until later. The purpose of this is to have a large kickoff to introduce or kind of introduce legislation that he already knows is toxic.
2. The next step is to run against a supposed “do-nothing” Congress. What he will not explain on the campaign trail is that there are already 14 distinct pieces of legislation to get Americans back to work (i.e. free up the economy) that have been passed by the GOP controlled House and then bottled up by Dingy Harry Reid.
3. He will do his dead level best to continue to legislate from the White House via EOs. They will generally be characterized as jobs enabling, but will actually be more pork given out to James Hoffa, Richard Trumka, and the NEA. The unions will then use all the takin’ out at their disposal to bar the voting booths of conservative precincts.
Keep your powder dry
It gone. Europe will side into nothing and we are not far behind. Really after you look at how bad the banks have been lying on their financials with capitalization, debt, etc this is really the market doing a reboot.
And we all know what happens when Windows decides to reboot. You get the blue screen of death.
From Market Ticker:
http://market-ticker.org/akcs-www?post=193872
Germany is now reported to be working a plan to recapitalize their banks if Greece defaults. This in turn means three things:
A Greek default is considered credible by Germany and they are taking official actions related to that possibility. So much for the denials.
German banks (and presumably French banks and all the other big banks too) are insolvent as they are carrying these bonds at well above their actual value in the marketplace. If the bonds were carried at the claimed “loss” values, which is quoted as 50%, then there would be no need to recapitalize them would there? This is an official statement of proof that the banks are lying about asset values and are in fact insolvent.
Remember that we were just told days ago that these banks were fine and needed no capital and in fact calls for more capital by the IMF were officially refused. The same claim has been made about our banks. You were just told officially by Germany that their claim of adequate capital just days ago was a lie as they are now planning to recapitalize the banks. Do you believe our banks are not similarly exposed and also insolvent? YOU’RE BETTING YOUR FUTURE ON THE BELIEF THAT THEY ARE, SO THIS QUESTION IS QUITE GERMANE AND TIMELY: ARE YOU SURE YOU’RE NOT BEING LIED TO EXACTLY AS WE WERE ABOUT GERMAN BANKS?
Nancy Pelosi said we need to pass this bill so we can find out what’s in it.
Working on jobs is Obama’s Number One task, too bad he smells like Number Two.
Even if I loved and admired Mr Obama with all my heart, as I don’t, he would have pissed me off with this speech simply with the smarmy, arrogant and angrily-demanding delivery.
Screw him.
BZ
Another pass the bill to find out what is in the bill, but this time the libtards don’t control the House. It won’t be as easy to do as Obamacare was.
Obama didn’t get the bounce he wanted or needed. The Sheeples are sick in tired of his lies.
Anytime I see a car with an “Obama” sticker on it, I wanna pull the idiot over and start asking just why we should vote for or support the guy. Problem is, I usually see them on the way to work and I have to open the store …
Maybe I should just start running them off the road.