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Subscribe to RSSU.S. stock prices fell sharply again Tuesday in choppy trading, amid ongoing fears about the possibility that Greece may soon default on its debt.
The Dow Jones industrial average was lately down over 130 points. Europeans shares also extend their recent losses amid fears the euro zone’s sovereign debt crisis is spreading to the banking sector.
U.S. stocks have fallen for the past two sessions. CNBC reports that the broader stock market is now trading near bear market territory -- down 20 percent from its April high -- as investors worry that the crisis in Europe could make a recession more likely in the United States. Fears about Europe drove the Dow down some 260 points Monday.
“The economy is in a protracted slowdown, and until there’s a resolution with Greece, that situation will continue to linger over the market,” Robert Pavlik, chief market strategist at Banyan Partners LLC in New York, Reuters reported. “This could turn into a self-fulfilling prophecy of recession.”
European finance ministers are looking at making banks take bigger losses on Greek debt, and they have delayed a vital aid payment to Athens until mid-November, setting up a crunch point in the region's sovereign debt crisis, according to the news wire.
Adding to the gloom: Goldman Sachs has cut its outlook for gross domestic product for advanced economies for 2012, seeing growth of 1.3 percent instead of its previous expectation of 2.1 percent.
In economic news, Federal Reserve Chairman Ben Bernanke told lawmakers Tuesday that recent economic indicators point to “the likelihood of more sluggish job growth” ahead. And data on factory orders showed a second decline in three months in August.
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Some how some teabagging idiot is going to blame Obama on what happens in Europe.
We all know it's Carter's fault...
We have enough here in America to blame on Obama.
Some how some libtard idiot is going to blame Bush on what happens in Europe.
America should be working to lead the world out of this mess. There are solutions but between Obamas campaign agenda and special interest we are just going to helplessly watch this disaster unfold.
Yeah, but what's the latest with the Amanda Knox story?
Bigger question. What's new with the iPhone 5??
Read a story yesterday about a wild bear chasing a dog through a neighborhood and charged into a house, attacking the couple inside. Ya think the homeowners need to review their stock portfolio?
Bear market! Was the dog ok?
Dunno-probably chewing up a copy of the Wall St. Journal....
Let them default!!!! this has been priced in 19846375999254782119887745362 times!!Wall street has lost more money than Greece or the world would even if Greece defaults and i would bet anybody in the world my complete assets that they will resovle there problem before anything happens. This is only a Wall street manipulation game. Greece default should only move markets maybe 50 points. They only make goat cheese there!!
You know, the people occupying Wall Street are right. The banks are creating this one. I just found out that Morgan Stanley is heavily leveraged in Greece. There is a fear that Morgan could fail, just like Lehman in 2007, which is the event that started the recession. This is mostly the stupidity of greedy bankers trying to game the system, again.
There really is no other proof that our economy is contracting. Car orders are still up. Most large businesses and banks have a lot of cash on hand ($1.1 trillion according to Ernst and Young in June 2011). If manufacturing orders show that they are up today that will be another good sign. Macy's is hiring 78,000 and Toys R Us is hiring 50,000. Most of these are temporary, but some will end up being permanent. These numbers are considered good. Just two companies with large hiring numbers and there will be more. There was a large drop in first time unemployment numbers at the end of last week. True, the growth is slow, but it sure is better than what it was like in 2008-2009, when we were bleeding 750,000 jobs a month.
Same old, same old! Corrupt, self-protecting, self-serving politicians and their millionaire friends everywhere have jammed a crowbar into every possible wheel of progress. Everything in the Western world is gridlocked because of the unwritten rules that say the bankers, bondsmen, and billionaire investors CANNOT lose money when they take on risks Therefore, government will stop anything that might cost them money, or will bail them out. Greece can't default and end this, because it would cost the international banking casino hundreds of billions in "side bets" (derivatives and credit default swaps). So politicians are caught between the rules to never let the rich lose and their desire to be re-elected by the unwashed masses. Hence, they DO NOTHING! Same with Boehner, Cantor, Bachman, Pelosi and Obama in the USA (McConell and Reid were both to re-elected to 6 year terms two years ago)
Short of universal debt forgiveness, correction of everything back to true values is inevitable.
This was true in 2007 and true today. Without the $2-300 Trillion of 2007 bogus un-repayable I.O.Us, shrinking GNP, tax base, workforce and crushing sovereign debt and unfunded liabilities, correction is at about 40% of where it will find bottom. Adapt or....
The second dip recession started four months ago. The second dip will be milder than the first and will not end until mid 2012.
Occupy Wall St.
99%
99% of the people protesting could get "one of those jobs that progressives say Americans won't do and that we need illegal immigrants for".
Occupy Monster.com
Europe fears, my ass. This is a bunch of glitter-eyed punks hedging the market down as GS licks their chops for the spoils.
The only way to win is to get out.
Tea Party has demonstration in Washington D.C.:
Several hundred thousand participants
When asked by newspeople, participants could annunciate an answer (not exactly the answer the newsperson always wanted to hear, but a clear, concise answer)
No attempt to hinder traffic or commerce
Zero altercations with police
Zero arrests
Zero trash on street or lawns
Tea Party members brought trash bags and policed their own trash
Anti-Capitalism rally in New York City:
Several thousand participants
When asked by newspeople, participants didn't know their Apple I-Pods were made by a capitalistic, profit driven company that pays taxes. Participants did not seem to understand that if companies were charged higher taxes, then the cost of products to end consumers would go up.
Many attempts to hinder traffic and commerce
Many altercations with police
1000 arrests
Trash everywhere
Anti-Capitilism brought bags of dope and smoked them
Therefore, the news media concludes:
Tea Party = Racist, Nazi-like, anti-semite thugs
Anti-Capitalism Protester = Progressive citizens voicing their opinion
Sammed,
But...the rich..the ultra elite..the capitalist pigs...they..they..they hate us..why do they hate us..they hate us so much..I'm like the first person that's ever been in debt from going to college...never mind that I have an iPhone..that I check Facebook more than the classified section for jobs..I have a degree..I won't subject myself to an unpaid internship or waiting tables..I'll take my unemployment money..why can't the government just give me the job I want..
Wall Street wake up? just go outside and ask all those financial
geniuses without jobs and hates capitalism how to fix this mess!
Just had to repost that (sorry for the plagiarism Mike), but the man could not have hit the nail more squarely on the head. The only thing he didn't say (likely because he has more class than I) is that ALL of our politicians are crooks, thieves, and liars to the last man and woman, both sides of the aisle. I'll add any future politicians as well because good, decent people want nothing to do with such a filthy business. The best we can hope for, I fear, is that we continue to vote out enough of them that we can finally get them trained to steal for us instead of from us. That's a sad resolution but at least it's a better solution than the one we have now.
Willie's Wisdom: If we all just continue to do what we did, we can only expect that we'll get what we got. Good luck and good day.
Sell high, buy low, save your cash, stop running up your debt, brush your teeth and go to bed early.
what the hell and they thank that the america people are going to pick up the tab and pay for this you are crazy if you thank its bad over in iraq just wait...these @!$%#s we have in washington (d) or (r) will pay for this..we bail out banks and they go over there and buy...are you stupid..it time for the revolution...
revolution has started, the youth are already in the streets in front of wallstreet, something MSNBC and mainstream media is not reporting.
do you think that may be part of the reason the market is dropping? blame it all on greece if you want.
occupywallstreet.org for pictures
Of course this was going to happen. All Obama did was re inflate the bubble. With the same financial people from the Bush adminstration in charge. Now that bubble is bursting again. So what did Obama, do? He appointed men like Jeffery Immelt to his buisness advisory panel. A man who is proud of all the jobs he sent to China....... Thats our biggest export, our jobs...You can't create jobs in America, by creating them in China, or Indonesia or India. Unless, of course everyone works for Wal Mart. We have the same people, who graduated from the same universities, with the same MBA's, and the same system perspective, in charge. They are the ones who created this mess, and they really don't have the education or understanding of how to fix things. Our leadership, and our education system, is incompetant....From banking, to insurance... all of it...
http://www.youtube.com/watch?v=kYVG3SQBqqw&feature=youtu.be
wallstreet never does well when the rich people are afraid