Skip to comments.Stocks Fall 279 Points—Mainstream Media, Google Search: It Didn’t Happen?
Posted on 06/02/2011 12:49:52 PM PDT by 2ndDivisionVet
Seriously Google Stocks Fall 279 Points or Stock Market Falls 279 Points, and you will find very little headlines from the major liberal media outlets. Every search of the major papers and network online sites have already buried this plunge in the Markets as if it just never happened, or theyve been relegated to their blog sites. We can all imagine how a major stock market plunge would have greeted George W. Bush by our liberal media friends.
But, lets give credit where credits due. Patrick Allen posted this story at CNBC dot com with a title that just has to have the liberal media cringing: Horror for US Economy as Data Falls off Cliff And if the headline didnt ring the reality bell, the first few lines certainly did:
The last month has been a horror show for the U.S. economy, with economic data falling off a cliff, according to Mike Riddell, a fund manager at M&G Investments in London.
It seems that almost every bit of data about the health of the US economy has disappointed expectations recently, said Riddell, in a note sent to CNBC on Wednesday.
US house prices have fallen by more than 5 percent year on year, pending home sales have collapsed and existing home sales disappointed, the trend of improving jobless claims has arrested, first quarter GDP wasnt revised upwards by the 0.4 percent forecast, durables goods orders shrank, manufacturing surveys from Philadelphia Fed, Richmond Fed and Chicago Fed were all very disappointing.
And thats just in the last week and a bit, said Riddell.
Adding another post by Reuters that CNBC posted to their site, (and dared to mention a failed stimulus), might be a recipe to call into action President Obamas rapid response coordinator Jesse Lee, (see Morrisseys related post), to put a stop to what Douglas Borthwick calls a sugar-high wearing out:
The sugar high that has buoyed the U.S. economy over the past six months is wearing out, and there is little in economic growth or foundation to show for it, said Douglas Borthwick, a managing director with Faros Trading in Stamford, Connecticut.
The job additions were the lowest published by ADP since September 2010. Analysts expect Fridays official total non-farm payroll numbers for May to be much better. It fits very neatly in with the puzzle we are putting together that speaks to another soft patch and really, a genuinely failed stimulus approach to growing the economy, said Peter Kenny, managing director at Knight Capital in Jersey City, New Jersey.
And its not just about jobs. Its about manufacturing, its about real estate, its about consumer confidence. This is one data point in a very broad picture, and its not encouraging.
Its still the economy, stupid
In a related story that had to be found across the pond, Nile Gardiner at the Telegraph filed this story, (including a quote from none other than the New York Times Robert Reich) that will (most likely) never be written by an American Liberal News Agency:
Why Barack Obama may be heading for electoral disaster in 2012 By Nile Gardiner Ultimately, the 2012 presidential election will be decided by the state of the economy, and new data released this week makes grim reading for the White House. In fact you cannot watch a US financial news network at the moment, from Bloomberg to CNBC to Fox Business, without a great deal of pessimism about the dire condition of the worlds biggest economy. 66 percent of Americans now worry the federal government will run out of money in the face of towering public debts.
Bill Clintons labour secretary Robert Reich summed up the grim mood in a hard-hitting op-ed in The Financial Times, which took aim at both the administration and Congress:
The US economy was supposed to be in bloom by late spring, but it is hardly growing at all. Expectations for second-quarter growth are not much better than the measly 1.8 per cent annualised rate of the first quarter. That is not nearly fast enough to reduce Americas ferociously high level of unemployment Meanwhile, housing prices continue to fall. They are now 33 per cent below their 2006 peak. That is a bigger drop than recorded in the Great Depression. Homes are the largest single asset of the American middle class, so as housing prices drop many Americans feel poorer. All of this is contributing to a general gloominess. Not surprisingly, consumer confidence is also down.
This is liberal media blasphemy at its finest folks
LSM ignores what may hurt their Prez.
Yup... sold everything this morning.
Only down 28 points today.
Google is fast becoming the Microsoft of the decade: sleazy, and one begins to wonder how they got there.
Tax cuts, war, government stimulus and the usual techniques tried by different political philosophies over the past 10 years have had no effect.
Seems as though the economic environment requires a different understanding and approach. The usual techniques just aren’t going to work.
From The Council on Foreign Relations.
The Evolving Structure of the American Economy and the Employment Challenge
Some folks around here wanted to attribute the Wed. drop to the House voting NOT to raise the debt ceiling (as if all the lousy economic news yesterday didn’t matter).
Actually, if they had voted to RAISE the limit, the market would have crashed even worse yesterday and would be down worse than it is today.
At least some responsibility was being shown, even if it was only a non-binding vote.
Oil and dollar weren’t affected much, even after the Dow fell further today.
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