Dow plunges after warning of 'financial tsunami' (Pimco, not Palin - take it back IBD!)

Times Online ^ | September 5 2008 | Tom Bawden in New York

[Cringing Negativism Network]

Weary investors in the United States received a further pummelling yesterday as data showed new unemployment claims at a near-five-year high last week, a leading fund manager gave warning that America faced a “financial tsunami” and key retailers released disappointing sales figures...

[Cringing Negativism Network]

Now can IBD, an otherwise normally sensible publication, post a retraction or something?

Very disappointing.

[rabscuttle385]

Now can IBD, an otherwise normally sensible publication, post a retraction or something?

Why don't you ask them?

I've read both liberal and conservative viewpoints on their op-ed pages. And the fact that they give room to both is a far cry from what you might see on the op-ed pages of the major broadsheets.

[TigerLikesRooster]

Ping!

[Christopher Lincoln]

In the first place, what does IBD have to do with it?

In the second place, why retract? It's all true, and more.

If, when the crisis comes - and it is near - it is the enemies of capitalism, not its defenders, who can say "I told you so", then capitalism will take the blame - again.

[ThePythonicCow]

I don't get it -- what is so very disappointing?

Bill Gross, of PIMCO, one of the most respected bond traders in the world, did say this. It is reasonable for IBD to report that he said this.

Is your beef with IBD for reporting that Gross said this, or with Gross himself for stating this? Either way, I don't see grounds for your complaint, but since I can't even guess from your lament which it is, I don't know where to focus my rebuttal.

[Christopher Lincoln]

Yes, I see. Your point is that there are better reasons for the falling stock market than the far-fetched one suggested by John Tamny in IBD. But you should have referenced the article you complained of.

[syriacus]

Did Schumer open his big mouth again?

[RSmithOpt]

Very very possible with the recent drop in the value of the dollar, the sub prime orgy, repackaged-repackaged-repackaged toxic debt sold abroad, financial CEO's skimming the profits and then retiring, and a huge doubling in the cost of food and energy since 2005 for the average American.

Several box store retailers usually found in the malls have, or, are, going under.

McLame indicated exactly what is lying under the horizon last night with his hints.

The US will have to drill here, drill now and expand its domestic energy resources and production to get off the foreign oil teet and bring manufacturing back to US soil.

Actually all the 'experts' now realize now that a retail, service sector, nothing but consume economy is doomed from the get go.

[pointsal]

Actually all the 'experts' now realize now that a retail, service sector, nothing but consume economy is doomed from the get go.

Really? I'll bet lunch that a survey of the college campuses will reveal the unending virtues of the service economy...

Remember when there were real manufacturing jobs in the USA...

Give me the name of the last machinist that you met.

[RSmithOpt]

Tommy, Rick and Milton...I see them every week at least once as I walk by the shop to another test lab....they build custom stuff here at work for our production lines.

However, I certainly do get your point 100%.....Yeah and if one is to believe that the liberal elitist mindset isn't being poured into what could be great minds on our college campuses today, they certainly believe that AlGoreManBearPig actually did invent the Internet. (LOL!!)

[Travis McGee]

bttt

[ex-Texan]

Some economists and very knowledgeable people do not believe any government statistics. Unemployment figures are notoriously suspect and have been used as political footballs for years.

For example:

Click the image to get your eyes opened.

You do not have to take my word for it. States maintain their own local data bases. Do some check yourself. Google is your friend . . .

Yada, Yada, Yada Enjoy. Have a great day. Cheers !

[GOPJ]

Thanks for the ping.