Posted on 10/01/2009 6:26:06 PM PDT by Morgana
Stocks tumbled Thursday after a disappointing ISM report on manufacturing piled on to worries about the economic recovery.
The Dow Jones Industrial Average lost 203 points, or 2.1 percent — it's worst decline since July 2, which was before the summer rally began. The S&P 500 fell 2.6 percent and the Nasdaq dropped 3.1 percent.The Institute for Supply Management reported its gauge of manufacturing activity fell to 52.6 in September from 52.9 in August, short of expectations.
"This was a good report even if the 'what have you done for me lately' crowd tries to trash it," Joel Naroff of Naroff Economic Advisers, wrote in a note to clients. Still, "it looks like firms are leaning on productivity gains rather than hiring new workers to generate the added production," Naroff said.
That came after an earlier report showed initial jobless claims jumped by 17,000 last week, much more than expected. And ADP said private employers cut 254,000 jobs from their payrolls in September.
(Excerpt) Read more at cnbc.com ...
Wait, where’s the “UNEXPECTED”?
Good and if it keeps up the Dems can lose 100 seats in Congress in 2010.
Guess ole’ Biden doesn’t see that recovery after all.....
Deflation.
The rate on the 10 year dropped below 3.2% today.
The worst is over long since, and no it isn't any Titanic. The market when straight up for 6 months and it will take a breather, on immediate economic news being less than roaring. Makes no difference in the long run.
It isn't melodrama, it is a long, slow, boring, uninspired deleveraging.
I think I heard something this morning about GE selling a big chunk of NBC to Comcast. I don’t know enough about these players to have any idea what’s going on, but it might be worth some research.
I heard that too.
The worst is just beginning.
The Recovery is _working_, the Recovery is _working_, the Recovery is WORKING!!
*clicks the heels of the ruby slippers three times*
Klatu... Berada.. Nik"*A-choo*"... there, I said it.
--Vice President Joe Biden
Off topic, but where did you get that scary looking pic? I’m scared to death of roller-coasters and for some reason the winter scene makes it look even more sinister! LOL (Neat, though)
Starve the BEAST BUMP!
....aaaaand you ain't seeen notin yet!
Wait when "stimulus" kicks in!
I feel a hard crash coming on......
“Good and if it keeps up the Dems can lose 100 seats in Congress in 2010.”
So will you guarantee I get my money back then?
I found it somewhere on the net. Scares the heck out of me too! LOL!
Obama: Global economy `back from the brink’
http://www.miamiherald.com/news/politics/AP/story/1252108.html
LOL....
Someone is out of touch with reality.... What happens when the market drops a couple hundred more points and the jobless rate keeps going up up up....
Obama is an idiot
Hey Phil, can you embed a greenish image of Axelrod in that swath of astro-turf? It is after all his specialty ...
I imagine a telepeompter is being fired up right now ro say...It is Bushes fault.
Hopefully GE will go out of business. Slimy corrupt company.
scooby doo left my keyboard...
I imagine a teleprompter is being fired up right now to say...It is Bushes fault.
You may get back what you lost and more.
How many seats are up for vote in both houses, anyone know?
All 435 House seats and 1/3 of the Senate are up every two years.
Sorry. I meant how many are realistically “in play”?
Good for GE! They took my tax dollars in the “stimulus”/TARP fiasco, and I will never forgive them. I don’t even buy their light bulbs any more. I want GE to die ... along with all other companies that stole from us.
Just a routine transfer of wealth from the chum to the sharks.
GE = NBC = MSNBC = Global Warming hysteria.
GE is basing their future success on two things - that their slavish devotion to Obama will result in favored media status with the coming socialist empire and that their push for mercury-laced flourescent light bulbs will let them corner that market now that Congress has stupidly outlawed the incandescent bulbs.
BTW, their main tv network has had terrible programming for some time now, most of it unwatchable which explains their perpetually sinking ratings.
This is why either a drastic simplification of the current Internal Revenue Code (with far fewer deductions and credits, 20% top marginal rate, no taxes on personal savings, and maybe under 10% capital gains rate), going to a no-deductions 4-6% flat income tax or repealing the 16th Amendment altogether and use a national consumption tax like FairTax is the way to go.
Or are you just jawin?
CNBC's stuck in a time warp. Since 70% of our economy is consumption based and people who are out of work must keep their consumption at a minimum, how is the economy going to improve much?
October is off to a roaring start.
I fear it’s gonna get bad. IMHO, there’s nothing solid holding up the market. Don’t mean to be gloom and doom, just trying to be pragmatic and realistic.
Thanks to stuff I read on FR, I got out of the market last week. I just don’t see how the economy is going to make a meaningful recovery when we have such an anti-capitalist as head of state. I guess I’ll put my money in a box under my bed for now....
You know... I keep wondering if I am one of the those with negative of the current economy or maybe CNBC and MSNBC are exaggerating the situation for their or others benefit. Still not sure...but...
To me, the economy is in the pits and getting worse. The stock market goes up and down like a yo-yo and yet they still claim that things are improving. Don’t really know what to believe, but I’ll be damn if I will put a dime into the market at this point.
Let the major players risk their capitol, me... I’ll wait and see if things work out...
So, I hate to be a dope, but what does that mean to us?
(and thanks for the link)
Gerald Celente predicted all of this a year and a half ago...the guy is a trends genius.
Larry Kudlow has been pumping up the recovery propaganda.
I think he and Cramer have been told to cool the rhetoric
on Zer0 or else.
A jobless recovery means the business seeks to streamline
operations by increasing efficiency or productivity.
It’s not a signal of expansion of the market but a cautious
approach.
Yeah, I usually keep Yahoo Finance on in the background during the day and it’s sickening how you constantly see AP stories with lines like “...shows strong evidence that the economy is on the rebound.” Good God, when the Bush economy was roaring all they had was “...troubling signs that the boom isn’t real.” etc. The bias is at soviet levels.
Money supply.
Asset values up $4-5 trillion from their March lows.
Narrow spreads for corporate credits and open bond and money markets.
Deal financing available and prices attractive enough they are happening.
GDP has bottomed. House prices have bottomed, though they will stay there for quite some time.
That's a lot of "nothing".
On the other side, there are mostly (1) stocks have risen a long way for 6 months straight and need a breather (2) the Dems continue to look for new taxes and new spending boondoggles we can't afford.
The doom monger set wants drama, always does. It got all it is going to get last fall.
The real growth happens as others find uses for the resources freed from their old roles during the recession. But the "leaning" has already been done.
Thanks!
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