Posted on 09/09/2011 6:41:48 AM PDT by Qbert
Futures were lower Friday, after President Barack Obama introduced a $447 billion plan to boost jobs on Thursday but did little to reassure concerns about the tepid economic growth.
The jobs plan "will provide a jolt to an economy that has stalled and give companies confidence that if they invest and hire, there will be customers for their products and services," Obama said in an address to Congress Thursday evening.
However, the bill's chances of passing Congress are uncertain. Republicans control the House and many of them oppose any new spending.
The program is a credible attempt to address structural obstacles to growth and employment, but it remains to be seen how effective it will be, Mohamed El-Erian, CEO and Co-CIO of Pimco, wrote in an op-ed for CNBC.com.
Meanwhile, renowned bear Marc Faber slammed Obama's jobs package, calling it "another complete failure of Keynesian economics."
President Obama is scheduled to speak again Friday on his jobs creation program in Richmond, Va. at 11:40 am ET.
(Excerpt) Read more at cnbc.com ...
Of course, the headline that Yahoo puts with the stock drop is “Wall St Falls After ECB Resignation”.
0bobblehead. He’s lost without those teleprompters. Still!
Ya...and some the writers are trying to attribute the fall to the resignation of some EU exec.....sheesh!
Let’s see....what’s driving the market?
A) Obama announces continuation of failed spendinng policies.
B) Some no-name EU finance guru resigns
Duh!?
Isn’t that strange. CNBC had a “market falls after obama speech” headline but took it down in the last 10 minutes and replaced with the ECB line. His people must have made a call to their cronies at Comcast/NBC
LOL - The press continues to orally copulate Obama while the ship sinks.
Every time this idiot opens his mouth money evaporates.
They changed it then because it was “Futures drop after 0bama speech” (paraphrasing) about 45 minutes ago.
No “Hope” with this regimes “change”.
Dems would rather go down than do the politicaly unthinkable. (Dis a black man)
SHAME AND BLAME. Those words will define the Obama Presidency.
The Dow Jones industrial average dropped 330.96 points, or 2.93 percent, to 10,964.85. The Standard & Poor’s 500 Index dropped 33.40 points, or 2.82 percent, to 1,152.50. The Nasdaq Composite Index dropped 63.87 points, or 2.53 percent, to 2,465.27.
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