Archive for stock market
Watch Your Step
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Jon Stewart explores inequality inside Occupy Wall Street. OWS didn’t quite achieve a classes society but it can point with pride to a few classless people. You can watch one here but it’s kind of gross.
Seismic Stats
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As Libyan rebels stormed Gadhafi’s compound, the Dow soared over 300 points, President Obama dropped to a 38% approval rating, and the East Coast registered a 5.8 on the Richter.
Downgrade Meltdown
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The president appeared on TV today – 5o minutes late – to calm the markets in the wake of the S&P downgrade on US debt. He proclaimed that the United States always has been, and always will be, a Triple A country. Then he resolved to raise taxes. The Dow tanked 635 points.
Man of the People
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The president celebrated his birthday in style while the stock market suffered its worst week since March 2009. Here’s an exchange between ABC’s Jake Tapper and press secretary Jay Carney over the collapsing stock market on Thursday.
Dow Cow
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Raising the debt ceiling was supposed to calm the financial markets.
President’s Council on Crony Capitalism
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Chinese President Hu arrived in the U.S. shortly after the unveiling of a Chinese Stealth Aircraft suspiciously like our own. He left with a joint venture agreement with GE for hi tech jet engines.
Yesterday, President Obama announced the appointment of G.E. CEO Jeff Immelt (who axed 18,000 jobs) to chair the President’s Council on Jobs and Competitiveness. According to IBD, “GE has received $60 million in federal funds to build a technology center and $55 million to build a hybrid locomotive battery plant.” This is in addition to “a $139 billion bailout in the form of FDIC backing of GE Capital debt”.
Emptywheel at Firedog Lake says, Immelt’s “actions make him the poster child for everything wrong with the U.S. economy right now”.
Here’s a link to Immelt’s op-ed in yesterday’s Washington Post.
Bonding
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If you are like me you think QEII is a boat. And so it is but it’s also Fed Chairman Bernanke’s economic policy. It’s called quantitative easing and it involves the purchase of a gazillion dollars worth of bonds. Actually, that’s an exaggeration. It’s only a half trillion dollars worth. Helicopter Ben says this is critical for global stability. Warren Buffet and some other very smart guys, in Paul Farrell‘s Market Watch column, say this is nuts.
Wall Street’s Fat Finger of Fate
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The Dow plunged 1000 points yesterday and bounced back 500 in about 20 minutes. Some experts suspect someone pushed the wrong button.