
Stocks tumble as ECB disappoints traders
The central bank's chief outlines possible steps to stabilize stressed eurozone borrowing costs. The euro weakens as Spanish and Italian bond yields climb. US jobless claims rise. Factory orders slip.
Updated at 11:50 a.m. ET By Andrea Tse and wire reports
Stocks fell Thursday on disappointment that the European Central Bank's latest policy announcement lacked any strong signal on stimulus action.
The Dow Jones Industrial Average ($INDU) was down 142 points at 12,829. The S&P 500 ($INX) was down 16 points at 1,359. The Nasdaq Composite ($COMPX) was down 19 points at 2,901.
ECB President Mario Draghi said at a press conference after the ECB meeting that policymakers may undertake outright open-market operations, may push ahead with fiscal consolidation and may consider undertaking further nonstandard measures as economic growth in the eurozone remains weak. He said the current high sovereign bond yields are unacceptable.
The euro eased after the ECB announcement, while Spanish and Italian 10-year yields rose.
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The Commerce Department reported that factory orders fell by 0.5% in June, the third decline in four months, The Associated Press said. Orders for core capital goods declined by 1.7%, and demand for heavy machinery and computers dropped. Orders totaled $465.8 billion, up 42.5% from the recession low in March 2009.
In corporate news, Bristol-Myers Squibb (BMY) suspended a mid-stage study of its experimental hepatitis C drug BMS-094 because of a serious safety issue believed to involve heart failure, according to ISI Group analyst Mark Schoenebaum. BMS-094 was the sole reason behind Bristol-Myers' $2.5 billion acquisition of Inhibitex in January.
American International Group (AIG) is looking to buy back a large number of its shares from the government in a push that could make the U.S. a minority shareholder by fall and allow the insurer to fully repay its bailout sooner than expected, The Wall Street Journal reported.
pressure is put on by people in their districts and if they need money for thier next
reelection campaign. And there is not way they will raise taxes. The democrats might
but it will surely be blocked by the republicans."
Most likely, if the rhetoric hold true, the republicans will want government workers and the size of government reduced with a dismantling of government regulations "to free up industry," while at the same time increasing spending to support corporations, increase the military budget and reduce taxes collected (or increase taxes on the lower class). They will most likely find this money from reducing entitlements and cutting social programs and education. If this doesn't pencil out, they will probably borrow and grow the debt.
If Wilt Chamberlin came to your door to pick up your daughter and he told you he didn't believe in pre-marital sex, would you believe him?
Everything doesn't have to be cut... How about better managed? How about privatizing as much as possible. NASA has gone private (to some degree) why can't public schools and other public services??? Privatize everything that can be, let the churces do what private enterprise won't do, and then, and only then, let the government pick-up the slack... But, that slack should be like the government cheese of assistance -- nasty, and undesirable that people can't wait to get off it.
THIS STORY HAS BEEN EDITED AND APPROVED BY THE ACLU/ ACORN FOR POLITICAL CORRECTNESS !
Barrack the RaCcoon
One day about a decade ago, while driving through Chicago, in my Mercedes S class Convertible, a RaCcoon suddenly jumped into the car.
I was very concerned about getting attacked , rabies, etc but the RaCcoon promptly introduced himself as a Jr. Senator from Chicago. He explained that he had to jump out the window of Tony Rezko's house because the cops were coming to bust poor, old Tony, for embezzlement !
Of Course Barrack the RaCcoon had nothing to do with it , he explained, he was just a guy from the neighborhood .I asked him why he just didn't jump into the beautiful , empty lot right next door to Rezko, instead of my car. He smiled and said don't worry about that , I got that covered! Drive on.
Still in a daze, I asked this RaCcoon how did he ever learn our language ? Barrack the RaCcoon said he has a college degree with very, very high GPA. and he has a very high IQ, to boot ! I became skeptical and I asked him to prove this point , he became very feisty, said sorry, his transcripts were sealed forever! Just take his word for it, he's real smart.
I asked where we are going and he said to Bill Ayers birthday party out in another suburb about 1 hour away.
Silence reigned for a few moments , when Barrack the RaCcoon suddenly asked if I would like to hear his I have a Dream, vision. You means dreams of finding my Daddy, Barrack ?
No, no - been there , done that.
What then, Mr. RaCcoon?
I have a dream ----
Hope and Change would be someday coming to Amerika and a vision of a welfare utopia where no people of color or even white trailer trash, ever needed to work ! His dream of taking the non tax payers from 49% of the population to 70 % of the population ! Illegal's would be welcomed with a red carpet ! Free medical and they never , ever, need to pay a dime in taxes for their entire lifetime ! Not one dime and they don't even need to learn English !.
(For the sake of "fairness", we must note Strawberries are only $3.00 a PINT !) Thank you , illegal's, thank you!
To continue on the I have a Dream moment of Barrack the RaCcoon --
No person of color should EVER have to pay one single dollar of taxes !
Of food stamps and welfare increasing 45% under his regime.
Of creating a communists utopia of state run auto industry and health care !
Of racist black people controlling the government. Our attorney general being one of them.
Of lesbian, communist leaning , supreme justices.
He told me our real leader is George Soros, super commie.
When I asked , how in the world can the 30% who work pay for the upkeep of the 70% who do not, he simply smiled and said -- Think , Greece!
But yes, Barrack, Greece is going belly -up, isn't it ?
He smiled and replied, you learn fast, don't you !
We arrived at Bill Ayers hose and the "Rev" Wrong came to the car, asked what Barrack was doing with a honky, looked at me and said G DAMM America !
I drove off, hoping to distance myself from Barrack the RaCcoon.
Yes, I learned many things from Barrack the RaCcoon that day , the best being not to trust him with your money.
After he got out , I noticed my wallet was missing and replaced with small "change" and a little card that said "hope".
oh, that Barrack the RaCcoon, I wonder where he ended up, these days?
Copyright © 2012 Barrack Hussein Barry Soetoro Obama. All rights reserved
Two things that are very unlikely to happen in Washington.
1. There are certain areas where spending will never by cut. Defense, SS and MC(and no they
are not entitlements), and any spending that would directly effect and congressperson or senators district or a group who makes large campaign donations to his or her reelection.
Or his or her current love interest. So what does that leave. Not very much. The lobbyists will
take care of the rest.
2. Raise taxes. That is a death nell for any congressperson or senator.
So spending is unlikely to be cut, in fact it may increase depending on how much
pressure is put on by people in their districts and if they need money for thier next
reelection campaign. And there is not way they will raise taxes. The democrats might
but it will surely be blocked by the republicans.
This just isn't true. Look at the average 5 of taxes collected, or even the highest 5 we have ever collected, and it's never going to cover today's spending. we are currently collecting something like 16% of GDP and spending close to 25% (MG lists the stat all the time). I'm more than willing to meet you at 20%.
Interested?
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