Maybe you would like to hop around these stories.
"An avalanche of worry; World markets plunge on fears over US, European economies" August 09, 2011|By Megan Woolhouse, Globe Staff
Furious selling shook stock markets around the world yesterday as concerns about a ballooning European debt crisis and the specter of another US recession sent investors fleeing.
US stock markets plunged, sending the Dow Jones industrial average down 5.5 percent, a loss of more than 630 points - its biggest decline since December 2008, when the financial crisis was near its height. The sell-off continued last night in Asia, where markets opened sharply down.
Investors yesterday scrambled to invest in US Treasurys, seen as the safest option available. Sales rallied despite the US credit downgrade late Friday by Standard & Poor’s. Gold, just over $1,200 an ounce a year ago, soared to an all-time high of more than $1,700 a troy ounce.
President Obama tried to restore confidence in a midday speech addressing the credit rating downgrade, saying Congress will need to address tax reforms and entitlement programs in upcoming months to fix the political dysfunction contributing to a crisis in the stock market.
“Markets will rise and fall,’’ Obama said. “But this is the United States of America. No matter what some agency may say, we’ve always been and always will be a triple-A country.’’ His speech failed to stop the market slide....
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Related:
Market’s fall opens door to more partisan sniping
Markets’ slide becomes surge
Stock markets plunged, then rallied yesterday after the Federal Reserve said it would keep interest rates at historically low levels for at least two years and possibly take further measures if economic conditions worsen.
Gains gone as stocks fall anew
Wall Street endured another anxious session of extreme swings yesterday as investors sent stocks plummeting for the third time in a week, prompted by fears that another major European country would succumb to its debt problems.
And let me guess, it was up again today. I gotta get off that rigged ride.
Shaken consumers rein in spending
The rate of consumer spending fell sharply in the second quarter. Weak consumer spending underlies a now slowing recovery. Should consumers continue to pull back, it could push the nation into a deeper slump.
Yeah, right, it IS ALWAYS YOUR FAULT, Amurkn consumer!!
That's SO STRANGE because EVERYDAY CORPORATIONS are REPORTING BIG PROFITS in the BUSINESS SECTION.
Falling gas prices provide motorists some relief
That is not going to help because I still don't have money.
Also see:
Flaws alleged in debt deal
Kerry chosen for debt deal’s key panel
Leaders name Republicans on debt panel
US deficit exceeds $1 trillion for 3d year
Scorn for debt deal a rallying cry for campaigners in Iowa
Efforts to denounce any hike in the debt ceiling are sure to dominate a nationally televised debate tonight, the well-known Ames straw poll Saturday, and, in between, a parade of candidate speeches at the Iowa State Fair.
Romney takes low-key approach to GOP debate in Iowa
Tim Pawlenty, on stump in Iowa, takes sharp turn
Related:
"Former Massachusetts Gov. Mitt Romney leads the potential GOP field in this poll--as he has in many national polls-- with 24 percent support. He's followed by Texas Gov. Rick Perry who received 17 percent support. Perry is followed in the survey by Texas Rep. Ron Paul with 14 percent support and Minnesota Rep. Michele Bachmann with 13 percent.
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Yup, 3%Pawlenty gets a huge article in the Globe today and Ron Paul doesn't even get his name published anywhere.
Ron Paul Beaming with Confidence Before Straw Poll
Well, I expect a rigging, but then again I don't care much for politics in my paper anymore. Smells like s***.
Which reminds me:
"Rating agency downbeat on Mass. communities" August 09, 2011|By Peter Schworm, Globe Staff
Moody’s Investors Service has assigned a “negative outlook’’ to the credit ratings of a dozen affluent Massachusetts communities and two regional school districts, in an ominous sign of how the national debt crisis and economy woes threaten the financial health of cities and towns.
The communities, which ranked among the state’s wealthiest, maintained their sterling AAA credit ratings for now, but Moody’s said it would be carefully watching them for signs they should be downgraded, signs like a sharply deteriorating national economy or a downgrade in the federal debt.
The Moody’s review, which put five states and 161 AAA-rated local governments on the negative-outlook watch list, found that Massachusetts was second only to Virginia in the number of communities at risk, largely because both states’ economies are highly dependent on federal spending....
Even communities not named in the Moody’s review worried about the ripple effect of a federal debt downgrade. With the economy limping along with few signs of a robust recovery, communities’ finances could deteriorate further, making it harder for them to pay existing debts and take on new loans....
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Related:
Anxiety grips state’s businesses as economic woes widen
In stock sell-off, some Mass. sectors fared better, others worse
Time for me to jump off the Boston Globe ship.
