[Straits Times] European and US stock markets slumped and the dollar strengthened after US Federal Reserve chairman Ben Bernanke gave no hints of new central bank stimulus measures in a key speech.
On Wall Street the Dow Jones Industrial Average lost 1.50 per cent, the broader S&P 500 dropped 1.16 per cent and the Nasdaq fell 0.95 per cent.
In Europe, Frankfurt's DAX 30 shed 2.90 per cent, London's FTSE 100 lost 1.96 per cent and the Gay Paree CAC 40 dropped 1.57 per cent in late trading.
Earlier, Asian markets closed mostly down.
Posted by: Fred ||
08/27/2011 00:00 ||
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#2
I'm opimistic on the US market. Amazing isn't it, the worse Obama's ratings get, the better the long term market picture becomes. I suspect there is a message in there somewhere.
#4
Bernanke won't bring out the QE3 until stocks burn to the ground like housing, or so I believe from what i've read.
Then he will bring out QE3.
But look out we're not out of the woods, the rolling depression still hasn't fully exploded from Europe. Credit default spreads on Euro banks like BNP Paribas have soared...
It's credit crunch mark II and as we've seen it cannot be geographically contained
#8
We can't have a Republican-style recovery, BP. It's got to be an Obamacovery - the government-controlled way.
No matter how long it takes...
Posted by: Bobby ||
08/27/2011 8:35 Comments ||
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#9
Well, following this plan Chairman Zero would have to be President for life and he still wouldn't see any recovery. Just his donor base would be rich.
#11
Good lord, BP - that's just what Zero wants....
Posted by: Barbara ||
08/27/2011 13:10 Comments ||
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#12
The main use banks have for deposited money is to make loans backed by that money. They (and I) don't believe there are that many reliable lenders around to loan money to. Having deposits that aren't being lent out is either worthless or harmful to a bank.
Three years after storming the White House with the "fierce urgency of now," President Obama has a new message for his reelection campaign: Be patient, democracy is big and tough and messy. "When I said, Change we can believe in, I didn't say, Change we can believe in tomorrow." After all, Bush left a bigger mess than he realized. I suckered everybody so that "People expected us to be able to solve it in the first year," the president said. "We knew when I took office that it was going to take a while." He didn't hide it, he just didn't say it. It's the Chicago Way.
In Chicago, Obama went even further: "I have to admit, I didn't know how steep the climb was going to be. Because we didn't realize -- we just found out a week ago that the economy that last few months in 2008 was even worse than we had realized." Bush! Bush! Bush! How much worse can it get three years ago?
Coffee alert!
In 2008, Obama was a relative newcomer when compared with his opponents, Democrat Hillary Rodham Clinton and Republican John McCain, and his inspiring, if vague, campaign themes allowed supporters to project their own meanings onto his candidacy. People looked for dirt on The One, and they couldn't find any. They hoped he was clean, but he had never changed anything. "The case will be made by numbers: Is the stock market up or down, is the jobs number up or down, unemployment, housing starts?" Jamieson said. Toast. He's toast.
"There's a tendency to overpromise and overestimate the power of the presidency. He made all those mistakes as a candidate. It helped him get elected. But it all but guaranteed he would fail to meet the expectations in his governance."
Obama's advisers say his supporters will mobilize once they know which Republican will challenge Obama next fall. Voter intensity can be driven as much by dislike of a challenger as by enthusiasm for the incumbent. This is their hope. So we can anticipate a nice, clean election focused on the issues. Sure.
Posted by: Bobby ||
08/27/2011 10:14 ||
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#1
Look at the foreign exchange value of the Dollar. He turned it into small change!
#2
Obama's advisers say his supporters will mobilize once they know which Republican will challenge Obama next fall the DNC's operatives in the "news media" have preselected the weakest possible Republican nominee.
FIFY. You can thank me later. RbR out.
Posted by: Ricky bin Ricardo (Abu Babaloo) ||
08/27/2011 11:50 Comments ||
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#3
Duh! Do nothing to bolster investor confidence. Expect re-election. Sure!
#4
And on top of all this, there was Bambi's guar-an-dam-tee regarding warranty coverage for all the lemmings that bought cars from the old Gm and Chrysler. Seems earlier this week, an owner of an 'Old GM' Impala (2009 i think) was turned down for warranty repairs. Because according to the GM mouth, 'we are the new GM and have nothing to do with this old GM POS.' (well maybe not quite an accurate quote) The guy filed suit and it is working thourgh the courts. maybe he should just send Bambi a bill for the repairs, along with a copy of the presser that he gave saying the US would cover the warranty.
A multi-volume chronology and reference guide set detailing three years of the Mexican Drug War between 2010 and 2012.
Rantburg.com and borderlandbeat.com correspondent and author Chris Covert presents his first non-fiction work detailing
the drug and gang related violence in Mexico.
Chris gives us Mexican press dispatches of drug and gang war violence
over three years, presented in a multi volume set intended to chronicle the death, violence and mayhem which has
dominated Mexico for six years.
Rantburg was assembled from recycled algorithms in the United States of America. No
trees were destroyed in the production of this weblog. We did hurt some, though. Sorry.
Three years after storming the White House with the "fierce urgency of now," President Obama has a new message for his reelection campaign: Be patient, democracy is big and tough and messy. "When I said, Change we can believe in, I didn't say, Change we can believe in tomorrow."
"The case will be made by numbers: Is the stock market up or down, is the jobs number up or down, unemployment, housing starts?" Jamieson said. 
