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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Global worries depress U.S. stocks

UPDATED at 4:14 p.m.:

Wall Street staged a massive sell-off today, as global economic worries sent U.S. stocks into a nosedive.

The Dow closed off its lows of the day but still shed nearly 270 points, closing down 2.7 percent at 9,870.30. The Dow is now down 9 percent for the quarter. As bad as the day was, the Dow managed to avoid its June low. Nevertheless, all 30 Dow components closed in the red. Dow component Alcoa, the aluminum giant, is the worst Dow performer year-to-date. The Dow is now down 2.6 percent for the month and 5.4 percent for the year.

The broader S&P 500 closed down 3.1 percent at 1,041.25. You couldn't find green on the S&P 500 today.

The tech-heavy Nasdaq closed down 3.9 percent at 2,135.18. A lone bright spot on the Nasdaq today was Tesla, the electric-car company that launched its IPO today. It was the Nasdaq's lowest close since February. The Nasdaq is down 11 percent this quarter.

So many investors fled to the relative safety of U.S. Treasury bonds that the yield on the 10-year bond fell to below 3 percent. (Flight-to-safety gold, as well.) Oil dropped 3.3 percent and is selling at $75 per barrel.

Stocks in broad sell-off

10:44 a.m.: Stocks continue to dive in a broad sell-off, pushed down further by a grim consumer confidence report that came out shortly after opening.

June consumer confidence came up well short of expectations, according to the Conference Board, plummeting from an index number of 62.7 in May to 52.9 in June, after three straight months of increases.

In response, stocks are at their lower levels of the day. So far, this is the biggest one-day loss since June 4.

The Dow has crashed down through the 10,000 and 9,900 levels, losing 2.5 percent, or 245 points.

The broader S&P 500 is down 2.6 percent. Almost every one of the 500 S&P components are trading down.

The tech-heavy Nasdaq is down 3 percent. Tesla, which has its IPO on this terrible day, will being trading at around 11:30 a.m. today.

Wall Street is nowhere near a circuit-breaker kicking in to stop trading. A major index would have to drop 10 percent in order for trading to stop. And the new SEC individual-stock circuit breakers don't kick in until a stock loses 10 percent of its value in five minutes. Today's sell-off is not a "flash crash;" it is a slow and steady drive to the bottom.

Oil is off 3.5 percent and is selling at around $75 per barrel.

Stocks dive at opening on global worries

10:03 a.m.: Stocks dove at opening today in a broad sell-off on Wall Street, as investors tapped renewed fears about spreading sovereign debt and eyed a Friday jobs report that likely will provide little boost to a wobbly economy.

The Dow is down 1.9 percent or nearly 200 points and is trading below 10,000.

The broader S&P 500 is down 2.1 percent.

The tech-heavy Nasdaq is down 2.6 percent.

This is a critical time for global economies, as they try to decide whether they should begin to withdraw government stimulus from their markets and begin to install austerity measures to bring down deficits and national debt or whether they should continue to stimulate their economies with taxpayer money until the private sector can take over.

The first choice brings increased deficits; the second threatens to kneecap a wobbly recovery.

Traders and investors on Wall Street are looking at yesterday's very weak consumer spending data from May and worrying about the future of consumption in the U.S.

And then there's unemployment. On Friday, the federal government will release its June jobs report, and it's likely to show that the unemployment rate is unchanged at 9.7 percent. Despite that, the report could show that new jobs have been created, but Wall Street will be looking closely to see where the new jobs came from: Almost all of the more than 400,000 jobs created in May came from census workers, whose jobs will go away in the fall. The private sector has not proven it can create a meaningful amount of new jobs.

By Frank Ahrens  |  June 29, 2010; 4:14 PM ET
Categories:  Wall Street  
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Next: Report: Private sector added only 13,000 jobs in June


Mad Money's Jim Cramer, politically a BIG D basically Jettisoned both the Obama Administration and Congress on his show last night stating the obvious whenever you have everything now running through the Filter of govt. it adds uncertainty and is an equity killer.

Add in the horrendous fiscal position politicians of all parties have put us in, and control that is now exercised by federal, state, local govt. politicians and bureaucrats (and let's add in unions, many non-profits, foundations to this mix), and that is what is wrong with the U.S., Europe and the contagion now spreads to Asia.

Posted by: JuicyJuice | June 29, 2010 10:23 AM | Report abuse

So where is the Rahm approved "spin this for 0bama" position? 4 ... 3 ... 2 ... 1

Posted by: beebop1 | June 29, 2010 10:35 AM | Report abuse

Why is Obama Destroying America. If you truly want to know what is going on; Then you will have to accept these things as the TRUTH. Once you understand the following things; All things will be understood. So I tell you Obama is the Anti-Christ, Satan on Earth, Lawless One, or what ever else you want to call this Demonic Figure. His words describe him, He is a False Hope, If you listen to him you will love him. He carries a Bow without an Arrow. He will conquer all through his speech, his false hoods will capture all who sit and listen to him.
2 Thessalonians 2:11-12
11And for this reason God will send them strong delusion, that they should believe the lie, 12 that they all may be condemned who did not believe the truth but had pleasure in unrighteousness.

Posted by: makom | June 29, 2010 10:38 AM | Report abuse

Freaky that Rahmn is beside O at all these meetings. He's no economist and we didn't elect him.

Posted by: tomdc1 | June 29, 2010 10:40 AM | Report abuse

Why is America in trouble? Take a look at the crazy and ignorant posters here.

The economy is tanking because of 30 years of Reaganomics, abetted by a corporate-controlled Congress. The corporations get tax breaks to leave the country, bring in technical workers, and outsource. They benefit from illegals who work off the books for less money and no protections. They convince people that unions are evil, even though it's unions that protect workers and get them higher wages.

The corporate-controlled radio and TV tells us 24 hours a day that Obama is a Socialist anti-Christ and you fools believe it. These idiots and the mad Republicans deserve each other.

Posted by: sharonsj1 | June 29, 2010 11:01 AM | Report abuse

"The economy is tanking because of 30 years of Reaganomics,..."

Punctuated by many years of astonishing growth in employment, both here and abroad, astonishing growth in technology, and astonishing growth in productivity.

A job is a job is a job is a job, whether on our shores or in India.

People are better off if they have jobs, regardless of where they happen to live, and regardless of the color of their skin.

We have witnessed the opening up of labor markets. President Obama is currently engaged in getting the South Korea Free Trade Agreement enacted.

Posted by: etronsen | June 29, 2010 11:29 AM | Report abuse

Stocks go down because consumers have lost confidence; consumers have lost confidence because of fears that stocks will go down. Catch-22, anyone? Where's Pogo when you need him?

Posted by: jujones1 | June 29, 2010 11:33 AM | Report abuse

We go from LOSING 750 thousand jobs a month BEFORE Obama comes in, to GAINING thousands of jobs a month AFTER Obama is sworn in...
when Bush left office the Dow was around 7,000, thanks to Obama the Dow has improved to around 10,000... Nearly EVERY economic indicator has IMPROVED under Obama, but somehow the right wing media is convincing Americans that things are getting worse. Why? Because they want Obama to fail, which means they want the United Stated of America to fail, which makes all of them, and their listeners/supporters, traitors to our country!

Posted by: jgarrisn | June 29, 2010 11:39 AM | Report abuse

Worldwide bad debt mixed with deflation is a toxic cocktail for financial markets and the economy.

It's soon going to come down to default or massive tax increases or both. Doesn't matter who is sitting in the WH or the Fed from now into the forseeable future. This cake has been baked.

Posted by: bandcyuk | June 29, 2010 12:09 PM | Report abuse

@jgarrisn- yeah we gained jobs, temporary jobs that coincided with the Census. Those jobs are not permanent or sustaining, so please don't believe the hype.

For everyone else screaming Reaganomics- please take an Economy 101 class. Economic policies take 8-10 years to filter through. The situation we are in has been building for years regardless of the administration we have been under; some admininstrations tried to correct the situation others have added to it...why bother with the blame game unless you are an absolute moron who qualifies as an un-informed citizen. The one thing that is certain increasing debt to wipe noses does not save/ repair/ or build a vibrant economy. It will be painful for quite some time, deal with it.

Posted by: devilsadvocate3 | June 29, 2010 12:14 PM | Report abuse

Posted by: sharonsj1
The economy is tanking because of 30 years of Reaganomics, abetted by a corporate-controlled Congress.

Let me give you a history lesson. Reaganonmics promotes low unemployment and economic growth. Democrat controlled Congresses spend like drunken sailors. Reagan had to deal with Democrats that wanted to spend too much money. Now we have Democrats controlling the White House and Congress the spending is beyond belief. When was the last time we had a balanced annual budet and surpluses? It was when Republicans controlled Congress and Clinton was forced to go along with the "Contract With America" to win re-election. Democrats are spending this country into bankruptcy and they are been doing it for the past three decades.

Posted by: MikeJ9116 | June 29, 2010 12:21 PM | Report abuse

Posted by: jujones1
Stocks go down because consumers have lost confidence; consumers have lost confidence because of fears that stocks will go down. Catch-22, anyone? Where's Pogo when you need him?

There is no catch 22. The country is coming to realize we have an incompetent Marxist, socialist, communist, America hating wannabe dictator as president. That is consumer confidence, is dropping like a rock. The Gulf oil spill is shining a very bright like on just how incompetent Obama and his minions really are. The same level of incompetence is showing up on enacting that abortion of a health care bill the Democrats crammed down the public's throat. This is where Obama's incompetence might be to our advantage.

Posted by: MikeJ9116 | June 29, 2010 12:27 PM | Report abuse

Posted by: jgarrisn
We go from LOSING 750 thousand jobs a month BEFORE Obama comes in, to GAINING thousands of jobs a month AFTER Obama is sworn in...

My God, you are one of the most delusional Obamabots I have read in a long time. You are becoming a rare breed because most people that voted for Obama that haven't handed over their higher brain functions to George Soros know they made a HUGE mistake when they voted for him. Rest assured, they won't make the same mistake twice.

Posted by: MikeJ9116 | June 29, 2010 12:31 PM | Report abuse

NO Universal nationalized (socialized) health care and NO Job creation, it is that simple.

After all WHY would you want to hire someone in USA and pay $1000s of Dollars per month for their health care costs, which is going up all the time, WHEN you can hire the same person in Europe or Canada or China and you pay almost ZERO for their health care costs because all Europeans countries, Canada, Japan, China, etc. have Universal nationalized health care.

All of which points prove what utter complete lunatics Republicans are, which means how they are totally owned by Big pharma & Big insurance, to be against Universal nationalized (socialized) health care, because the way Universal nationalized health care is operated is the same exact way that we operate the Military, Police, Fire Dept, Courts of Law, etc. etc. in this country, which means they are paid from our Taxes with salaries of the people involved in the Military, Police, Fire Dept, Courts of Law, etc. set by the Government (Fed or Local), so no one involved in such essential services is paid $100Mill per year or flies in $50Mill private jets as do th exec of Big pharma & Big insurance in USA currently. And that is why health care is taking 9% of GDP in European countries, Canada, etc. while it is taking a deficit busting 18% of the GDP in US, which is ONE of the reasons that Jobs are going to Europe, Canada, China, etc. and not to US. More on Republicans being utter lunatic here:

Posted by: ThinkDeep | June 29, 2010 12:31 PM | Report abuse

This is a wretched article, devoid of background and context. It would hardly be worth a comment if it were it not just this type of "groundhog day" reporting that encourages over-reaction in the markets. A competent reporter covering an economic index should either describe its trends or show them in a time chart and let readers form their own opinions. I would show them here, but available the tools do not support that.

The Conference Board's index is readily available back to June, 1997, from . Chart monthly values, and you will see tics up and down of 10 percentage points, even more, are fairly common, so by itself the recent change is meaningless. Opinion surveys in the U.S. are notoriously volatile, regardless of sample sizes, and month-to-month changes rarely show more than random variations. Anyone who added the most recent value to the current time chart, as Mr. Ahrens should have done, would have seen that immediately.

It is part of a trend starting around June, 2009, in which a steep fall that bgean near the end of 2007 abruptly reversed, and a slow rise commenced. A less sharply defined but similar pair of trends occurred from mid-2000 through mid-2003 (falling), then through the end of 2007 (rising). Although the recession of 2000-2001 was far milder than 2008-2009, the magnitude of the drops in the index trends were about equal, so the magnitude of even long-term changes in this opinion survey is suspect, as a guide to economic truth.

Posted by: AppDev | June 29, 2010 12:35 PM | Report abuse

As people across the globe move away from unbridled consuming, the economy needs to adjust to lower growth. IMHO, this is a good thing: less is more. Nothing to freak out about, really.

Posted by: jvlem | June 29, 2010 12:41 PM | Report abuse

It's the economy and therefor jobs Stupid!!! Even Europe seems to be getting it but not us. Cut up the Gov't credit card and cut spending money we don't have>

Posted by: Jimbo77 | June 29, 2010 12:47 PM | Report abuse

Uh, memo to the ignorant, like Jimbo 77: so much for the deficit hawks and the idea that the markets will reward austerity. From today's nyt:

“I think it all goes back to this deflation trend that seems to be taking place,” said Tom di Galoma, the United States head of fixed-income rates trading at Guggenheim Partners. “The Fed is on hold and you are starting to see investors panic on interest rates, thinking they don’t have enough bonds in their portfolio.”

All of you ignorant people freaking out about government borrowing for a second stimulus should read the NYT article on how the markets are punishing Ireland for excessive austerity. The real question is: where will the growth come from to repay the deficit?

Posted by: scientist1 | June 29, 2010 1:00 PM | Report abuse

I love how Obama chastised the other members of the G-20 last week for daring to actually CUT their spending to bring budgets in line. They're obviously going to make him look bad if they can control their spending while he can't (or won't).

Obama the trainwreck of America and the world.

Posted by: fritz101 | June 29, 2010 1:08 PM | Report abuse



Posted by: charlietuna666 | June 29, 2010 1:15 PM | Report abuse

fritz101--nobody is arguing about the need to control health care costs over the medium term in order to cut the national debt. The point is that if we don't get the economy up and running again we will be unable to grow our way out of debt. If we can get the economy headed toward more employment it will produce enough revenue over the years to amply repay short-term stimulus spending. Unfortunately the conventional wisdom about inflation is wrong. The bigger problem is deflation, as today's stock market woes show.

Posted by: scientist1 | June 29, 2010 1:15 PM | Report abuse

This is just another Wall Street tantrum.

Obama and his Wall Street boys -Summers, Geithner, Emanuel, etc- won't miss this opportunity to push their agenda a little further.

Posted by: tropicalfolk | June 29, 2010 1:17 PM | Report abuse

Anybody but me ever notice how many conservative posts include "It's that simple" or words to that effect?
If it were that effing simple, maybe it would have been resolved by now. Maybe the problem is eight years of a Republican occupant of the White House who actually believed it was that simple.

Posted by: jlhare1 | June 29, 2010 1:26 PM | Report abuse

There is absolutely no confidence in Obama. Why don't you just say that.
That man is destroying our country.

Posted by: nychap44 | June 29, 2010 1:30 PM | Report abuse

What consumers understand is WE ARE ENTERING A DEPRESSION. Now, i thik the Whote House and Congress both know this, but are unable to wean themselves from the failed free trade economic policies of the past three Administrations that caused this. The models show that the looming depression will be both deep and prolonged, accompanied by social unrest in this country, that WILL DESTABALIZE THE GOVERNMENT AND DO UNTOLD DAMAGE TO OUR INSTITUTIONS. Whether we even survive this is entirely dependent upon both Republican's and Democrat's wake up, put an end to job outsourcing, guest worker visas, and reverse the job losses by the use of stiff trade tariffs, duties, and fees on offshore manufactured goods and services. This wont be popular with "our representatives" Wall Street freinds and foreign corporate and government masters, but they literally have less than a year to act or this country will go the way of the Weimar Republic and all of us are doomed.

Posted by: mibrooks27 | June 29, 2010 1:50 PM | Report abuse

It is hard to turn around a bad economy that you inherit when 50% of those in congress, the conservatives, are rooting for bad news and displays a “can’t do” attitude on all issue. The economic problems of today are due to the past 30 years of trickle-down-capitalism with a heapin' helping of anti-government-self-regulating-industry. Thank you GOP for destroying the revovery, please now tell me why American can’t do something and why our government is no good. Conservative pessimism is going to be our downfall.

Posted by: hansenthered | June 29, 2010 1:51 PM | Report abuse

Well, Walmart is finding the U.S. consumer "tired" and is therefore focusing on expanding in foreign jurisdictions.

The U.S. consumer is "tired", thanks in large part to offshoring of jobs and income, a strategy perfected by Walmart.

Posted by: gschultens | June 29, 2010 2:01 PM | Report abuse

charlietuna666: That's a great parody of a right-wing troll who mindlessy repeats garbage from the right-wing noise machine. Good job of satarizing a right-wing dittohead.

Posted by: gschultens | June 29, 2010 2:08 PM | Report abuse

Ten percent unemployment. Stock market tanking. Worst environmental disaster in history being completely bungled by Barry with no end in sight. Home sales down 30 percent from the prior year.

Way to go Barry.

Miserable failure Obama

Posted by: screwjob16 | June 29, 2010 2:34 PM | Report abuse

Hey makom, lighten up. You disagree with a guy and he becomes the anti-Christ. I'd hate to be your neighbor. By your beliefs, Jesus was the anti-Christ. I'm no fan of Obama either but you're embarrassing. I suppose the GOP is everything good and wholesome in the world, eh? God's own warriors. And I'm sure to you Sarah Palin's the Virgin Mary, just biding her time before she gives us all the new messiah, who will be named Truth Palin like Trick, Track, Truck and Trig. You're a one person reason why religion and politics need to stay as far apart as they can get. "Strong delusion" indeed.

Posted by: curtb | June 29, 2010 2:47 PM | Report abuse

Yesterday Wall St was ecstatic about the weakened Fin Reform bill. Today's report shows that consumers are much less enthusiastic about the fact that Wall St is still able to drive us off a cliff for short term profits.

Posted by: lauther266 | June 29, 2010 2:48 PM | Report abuse

According to Obama and Biden, the "Recovery Summer" is in full bloom. What a couple of knuckle draggers.

Posted by: gorams1 | June 29, 2010 3:04 PM | Report abuse

If only the president and his administration would publicly castigate irresponsible and greedy corporations just a little more vociferously, I'm sure our economy could finally turn the corner.

Posted by: HenryPotter | June 29, 2010 3:11 PM | Report abuse

Lets face it Liberalism as implimented by the Obama admin is the problem. The proof is the angst and sadness from the liberals I know. They are now mistified why HIS programs have not worked. Many are now searching their education certificates for fradulent water marks.

Posted by: jmounday | June 29, 2010 3:21 PM | Report abuse

urtb - I certainly don't hate Obama, but the U.S. is facing a catastrophe on Obama's watch. Now, we can certainly blame Bush and Republican's for their part in this mess. We can point back to the Clinton Administration and his dismantling tariff walls, deregulating banks and investment firms, weakening laws that made corporate boards and officers responsible for the harm done by corporations. But, right now, and I do not believe you quite understand this, we are facing Armageddon, the destruction of the United States as we know it as the worst depression in history settles in and angry and disillusioned people, having completely lost trust in their government and institutions, strike out, as a whipsaw series of "leaders" and movements rise up and fail, until our very own Hitler (or, more accurately, Napoleon), replaces democratically elected government. Obama, you, Wall Street investors, both Republican and Democratic "leaders" are literally committing suicide today by continuing the folly of current economic policy. Fair or not, this moment is on "Team Obama's" watch and they WILL be blamed, should be blamed, if they do not step up and end the bleeding of our economy right now, literally save the union... right now, literally prevent World War III... right now.

Posted by: mibrooks27 | June 29, 2010 3:26 PM | Report abuse

This panic is echos from the many scary waves of it in 2008, set up by years of improper and lax regulation of the financial industry by the Bush administration. GOP'ers do not believe in regulation, the Bush team set out to prove that, and it blew up in their face. Greed is greed, and proper oversight is proper oversight.

Balkingpoints / www

Posted by: RField7 | June 29, 2010 3:29 PM | Report abuse

I see the idiots are at it again.

S&P 500 2001-2008 (the Bush years) -.74

S&P 500 2009-yesterday (Obama years) +20.52

What does this prove - NOTHING. Get it talk radio parrots?

Posted by: Trout1 | June 29, 2010 3:40 PM | Report abuse

Just blame it on Bernanke and the Fed.

Why do we need a Federal Reserve, anyway?

Maybe when all hell breaks lose in the financial markets, some people will wake up to the fact that the Fed is bleeding America dry.

Posted by: John991 | June 29, 2010 3:46 PM | Report abuse

I look at the stock market today and wonder why is the O'bama Administration so blind to the stock market, consumer confidence, lack of jobs, lack of interest in business stimulation,financial reform is a joke, complete failure of our government in the oil spill crisis and the list goes on. I have heard all these anti-Bush people I can handle. The issue is not what Bush may or may not have done, the issue is the lack of leadership and confidence in our government. At last week's G20 and G8 meeting, O'bama looked like a fool. Foreign countries and investors no longer have confidence in our leaders or leadership. I think "Change you can believe in" is no longer believeable. What a sad commentary on a man who promised so much and has given so little. We got what we ask for.....the American public must at some point realize you don't elect an inexperienced community organizer elect him president of the community organizing group.....we need good solid experienced leaders in the mold of Reagan, Kennedy, Eisenhower and yes even Clinton. I am seriously concerned about the long term of our country. Never have a seen a president so lacking in business sense or understanding. It is truly scarry but somehow we will get through all of this and in November and in 2012 I hope we have enough to begin to take corrective action.

Posted by: jnorow | June 29, 2010 3:57 PM | Report abuse

It's incredible how divergent the views are, expressed on this blog. I favor another stimulus, but I wouldn't call people who disagree with me, demons or the anti-Christ. That seems excessive.

I like Krugman's analysis, latest article on New York Times posted Jun 27, 2010. I guess some would call him the anti-Christ, too. But I don't, and I think he's right.

Posted by: DavidH3 | June 29, 2010 4:08 PM | Report abuse

jnorow - Oh, they'll be paying attention after tomorow.... but it is far far too late to do anything about it. But, still, a 3.6% plunge in the DOW will get their attention.

Posted by: mibrooks27 | June 29, 2010 4:30 PM | Report abuse

TSLA just zoomed 40% in after hours trading. (always after hours).. i only know electric cars have 80% fewer parts than gas oil cars.. 80% less worries? and maybe no more whales on the beach from toxic solvents that hide oil spills... ouch that hurt me. 80% years of less repairs... hmmm

Posted by: jgaskins1 | June 29, 2010 4:35 PM | Report abuse

YOYO. And, don't forget, by 5-4 the Court recently sanctioned open season on humans.

Time to head for the backwoods with your guns and whatever crackpot religion you can find that explains these times.

Posted by: rusty3 | June 29, 2010 4:40 PM | Report abuse

How's Barry and his Court Jester's (Bite-Me) Summer of Recovery Tour progressing? Suddenly not hearing much about their Multi-City Tour of Deception lately. All the Pot Holes filled in?

LOL !!

Posted by: FraudObama | June 29, 2010 4:58 PM | Report abuse

Does Obama know? He and Biden are doing a feel good Recovery Summer Tour, 'ya know?

Posted by: JAH3 | June 29, 2010 5:02 PM | Report abuse

Okay, Obama, we're ready for that hope and change. Any time now. Please don't keep us waiting any longer. Our jobs and 401Ks are on life support. Okay, are you ready? Okay, now. 5 . . . 4 . . . 3 . . . 2 . . . 1 . . . 0 . . . FIZZLE! Oh boy, gee thanks.

Posted by: NEWSOUTH1 | June 29, 2010 5:10 PM | Report abuse

"We go from LOSING 750 thousand jobs a month BEFORE Obama comes in, to GAINING thousands of jobs a month AFTER Obama is sworn in...
when Bush left office the Dow was around 7,000, thanks to Obama the Dow has improved to around 10,000... Nearly EVERY economic indicator has IMPROVED under Obama, but somehow the right wing media is convincing Americans that things are getting worse. Why? Because they want Obama to fail, which means they want the United Stated of America to fail, which makes all of them, and their listeners/supporters, traitors to our country!"

Wow, where to begin.

1) Most jobs created under Obama were literally created BY Obama -- in the form of government jobs. Government jobs are paid for with tax dollars. They are a net drain on the economy. So instead of expanding the tax base with private job growth, you add to overhead by hiring more government workers.

2) Obama spent more money in 3 months than the entire Iraq war cost under Bush. Although the Dow has since gone up in abstact numbers, given that the dollar has lost 25% of its value due to the trillions of dollars in debt we've added with no economic benefits, it is actually worth less than it was near the bottom of its prior run. Obama also wasted taxpayer dollars bailing out GM in order to keep paying United Auto Workers their gold-plated pensions, and blew billions on programs such as Cash for Clunkers or the home tax credit that didn't generate sales, but just encouraged people already looking to buy a little bit earlier. Not to put too fine a point on it, but his own stimulus bill had a "worst case" scenario of what would happen if we DIDN'T pass his stimulus package -- that ended up being better than what really has happened! He swore up and down that unemployment wouldn't pass 8%, and it's been near 10% pretty much ever since. At least Bush got a democratic Iraq for his money.

My newborn daughter owes over $40,000 on her share of the national debt that was spent on Democratic pork projects, and you have the gall to call us traitors? Maybe you should go ask President Obama why all those trillions of dollars vanished into the ether without actually improving anything, and why he ignores everything from the oil spill to the Iranian revolution while gutting our space program and driving people off their own health insurance. Assuming you can get onto whichever private golf course he's currently on.

Posted by: zippyspeed | June 29, 2010 5:20 PM | Report abuse

NOVEMBER 2nd!!!!!!!!!!!!!!!!!!!!


Posted by: theaz | June 29, 2010 5:39 PM | Report abuse

It's actually Hitlers fault.

The post ww2 baby boom in the United States and europe is around the corner from retiring. That, plus we have some of the best (if you can afford it) medical care ever in history. These people are going to be living off a fixed income soon no longer contributing. Also, global overpopulation and development of second world countries means energy and foodstock prices go up. For the past half a century the United States has been living beyond it's means. Now that the good days are over, our quality of life is going to correct itself back to a global balance.

Unfortunately we are caught completely with our pants down. We are so used to this lifestyle that no matter who we play musical chairs with in office, they won't have the answers. They won't have them because the American public is in denial and refuses to accept the truth that we're in decline as a country.

Posted by: lmn8r | June 29, 2010 5:58 PM | Report abuse

everyone in Congress should have to balance the budget and publish their choices

Speak up or Shut up Republicrites!

Posted by: philosopherkingtomas | June 29, 2010 5:59 PM | Report abuse

Just try to think logical instaed of political (like a highschool football fan idiot)

consumer confidence was driven by rising home prices for 60 years

that is not going to return for a long time

hello - the accumulation of wealth by the few - it's pay back time

french revolution II is my prediction

Posted by: ryan_heart | June 29, 2010 6:24 PM | Report abuse

if the comments above are demonstrative of Americans' understanding of events, the low esteem in which they are held abroad is justified. the image of the half-educated, camo-clad loon toting an automatic weapon, swilling foul-tasting cheap "beer" while chanting New Testament verses and shrieking "Obaboona is the socialist antichrist!" in a thick Southron drawl appears to be accurate. i'm so embarrassed overseas that i sometimes claim to be Canadian - but that's a mere palliative. better, probably, to be Swiss.

Posted by: adambrower | June 29, 2010 7:58 PM | Report abuse

Austerity - or, how to engineer the Greatest Depression.

Conservatives have already thrown 1.2 million American workers and their families under the bus. Next month is another 1.6 million. Next fiscal year, everyone else they can get their hands on.

This country was something to be proud of, before the conservatives, neo-cons and other right-wingers started screwing it up in 1969. Now we are a second-rate power with an exported economy and nothing positive on the horizon. That "fair market" concept hand world domination to the Chinese. Thank you, republican crime syndicate.

Posted by: BigTrees | June 29, 2010 8:02 PM | Report abuse

It ain´t the global worries which sent the US markets diving, but the US worries which have send the rest or the world´s markets to the pawn shop. I mean, leaders are suppose to lead, on the good times, and the bad, not viceversa

Posted by: WindLessBreeze | June 29, 2010 8:34 PM | Report abuse

Obamanomics at work.

Posted by: samuellenn | June 29, 2010 9:00 PM | Report abuse

why has obama failed so miserably?????

Consider that Obama mocked the Bible books of Deuteronomy and Leviticus by name. Obama’s speech is still on You-Tube. These books are in the Jewish part of the Bible, the Old Testament , which is also part of the Christian Bible.

Note that Obama has never even CRITICIZED the Koran, much less MOCKED it.

Deuteronomy 28, in the very book Obama mocked by name, pronounces specific curses:

15 However, if you do not obey the LORD your God and do not carefully follow all his commands and decrees I am giving you today, all these curses will come upon you and overtake you

team obama confusion and stupidity??

20 The LORD will send on you curses, confusion and rebuke in everything you put your hand to, until you are destroyed and come to sudden ruin because of the evil you have done in forsaking him

ineffective failed stimulus billions–unable to produce any jobs???

38 You will sow much seed in the field but you will harvest little, because locusts will devour it. 39 You will plant vineyards and cultivate them but you will not drink the wine or gather the grapes, because worms will eat them. 40 You will have olive trees throughout your country but you will not use the oil, because the olives will drop off.

foreign debt–loss of national sovereignty???

43 The alien who lives among you will rise above you higher and higher, but you will sink lower and lower. 44 He will lend to you, but you will not lend to him. He will be the head, but you will be the tail.


Obama mocking Deuteronomy and Leviticus by name

The Bible:

Posted by: ProCounsel | June 29, 2010 9:05 PM | Report abuse

and no one at the wash po

can associate the cause and effect

between dodd frank financial regulation catastrophe passing

and this latest explosion

of depression obama

Posted by: ProCounsel | June 29, 2010 9:07 PM | Report abuse

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Posted by: kaixindian | June 29, 2010 9:29 PM | Report abuse

Why won't that thing trend?

Posted by: blasmaic | June 29, 2010 9:47 PM | Report abuse

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