While writing this, Thursday, I watched the U-S Stock Market dance before my eyes!
Thursday’s taglines: Wall Street Goes From Panic To Despair…Stocks Make Third Attempt At Rally…Another Day Of Wild Ups And Downs… Dow Rockets Nearly 200 In Late Surge While NASDAQ Finishes In The Red.
I’m checking it out, online! Wow! That is enough to make a person feel unsettled!
• Gold seems to be falling, too!
Gold futures fell Wednesday to its lowest point for the first time in more than a year. It sank below $710 an ounce. Isn’t Gold THE precious metal people typically see as a safe haven in rough economic times?
• More people filed jobless claims last week.
The Labor Department says new applications for state unemployment benefits rose by 15-thousand (more than expected) in the week ending October 18. Thousands more job cuts have been announced. Analysts lay most of the blame on the financial crisis: tighter credit, rising foreclosures… (also Hurricane Ike). They say the employment outlook for Americans will likely get worse!
• The Web site, which tracks foreclosed homes, has more bad economic data. It says 81-thousand homes were repossessed, last month! RealtyTrac compared foreclosure data (this quarter, with the same time last year), and found that: the number of homeowners facing foreclosure grew by more than 70-percent (July to September)…and nearly a million homes (766-thousand) got at least one foreclosure-related notice.
More than 250-thousand properties were repossessed by lenders nationwide in the third quarter. RealtyTrac expects that more than a million bank-owned properties (about one in every three properties for sale in the U.S) will be repossessed properties! (Better news: Foreclosure filings slowed last month.)
• Even the White House is ‘fessing up! The guys who probably still believe that Iraq HAD (or has) Weapons of Mass Destruction, said Thursday the economy will remain gloomy through at least the end of the year!
• Alan Greenspan calls the current worsening economic crisis: “A once in a century Credit Tsunami.”
(Greenspan is the former Chairman of the Federal Reserve – the one some conservatives, and others? blast for contributing to today’s financial meltdown. They claim he kept interest rates too low, for too long…without regulatory oversight.)
Greenspan testified before congress today (October 23)…on the economic crisis. (Congress is asking past key financial players for their ideas on what caused the gravest financial crisis since the 1930’s…and how they think the government can fix it).
Greenspan says he expected lending institutions to do a good job protecting their shareholders. He’s also slamming “overeager” investors for making subprime mortgages, without worrying that what goes up, will likely come crashing down!
• Now to John McCain’s answers to what you’ve just read:
Q: Senator McCain, if you become president in January, what exactly do you plan to do about any or all of the above?
M: Well, I won’t raise your taxes, like Obama will!
Q: Taxes on what, Senator. It’s looking like I won’t even have a job?
M: Well, Senator Obama is promising to spread the wealth. I won’t! These elitists have enough…also!
Q: Senator, how do you define “elitist”?
M: Er…I defer to my capable running mate on this question…
PALIN: (That’s how SHE described “elite” to NBC’s Brian Williams: (Hasn’t she learned yet – Don’t GIVE any interviews. Nada!)
“Oh, I guess just people who think they’re better than anyone else…and, and, John McCain and I are so committed to serving every American, hard-working, middle class Americans who are so desiring of this economy getting…put back on the right track! And winning these wars and America is starting to reach her potential…and that is opportunity and hope provided everyone equally. So anyone who thinks, ah… I guess, that they are better than anyone else, that’s, that’s MY definition of elitism! (Webster: Take note.)
WILIAMS: So, so it’s not education…It’s NOT income-based?
PALIN: Anyone…who thinks they’re better than anyone else!
WILLIAMS: A “State of Mind”? It’s not geography?
PALIN: Of course NOT!
WILLIAMS: (To McCain) Senator?
M: I know where some of them live?
W: Where’s that”?
M : Well, in our nation’s capital…in New York City. I’ve seen it, I’ve lived there…I know the town! I know. I know where a lot of these elitists are…the one’s who…”
For a moment I thought he was going to say: Spend thousands of dollars on clothes at upscale stores like Saks and Niemen Marcus? But he didn’t. Instead, he said:
“… (those) she never went to a cocktail party with in Georgetown. I’ve been very frank with you…those who think they can dictate what THEY believe to America, instead of letting Americans decide for themselves”.
That’s making the Bush White House sound extraordinarily “elitist” to me…but what do I know?
No more questions for Senator McCain!
I’m satisfied that HE will NOT raise our taxes or spread the wealth around. He’ll also presumably banish all taxes, ‘cause that’s basically taking from Joe Plumber (when he does get around to actually paying taxes!) and giving it to people like Palin in Alaska.
(That is back when she embraced the “Bridge to Nowhere”, before political expediency turned her against it!). It will be up to wealthy investors from the Middle East, China, Russia and other Sovereign Fund dollars, worldwide…to keep on supporting us. You betcha!
(P/S: The U.S dollar fell against every major currency, EXCEPT for THE SINGAPORE DOLLAR. Hear that Senator McCain? Singapore is preparing to test Senator Obama’s resolve, should HE be elected president. We’re glad you’re sounding that alarm!)