~~ CNBC lunacy : picks economists with bias lunacy pumping markets with illogical and ridiculous biased market speculation. It is a form of fraud because the speculation, aka market pump, is based on biased and misleading logic to pump markets. i.e. when companies cut workers to reduce costs to generate higher earning, of course, those who cut cost will report good earnings, however, over all company size and operation is not same as pre-economic downturn. However, markets are fraudulently hyping, including Greenspan market pump and dump in LT view, prices to pre-downturn. Especially ignoring escalating billions and trillions debt. Bubbling and hyping up markets is only robbing Americans and LT investors even if we are in healthy economy.
IT IS INSANE AND FRAUDULENT MARKET PUMP - CNBC hype.
ACTUALLY, MARKETS ARE VERY OVERBOUGHT because Bernanke and CNBC pumpers hyped markets at the March 2009 low using debt. What we heard is nothing but hype and pump. Higher prices do not do any one good except those billion/trillion fund pumpers. Companies are operating smaller sizes after downsizing; however, market pumpers are hyping markets based on illogical earning numbers omitting reality of there are millions of people going bankrupted. Markets are trading at insane prices based on spending massive debt.
SELL, SELL, SELL.... Get taxes from hedges. Those who are out of market after insane market pump since March 2009 are making money as markets selling off. Bubbles are nightmare, SELL, SELL, SELL.
Those who are whining about market level are either ignorant about reality or ignoring all the news. No excuse to complain about lower market level especially after the market pump in 2009 and all the news about nation debt around globe.
All should be happy when markets sell off.
After Bush, smart OBAMA ~~ It's Congress..... the same from the previous. It seems that Ob is not "biz" as usual as he looks to be trying to make "Right Decisions" in long term. America can go back the same as it has been -- as he said, and as we all know. We need changes.
It is very tough job to fix decades of malfunctions.
Sell, sell, sell......... Fed Greenspan bubble-crash manipulation literally slaughtered Americans and our nation. America has great qualities of people, but terrible leaders who are swindling sheep-herd.
All Americans would wonder which land does Fed Greenspan live in, of course, he has probably taken millions and billions, and even trillions out of Americans and America as Fed Bernanke has taken trillions.
Former Federal Reserve Chairman Alan Greenspan said that the recent stock market decline is “typical” of a recovery, and that international instability has more to do with the recent decline than problems in the United States.- Bankrupting China in 10 years?
http://www.cnbc.com/id/38099377 - Each journey of a thousand miles begins with a single step. Yet for the trek of turning the yuan into a global currency, China is only just lacing up its boots.
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- Week Ahead: Stocks Oversold, But Is Market's Fear Overdone?
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The World's Coolest Jobs ... Ever - Cash-Strapped Venezuela Sees Legal Bills Pile Up
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- GM's Auto Sales in China Top US for First Time
It is becoming evident that those who are fooled into the Fed Reserve grand scheme of fleecing sheep-herd will not see justices. Millions of Americans are slaughtered after fooled into the grand scheme of mammon. What would be Christ coming back -- the Bible written in 1611 -- was it ....? This world is increasingly becoming mad as living hell eaten by the few greed.
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The Hottest Video Games of 2011 - Toyota's Planned Recall May Cost $228 Million
- Fed Greenspan & Bernanke Fraud
- June Job Losses at 125,000, But Jobless Rate Falls to 9.5%
| 02 Jul 2010 | 09:42 AM ET
The US economy lost 125,000 jobs in June, more than economists had forecast, as thousands of temporary census jobs ended and private hiring grew less than expected.
And though the unemployment rate unexpectedly fell to 9.5% from 9.7%, the lowest in a year, it was largely due to more people dropping out of the labor force.
The report was the latest sign that the economic recovery may be faltering.
"Overall what this does is it reinforces the market's view that the U.S. recovery is losing steam,'' said Greg Salvaggio, vice president of trading at Tempus Consulting in Washington.
Stocks opened modestly higher amid relief the report was not as bad as some had expected, while Treasury debt prices slipped.
Private hiring rose 83,000 after increasing only 33,000 the prior month, the Labor Department said. But nonfarm payrolls, dropped 125,000—the largest decline since October—as census jobs fell 225,000.
Financial markets had expected employment to fall 110,000 last month, with the jobless rate edging up to 9.8 percent from 9.7 percent in May.
The government revised data for April and May to show 25,000 more jobs created than earlier reported.
Public unhappiness with the economy, especially after a record $787 billion package of spending and tax cuts, is eroding President Barack Obama's popularity. Obama, who has has called job creation his No. 1 priority, has tried to put the blame on policies of the previous administration.
With voters in an anti-Washington, anti-incumbent mood, failure to make headway in putting back to work the more than 8 million Americans who lost jobs during the recession could cost the Democratic Party dearly in the November mid-term elections.
# Slideshow: The 10 Best Jobs in America
Payrolls in the dominant services sector rose 91,000 last month after increasing 20,000 in May. Temporary help employment rose 20,500, while retail hiring fell 6,600.
In the goods-producing sector, payrolls fell 8,000 in June, pulled down by declines in construction as home building dropped sharply following the end of a government tax credit.
Manufacturing employment rose 9,000 after a 32,000 gain in May.
With unemployment stubbornly high, household spending has turned sluggish in recent months, threatening to create a vicious cycle that stock market investors and some analysts worry could tip the economy back into recession.
"We are in a difficult situation. I don't think there is political will to have another stimulus program and even if we did I am not sure people feel it would be that effective,'' said Stephen Bronars, a senior economist at Welch Consulting in Washington.
The Federal Reserve is also in a bind. It has held benchmark overnight interest rates close to zero since December 2008 and has pumped more than $1 trillion into the economy.
Fed officials believe a sustainable recovery has taken hold, but are watching cautiously.
The average workweek edged down to 34.1 hours from 34.2 hours in May.
URL: http://www.cnbc.com/id/38054214/
U.S. pending home sales, home construction, and mortgage applications all declined significantly in May, according to newly released statistics. While the drop was expected due to an expiring federal tax-credit for home buyers, it fell at twice the expected rate of 15 percent, meaning that sales decreased by 30 percent in a single month. This is especially unusual because May is typically considered high season for home buying. The drop brings the number of pending home sales to the lowest since it was first recorded in 2001. It is also the largest percentage decline in home sales since 1963. Because home sales are a forward-looking indicator, unlike job growth which is a lagging indicator, this could have serious consequences for long-term economic growth.
- Why New Home Sales Matter for Jobs The Washington Post's Dina ElBoghdady explains, "Although new-home sales are dwarfed by activity in the existing-homes market, they are closely watched because the construction industry contributes to job creation and economic growth." The Moderate Voice's Jerry Remmers adds, "The backlog of unsold new homes is 210,000 which is a drain on market values and only perpetuates the drop in new construction jobs."
- Can Home Sales Recover? The New York Times' Christine Hauser writes, "Reflecting on the housing figures, the National Association of Realtors chief economist, Lawrence Yun, said in a statement that job creation was one of the critical elements that would determine whether the housing market can grow without federal stimulus. The association said its index, which tracks pending home sales, fell in May, after the government tax credit for home buyers expired. The index for contracts signed in May fell by 30 percent to 77.6, down from 110.9 in April. The index is down nearly 16 percent from where it stood in May 2009, the association said."
- Result of Declining Consumer Confidence The Washington Post's Dina ElBoghdady writes, "The dismal May sales results add to disappointing housing data that suggest buyers are retrenching, possibly because fears about job security are trumping today's tantalizingly low mortgage rates and home prices. Industry reports show that sales of previously built homes also fell in May as mortgage applications continued to sink."
- Flood Insurance Playing Role eCreditDaily reports, "many potential sales are being delayed by the expiration of the National Flood Insurance Program, which offers more affordable premiums than the private sector. 'Florida and Louisiana, also impacted by the oil spill, have the highest percentage of homes that require flood insurance,' [NAR economist Lawrence] Yun said."
- Shows the Folly of Initial Home Buyer Tax Credit The Big Picture's Peter Boockvar writes, "As with any temporary tax credit that is introduced to stimulate activity, demand gets pulled forward and is then followed by a sharp decline. We’re now seeing textbook economic behavior as a result of these gimmicks in the housing data. Yes its crackpot economics on the part of our policy makers but something we unfortunately have to deal with. The question then becomes what happens after the expected fall off as the industry deals with normal supply and demand dynamics."
- ...Especially Its Timing Senior economist at Wells Fargo Securities Mark Vitner tells reports, "The tax credit expired as the peak home-buying season kicked off. ... Imagine what would happen to retail sales if they canceled Christmas." http://www.theatlanticwire.com/opinions/view/opinion/Why-Plummeting-Home-Sales-Matter-4200
- California’s 3rd Appellate District court in Sacramento ruled state Controller John Chiang must comply with an order by Governor Arnold
Schwarzenegger to lower the pay of almost 200,000 state workers to the federal minimum wage of $7.25 until a budget is passed.The state’s fiscal
year began on July 1. The dispute between the governor and the Democrat controlled California legislature is over a deficit for the current fiscal which is is expected to be $19.1 billion.California would save approximately $1.2 billion a month due to the reduction, according to the state Department of Finance. Once a budget is finished and signed into law, state workers may be due back pay.“This underscores the fact that everyone loses when we have a budget impasse,” Schwarzenegger’s press secretary, Aaron McLear, said in a statement. “Every day the Legislature fails to deliver a budget costs the state $50 million.
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