Posts Tagged ‘markets

24
Aug
15

The financial meltdown, in a few easy steps

Specialist Mario Picone, right, watches the numbers as he works on the floor of the New York Stock Exchange, Friday, Aug. 21, 2015. The Dow Jones industrial average has plunged more than 530 points and is in a correction amid a global sell-off sparked by fears about China's slowing economy. Oil tumbled below $40 per barrel for the first time since the financial crisis. (AP Photo/Richard Drew)

Specialist Mario Picone, right, watches the numbers as he works on the floor of the New York Stock Exchange, Friday, Aug. 21, 2015. The Dow Jones industrial average has plunged more than 530 points and is in a correction amid a global sell-off sparked by fears about China’s slowing economy. Oil tumbled below $40 per barrel for the first time since the financial crisis. (AP Photo/Richard Drew)

The financial markets are melting down. Here’s why.

A couple of months ago, the Shanghai bourse began the Mother of all Corrections. Within a few weeks, it had lost 30% of its value.

This first go-round of market mayhem was greeted with pretty much of a yawn in Europe and the US. This was especially so after the government in Beijing stepped in to prop up the markets.

However, that propping up failed to calm the markets. Beijing decided to let the market work, and the sell-off commenced again.

Now, though, there is the added component of a fear of a major Chinese slow-down in its broader economy. To paraphrase that old saw: When China sneezes, the world catches a cold.

The fear of a significant downturn in the Chinese economy is spooking markets all over the world like a bump in the night spooks wild horses. Without knowing exactly what’s coming down the pike out of China, markets are in a panic.

Continue reading ‘The financial meltdown, in a few easy steps’

27
Oct
11

good evening, people

President Obama has dinner with campaign donors and winners of the “Dinner with Barack” contest at The Liberty Tavern in the Clarendon neighborhood of Arlington, Va.

****

MSNBC: Medicare’s basic monthly premium will rise significantly less than expected next year, the government announced Thursday. That could pay political dividends for President Barack Obama and for Democrats struggling to win over seniors in a close election.

…. In a statement accompanying release of the Medicare premiums, Health and Human Services Secretary Kathleen Sebelius asserted that seniors have nothing to fear from the new health care law.

“The Affordable Care Act is helping to keep Medicare strong and affordable,” she said. “People with Medicare are seeing higher quality benefits, better health care choices and lower costs.”

Full post here

****

Crooks and Liars: …. why in the hell does Pat Buchanan still have a job at MSNBC?

Color of Change would like to know the answer to that and ask for your signature on a petition to MSNBC (you can sign the petition here)

…..There’s no excuse for lending legitimacy and a national platform for such archaic and hateful attitudes. MSNBC has fired others for much less. Pat Buchanan needs to go.

More at Media Matters

****

****

ThinkProgress: Republican presidential candidate Rick Perry released a tax plan this week that he and many media reports called a “20 percent flat tax.” But Perry’s new alternative tax scheme is hardly “flat”.

Leaving aside the fact that it is layered on top of the existing tax code, it establishes not one but two different tax rates: 20 percent for wages, and zero percent for investment income. Because capital gains and dividends would be sheltered from taxes under Perry’s plan, some of the wealthiest Americans would wind up paying nowhere near 20 percent overall.

In fact, billionaire Warren Buffett, who has lamented the fact that he currently pays only 11 percent of his adjusted gross income in federal income taxes, would pay as little as 0.2 percent under Perry’s plan.

Full post here

****

Clever Google:

😉

*****

ABC: Today’s New York Times story … includes an intriguing reference to a staff memo directing those traveling in a car with Mr. Cain, “Do not speak to him unless you are spoken to.”

Could the affable Mr. Cain really have a “don’t-talk-to-me-unless-I-talk-to-you” policy?

Yes. He does. Really.

A top aide to Mr. Cain explains to me why.

“It’s the same policy for any Secretary of Defense or four-star general,” a senior Cain staffer explained to ABC News. “You don’t talk to them unless they talk to you, generally. Sometimes you get guests in the car and they want to talk and talk and talk, and then Mr. Cain wants to prepare for the next interview or the next speech and he’s very engaging, so it can be a distraction. After a while, he gets to the point where he doesn’t want to talk, but wants to prepare for what he’s doing next.”

****

More excellent comedy from Dick Halperin today in Time. He magnificently ignored all the polls that show President Obama leading RomPerryCain in swing states, and concluded that if the election was held today he’d lose.

It’d be nice, though, if Halperin had an original thought:

Mark Halperin (today): Is President Obama on the ropes? …. The coalition that helped elect the President …. has been disbanded.

Mark Halperin (December 2010): The coalition that got Barack Obama elected President just two years ago has been shattered ….

🙄

Last year, Alex Pareene of Salon (which I seriously hate linking because it’s become Firebagger Central) did a series on “the worst columnists and cable news commentators America has to offer …. the most predictable, dishonest and just plain stupid pundits in the media.” Halperin had to settle for the runners-up prize, behind Richard Cohen. It’s worth a read again:

Alex Pareene (2010): Mark Halperin – The Drudge-loving political analyst who gets everything wrong …. his belief in the unerring political instincts of Karl Rove and the godlike omniscience of Matt Drudge ….

…. Halperin’s worst quality is actually that he is constantly wrong. He is a professional political analyst, yet he often seems to be completely, 100 percent wrong about even the horse-race aspects of politics that he specializes in. He kept promising, in 2006, that Bush’s approval ratings would once again surge past 50 percent. Remember when John McCain “suspended his campaign” to fix the economy? Mark Halperin said McCain won the week.

The book Halperin wrote …. “The Way to Win,” his preview of “the way to win” the presidential election in 2008. His advice was to emulate Karl Rove and worship Matt Drudge – the key to victory seemed to involve a lot of Matt Drudge – and the 2008 election as it actually happened made the whole book (which he co-wrote with Politico co-founder John Harris!) look utterly ridiculous.

… All we ask for is a little accountability. At the very least, Halperin’s TV chyron should read, “ALWAYS WRONG ABOUT EVERYTHING.”

Repeat offenses: Obsequious relationship to power, Drudge-baiting, awfulness, self-promotion, getting everything wrong.

Representative quote: “To see what the future could look like, click here.”

(The link, posted the night before the selection of Joe Biden as Barack Obama’s running mate, led to a photo of Sen. Obama with Sen. Dick Lugar.)

Full article here

When you click that link now, you get:

Oh dear.

****

Saintroscoe? I think I love you:

😆

****

Marketwatch: With a little more than two trading days left in the month, it is shaping up to be the best October ever for the Dow Jones Industrial Average. And that is saying something, since the Dow has existed since 1896, 115 years ago.

As of mid-day trading on Thursday, the Dow INDU is ahead more than 11% for the month. The previous record for the month of October was held by 1982, when the Dow turned in a 10.7% return. That’s an auspicious historical precedent, since that month came very early in that decade’s spectacular bull market which, arguably, didn’t end until nearly 20 years later.

****

Link

****

****

President Barack Obama talks with Mike Froman, Deputy National Security Advisor for International Economic Affairs, in the Oval Office, Oct. 27, 2011. (Official White House Photo by Pete Souza)

02
Oct
11

koch industries, iran, bribes, corruption ….

Politicalgates: …. In a bold and spectacular move, Bloomberg Markets Magazine wrote a story titled “The secret sins of Koch Industries” which does not only focus on several new revelations, but also provides a comprehensive overview about scandals of Koch Industries which happened during the last decades. The story also explicitly puts the well known political activities of the Koch Brothers in context with their highly questionable behaviour in business.

…. No less than 15 Bloomberg-journalists in several countries have worked on it … This is Pulitzer-Prize territory….

…the article reveals, for example, that:

– Koch Industries used the European offices of their subsidiary Koch-Glitsch to sell millions of dollars of petrochemical equipment to Iran in an apparent violation of the US-Iran trade embargo, as recently as 2007

– Koch Industries paid bribes in six countries from 2002 to 2008 to win business in Africa, India and the Middle East, comparable to similar behaviour of German technology giant Siemens (Siemens subsequently had to pay a $ 1.6 billion fine!)

Read the full post here

Thanks desertflower

10
Sep
11

ah, gopolitico….

Steve Benen: …. it was another unpleasant day on Wall Street yesterday, with all of the major indexes falling. From a political perspective, consider how some news outlets covered the story – and connected the drop to President Obama …. Politico’s front-page headline told readers: “Markets plunge after Obama speech.”

In fairness, the Politico article was slightly better than its ridiculous headline, but the larger point is the same: these outlets tried to draw a connection between the president’s jobs speech and the one-day drop on Wall Street. After all, Obama spoke on Thursday night, and stocks slipped on Friday morning, ergo, one caused the other.

The problem, of course, is that this isn’t even close to being accurate. We know why the major indexes fell yesterday: “The stock market tumbled again Friday as doubts about the ability of European leaders to address a spiraling debt crisis on the continent overshadowed President Obama’s new proposal to spur U.S. job creation….”.

To suggest to U.S. news consumers that markets were reacting to the president’s jobs speech is absurd, even for conservative media outlets…..

More here

Zachary Karabell (Daily Beast): It’s easy to blame the president’s speech for the turmoil in economic markets at home and abroad – it’s also wrong.

… Most major news outlets ascribed the drop to a negative market referendum on President Obama’s jobs speech last night.

… The weakness of U.S. financial markets this week has almost nothing to do with what is going on in the United States economically or politically. It has everything to do with the endlessly unfolding drama in the European Union over the fate of Greek debt, peripheral countries, and the euro.

…  we have one easy but false narrative – the markets don’t like Obama’s plan – that trumps a more complicated but true story – the markets are roiling from the fear of what is happening in Europe ….

Most financial cognoscenti know that the current issue is Europe, as do many who write and speak about such things. But the American desire to be the center of all things makes the story of markets selling in reaction to Obama too tempting. The problem isn’t just that it’s the wrong twist….

More here




@POTUS

@BarackObama

@WhiteHouse

@FLOTUS

@MichelleObama

@PeteSouza

Enter your email address to receive notifications of new posts by email.

@TheObamaDiary

@NerdyWonka

RSS Obama White House.gov

  • An error has occurred; the feed is probably down. Try again later.

RSS WH Tumblr

  • An error has occurred; the feed is probably down. Try again later.

RSS Steve Benen

  • What the political past could say about President Biden's future
  • House Jan. 6 committee issues new subpoenas to Proud Boys, Oath Keepers
  • China and Russia condemn U.S. military action near borders
  • How the federal safety net helped prevent 'mass starvation'
  • Kurt Andersen leaves Brooklyn, sets out for a tour of Appalachia

Categories

Archives

Blog Stats

  • 43,147,427 hits
November 2021
M T W T F S S
1234567
891011121314
15161718192021
22232425262728
2930