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"WASHINGTON (MarketWatch) - The U.S. unemployment rate jumped to a 14-year high of 6.5% in October as nearly a quarter million jobs were lost, the Labor Department reported Friday.
U.S. nonfarm payrolls fell by 240,000 in October following a revised decline of 284,000 in September, which was the largest job loss in seven years."
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"Largest (monthly) job loss in 7 years". Hmmm, what happen 7 years ago in September?????
W. Bush is his own Economic 9/11. The bastard terrorist could never hurt our nation as deeply as this incompetent President did.
That's REAL economic fact, FTW.
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"They (Patriots) may be the greatest team ever" - Chris Mortenson, January 18, 2005 on espn.com
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I think most of us know this - however nothing is ever one thing and this isn't either. A close to 1,000 point drop the day after the election shows a lack of confidence that Obama can magically turn things around; not that he should be expected to but I think a good number of people who voted for him think he can lift his magic wand and have the economy do a 180.
I think it's three things :
- The economy. Duh.
- Lack of confidence that Obama will help.
- A message not to do anything anti-business right off the bat.
I think most of us know this - however nothing is ever one thing and this isn't either. A close to 1,000 point drop the day after the election shows a lack of confidence that Obama can magically turn things around; not that he should be expected to but I think a good number of people who voted for him think he can lift his magic wand and have the economy do a 180.
I think it's three things :
- The economy. Duh.
- Lack of confidence that Obama will help.
- A message not to do anything anti-business right off the bat.
I think the main reason people chose Obama was because they knew he would proioritize the concerns of the middle class and needy in a difficult economic climate, while McCain would rely on the same ideas that got us into this mess, ideas that most people no longer have much faith in.
The fact that the new unemployment numbers are what they are suggests to me that some investors tried to prop up the market to help McCain, and then moved quickly to protect themselves once the election was over. They would have done the same thing whether or not McCain won because they had a sense of what the economy was in store for.
The fact that the new unemployment numbers are what they are suggests to me that some investors tried to prop up the market to help McCain, and then moved quickly to protect themselves once the election was over.
No-one was trying to prop up the market to help McCain - it's been a brutal year for investors/traders, they couldn't be long in the market just to try to help McCain then get killed.
I think most of us know this - however nothing is ever one thing and this isn't either. A close to 1,000 point drop the day after the election shows a lack of confidence that Obama can magically turn things around; not that he should be expected to but I think a good number of people who voted for him think he can lift his magic wand and have the economy do a 180.
I think it's three things :
- The economy. Duh.
- Lack of confidence that Obama will help.
- A message not to do anything anti-business right off the bat.
"Buy on the rumor, sell on the fact".
The Tuesday rumor: Obama election
The Wednesday, Thursday Fact: Job reports
Today? I always say I have no idea where the market will be in 10 minutes, and I don't even try. People should keep their investment timeframes in order, their risk tolerances disciplined to what they have been no matter the market and should rebalance to be in model. Today could be either very ugly or very positive (if the market sees this report as a "colon cleaning").
Judging stock market performance on one day, one week, one month or even one year is a foolish and ignorant exercise. A 4 year trendline on economic indicators is a much different story. That should and can be judged.
__________________
"They (Patriots) may be the greatest team ever" - Chris Mortenson, January 18, 2005 on espn.com
No-one was trying to prop up the market to help McCain - it's been a brutal year for investors/traders, they couldn't be long in the market just to try to help McCain then get killed.
I agree with you. I can't see anyone "propping up the stock market" to help McCain - - it would be far easier, less expensive and more productive to merely fundraise instead of throwing one's good money into a bad investment.
That being said, the September job-loss report numbers from Elaine Chao's Labor Dept that have been DRASTICALLY revised up (from 157,000 newly unemployed to 284,000)??????
---Yes, that one smells very, very fishy, coming three days after the election.
__________________
"They (Patriots) may be the greatest team ever" - Chris Mortenson, January 18, 2005 on espn.com
I'm not really too concerned about the market for myself - while we've all "lost" a ton, most of us are at an age where we can look back at this as a good time to buy even if the Dow only gets back to, say, 12K in five to ten years. But I do feel bad for people who had everything in the market and didn't have enough that they could afford this drop; yeah, they were stupid and I guess you could say greedy. But this has been a crazy drop and I do wish we could get back to 11K or so just to pare the losses of those who simply couldn't afford them.
I think most of us know this - however nothing is ever one thing and this isn't either. A close to 1,000 point drop the day after the election shows a lack of confidence that Obama can magically turn things around; not that he should be expected to but I think a good number of people who voted for him think he can lift his magic wand and have the economy do a 180.
I think it's three things :
- The economy. Duh.
- Lack of confidence that Obama will help.
- A message not to do anything anti-business right off the bat.
There would be a lack of confidence no matter who was elected since any reasonably smart investor knows that a president can't fix the economy.
Most of you know I love to give updates on what I read/see happening on the economic front. Last month I reported that most experts were predicting unemployment to reach 8-8.5% in 2009. I also wrote that I see it easily going to 10% by the end of 09.
Now we see an unprecidented number of layoff announcements this week and the rate of unemployment increases are accelerating. The grim fact is, the markets have not yet hit bottom. I don't know when it might happen, but I think we will see the Dow drop below 8,000 at some point.
There has been one of the most complicated economic chain of events happening since last year as I have ever seen and the fact that it's on a world wide scale makes it look even more bleak.
FTW's Answer For the Stock Market Drop
Linear Mode
