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Ear to the Ground

Amid Economic Whiplash, a Bit of Glad News

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Posted on Mar 24, 2008
Wall Street subway sign
Flickr / epicharmus

A sense of gloom still hangs over the economy, but there was cause for celebration Monday. Home sales are up for the first time in months, the dollar has regained some ground against the euro, and Wall Street had a triple-digit day. So why aren’t investors smiling?


New York Times:

The whirlwind period of volatility in the markets has left some on Wall Street with a bad case of whiplash.

“It’s like a barbell on a fulcrum,” said Brian Gendreau, a strategist at ING Investment Management. “Any little piece of information one way or the other can tip the market either way quite easily.”

The tape tells a violent tale: a week ago, the Dow gained 420 points, its best daily advance in five years. It promptly plummeted 293 points, only to gain back 260 points a day later.

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By DennisD, March 25, 2008 at 8:03 am Link to this comment
(Unregistered commenter)

“Home sales are up for the first time in months” -

I guess the point of this article is that if you own a home and are watching it’s value decline daily you should consider it a good thing. Maybe in fu*king Bizzaro World.

Only to Wall St. is what would be considered misfortune for the vast majority of Americans called “glad news”.

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By Purple Girl, March 25, 2008 at 5:56 am Link to this comment

finally got totally kicked off the internet while on another site other than the HuffPo- You boys are working hard!
Was it the handing over the Corp Gamblers to their Creditors?
Was it giving first time buyers a real break, and Investors “flippers’ have to Suck it Up?
Which one made you hit the Switch?
Have We already been handed over To the Chinese? Or the UAE? Not feeling the ‘Free Speech’ of Democracy

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By G.Anderson, March 24, 2008 at 10:08 pm Link to this comment

Several weeks ago on a Friday, the Fed pumped in 200 billion dollars into the market, then next monday, they put in another 100 billion..  then after that there were more infusions, so many I couldn’t keep track….

Next came the J.P. Morgan purchase of Bear Sterns…

Still after all that money was pumped in, the stock market keeps covering the same ground over and over again, back and forth, in effect it’s been going sideways for quite some time.

Now we’re going to hear lots of stories of how we can’t have a depression because of the controls placed on the Market, since our last depression, yet those in charge have been busy dismanteling those very controls for the last 10 years.

Like a financial maginot line, built to fight the last financial crisis, or current financial remedies may prove as useless against todays financial problems, the ones we face now. 

The bottom line is that consumers can no longer support the amount of debt they carry, and their taxes can’t support the amount of debt that the government is carrying for Iraq.

Yes there will be other stories about how unscrupulous lenders almost trashed the Marvelous, miracle of U.S. housing, there may even be some prosecutions…

Lies are so easy to believe in, they are like pretty dreams so comforting, so reassuring, and they are cheap too.

That’s the way it will be, lots of money for the 1r;‘s to bail them out, and more psy ops for the rest of us.

Then there will be the scape goats, like Emanuel Goldstein.

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By cyrena, March 24, 2008 at 10:06 pm Link to this comment

Nope, I didn’t ‘forget’ if only because for me, there was never anything to remember.

Those few pennies the rest of you all will be getting only applys to those who were still able to earn money last year, and therefore pay taxes.

Unless one was able to earn some money, there is no ‘rebate’.

So, in a nutshell, for those who have been unemployed, (for whatever reasons) for longer than a year, there will not be a ‘rebate’ of $1,200 or $600 or .25 (gee, I just realized there’s no ‘cents’ key on this computer. Remember that from the old days?)

Anyway, I’m one of them. I know several hundred more, just like me.

BTW, this wasn’t Obama’s idea. Matter of fact, Hillary came up with this idea even before Bush did.

What a girl!!

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By cyrena, March 24, 2008 at 10:00 pm Link to this comment

Financial Meltdown: Time for a Holiday From Progressive Politics?

  By Dean Baker
  t r u t h o u t | Perspective
  Monday 24 March 2008

  Progressives usually fight for the interests of those at the middle and bottom at the expense of those on top. However, during this period of unprecedented financial crisis, when the Wall Street rich are begging for the helping hand of the government, most progressives appear to be on the sidelines. Rather than taking advantage of this extraordinary opportunity to reduce inequality and educate the public about how the economy really works, progressive voices have been unusually quiet.

http://www.truthout.org/docs_2006/032408A.shtml

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By weather, March 24, 2008 at 4:14 pm Link to this comment
(Unregistered commenter)

Wall Street pumps out “stories” many are deliberately specious. They’ll tell you today housing sales are up because they bought calls on fri. only to pay for the puts, when upon investigation the truth of those home “sales” was deemed aberrant.

and remember, the one ‘financial’ news story the NYTimes seemed to have missed. The tremendous ammount of money that was made on 9/11. Its amazing how many people were not at their desks that day in the trade center and the CEO of Cantor Fitzgerald just happened to be in London, but he did manage to go on TV and show the public of what the perfect asshole looks like.

Arrest Silverstein and Bushcon and heal or stay stuck in the lie.

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By cyrena, March 24, 2008 at 4:06 pm Link to this comment

I’m not pretending to be an expert in economy, and certainly not in respect to the market…

But, even with my knowledge limited to the basics, I just don’t get how the free-up of money for people to purchase homes, is gonna help the average citizen who has just needed to apply for food stamps, or have already been kicked out of their homes.

It says that the dollar has now risen a bit against the Euro. (it’s still far less). So, what is that supposed to mean. (it could drop again by tomorrow morning).

What this looks like is like the stock holders, (the ones who already had/have the money) won’t lose quite as much on their Bear Stearns portfolios. Still a loss, (that the tax payers have to secure) but now they’ll get $10.00 per share instead of $2.00.

And then, Fannie and Freddie have freed up a couple of billion for folks to purchase homes, but…wouldn’t that be folks that already have some money, and a decent ‘credit’ rating?

That’s not likely to be anybody who’s been through a recent foreclosure.

So, that helps the rest of us…how?

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