Not a good day for economic news...
 

"Stocks suffered their worst day of the year, with the Dow tumbling into negative territory for 2012, after a disappointing jobs report in addition to dismal data from China and Europe fueled fears over the health of the global economy."

"The U.S. added just 69,000 new jobs in May while the unemployment rate grew to 8.2 percent..."

"It's painfully obvious the economic recovery in the U.S. isn't just slowing down, it's pulling up the emergency brake," said Todd Schoenberger, managing principal The BlackBay Group."

"We think it is increasingly likely the Fed will announce another round of QE at the Aug. 1 or Sept. 13 meeting," Michelle Meyer, senior economist at Bank of America Merrill Lynch, told clients in a note. "The Fed will not sit idle as the economy slows."

http://www.cnbc.com/id/47645265

Evidence that the "dreaded double-dip" is under way?

I've heard the GOP is fighting hard to tank the economy before election day.

Don't know how true it is, but it wouldn't surprise me at all.

Then there's Bernanke, telling Congress that we can afford to continue living on a giant Credit card, and continuing to do so will drive the country off a fiscal cliff.

http://www.cnbc.com/id/41491193/

Ol' Ben sounds like he's hanging out with the Tea Party crowd. ;)

I saw Clinton's Tresury secretary advocating a new WPA and Conservation Corp.
That would bring a lot of income to the game as there are a lot of people chronically out of work who given some work would be spending on those higher profit luxury items like shoes and health care.:(

Freakin' Hoovervilles or hobo jungles coming to a town near you. Ain't it wunnerful here in the good ol USA. Congress will be seeing more than a little voter backlash should they be successful in their endeavors to tank any and everything in sight. I think I'll lay me in some tar and feathers for the upcoming festivities this autumn.:rolleyes:

I can hear the little tin pot tyrants now."Is you is or is you ain't my constituents?" (favorite quote from the movie Brother where art thou)

Expected a better, more mature response from you.

I believe there is too much that is bad with Europe and that puts a huge brake on the world.

I'm just relaying what I heard from some talking heads recently. But, it still wouldn't surprise me to find some truth in it.

(You did make any comment about Whells counter-allegation......:rolleyes:)

You haven't notice the angry way they've been reacting to any suggestion of economic improvement, the last couple of years? Or the way they reacted to Obamas election, even long before he had any chance to put forth legislation or policy? I would call that immature and reactionary, to say the least.

Yes, there is the European situation, of course.

How anyone with a lick of sense could imagine that the way the Euro was set up could last beats me. It would be like all of the countries here in the western hemisphee adopting a common currency by still keeping our own financial systems.

So Brussels sets the value of the Euro but the 17 or 18 countries all attempt to manage their finances - good luck.

And when Draghi says the Euro is going to fail that was all it took to set chicken little on the run in lower Manhatten. Of course given the lack of transparency we have no idea which banks are holding Greek or Spanish paper. Hell I doubt the Jamie Dimone even knows what J.P. Morgan Stanley is holding.

That's because there's not been much real, sustainable economic improvement. This month's data is just another example. The US banks are still too tight, businesses are still too uncertain and not making significant investments, and unemployment is still too high.

Add to that what appears to be a building economic slow down in China and buckling European financial markets, and you've got what some refer to as "echos of 2008" on the horizon, with Eurozone countries considering their own version of TARP:

http://www.cnbc.com/id/47639849

Yet once or twice a week there are full page ads in the WaPo by Bank of America bragging about all the money they are lending out.

However, given that wages have not kept pace with inflation why are all those brilliant businessmen so surprised that the consumer is not consuming? Because the poor consumer is flat broke. Then since our dollar is rising I imagine that the recent rise in exports is going to drop as well. For a country with so many great economists we sure can screw things up royally.

Its not quite that bad, Rob, but it ain't a rosy picture either.

http://www.reuters.com/article/2012/...8500PC20120601

Folks aren't afraid to spend money that they have, but they are deferring on certain discretionary spending. New car sales are down again, for example. I don't talk to too many folks who are making major vacation plans, either.

You're very correct about exports, however: http://www.reuters.com/article/2012/...8500R520120601