Oil Prices and Joblessness Punish Shares »
Posted by: ybdogsct 3 months agoThe Dow fell 3.13%, or 394.64 points, to close at 12,209.81. The Labor Department said that the economy lost jobs for the 5th consecutive month and the unemployment rate surged to 5.5% in May, the sharpest monthly rise in 22 years. Oil prices shot up more than $11 to a new record above $139. Food prices have risen 6.1% in the past three months.
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SwampFox-82nd3 months ago
Once again my cool friend, you've posted something that will make all of us ponder. That's the very best you can do for our nation. The more "secrets" that make their way to the surface, the more we learn about how Bush and Cheney designed and implemented their rush to judgment day. All paid for by our own money!
Thank you for enviting my nasty-butt to join in your pearl of wisdom, I fear our right-flingers will attack us again. After all, they called us all traitors for seven years. Why stop now? The only traitor I see is presently hiding behind our flag in the Whitehouse. After eight-years, he is still a liar, a thief, AND a traitor.
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rightfromwrong3 months ago
as we all know... these figures represent what the government tells us....really likely 7-8%. Wait another 2 yrs when NAFTA super hwy comes up from NE of Mexico and displaces thousands of USA truckers. Easy to do when US corporations can pay them $3 per hour and no benefits. Truckers will not take this lying down
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Radiofreeeuropa3 months ago
And they shouldn't! (take it). The mantra is short term profits for the few at the expense of the future of the many.
John Edwards was the man on this, I hope Obama talks more to him about corporate greed and "globalisation" (secret password for cheap [slave] labor.)
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SwampFox-82nd3 months ago
Stranger, I don't who you are but I like the way you think. And unbeknownst to many Americans, the very reason Reagan pushed NAFTA down the throats of the unknowing was 1) Break the Unions, and 2) Allow corporations to "outsource" without having to pay the federal taxes when doing so.
That is what the far-right flingers voted for. Now that their little secret is known to all -- just like Iraq -- So what??
For you Texicans, he pulled that stunt for you and you didn't even know what then governor Bush was pretending to be a governor. Feel proud America, you were too deaf to hear the Mexican stampede into our nation. Now, you are blaming every body except the perpetrator of a classic Republican ploy: Say anything to appease the people, and do what you already planned, no health-care for Americans, no union to go to address these and other crimes against the working class, no education for our children, no Infrastructure, a massive debt, and massive unemployed!
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SwampFox-82nd3 months ago
Cool Friend, happy to see another Bro here. Like a wingman does, protecting our Pointman! Wished this narly-butt had the words to convey to others what you endured just getting here to post. As the English Prime Minister once said to the Combat Wing Commander, "Glad to have ya' aboard, mate..." Winston Churchill, when the very first B-17 arrived from America in the Lend-Lease agreement (March 15, 1941). Franklin Delano Roosevelt ..... "Britain is blessed with a brilliant and great leader in Winston Churchill." See, Swampie did the research, too. That, my cool friend, was exactly what was learned.
Salute, BlackAce.
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Blackacereturn2 months, 4 weeks ago
No Salute You SwampFox you are the Hero here, you should be VP man!
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wtagg3 months ago
This type of news will most likely push McCain even farther from the administration. Unusual for the candidate of the incumbent party.
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Radiofreeeuropa3 months ago
I don't spend a dime in Mao Mart and I never will. We as a nation have a right to protect our jobs. It's too late now, the barn door was opened far too long ago and the livestock is gone. It's time to build from scratch with regulations about new jobs forbidden from being outsourced. If the tech companies didn't move their base to China we'd still be quite competitive in the field because of quality and cutting edge issues. I for one would gladly pay more a product I knew would last more than a couple months, anything with a Chinese made electric motor in it has a very short shelf life. The last DVD player I bought, the motor failed after 2 days, they replaced it - the 2nd one lasted a month. Finally the third one has been working for over a year now so I guess I got my money's worth. I would have gladly paid more for a European or American made motor though.
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Harbeas3 months ago
when are the people going to get, "Mad as hell and not take it anymore"? Did the cost of producing oil go up, did the demand increase and the supply decrease yesterday? Of course not. so where does this leave us? In the hands of the manipulaters and speculaters. Since our government is doing nothing about it we need to replace all of them and put some people in office that will stop this madness. We are on the verge of a worldwide recession and we are running out of time!
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Radiofreeeuropa3 months ago
The speculators and the over 20 billion a quarter profits in the majority of oil companies are hard to swallow. The greede of the few over the need of the many.
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ningyo3 months ago
this is class warfare crap fom the socialst left--those enormous profits fro the oil companies go to you and me and every teacher ,firefighter and teamster in the country..anyone with a TIAA cref pension which is everyone..we see the REAL agenda of the radical dem left with the slip from the left-wingnut congress saying flat out hey want to SOCIALIZE the oil industry..and then health care--then corporations..then ..then..we will all be working in the rice paddies..equally poor and miserable..but equal
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ybdogsct3 months ago
How in the world did you come to this conclusion? Did you even bother to READ the featured article? There is NOTHING that can even be construed as "class warfare" in the article.
You keep pandering to some irrational fear that is nowhere close to happening. The last Democratic president, Bill Clinton, didn't "socialize the oil industry and corporations." And Obama has NO plans to do that either.
And in case you haven't noticed, our economy isn't doing so well with Bush's economic policies.
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ybdogsct3 months ago
http://people.ischool.berkeley.edu/~hal/people/...
"The stock market does far better under Democrats. During those 72 years the stock market returned about 11 percent more a year under Democratic presidents and 2 percent more under Republicans - a striking difference."
http://finance.yahoo.com/q/hp?s=^DJI&a=00&b=20&...
"Note that the DJIA rose steadily during the Clinton Presidency from 3300 in Jan 1993, to 11,500 by December 1999, before settling back at 10,600 by the time Bill Clinton left office--a 221% increase."
http://finance.yahoo.com/q/hp?s=^DJI&a=00&b=20&...
"Now, here are the monthly Dow Jones closing averages since George W. Bush has been President. Relatively stagnant from 10,600 to 12800--a meager 20% increase."
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ybdogsct3 months ago
CLINTON'S RECORD ON JOBS
http://clinton4.nara.gov/WH/New/html/20000112_1...
"In 1992, the American economy was barely creating jobs, wages were stagnant, and the unemployment rate was 7.5%. 22.1 million new jobs have been created since 1993, the most jobs ever created under a single Administration. The economy added an average of 248,000 jobs per month, the highest under any President. Unemployment is down from 7.5% in 1992 to 4.0% in June 2000, and in April 2000 the unemployment rate was the lowest in 30 years. The unemployment rate has fallen for 7 years in a row, and has remained below 5% for 34 months."
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ybdogsct3 months ago
AND NOW BUSH'S RECORD
http://www.cbpp.org/4-14-04tax-sum.htm
"The early returns on the effects of Bush's tax cuts have not been good. The Bush tax cuts have contributed to revenues dropping in 2004 to the lowest level since 1950, and have been a major contributor to the dramatic shift from projected large budget surpluses to projected deficits. The tax cuts have conferred the most benefits, by far, on the highest-income households â;; those least in need of additional resources â;; at a time when income already is exceptionally concentrated at the top of the income spectrum. THE DESIGN OF THESE TAX CUTS WAS ILL-CONCEIVED, RESULTING IN SIGNIFICANTLY LESS ECONOMIC STIMULUS THAN COULD HAVE BEEN ACCOMPLISHED FOR THE SAME BUDGETARY COST. In part because the tax cuts were not as effective as alternative measures would have been, job creation during this recovery has been notably worse than in any other recovery since the end of World War II."
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ybdogsct3 months ago
http://www.census.gov/prod/2007pubs/p60-233.pdf
http://www.census.gov/prod/www/abs/income.html
There was an INCREASE in Real Median Household Income under the Bill Clinton Administration from $43000 to $49500 (a 15.1% INCREASE); and a DECREASE in real median household income under George W Bush Administration from $49500 to $48201 (a 2.6% DECREASE).
Also, the poverty rating under Clinton fell from 40 million to 31 million; and rose under Bush from 31 million to 36.5 million.
http://www.federalreserve.gov/newsevents/speech...
"The share of income received by households in the top fifth of the income distribution rose from 42% to 50%, while the share of income received by those in the bottom fifth declined from 7% to 5%.
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ybdogsct3 months ago
REPUBLICANS AND FISCAL IRRESPONSIBILITY
http://www.washingtonpost.com/wp-dyn/content/ar...
"Alan Greenspan levels unusually harsh criticism at the Republican Party, arguing that Bush abandoned the conservative principle of fiscal restraint. Greenspan praises Clinton's tough anti-deficit policies as 'an act of political courage.' But he expresses deep disappointment with Bush. 'My biggest frustration remained the Bush's unwillingness to wield his veto against out-of-control spending.'
Greenspan accuses the Republicans of being too eager to tolerate excessive federal spending in exchange for political opportunity. Dealing with a budget surplus, Clinton proposed devoting the extra money to 'save Social Security first.' Greenspan writes, 'I played no role in finding the answer, but I had to admire the one Clinton's. The truth was that Reagan had borrowed from Clinton, and Clinton was having to pay it back.'"
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ybdogsct3 months ago
http://www.cato.org/pub_display.php?pub_id=3184
"Supporters and critics of the administration are tripping over themselves to blame the deficit on tax cuts, the war, and a slow economy. But the real truth is that national defense is far from being responsible for all of the spending increases. According to the new numbers, defense spending will have risen by about 34% since Bush came into office. But, at the same time, non-defense discretionary spending will have skyrocketed by almost 28%. The administration has been free spending into the face of a recessionary economy from day one without making any serious attempt to reduce costs."
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ybdogsct3 months ago
http://www.brookings.edu/opinions/1999/0202fede...
"The big question is how to use these surpluses. Clinton called on the nation to save most of the budget surpluses that loom in our nation's economic future. At the same time, his Republican critics have been calling for sizeable tax cuts, which would underwrite increased personal consumption, and some of his Democratic supporters have been calling for increased government spending on long-neglected domestic priorities."
In effect, Bush's tax cuts represented the sentiment of the Republican party on how best to spend Clinton's budget surpluses. Republicans wanted to spend the money and cut taxes. Clinton wanted to save for SS, health care, and debt reduction.
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ybdogsct3 months ago
DEMOCRATS & FISCAL RESPONSIBILITY
http://www.washingtonpost.com/wp-dyn/content/ar...
"Dealing with a budget surplus in his second term, Clinton proposed devoting the extra money to "save Social Security first." Greenspan writes, "I played no role in finding the answer, but I had to admire the one Clinton and his policymakers came up with."
http://www.brookings.edu/opinions/1999/0202fede...
"The significance of prospective surpluses of nearly $5 trillion over the next 15 years is hard to appreciate. The big question is how to use these surpluses. Clinton called on the nation to save most of the budget surpluses that loom in our nation's economic future. The largest component is the transfer of bonds to Social Security and Medicare. These transfers would go about half way to closing the projected long-term deficit in Social Security."
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ybdogsct3 months ago
http://www.washingtonpost.com/wp-dyn/content/ar...
"On its second day under Democratic management, the House yesterday overwhelmingly approved new rules aimed at reining in deficit spending."
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/...
"House Democrats, seeking to show they will be better stewards of taxpayers' money than their Republican predecessors, approved new budget rules Friday that require any new spending or tax cuts to be paid for by other spending cuts or tax increases. The so-called pay-as-you-go budget rules were passed with broad support as part of a package that also requires lawmakers to disclose which "earmarks," or spending items, they have added to bills."
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ybdogsct3 months ago
What's ironic is that although Republicans are perceived as good for business, the economy actually performs worse when Republicans are in power. For example, today
1) the purchasing power of the American dollar is at record lows, inflation is a real threat
2) the banks are being crushed by the sub-prime crisis
3) energy and food prices are skyrocketing
4) the stock market is declining
5) the budget surplus has been squandered
6) the national deficit is at record highs, and
7) the unemployment rating is deceivingly high.
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PresidentBuckheadd3 months ago
Ybdogsct destroys his opponents by giving them millions of links that are so good that his opponents have no response and stay quiet.
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mmrhe3 months ago
This is bad stuff. We need cooperation from OPEC(Ha!), a sane monetary policy(coming), alternative fuel investment and oil off the speculation market!
We can't allow loose cannon Israeli politicians affecting world markets with assinine comments about Iran.
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Natureboy3 months ago
"Oil Prices and Joblessness Punish Shares"
Bollocks. Oil prices and joblessness punish the working class.
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CHAM3 months ago
Good one ybdogsct
With a 3 Trillion dollar price tag on the Iraq war ( and rising ) plus the Iran bashing going on to start a new war, the need to Impeach this bunch grows by the minute.
And the Comptroller General of the U S on TV some time back stated an accrued debt ( Long Term Liabilities ) of $53 Trillion ( As of Sept 1, 2007). I would bet its over $60 Trillion now.
When Bush took office the accrued debt was $20 Trillion, so in seven years the Bush bunch brought us an increase of around $5.7 Trillion per year, while the Cash Accounting method ( Short Term Debt ) has now bumped $10 Trillion.
This is the worst Administration in the History of the United States. And yet we have McCain running at almost a tie according to polls, promising, of all things, to continue this madness.
Would it be fair to say that the voting public deserves what they are receiving?
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Cityslicker3 months ago
Class action law suit against the Commodity Exchange Commission , for letting the trading get out of hand .
The Commission thinks there maybe some stock manipulation going on , no duh .
I mean how can a finical individual go , jobless rate is up because of high gas prices , so lets raise gas prices , genius , shear genius .
Or a Foreign group is controlling the market and doing what they wish with it , Al Qaeda , Taliban , terrorist groups , there is regulation on foreign investor in the Commodity market .
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CHAM2 months, 4 weeks ago
Cityslicker
How about a group within our society that acts in the shadows, pillaging our financial well being, mortgaging our future? And all the time blaming - "Them". They might even call themselves "Super-Patriots" as they send our sons and daughters to kill and die for profits that will swell their already fat bank accouts. You think this scenario is possible?
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bluetexasvalley3 months ago
"...Forrest Bush..."
That's an insult to Forrest Gump. HE had a successful business. Also an insult to my friend, Forrest Phelps, a fellow Propellerhead.
But I knew what you meant. ;-)
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ADAGUY3 months ago
The right wing party line voters will be here any time to de-bunk all of these facts with their Faux news comments.
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