What Made the Markets Slide?
EmailAs the world markets began to close another chaotic day and the U.S. braced for what could be one of our own, I talked to Fox Business analyst Liz Claman about the volatile world economy. For starters, faltering European nations Portugal, Ireland, Greece and Spain or PIGS.
“They're Europe's problem children,” Claman said, “They have spent too much. They have not brought enough in. And they borrowed too much…You used to see that whatever happened in the U.S. was what then happened overseas. Now, it's the opposite. Things that happen in China, things that happen in India, things that happen in Europe, are affecting the world markets. And this is now a major issue for us.”
Also contributing to the market slide was a very somber jobs report, "We're just not creating jobs yet,” Claman says. But all hope is not lost, “We have to walk before we can run. We stopped losing as many jobs. You have to give that [Obama] administration and the previous administration, President Bush, some credit for that, where they started to at least put a slide to the real problems.” And now that the jobs slide has been slowed by two presidents, the country waits to see if, long term, the government can find a way to stimulate job growth.
See the entire report here:
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HEY GEORGE…MAN YOU LOOK TO BE SUFFERING OVER THERE AT “BAD MORNING FOR GEORGE..AMERICA” ASK ROBIN TO CUE YOU IN…BE NICE TO HER GEORGE OR YOUR PROBLEMS WILL ONLY MULTIPLY…….lol…………GEORGE…COVER IT MAN..TELL AMERICA THE TRUTH…..930,000 JOBS REVISION!! TELL THE AMERICAN PEOPLE THE TRUTH..I MEAN LOOK WHERE TELLING THE TRUTH GOT YOU THIS TIME GEORGE, MAYBE NEXT TIME YOU COULD WIND UP DOING A MONTHLY SPECIAL FROM MYKONOS….LOL…HOPE THAT NATION DOESNT GO BROKE BEFORE YOU GET THERE…
Posted by: Pete | February 5, 2010, 10:15 am 10:15 am
As long as the Administration and Congress are determined to promote socialist agendas, continue to spend like there’s no limit with zero regard for debt and deficit, we will see the total destruction of our economy and risk our national security. The extreme left has the fundamental transformation of this great country into a Marxist society as their goal and overspending, creating more entitlement programs will ensure they achieve that goal. Scary times.
Posted by: fedup_11 | February 5, 2010, 10:16 am 10:16 am
Hold on a moment. When the jobs outlook was staying at 10% Fox was jumping all over the issue being Obama and his horrible administration. Now, after a year, the job market is starting (very slowly) to look better and it is the work of the two presidents? Really? I mean really? How can you beat up on the current president until the news turns positive, then it has to be the work of the republican president too. Insane!
Posted by: HoldOn | February 5, 2010, 10:20 am 10:20 am
If we stopped outsourcing all of our manufacturing to China and other countries, wouldn’t we start getting our jobs back?
Posted by: Bob | February 5, 2010, 10:26 am 10:26 am
Notice that those complaining about government spending never mention the military, which accounts for 60% of U.S. spending. Citizens are indoctrinated never to question this sacrosanct spending. The 60% becomes much higher once you include all the off-budget items. No, what people want to bleed is grandmother’s feeble budget and get rid of the people who repair and plow our streets, and police and fire departments. Keep up this unthinking attack on government, people, and you can send us right back the stone ages.
Posted by: DAB | February 5, 2010, 10:37 am 10:37 am
So Bush creates the Great Recession and leaves the country on a path to 10 percent unemployment, yet Obama gets the heat for failing to clean it up fast enough.
Posted by: matt | February 5, 2010, 10:53 am 10:53 am
Why do you have to focus so much on politics – on who created the mess and whos cleaning it up – If we had more jobs, wouldn’t we be better off? What about the greedy business practices of our businesses playing a part in all of this and the greed and unethical practices on wall street? What about the fact that we are outsourcing almost all of our manufacturing to China (and other countries)? Why should a Chinese man build my computer, my chair, my shoes, my pants, my underwear, my shirt, my sweater, my hat, my gloves, my wallet, my phone, my coffee mug, my tv, my radio, my dishes, my bed sheets, my grill, my patio furniture, my grill brush, phone, my cell phone, and my just about anything else I can think of!!!!!! If we made our own stuff, think of all the jobs we would have!!! Who’s fault is that – certainly not mine…… Isn’t this just common sense??? Am I missing something??? We are making every other country rich (China, India, etc.), and are destroying our own. Has it reached critical mass – is it too late to turn it around? I don’t know, but it doesn’t look good… Am I the only one who sees it this way???
Posted by: bob | February 5, 2010, 11:20 am 11:20 am
The 9.7 percent UE reflects the rise in effective underemployment as employers shed 20,000 jobs. The underlying point is that the US economy is NOT creating jobs rather than we’re losing jobs at a slower rate. This report by no means is a reassuring development.
Posted by: Vincent | February 5, 2010, 11:32 am 11:32 am
This is not rocket science! The world has all these problems because the world is overpopulating at a rapid pace. Look at all the Muslim countries. Look at the USA’s population explosion. We already have 20,000,000 illegals here and we are taking thousands and thousands in every month legally. How are we going to cover their healthcare, education and create jobs for all of these people. It’s impossible. Yet, no one will admit it. Yet, people critized China for their 1 child per family law. China has 1.3 billion people in an area about the size of the US. I remember talking to Senator Gaylord Nelson, the creator of Earth Day. This was 30 years ago and his biggest concern for the environment was over-population. It also holds true for economics and healthcare. How in the world can we come up with a solution to healthcare when we don’t even know how many people live in the US. The can lie and say we won’t cover the illegals, but the truth is we cover them no. It’s insane and it will get much worse. It, in fact, will only get worse. That just goes to show you, no one really cares about global warming!
Posted by: Carl Peterson | February 5, 2010, 11:52 am 11:52 am
Yiassou George!!Things over here in Greece are really tight!!Economically speaking!Greece is a country that could never go wrong economically cause everything is “working for us” as we say in Greek but with so many rotten politicians n the bad governing they have managed to put Greece in this position!It was as if Greece has been on auto-pilot for over 30 years!!The last politician that did something right for this country was the dictator Papadopoulos I am afraid!
Posted by: Greece4ever | February 5, 2010, 11:55 am 11:55 am
“So Bush creates the Great Recession and leaves the country on a path to 10 percent unemployment, yet Obama gets the heat for failing to clean it up fast enough.” D*** straight. The President himself admitted that he and the others in Washington moved too slowly (over a year) in responding to the unemployment situation. The professed reason was underestimating the severity of the situation. The real reason was overestimating just how far the chant of “hope and change” would go.
Posted by: Publius | February 5, 2010, 1:58 pm 1:58 pm
First off I disagree why we are in a world recession. The biggest reason why were here is the price of oil, it put people out of work which had a snowball effect, people lost there jobs and couldnt pay there mortgages, not everyone who lost there home had a sub prime rate, it is because the trickle down effect of the oil industry supply and demand that started the slow down in the world economy. Fix the energy problem first then we can create real jobs, so then people can buy there homes back!
Posted by: schicatano | February 5, 2010, 2:04 pm 2:04 pm
BS……Thank you….BS. What caused the markets to go down is Obama’s tax increase on over 250,000 income, and the increase of Capital gains to 20 percent.
Has nothing to do with friggin Greece, Greece, et al, has been there for thousands of years, you think the market just noticed?
Thank you.
Posted by: betsy | February 5, 2010, 2:24 pm 2:24 pm
Obama and the Democrats entitlements have got to be paid for at any cost.They would rather tax business to death ,which is costing jobs and lowering the tax base,than to reign in some of these entitlements.Cap and Trade is another job killer they would like to force on the American people.The Health Care bill is another entitlement that they would have you believe that they could add 30 to 40 million uninsured and cut the cost,REALLY!
I here them talk about Social Security,Medicare and Medicaid will be under funded,but never do you hear them mention Food Stamps,Free Housing and Welfare will be under funded,go figure.
Posted by: Johnny L | February 5, 2010, 2:24 pm 2:24 pm
Obamanomics. As much a failure as the man himself.
Posted by: Erik | February 5, 2010, 2:56 pm 2:56 pm
What Made the Markets Slide? Silly question. The wrong question. The markets slid because they were overvalued. Ask a better question like; is it coincidence that trade and national deficits have been mimicking each other for the past 40 years?
Posted by: Mot | February 6, 2010, 12:05 pm 12:05 pm
And U.S. GDP grew in both the 3rd and 4th quarters. I like it how some declared the stimulus a failure, when they did not see instant results. The fact is jobs are always lagging the numbers recovery in each recession. But those focued on long-term recovery, know the enviroment will be a big winner in the conversion to biofuels & biopower — cool site; Balkingpoints ; incredible satellite view of earth
Posted by: RField | February 6, 2010, 5:22 pm 5:22 pm
The fears of foreign markets, about the stability of the US market and the country’s ability to pay off its debt.
A very real concern at this point.
Posted by: Rick McDaniel | February 8, 2010, 12:46 pm 12:46 pm
The recession began long before Obama took office-it’s not his fault. It’s also well to remember that bailouts began inthe Bush administrations as well adn I know peopel who thought it was necessary and yet now many of these same people are griping about it and claiming it’s Obama/s fault. It’s not and it’s ridiculous to expect any man or administration to fix what it took years under Bush to break. SOme problems such as the healhcare crisis have been with us for many decades and it’s the insurance company and the people they keep in their pockets that keep it from being fixed. Yes we have to work with them since they currently insure many people but we don’t have to let them set the agenda and that’s what’s happening.
It’s simply unbelievable that people want to blame Obama for not repairing the Bush mess in particular in only a year’s time. Reelecting the same people who caused this mess is NOT going to fix it either.
Posted by: Margroks | February 10, 2010, 10:29 am 10:29 am
Everything that is going on is all planned n expected by the so called “big guys” as we call them here.They are behind big conglomerate businesses n other international “octopus” organisations whose area of influence goes beyond of that of politicians n banks.The attack against the euro is very interesting cause the only ones that have to gain from the fight of the dollar v the euro are the Chinese!
I must study the pc game age of empires I feel I have something to learn from it as regards my reality :/
Posted by: Greece4ever | February 15, 2010, 10:09 am 10:09 am
This did not help the markets.
Chrysler. So Obama takes control of Chrysler and decides to give 55% of the company to the unions.
The unions plan on selling the stock to fund there benefits.
So where is the money to pay the wage and keep the doors open?
It ain’t there.
Who are the unions gonna sell it too? If Obama can steal the stock again?
Stealing the stock can only be done once. No one will buy it again. No more funding.
No more employment, no more unions. Yea!!
Did Obama own Chrysler? How can he give away something he does not own?
Isn’t that stealing? Isn’t that illegal?
Who owns Chrysler? I would think it is the people and Funds that own Chrysler Stock. Don’t you all?
Chrysler is a public company listed on the NY Stock Exchange.
And why to the unions? Payback for voting for Obama?
Do unions know how to build a car that somebody would want to buy?
Obama is no Lee Iaccoca. Obama is nothing. Came out of that cess pool known as Chicago.
He’s corrupt at the kid Daily and ‘Blogo’. “Illinois; Where Our Governors Make Our License Plates.”
skip.
Posted by: Skip | February 18, 2010, 5:41 pm 5:41 pm
And this did not help locally either.
In Sturgeon Bay, Wisconsin, Palmer Johnson Yachts, LLC is a subsidiary of Palmer Johnson World. We build the boats up to 150 foot and sell them to ‘World’. ‘World’ turns around and sells them to the end user. Roughly $44 million each with a build of 10 to 12 yachts a year, [that has never been achieved yet]. Our owner Timmor Mohammad living in London can bring this work to any of his other boat yards around the world. Any place that has a better business climate. So it’s Norway for now. And he’ll finish his boat yard for the 300 footers on the Isle of Write. [BBC blurb]
We took a boat to Dubai and it didn’t well so back to France to be a ‘dock queen’. Dubai is on it’s knees.
PJ is closing in July as soon as the last three boats are painted and launched, and finished at Great Lakes Yacht Service here in Sturgeon Bay. Tiger Woods was lucky he got his boat when he did.
So the last 130 or so employees are done soon. A loss of 430 employees, give or take, who were paid about $13.05 an hour, and this has remained ‘non-negotiable’ for the last two and one half years, in a town of 9,000, counting kids and mostly retired folks. I was lucky to find a part time 20 hour job gardening on Friday and Saturday for $10.00 an hour once the snow melts. Minus tax. I applied at AutoZone. And at a Chinese place to wash dishes. I use to earn $30 an hour salary before PJ’s. Sad.
Every business is either closed or in a hunker down layoff mode. Thank you Barney Frank. No matter how poor you are, or how black you are, or how much you don’t understand the concept of a balloon mortgage that’s no reason why you can’t own a house. As long as one votes Democratic. And it really doesn’t matter how many times a sub-prime mortgage is bundled and sold for a stinking commission check by some broker. Today it was said on FOX that about 50% of the mortgages were re-sold. Over and over again. And this went on starting in 1999. I watched a new U-Tube video of an old speech by Barny Frank encouraging this. And the Republicans who went along with this as well.
Term limits. What I gotta say. I love to have the health benefits and retirement [$93,000 a year] of this Federal employee. They truly are ‘Above the Law’.
Anytime standard banking procedures are ignored and deviated from this is what happens. We don’t need more laws we need to enforce the laws we have.
How about a flat 10% tax on both individual and business. No deductions, no tax credits. Just a post card. What are the reported earnings on the W-2? Send the Infernal Revenue Service a check for 10%. This is a once in a year payment. You buy the stamp and the envelope. Currently the top 5% pay 50% of the tax. Give these folks a break. The lower 50% pay 5%. The middle pay the rest.
So I see where the President Obama has appointed himself through a puppet CEO to be the head of GM. [Includes GM Truck and Bus, Electric Boat, and GMAC] You would think that would be perceived as a good thing, seeing how GM took the government money. As we all know…He who has the gold makes the rules. But the ‘good news’ drove the GM stock price down.
The capacity to build cars world wide is three times the demand to buy cars. Some car making business’s shall not survive. Skip
Posted by: Skip | February 18, 2010, 5:43 pm 5:43 pm