The Dow Jones industrial average fell 265.42 points today. See Wall Street Retreats in the Face of a Slowdown. The broader Standard & Poor’s 500-stock index dropped 31.59 points, or 2.82 percent. Nasdaq dropped 68.54 points, or 3 percent, to 2,208.63.
In London, the FTSE 100 was down 131.20 points, or 2.4 percent, while the DAX in Frankfurt fell 132.18 points, or 2.1 percent. The CAC 40 in Paris was 102.29 points, or 2.7 percent, lower. Asian shares finished mostly lower.
The economic recovery ain't happening. The 28 billion just passed will keep a few teachers employed, but only briefly. All of this is due to austerity in the US and the rest of the world. While not flushed there is no question that the world economy is in the crapper.
US voters do not give a shit about process. They don't care whether or not Republicans fucked up the process as the party of NO. US voters care about food to eat, housing to live in and health care when they are sick. None of that is happening. Benefits are expiring. Unemployment is high and new employment is not keeping up with new workers entering the work force.
I have been screaming JOBS, EDUCATION, JOBS for so long that my voice is hoarse. I write my representative and senators arguing JOBS EDUCATION JOBS and the bills do not get through congress, much less to the president's desk.
I got news for Robert Gibbs, Reality Bites. Reality is that unless action is taken now, not tomorrow, not after labor day, not in November, but right now in the dog days of August the shit will hit the fan and hit us all big time. The crapper will be flushed and the economy will go down the crapper.
Worse, and yes I mean worse, unless we take steps now to reduce and reverse global warming the human race may be extinct in a hundred years. The article Greenland Ice Sheet Faces 'Tipping Point in 10 Years' starts with:
The entire ice mass of Greenland will disappear from the world map if temperatures rise by as little as 2C, with severe consequences for the rest of the world, a panel of scientists told Congress Tuesday.
The ocean will rise by twenty-five feet if that happens. And the US does barely anything. Will the levees in New Orleans withstand a hurricane in ten years with the ocean twenty-feet higher? I wouldn't bet my ass on that.
Resources need to allocated to solve these problems. There is so much work to do that I wonder why there are any unemployed, not just in the US, but in the world. Yet so many here (See my diary Exporting Jobs - A False Issue (Updated)) are worried about exporting jobs and not allocating resources to all the work that needs to get done. WHY?
Why is there even a "Tea Party?" Why do people want austerity when spending is needed? Why is Gibbs such as ass hole as to think we do not see reality when he is blinded by his own shit covering his eyes? Just tell me why? We need CHANGE and we get minor change. We need the problems and the solutions clearly articulated and we Geithner and Rubin. Rubin is a failure.
So tell me why?