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Stocks Slide After Unemployment Claims Jump

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Stocks Slide After Unemployment Claims Jump

Post by Jobless_in_Ma on Thu Apr 14, 2011 4:34 pm

Stocks slid Thursday after claims for unemployment benefits rose unexpectedly for the first time in three weeks

The Labor Department said Thursday that 412,000 people applied for unemployment benefits last week. Economists expected claims to fall.

Applications for benefits peaked at 659,000 during the recession and have dropped by roughly 6 percent in the past four months.

http://abcnews.go.com/Business/wireStory?id=13372610

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Re: Stocks Slide After Unemployment Claims Jump

Post by Jobless_in_Ma on Thu Apr 14, 2011 4:45 pm

The Dollar weakens as well

http://abcnews.go.com/Business/wireStory?id=13375184

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Re: Stocks Slide After Unemployment Claims Jump

Post by Guest on Thu Apr 14, 2011 5:12 pm

My heart just bleeds for those poor ole rich people!

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Re: Stocks Slide After Unemployment Claims Jump

Post by delko on Thu Apr 14, 2011 10:32 pm

GOOD!!! Any pain these Wall Street creeps, who caused this mess in the first place, feel is welcome news.

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Re: Stocks Slide After Unemployment Claims Jump

Post by Jobless_in_Ma on Fri Apr 15, 2011 12:01 am

I am with ya Delko,problem is this effects everything else in this economy too...

I wish it would truly be singled out to those who caused or influenced this, but its really not...

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Re: Stocks Slide After Unemployment Claims Jump

Post by Guest on Fri Apr 15, 2011 12:29 am

Dow 12,285.15 +14.16 +0.12%

They went back up when they realized it was just the 99ers.

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Re: Stocks Slide After Unemployment Claims Jump

Post by delko on Fri Apr 15, 2011 9:06 am

Jobless_in_Ma wrote:I am with ya Delko,problem is this effects everything else in this economy too...

I wish it would truly be singled out to those who caused or influenced this, but its really not...

I think the effects you are speaking of are unavoidable at this point. The false float that the TARP bail outs in 2008 gave the market are going to give out sooner or later. It has to. Had the Fed NOT bailed out these Wall Street creeps in 2008, yes the immediate pain may have been much deeper. But I also believe our 'Recovery' would be moving much further and faster by now after almost 3 years. The TARP $'s were intended to promote the loosening of lending, which in turn would promote job and economic growth. Instead it stayed contained to Wall Streets own pockets. With little or no ripple effect on the overall economy.
The TARP $'s did absolutely nothing to curb the damaging behaviors of Wall Street that led to this disaster. Behaviors such as I noted above, and the offshoring of jobs. Until they are disincented to do that, they will never stop. The dividend checks they get from offshoring jobs is just too lucrative for them. All the while continuously shrinking an already anemic job market for middle class Americans. And the only way I can see disincenting that 'behavior' is to NOT bail them out ever again. To me, its the pain that must be suffered to eradicate the ultimate root cause of it all.
Regardless of what I think we should do to bail out (or NOT) bail out Wall Street, I think there is very stong evidence to support another collapse on the short term horizon. Call it a double dip Recession, whatever term you care to use. It will be particularly interesting to see how the Fed reacts this time. Particularly if it occurs next year, being an Election Year. Will the current Administration have the 'Stones' to do what is right for America, and let the market function naturally? Or will they throw yet more money at the problem, money we dont have???
Listen, from my perspective being out of work now for 13 months, its already too late. I understand your fear of what effects on the economy NOT bailing them out again would have. Just keep in mind though, Wall Street is notorious for playing on this kind of fear in the minds of Middle Class Americans. Add to that their powerful Legislative pull in American Politics, and thats why we've felt compelled to rescue them.
I also pose this. Which is better for the OVERALL economic picture for Middle Class America? Wall Street continues to be able to buy their BMWs and Mercedes year after year? Or force them into behaviors that will create REAL job growth, and better economic conditions for the overall good of this Country? Last time I checked, jobs for Middle Class Americans goes much further to economic prosperity than a new BMW for a select few on Wall Street.

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Re: Stocks Slide After Unemployment Claims Jump

Post by stansmad on Fri Apr 15, 2011 2:24 pm

My favorite word the last two years "unexpectedly" ! Also "uptick", "surge" . Seriously , what idiot writes this garbage ? And who is looking over their shoulder while they spin their web of outright deceit.

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Re: Stocks Slide After Unemployment Claims Jump

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