And you know where you are going to land, readers?
In a SHIT PILE!!!
In Wild Swing, Stocks Give Up Rate-Cut Gains
"A day that dawned bleakly on Wall Street turned even darker late yesterday as an afternoon sell-off sent the Dow Jones industrial average down more than 360 points, or 2.6 percent. Investors worried that Citigroup’s woes might be worsening and that consumers would not spend freely this holiday shopping season.
On Wall Street, traders were greeted with some disappointing news about business prospects. A downgrading of Citigroup stock revived fears that banks still had more losses to come from the subprime mortgage crisis. And Exxon Mobil, despite soaring oil prices, reported weaker-than-expected third-quarter earnings.
Adding to the woes, Chrysler said later in the day that it would cut 11,000 more jobs, suggesting that the housing slump and higher oil prices were continuing to take a toll on the domestic auto industry.
And the Commerce Department released a report on consumer spending that, on another day, might have been mildly reassuring. While consumption continued to grow in September, the report said, investors homed in on the information that it advanced at a slower pace, underscoring fears of fourth-quarter economic slump.
Steve Sachs, director of trading at Rydex Investments, said investors were now facing an uncertain outlook without the assumption of a Fed rate cut:
"It was a day for traders to play it safe. Today was nothing more than a round of profit taking. The market’s been rallying. Why not take some off the table?”
Oh, so the "dump" was because the richers TOOK PROFITS OUT, huh?
Pfffffffttttt!!!!
Investors may also have been unnerved by the disappointing economic data. Increases in consumer spending, a category that accounts for nearly 70 percent of economic activity, began to slow in September.
In other developments yesterday, the Federal Reserve injected $41 billion into the financial system to improve liquidity. The added funds did not stem the sell-off.
Not a good sign!
This Fed just trying to get through he holidays -- and then Bush will attack Iran!
Manufacturing activity in October recorded its worst month since March, with American companies hurt by a decline in production coupled with a rise in costs."
This economy is SHITTING the BED, readers, no matter what the lying Wall Street wags say!!!
And about those job cuts at Chrysler:
Job Cuts at Chrysler Go Even Deeper Than Expected
"The housing downturn and soaring oil prices have forced Chrysler and General Motors to make another round of surprising cuts, with no guarantees that these will be the last.
On Thursday, Chrysler announced it would eliminate 11,000 hourly and salaried jobs in the United States and Canada, and cut shifts of workers at five plants. The decision comes on top of a plan, announced in February, to eliminate 13,000 jobs and close a factory in Newark, Del.
Taken together, Chrysler will be reducing its 2006 work force of about 80,000 employees.
The United Automobile Workers contract — passed after brief strikes at G.M. and Chrysler, and now under negotiation at Ford — has offered little protection against the sagging auto market, despite union leaders insisting they got the best deal they could for workers.
Then what fucking good are you then?
You guys are collaborators with management, looking to protect your own positions.
The cuts at the automaker were twice as deep as some had expected and came with little warning to the factories affected by them.
Woah, TWICE as deep as EXPECTED?!
“This is a huge shock for us,” said Basil E. Hargrove, president of the Canadian Auto Workers union.
The Canadian union represents workers at plants in Windsor and Brampton, Ontario, where shifts will be cut. Other factories to lose shifts are in Belvidere, Ill., Toledo, Ohio, and two plants in Detroit. Chrysler said some of the work might be restored when it introduces new models.
Aren't you sick of being lied to by corporations and government, readers?
I am.
The U.A.W. did not comment. But one dissident union leader, Gregg Shotwell, said Chrysler’s actions threatened to create general distrust and divisiveness within the union.
Union leaders “certainly deserve to be distrusted because they misled people,” said Mr. Shotwell, whose group, Soldiers of Solidarity, campaigned against the versions of the U.A.W. contract that passed at Chrysler and G.M. “This has opened up people’s eyes.”
Good! Now WAKE UP, America!
The cuts are an example of the new way of doing business at Chrysler, bought in August by Cerberus Capital Management, a private equity firm. Since then, the new owners have hired Mr. Nardelli, the former Home Depot chief executive, as well as James Press, a Toyota executive who is now a Chrysler’s president."
That's the NEW WAY of DIOIN' BIDNESS, huh?
Boy, I'll bet the oil companies are hurting.
"Exxon Mobil Profit Drops as Costs Rise for Refining
By THE ASSOCIATED PRESS
HOUSTON, Nov. 1 (AP) — The Exxon Mobil Corporation said Thursday its profit fell 10 percent in the third quarter from a year ago as the company was hurt by lower refining and chemical margins.
Exxon Mobil said net income declined to $9.41 billion. Revenue at the company, which is based in Irving, Tex., rose to $102.34 billion."
Awwwwww, poor Exxon!
They ONLY cleared $9 BILLION this last QUARTER!
Awwwwwwww!
Think of that while you are homeless and in the unemployment line, Amurkns!!!!
Oil prices have surged in recent months, and crude oil futures have hit record levels, but lower refining margins, increased costs and other factors have hindered third-quarter earnings at some of the world’s major oil companies."
That $9.41B was a HINDERED profit!
How do you like that, as you will be paying more at the pump?
"Citing Oil Prices, Asia Starts Reducing Fuel Subsidies" by HEATHER TIMMONS
NEW DELHI, Nov. 1 — Consumers in Asia are feeling the heat of skyrocketing oil prices — which rose above $96 a barrel Thursday for the first time — as governments start rolling back subsidies that have kept costs for gasoline and other fuel artificially low."
But the GOVERNMENT is telling us it is ALL GOOD!!
Income Data Hints at Underlying Economic Strength
"Personal income and spending continued to grow in September, a government report showed yesterday, suggesting strength in the economy even as analysts feared widespread troubles in the next few months... the Commerce Department said yesterday."
Employment Report Shows 166,000 Gain in Jobs
"Payrolls grew more than twice what analysts had predicted, led by a sharp increase in the service sector.... the Labor Department said this morning.
Some analysts saw distortions in the data, questioning an increase in administrative jobs. Others said that most of the job gain came from an estimate that the Labor Department makes each month about how many jobs were added by new businesses, known as the “birth and death” model. The Labor Department did not actually find evidence of these jobs; it assumed they were created based on historical patterns.
A... survey of households, also conducted by the Labor Department, presented a very different picture of the job market. It showed that fewer Americans over all were employed in October. The labor force shrank by 211,000 jobs, and 465,000 Americans said they were no longer working.
Oh, that LYING GOVERNMENT again!
Watch, in three weeks they will REVISE the figures DOWN!
President Bush, speaking in Columbia, South Carolina, said the growth offered support for his administration’s economic platform:
“This is now our 50th consecutive month of uninterrupted job growth, the longest in the nation’s history."
LIAR!!!!!!!!!!!!!
