That's why I wear a pair of shit shades.
"Day of economic shocks for the US; Jobless rate, oil prices soar; Dow tumbles" by Robert Gavin, Globe Staff | June 7, 2008
An unexpected surge in the national unemployment rate set off shock waves that washed over financial, currency, and oil markets yesterday and delivered another blow to hopes that the sliding US economy would soon begin to rebound.
The Labor Department reported yesterday that the jobless rate leaped half a percentage point to 5.5 percent in May, the biggest one-month jump since 1986. Employers, meanwhile, cut payrolls for the fifth consecutive month, shedding nearly 50,000 jobs in May.
The increase in joblessness quickly dashed tenuous optimism taking root among investors that the worst might be over for the struggling economy. Recent government and industry reports showed economic growth, manu facturing activity, and retail sales doing better than expected.
Translation: The GOVERNMENT LIED!!!! Can you believe it?
Stock prices were rising, and oil prices retreating. Some economists even suggested that the housing market might start to stabilize.
WRONG AGAIN!!!
By the time markets closed yesterday, little optimism remained. The Dow Jones industrial average plunged nearly 400 points, its worst one-day drop in 15 months. The dollar fell another 1 percent against the euro, and oil prices soared nearly $11 a barrel to close at a record $138.54....
And there's not much more the Federal Reserve can do about it.... Meanwhile, a spokesman for President Bush said the president is considering additional measures to stimulate the economy on top of the $168 billion stimulus plan approved earlier this year....
First of all, WHERE'S MY CHECK?!
And now he's considering "other measures?"
Nothing like SHOWING UP after the HOUSE has BURNED DOWN, Georgie!!!!Economists had expected the unemployment rate to rise, but the size of the jump, largely driven by a surge in teenagers seeking jobs, caught them by surprise.
No way!
Many suggested the data, which can fluctuate from month to month, overstated the extent of joblessness in May. Still, economists said, it's clear the labor market is weakening....
The weak economy, meanwhile, is hurting the value of the dollar against other currencies.
WRONG! They have it BACKWARDS!!! Tired of the LIES!!!!
Since the Fed is keeping interest rates low to boost the economy, investors are putting money into denominations that pay higher rates. Yesterday's employment report makes it unlikely the Fed will boost rates any time soon, analysts said, so the dollar fell again.
That helped send oil prices soaring. Oil trades in dollars, and when the dollar falls, producers demand higher prices to make up for the loss in value. A lower dollar also reduces prices for buyers holding stronger currencies, boosting demand and pushing prices even higher.
Notice how they never tell you the dollar is the main problem?
They dance all around it without stepping in it.
Then how come the shit always finds my shoes, readers?
Also contributing to oil's surge: a forecast by Wall Street firm Morgan Stanley that oil prices would rise to $150 and a report of new tensions between Israel and Iran over Iran's nuclear program.
Oh, THANKS A LOT, Iz-ray-HELL!!!!!
That's more bad news for already tapped-out consumers, who drive about 70 percent of the economy...."
As if we needed anymore. Ready for a crash?
Oh, I'm sorry, I didn't see the FRONT PAGE GOOD NEWS!!!
"Amid the financial gloom, home insurance prices dip"That's provided you STILL HAVE A HOME!!!!
