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New York - The Dow Jones Industrial Average fell below 7,000 points for the first time since 1997 on Wall Street Monday, following stock sell-offs across the globe after American International Group Inc (AIG) reported a 62-billion-dollar quarterly loss. The United States' deepening recession and financial crisis mean the blue-chip Dow has now lost more than half its value since reaching a record high of 14,000 points in October 2007. US stocks had already plunged last week to their lowest level since 1997. The Dow index lost 4.2 per cent, or 299.64 points, to 6,763.29. The broader Standard & Poor's 500 Index fell 4.7 per cent, or 34.27 points, to 700.82. The technology-heavy Nasdaq Composite Index shed 4 per cent, or 54.99 points, to 1,322.85. Stocks in Europe and Japan fell sharply earlier in the day. AIG reported a loss of 99.3 billion dollars for the whole of 2008, including 61.7 billion dollars in the fourth quarter alone, due to its exposure to the US housing market downturn. The Treasury said the insurance giant would get another 30 billion dollars in government aid to help avoid bankruptcy, on top of 150 billion dollars already provided to the ailing insurer in the form of loans and guarantees. The US currency rose against the euro to 79.55 euro cents from 78.94 euro cents on Friday. The dollar fell against the Japanese currency to 97.30 yen from 97.57 yen.
The middle class - who have not seen a real rise in wages (wage gap) can not spend us out of this problem this time.
The middle class - who have not seen a real rise in wages (wage gap) can not spend us out of this problem this time.
My son says: "We got ourselves in trouble partly by spending more than we make. Some propose the solution is for government to take our money and spend more than they take."
While it's supposed to work, you must admit it sounds a little crazy.
Afternoon NPR news said, that for the first time in many years, Americans are saving - yes - they saved 5% of what they made in January.
While that's a good long term goal, it's a disaster for the short term.
This also sounds a little crazy.
.
"The next major advancement in the health of American people will be determined by what the individual is willing to do for himself"-- John Knowles, Former President of the Rockefeller Foundation
"The next major advancement in the health of American people will be determined by what the individual is willing to do for himself"-- John Knowles, Former President of the Rockefeller Foundation
My son says: "We got ourselves in trouble partly by spending more than we make. Some propose the solution is for government to take our money and spend more than they take."
While it's supposed to work, you must admit it sounds a little crazy.
Afternoon NPR news said, that for the first time in many years, Americans are saving - yes - they saved 5% of what they made in January.
While that's a good long term goal, it's a disaster for the short term.
This also sounds a little crazy.
.
Maybe time is came that the G20 would decide to declare an total freeze of the all various values at every Market worldwide at the present value, without further possibilities to buy or sell other than with those concerted fixed values, until this "money eating black hole" dissapear.
That way the real money and values could not be further damaged by this Markets speculations irrational money burning vortex, at the same time when it is dificult to sustain the real world economy.
At least, after such an decision, there would be not any more money value "burned", "loosed", "dissapeared", "infected" - so much virtual naming for an mathematic laced science as the economy are ... (or it only seems to be ...)
Let's us going back to the times of gold coins, and no papers pard.me - data bits fluctuating in the net universe (maybe even in another dimension ...)
"With respect to a true culture and manhood, we are essentially provincial still, not metropolitan, ? mere Jonathans. We are provincial, because we do not find at home our standards; because we do not worship truth, but the reflection of truth; because we are warped and narrowed by an exclusive devotion to trade and commerce and manufactures and agriculture and the like, which are but means, and not the end."
"With respect to a true culture and manhood, we are essentially provincial still, not metropolitan, — mere Jonathans. We are provincial, because we do not find at home our standards; because we do not worship truth, but the reflection of truth; because we are warped and narrowed by an exclusive devotion to trade and commerce and manufactures and agriculture and the like, which are but means, and not the end."
Thoreau Life Without Principle
It was better that Thoreau precisely point who are realy the "we",
and how much of the upper cited "we" folks realy influx the local or global economy fluxes.
At the moment when the means of commerce payings becames not hard coin but virtual,
and later their relocation became digitaly instantaneus, all the other implications appears.
Maybe the banks and the market gurus will have some future performances to show again ...
Despite the assurances of US Treasury Secretary Timothy Geithner it is increasingly likely there will be no debt deal. The United States is going to default on its debt. I know it sounds crazy, but…
Kicking off a series of speeches about the economy, President Obama told a crowd in Illinois on Wednesday that reversing growing inequality and rejuvenating the middle class “has to be Washington’s highest priority.” During his remarks, Obama failed to mention the bankruptcy filing by Detroit, where thousands of public workers are now fighting to protect their pensions and medical benefits as the city threatens massive cuts to overcome an estimated $18 billion in debt. Detroit’s bankruptcy “is an example of a failed economic system,” says economist Richard Wolff, professor emeritus of economics at University of Massachusetts. “There are so many other cities in Detroit’s situation, that if the courts decide that it is legal to take away the pension that has been promised to and paid for by these workers, you have [legalized] theft. It is class war, redistributing income from the bottom to the top.”
The Mutilated Economy
By PAUL KRUGMAN
Published: November 7, 2013
snip
It?s pretty clear, however, that the blockbuster paper of the conference will be one that focuses on the truly ugly: the evidence that by tolerating high unemployment we have inflicted huge damage on our long-run prospects.
snip
What?s more, the authors ? one of whom is the Federal Reserve Board?s director of research and statistics, so we?re not talking about obscure academics ? put a number to these effects, and it?s terrifying. They suggest that economic weakness has already reduced America?s economic potential by around 7 percent, which means that it makes us poorer to the tune of more than $1 trillion a year. And we?re not talking about just one year?s losses, we?re talking about long-term damage: $1 trillion a year for multiple years.
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