Friday, August 5, 2011

All Roads Lead to Rome

The stock market is finishing its worst day since the financial crisis.
The Dow Jones industrial average plunged more than 500 points Thursday. Investors are concerned that the U.S. economy will enter another recession and that Europe's debt problems are not closed to being solved.
Major stock indexes fell more than 4 percent.

Bloomberg has reported that the troubled Italian economy/debt crisis, weak jobs reports for the past five months, along with Washington's inability or unwillingness to address it's own spending crisis has led to the tumble on Wall St. 
Last night on The John Bachelor Show the Bloomberg representative said to keep a close eye on Italy today starting at 5:00 AM.

I tossed in this amazing video of Rome for those of you out there who may have missed these views of an amazing savant and a dying city.

11:00 AM EST---Here is the latest Bloomberg report---

"European leaders hunted for solutions to the debt crisis, helping Italy and Spain gain a respite from the market turbulence after the resumption of the European Central Bank’s bond-buying program."
"With global stock markets sinking for an eighth day, German Chancellor Angela Merkel and French President Nicolas Sarkozy plan to speak by phone later today, their offices said. The European Commission called for an expansion of the European Financial Stability Facility, the 440 billion-euro ($623 billion) rescue fund, earning a rebuke from Germany."

Germany is fed up with carrying the freight for the failed Euro-Socialist states!
Expect more market volitility and more of the same hogwash from Washington and the FED.
This could get very messy folks! 

H/T to Dale from Out of Order


Anonymous said...

I'm tired of winflation. I just paid 1.75 for a 20 oz soda.

Scott said...

OUCH...Wait till Monday after we lose our AAA rating. Obama Keynsian economics--oh boy.