What more does it take for Americans to realize that we are in some serious financial difficulties? Bloomberg is reporting that:
U.S. stocks tumbled, sending the Dow Jones Industrial Average to its worst June since the Great Depression, as record oil prices, credit-market writedowns and a slowing economy threatened to extend a yearlong profit slump.
Why are we at this point? Because the GOP has run this country into the ground, their policies, their legislation, their lack of regulation, their utter disregard for real Americans, that is why we are at this point.
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Not only did the stock market fall more then 350 points today, oil topped $140 a barrel, Libya said they would cut their exports, B of A will cut 7,500 jobs, teenagers can't find jobs, hell it is hard for anyone to find a job, and all this is due to who has been in charge of our nation, the GOP and Bush.
More from Bloomberg:
The Dow has slumped 9.4 percent this month, its worst June since an 18 percent tumble in 1930 during the Great Depression. All 30 companies have posted losses in the month as oil surged, the unemployment rate jumped to the highest since 2004 and concern grew that global financial firms will add to $400 billion of subprime-related writedowns.
The Dow's retreat today erased all the gains since mid-March that were spurred by JPMorgan Chase & Co.'s rescue of Bear Stearns Cos., a drop in the Federal Reserve's benchmark interest rate to 2 percent and the central bank's new lending programs for securities firms.
How many Americans are counting on investments for retirement and are seeing their nest egg dwindle to nothing? How many Americans have lost their homes? How many Americans are now beyond the breaking point? How many Americans are without health care and certainly can't afford (at this point) either insurance or health care.
I lived through the inflation of the 70's, and to me this feels so much worse, and frankly, well, I am very worried and am glad that right now we might not be able to afford much, but at the very least we don't have much debt. What scares me is that we, along with millions of Americans, are finding it impossible to make ends meet, to buy food, clothing, heat our homes, electricity, to feed our families, all because the GOP has created one of the worst economies in our nations history.
When someone tells you they can't vote for Obama because he doesn't have "experience," remind that Bush was supposedly the man with all the experience and look what that got us.
UPDATE: I just read a comment by Ferallike, which I highly recommend, and sadly there isanother cause to worry:
The Royal Bank of Scotland has advised clients to brace for a full-fledged crash in global stock and credit markets over the next three months as inflation paralyses the major central banks.
"A very nasty period is soon to be upon us - be prepared," said Bob Janjuah, the bank's credit strategist.
UPDATE II: The Asian markets are falling as well, to be expected, but try and read the stories on Bloomberg for more updates on what is going on in the world.
One slight glimmer, consumer spending probably went up in May (due to the rebates) and inflation numbers were not that bad (oh wait, they don't count fuel or food, strike that). One has to wonder how people can actually think these small blips are enough to get us out of this mess.
And...though spending might have gone up, people are not traveling over the 4th, for the first time this decade:
Record gasoline prices are also causing Americans to scale back travel plans. The number of travelers over the U.S. Fourth of July holiday will decline for the first time this decade, motoring group AAA said yesterday.