« | »

Reuters: No Auto Bailout = Markets Down

From an ever so concerned Reuters:

Markets hit new lows on global job losses

By Jeremy Gaunt and Jackie Frank

LONDON/WASHINGTON (Reuters) – Fears of a deep, long global recession intensified on Thursday as markets hit new lows in alarm at reports of record U.S. job losses, oil prices plunging below $50 a barrel and worry that U.S. automakers would not get a bailout from Washington

The deepening recession also ate into companies’ outlooks. Prospects for a bailout of U.S. automakers faded and General Motors underlined its troubles by announcing a two-month production shutdown in Thailand. Its shares lost another 30 percent in early trading on the New York Stock Exchange.

On the jobs front, the U.S. government reported the number of workers making new claims for jobless benefits last week surged to the highest in 16 years, adding to fears of a deep recession. U.S. Senate Democratic Leader Harry Reid said lawmakers may consider on Thursday extending jobless benefits…

All three major U.S. stock indices fell at the opening, with the Dow Jones industrial average at its lowest since March 2003 and the Standard & Poor’s 500 down more than 2.5 percent, it lowest since October 2002.

World stocks tumbled 8.7 percent to 5-1/2-year lows with volatile emerging market equities down 5.4 percent. European shares lost 4.9 percent and Japanese stocks plunged nearly 7 percent.

In what would normally be a good sign for consumers and markets but now signals weaker global growth, U.S. crude futures fell over 5 percent to just below $50 a barrel for the first time since January 18, 2007…

Why is Reuters so concerned about Detroit not getting a bailout?

Oh, that’s right. Our media is merely an adjunct of the Democrat Party, who are in the thrall of the UAW.

But maybe if gas prices stay low the automobile companies won’t even need a bailout.

After all, weren’t we told that all of the problems were because the “Big Three” make mostly gas-guzzlers? (Which of course isn’t exactly true, but that is what we were told.)

So what’s the problem?

This article was posted by Steve on Thursday, November 20th, 2008. Comments are currently closed.

5 Responses to “Reuters: No Auto Bailout = Markets Down”

  1. proreason says:

    Reuters “problem” is that all of these economic issues will soon be placed at Obamy’s feet…and therefore must be solved by hook or by crook.

    Until the secection coup was accomplished, the sense of urgency, as the wealth of the country fell by $15 trillion and millions of retirees lost all chance for a decent life, was “muted” at best. One might even say that, aside from the impact on the election, it wasn’t “news”.

    But as Obamy is approaching his anointment, the proletariat is becoming aroused that the waters are not receding. After all, it’s been 2 weeks. It only took God 1 week.

  2. dulcimergrl says:

    Why is it a bad thing for the price of crude oil to be under $50 a barrel? Oh yeah, I forgot…if people can afford to drive, they can’t be coaxed out of their “gas guzzlers” and made to ride rapid transit, or walk, or bicycle or even car pool! Horrors!

    btw, I get to work in a vanpool, and have done so for the last 15 years. It has less to do with the price of gas and more to do with the desire to sleep on the way to work instead of drive!

  3. pinandpuller says:

    Gramma gets Mighty Dog this week because she’s been a “good girl”!

  4. Lipstick on a PIAPS says:

    They are going to get their bailout. Barak and the Democrats owe the Unions so this is a done deal. They are just trying to figure out how to get the “moderate” Republicans to take the fall for this bastardization of the markets. Let’s see how long it takes them to cross the aisle with the Democrats trying to keep a straight face.

  5. proreason says:

    “Lipstick on a PIAPS

    November 20th, 2008 at 11:58 pm
    They are going to get their bailout”.


    And the damage to the country will be immeasurable unless the Unions are busted……and that will never happen.

    It will be another example of exacerbating a problem by doubling down on what caused it.

    Wait till we do the same for Health Care. If bailing out Detroit doesn’t finish off the country, that one probably will.

« Front Page | To Top
« | »