A World of Worries: Markets Fall, New Recession Feared
So much for that summer vacation.
Concerns about global economic growth, the sovereign debt crisis in Europe and the budget fracas in the U.S. all coalesced last week into a fierce storm that drove the Dow Jones Industrial Average to its biggest loss in nearly two years.
On Thursday, the Dow skidded 512.76, or 4.3%, to 11383.68, wiping out the year’s gains. The drop punctuated two weeks of terrible trading, with the Dow falling nearly 11% from its April 29 high, placing the blue-chip measure firmly in “correction” territory and threatening a new bear market — a 20% drop.
Source: http://on.wsj.com/odqN7A
BofA liabilities bigger than expected
Bank of America told investors that its liabilities for mortgage repurchases fromFannie Mae and Freddie Mac could be worse than expected as the two companies become “more rigid” in dealing with the bank.
Fannie and Freddie are sending back to the bank many more faulty loans than BofA had anticipated.
Leon Panetta Hypes al Qaeda to Ward Off More Defense Cuts
Speaking at Offutt Air Base, Nebraska — Secretary of Defense Leon Panetta has disconcertingly started his tenure fear-mongering about al Qaeda as a justification not to go beyond the President’s proposed $400 billion cuts to the Defense Department over ten years.
In a resources based economy, money (businesss), politics would be obselete. Everyone in the world would have access to food, water, housing, education, cloth, basic nessecities.I ADVOCATE THE ADAPTATION OF A RESOURCE BASED ECONOMY AND IMPLEMENTATION OF THE SCIENTIFIC METHOD FOR SOCIAL MEANS.
A resources based economy is not a socialist state.
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