Dow falls 512 points
Sell-off wipes out 2011 gainsNEW YORK — Gripped by fear of a new recession, the stock market suffered its worst day Thursday since the financial crisis in the fall of 2008. The Dow Jones industrial average fell more than 500 points, its ninth-steepest decline. The sell-off wiped out the Dow’s remaining gains for 2011. It put the Dow and broader stock indexes into what investors call a correction — down 10 percent from their highs in the spring. “We are continuing to be bombarded by worries about the global economy,” said Bill Stone, the chief investment strategist for PNC Financial. Across the financial markets, the day was reminiscentofthewildswings that defined the financial crisis in September and October three years ago. Gold prices briefly hit a record high. Oil fell even more than stocks — 6 percent, or $5.30 a barrel. And frightened investors were so desperate to get into some government bonds that they were willing accept almost no return on their money. It was the most alarming day yet in the almost uninterrupted selling that has swept Wall Street for two weeks. The Dow has lost more than 1,300 points, or 10.5 percent. By one broad measure kept by Dow Jones, almost $1.9 trillion in market value has disappeared. For the day, the Dow closed down 512.76 points, at 11,383.68. It was the steepest point decline since Dec. 1, 2008.
How many times do I have to rail about this issue? My God, it is so obvious what's wrong it's actually ridiculous. A high school senior could tell you what's wrong. A freshman Econ student could tell you what's wrong with this economy. I'm no brilliant analyst, but I can tell you what's wrong and I can also tell you how to fix it.
First off, don't panic folks. I remember when the Dow was at 900...it's at 11,000 right now. No need to panic, but the market is telling us there are some very serious problems out there and they can tell you why: slow housing, unemployment, high oil prices, slow manufacturing, no new building going on. There's more but those are the biggies.
What to do?
- Unemployment: How do you put people back to work? Create jobs. Here's my idea. Let's begin work on the infrastructure of this country. Let's put billions of dollars into fixing our bridges and roads in America. This could potentially put 5-10 million people to work.
- How to stimulate the economy right now? Give American Poor money to spend right now! No tax exemptions, no discount housing, no, give these Americans who make less than $30,000 per year a check. The less they make the bigger the check. The poor spend money, unlike the rich who invest it with no stimulation in the economy. If the President would have given the Poor Americans that trillion dollar bailout money, this economy would be chugging right along without those big banks who made all those nutty loans.
- Housing. How do you get the housing market going again? Make loans, PERIOD. Make loans. Not stupid loans, but loans that are realistic in this silly mortgage downturn. Let's face it, you can buy a house now for a whole lot less than you could back in the early 2000's. Also, don't give money to the banks to loan out. They use their money to make their bottom lines look healthy even though they still have to pay that money back to the good ol' U.S. of A., i.e., me and you. They owe us that money, but they are not loaning it out to US. The FED should say, "loan out that money we gave you or we will jerk your FDIC ticket and you'll be out there without insurance."
- Small businesses and large businesses are not building or running at capacity and we are losing jobs. Okay, this is a hard one. The first 3 need to be instigated first or this one will not happen. If people have no money, they will not buy products...it's that simple. Supply vs Demand. If there's no demand, the supply will falter. If there's no money to spend, demand is not created. This is simple Economics 101. I say again, give the money to the poor, they will spend it and the demand for products will occur and the supply system will be stimulated and people will be put back to work.
- Finally, build, build, build America's infrastructure...NOW. We did this in the 30's and 40's and it will work again in this economy. Here's another Idea. Let's start seriously working on alternate energy: solar, wind, water and get away from oil. More jobs are gonna be created by new constructions.
New Political Party....
What about it? How 'bout a 3rd political party. NOT TEA PARTY...this thing is unrealistic. But a brand new political party named, let's see, The Cognizant Party, better known as The Thinking Party. The party that actually uses it's collective head to make reality decisions. TCP would run a 'thinking' candidate for President in every election. This candidate would run on this platform:
- Full or nearly full employment...all people who want a job will have the opportunity to have one.
- Decisions that are good for the country not the politician nor the party.
- American Infrastructure of paramount important to our American well being.
- The American people will be polled when it comes to major country problems to find out what they would like to be done by TCP.
- Refusal to 'bicker' with the legislature. The TCP will not engage in bickering. It will take a stand that the American People want and they will stand by it no matter what.
Broncos ‘hit ground running’BOISE — Weather-wise, it hardly resembled the blazing heat and profuse sweat normally associated with fall camp, but Thursday’s first day of practice for Boise State veterans was fitting of a team ranked in the top 10. A group that returns 16 starters and others with plenty of game experience hit Dona Larsen Park with a solid first practice on an overcast, sometimes rainy August morning. “It was kind of like the last practice of spring ball — the guys were sharp, knew all their alignments,” defensive coordinator Pete Kwiatkowski said. “We could’ve thrown them some more stuff.” Players reported a positive offseason during recent interview sessions, mainly due to the fact the Broncos boast plenty of talent and experience. Those offseason workouts and player-run practices seemed to transition well into the first day. Coach Chris Petersen had the team at a quick pace from the start. “It felt like everyone was on track,” senior running back Doug Martin said. “Everyone knew what to do. He’s all about tempo.” The Boise State newcomers, along with a few players who redshirted last season or have been on the scout team, practiced in the afternoon in the Caven-Williams indoor facility. The team will again have split practices today. On Monday, the Broncos will practice for the first time as a full squad, which is always interesting. “We started full force,” receiver Tyler Shoemaker said. “We hit the ground running … summertime’s kind of the players’ time. The coaches definitely bring a different dynamic. We’re excited to get back into that.” Great start for Gavins Senior cornerback Jerrell Gavins has seen some spot starts in his two seasons with the Broncos after transferring from El Camino (Calif.) Junior College, and he now is poised to be a full-time starter. On Thursday, Gavins not only had perhaps the best day of any Bronco, but also had the top play. He picked off Kellen Moore at the goal line during a full-team hurry-up drill and almost intercepted Moore later in 11-on-11 work. “He was the man out there,”cornerback Jamar Taylor said. The offense did have a few nice passes, including one from Joe Southwick to Mitch Burroughs that Burroughs caught falling onto his back after Gavins tipped it. Southwick also hit Shoemaker for a gain of more than 50 yards on a deep strike in the seam. Roster moves Running back Malcolm Johnson, who redshirted in 2009 and was academically ineligible last season, has rejoined the program. Johnson transferred to Mt. Hood Community College for last school year to improve on his academics. He is on the roster as a non-scholarship player and is considered a redshirted sophomore. He ran for more than 7,000 yards in high school in Gresham, Ore. Offensive tackle Zach Waller, who was on the preseason two-deep, is not on the roster, though Bronco officials said he may return. Oregon tight end Hayden Plinke, who signed in February, will grayshirt. Among the walk-ons are RB Phillip Hogan (Honolulu/ Waipahu HS), RB Zach Keiser (Coeur d’Alene HS), FB Jamal Wilson (Fontana, Calif./AB Miller HS), LS Dakota Shackleton (Danville, Calif./Monte Vista HS), DL Beau Martin (Lakewood, Colo./CSU-Pueblo) and WR Cory Brehm (Granite Bay, Calif./Granite Bay HS)