lol...its not that bad. this is just part of the ups and downs of the market. the market was already weak yesterday before this news. this surprise just served to be a catalyst for the sell off. the only thing that i think held the market up early was that people thought this would mean interest rates would not rise, but now it looks like the interest rate hikes will continue. all i can say is don't panic. the market will still be here. just average down lower, because thats where we are going.
It's the summer. Can't the unemployed take a break from seaching for jobs and take their kids on vacation before school starts? Look at the classifieds...there are TONS of jobs (and, no, not fast food and military positions either).
Economy, Politics Collide for Bush Team Challenge Is to Respond Without an Air of Panic By Jonathan Weisman and Mike Allen Washington Post Staff Writers Saturday, August 7, 2004; Page A01 With job creation stalled, the stock market sliding and oil prices at record highs, a divided White House is under pressure to produce an economic policy response for President Bush's fall reelection campaign, Republican economic advisers said yesterday. But disputes within the economic and political team may jeopardize the effort to craft a clear economic agenda, the advisers said. Plans to simplify the tax code, broaden the president's health insurance proposal and partially privatize Social Security are bumping against political concerns that any detailed proposal will present a target for Democratic attack while potentially looking like an election-year panic. "It would not look good if they're throwing out ideas in political desperation," said Heritage Foundation economist Daniel J. Mitchell, echoing the more cautious sentiment dominating the White House debate. "They don't want to be like [President George H.W.] Bush in '92, where whenever he did do something, it looked like an election-year 'Let's throw out some stuff that nobody's going to take seriously.' " Speaking at a picnic in Stratham, N.H., yesterday, the president remained positive as he pushed policy prescriptions that have languished for months, if not years: cutting business regulations, curbing lawsuits and allowing small businesses to band together to purchase employee health insurance. "Today's employment report shows our economy is continuing to move forward," Bush told an audience at Bittersweet Farm. "And it reminds us that we're in a changing economy and we've got more to do. I'm not going to be satisfied until everybody who wants to work can find a job. I'm running because I understand how to take a strong economy and make it stronger." But he hinted at proposals to come: "I'm running for four more years to continue to work for a pro-growth, pro-entrepreneur, pro-small-business economic agenda that is good for America." Officials are still wrangling about what economic measures Bush should include in his speech to the Republican National Convention, which is less than four weeks away. Aides said the content of the speech is not set but said the goal is to make it more specific and substantive than the convention address of his Democratic challenger, John F. Kerry. Although no official would talk about it for the record because Bush has made no announcements, aides said a key second-term economic proposal will center on making health care more affordable for individuals and business -- with tax-advantaged savings plans for individuals and larger risk pools for companies. Recent economic news has ratcheted up pressure on Bush to be bold. The economy generated 32,000 jobs in July, far short of economists' expectations. The Dow Jones industrial average slid 324 points this week to the lowest point of the year, closing Friday 772 points below its position when Bush took office. Payroll jobs remain 1.5 million short of where last winter the White House said they would be by now. To avoid being the first president since Herbert Hoover to preside over a net job loss, Bush must hope for 372,000 new jobs a month in August, September and October. Democrats have begun to portray Bush's sunny rhetoric as a clumsy effort to whistle past the graveyard. A revised stump speech Bush unveiled last week included the mantra "We are turning the corner, and we're not turning back." Democrats pointed out that Hoover said on March 7, 1930, "Prosperity is just around the corner." http://www.washingtonpost.com/wp-dyn/articles/A46654-2004Aug6.html
