What's Behind the Dow Slide?

[Nbadan]

Consumer mood buckles under high gas prices


CHICAGO (Reuters) - Consumer optimism in the United States buckled in May to its lowest since Hurricane Katrina, a survey showed on Friday, hit by $3 per gallon gasoline, rising mortgage interest rates and a souring political climate.

Earlier, the government offered some positive news on the economy as the U.S. trade deficit narrowed unexpectedly in March based on a surge in export demand -- but rising import prices kept alive jitters about inflation.

The University of Michigan's closely-watched sentiment survey slumped to 79.0 in May from April's final 87.4, far below the median Wall Street forecast for a reading of 86.1.

The report stirred worries that many Americans will stay away from the shopping malls over the next few months as they spend more to fill up their cars -- although the link between consumer sentiment and actual spending is often tenuous.

"If sentiment stays at this level -- it might even decline further -- you should expect a serious slowing in second quarter and third quarter consumption," said Ian Shepherdson, chief U.S. economist with High Frequency Economics.

The dollar fell on news of weakening consumer sentiment, while U.S. stock indexes (^DJI - news) (^SPX - news) (^IXIC - news) slipped on the jump in import prices and worries about higher interest rates.

Yahoo (http://news.yahoo.com/s/nm/economy_dc)

Rumor is that there are 70,000 U.S. troops currently on the border that separates Iran-Iraq and they are getting ready for a June offensive in Iran.

[Yonivore]

Rumor is that there are 70,000 U.S. troops currently on the border that separates Iran-Iraq and they are getting ready for a June offensive in Iran.
Awesome!

[xrayzebra]

Isn't this what dan wanted a few weeks ago? Invade Iran. But they didn't have
anything to do with 9/11 did they dan? dumbass.

[Nbadan]

What gets me is that we are poised to the start World War 3, something that will effect every living creature on the planet, but there's a NBA Playoffs going, so most people can't be bothered.

[xrayzebra]

dan.....dan.....knock.....knock.....are you there. We have been in a world war for
four years now.......are you listening. Take the tin hat off and the ear plugs out
and observe and listen.

[Vashner]

It's because of the interest rate adjustment.

[xrayzebra]

It's because of the interest rate adjustment.

Mortgage rates just went down. :rolleyes

[Yonivore]

What gets me is that we are poised to the start World War 3, something that will effect every living creature on the planet, but there's a NBA Playoffs going, so most people can't be bothered.
First of all, we're in the midst of WWIV and I don't watch basketball.

[Yonivore]

Rumor is that there are 70,000 U.S. troops currently on the border that separates Iran-Iraq and they are getting ready for a June offensive in Iran.
Of course, we have no reason to believe Iran is up to anything either, do we?

When the news of the Iranian president's letter made the news on Tuesday, I wondered -- just like everyone else ;) -- if Ahmadinejad signed the letter "Sincerely yours."

The MSM seemed seemed to take the contents of the letter at face value. I thought it might be because of Ahmadinejad's protestations of sincerity. Why would skeptical journalists disbelieve the diplomatic communications of such a gentleman?

It turns out that the letter's closing salutation may well be worthy of note. In its editorial (http://www.nysun.com/article/32594) yesterday, the New York Sun writes:


President Ahmadinejad's letter to President Bush, widely interpreted as a peaceful overture, is in fact a declaration of war. The key sentence in the letter is the closing salutation. In an eight-page text of the letter being circulated by the Council on Foreign Relations, it is left untranslated and rendered as "Vasalam Ala Man Ataba'al hoda." What this means is "Peace only unto those who follow the true path."

It is a phrase with historical significance in Islam, for, according to Islamic tradition, in year six of the Hejira - the late 620s - the prophet Mohammad sent letters to the Byzantine emperor and the Sassanid emperor telling them to convert to the true faith of Islam or be conquered. The letters included the same phrase that President Ahmadinejad used to conclude his letter to Mr. Bush. For Mohammad, the letters were a prelude to a Muslim offensive, a war launched for the purpose of imposing Islamic rule over infidels.
Things that make you go hmmm....

[Nbadan]

First of all, we're in the midst of WWIV and I don't watch basketball.

Don't start with that WW4 crap again, this is serious. If you have kids, especially between 14-28, you should be very, very concerned.

[Yonivore]

Don't start with that WW4 crap again, this is serious. If you have kids, especially between 14-28, you should be very, very concerned.
I am serious. Define World War.

[xrayzebra]

Don't start with that WW4 crap again, this is serious. If you have kids, especially between 14-28, you should be very, very concerned.

Do you have kids or are you old enough? Have you served in any military
service? Or are you even out of college? What is your claim to fame?
By the way do you know that your every move is monitored on the
internet and it isn't by government. Does that bother you?

[smeagol]

Awesome!
The US starts another phony war and you think its awesome.

And you call yourself a Christian?

Sad.

[Yonivore]

The US starts another phony war and you think its awesome.

And you call yourself a Christian?

Sad.
It's time to shit or get off the pot with Iran. They're arming al Qaeda in Iraq and they're vowing to make Israel disappear.

What would you suggest? Talk to them?

Hasn't Europe been doing that for a few years now -- without much success?

Nah, I say nuke 'em. Nuke 'em now.

[Oh, Gee!!]

First of all, we're in the midst of WWIV and I don't watch basketball.


Explains why you post with great frequency on an NBA forum.

[Vashner]

Dude don't let the lefties take you off topic.. They are getting there ass handed to them on economic issues....

They try to change topic when loozing.

[Nbadan]

Do you have kids or are you old enough? Have you served in any military service? Or are you even out of college? What is your claim to fame? By the way do you know that your every move is monitored on the
internet and it isn't by government. Does that bother you?

I find many of my postings make their way into the local media. For instance, I helped popularized the local use of the word 'creepy' to define the new domestic wire-tapping revelations after CNN used it as a choice in one of their online polls, and low and behold the term shows up today in opt ed column by Victor Landa in the local fish-wrap, coincidink? I think not.

[mookie2001]

nbadan timeshares yall out on weekends and holidays

its beyond ownership

[Yonivore]

Explains why you post with great frequency on an NBA forum.
This happens to be a political forum and I don't see much basketball discussed here.

[Oh, Gee!!]

This happens to be a political forum and I don't see much basketball discussed here.

You just happened to stumble across Spurstalk.com looking for political discussions? I don't want to know what you would have found if you were looking for basketball-related dicussions.

[Nbadan]

W's don't ask, don't tell monetary policy..


TOKYO, May 15 (Reuters) - The administration of U.S. President George W. Bush is "quietly acquiescing" to a weaker dollar, the Wall Street Journal reported over the weekend.

U.S. Treasury Secretary John Snow and other members of Bush's economic team see dollar weakness and stronger growth abroad as helping to curb the U.S. trade deficit, the Journal reported, citing people familiar with the administration's thinking.

Administration officials are not calling attention to their stance for fear of causing a dollar plunge if investors believe the United States is trying to engineer a weaker currency, the newspaper said.

REUTERS (http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-05-15T002638Z_01_T181866_RTRIDST_0_ECONOMY-US-DOLLAR-WSJ.XML)

....but it's our little secret, ok?

[Nbadan]

Back in reality, the dollar is teetering...


Global markets are bracing for turmoil today after an ominous slide in the US dollar and a slump in equity and bond prices late last week sent tremors through the global financial system, evoking memories of the 1987 crash. Emerging economies have led the sell-off as investors recoil from risky assets, pummelling stocks and bonds in Turkey, Hungary, Iceland and much of Latin America.

<snip>

Analysts said there were now clear signs that monetary tightening by the world's central banks was starting to crimp growth. Lombard Street Research warned the US was now heading into outright recession, with China also facing a hard landing. "Stock markets in the middle of 2006 are confronting a tight Federal Reserve and European Central Bank, sharply higher bond yields, and a downswing in potential profits," it said.

It raised the risk of "an impending financial crisis" caused by excess credit and leverage across the global economy. The group advised investors to liquidate stocks and move into cash yen until the storm has blown over. The dollar has slumped 6pc against the euro and 8pc against the yen this year as the markets anticipate an end to interest-rate rises by the US Federal Reserve, switching attention back to America's debt mountain and current account deficit of 7pc of GDP.

Volkmar Hable, chairman of Samarium Technology, said the world was now on the brink of a dollar crisis. "The crash in the autumn of 1987 started with a massive dollar and bond decline in the spring. We are experiencing exactly the same now," he said. Ominously, bonds are no longer viewed as a safe haven, a sign of fear that inflation is gaining a foothold in the major economies.

Telegraph (http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2006/05/15/cnmarkets15.xml&menuId=242&sSheet=/money/2006/05/15/ixcitytop.html)

Cash, Gold, commodities....but If you've been reading me for awhile you already been there and done that...

[xrayzebra]

I find many of my postings make their way into the local media. For instance, I helped popularized the local use of the word 'creepy' to define the new domestic wire-tapping revelations after CNN used it as a choice in one of their online polls, and low and behold the term shows up today in opt ed column by Victor Landa in the local fish-wrap, coincidink? I think not.

Gee dan, I like me. Who do you like. You are as phony as a
three dollar bill. Only people who like to quote you are....are....
are.....are... well there must be someone.

[Yonivore]

You just happened to stumble across Spurstalk.com looking for political discussions?
Yep. Pretty much what happened.


I don't want to know what you would have found if you were looking for basketball-related dicussions.
Probably basketball-related forums.

[Yonivore]

I find many of my postings make their way into the local media. For instance, I helped popularized the local use of the word 'creepy' to define the new domestic wire-tapping revelations after CNN used it as a choice in one of their online polls, and low and behold the term shows up today in opt ed column by Victor Landa in the local fish-wrap, coincidink? I think not.Tell me you're not serious.

Isn't is infinitely more likely Landa watches CNN? Or, that he came up with the word "creepy" independent of any influence from his consumption of the media or internet?

Man, if you just don't beat all sometimes.

Seriously though...you have made the use of the terms "tin foil" and "black helicopter" pretty popular on this forum.

[xrayzebra]

^^Oh youni he is serious as a heart attack. He thinks the sun
rises and sets on his behind. Except, he just doesn't realize how
dumb he really shows himself to be. But, that will never dissuade
him in his efforts to appear brilliant. I understand he graduated
magna cum from kindergarten.

[exstatic]

What's behind the Dow slide? A fiscal policy resembling nothing so much as a certain British passenger liner of the last century: RMS Titanic.

[Clandestino]

Anytime Dan posts I think of the following quote who has been attributed to Lincoln, Twain and others...

"'Tis better to be silent and be thought a fool, than to speak and
remove all doubt."