Right wing plutocracy is about to wreck millions more families:
Italy has the eighth-largest economy in the world — 15 times the size of Portugal's and about the size of Greece's, Ireland's and Spain's put together. European banks have almost 1 trillion euros ($1.4 trillion) invested in Italy, six times as much as the their exposure to Greece. Those banks stand to lose a lot of money if Italy and its European allies fail to right the ship. And we know what can happen if banks start losing money. Remember when the Dow Jones Industrial Average plunged below 7,000 a little more than two years ago, cutting your 401(k) in half?
U.S. banks have relatively little direct exposure to Italy, said Scott Brown, chief economist for Raymond James Financial in St. Petersburg. But there is a lot of interconnection between Europe and the United States.
Italy's troubles "could cause the debt crisis in Europe to heat up, and we'd wind up with a much more sinister financial crisis that could affect the U.S.," Brown said.
Italy, a country of 61 million people, is suffering from high national debt, slow growth and political dysfunction — a trifecta of potential economic undoing.
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"Italy coming under severe market pressure, being the third-largest economy and a founding member of the European Union, signals that the sovereign and banking crisis has reached a deeply systemic phase," Vladimir Pillonca, an economist at Societe Generale SA in London, wrote in a note to investors this week.
There you go dredging up history again... free doesn't like that! We are only allowed to go back as far as Bush Jr..... C'mon now we in the right, er, uh, I mean on the right have to play by the rules, but the left doeasn't have to have any. We should all know that by now! LOL
The U.S. stock market and other risk assets got hammered on Thursday as investors took money off table ahead of Friday's U.S. jobs report and a worsening debt crisis in Europe.
The Dow Jones Industrial Average fell 512.76 points, or 4.13 percent, to close at 11,383.68. The S&P 500 Index fell 60.27 points, or 4.78 percent, to end at 1,200.07. The NASADQ fell 5.08 percent.
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In Europe, the contagious sovereign debt crisis is threatening Italy, euro zone's third largest economy. For months, the market's fear is that the debt crisis would hit a large country like Italy or Spain, which many argue are too big to bail out core Europe.
The European Central Bank (ECB) held a (previously scheduled) press conference earlier in the U.S. session. While ECB President Jean-Claude Trichet stated the ECB's willingness to buy sovereign bonds in the market, the forcefulness of his language and the actual buying of the ECB wasn't enough to calm the European bond markets.
We didn't elect Berlusconi so don't beat us over the heads with him.
Good chance that tomorrow could well be a "black Friday" and it's all because our government is both out of control and insatiate. The Federal government is eating us alive.
Right wing extremists drive economies into the ditch. And that is exactly what the hate-Obama-at-all-costs extremists are doing right here in the USA. To cause a new cycle of fire sales and corporate welfare to benefit the super-rich, and more fear and desperation among workers.
Right wing extremists drive economies into the ditch. And that is exactly what the hate-Obama-at-all-costs extremists are doing right here in the USA. To cause a new cycle of fire sales and corporate welfare to benefit the super-rich, and more fear and desperation among workers.
Tell us again, how much debt does the government now have?
And what just happened when they announced they were going to blow another 3 trillion we don't have?
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