http://news.yahoo.com/more-faa-shutdown-air-subsidies-071241612.htmlWASHINGTON (AP) — On the surface, the partial shutdown of the Federal Aviation Administration is about whether to cut $16 million in air service subsidies, a pretty small amount in this town. Underneath are layers upon layers of political gamesmanship that, at its heart, is about whether Democrats or Republicans get to call the shots in Congress.
The immediate price is high. Already, 4,000 FAA employees have been furloughed, more than 200 construction projects have been halted and an estimated 70,000 other private-sector workers affected. Air traffic controllers and safety inspectors remain on the job because the agency still has money from another pool of funds to pay them.
The government has been losing about $30 million a day in uncollected airline ticket taxes since the shutdown began on July 23, when FAA's operating authority expired. If it's not resolved until after Congress returns from its August recess in early September, lost revenue will tally about $1.2 billion.
>>>>>>>>>>>>>>>>>>More at link >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
http://news.yahoo.com/stocks-plunge-economic-europe-worries-continue-164535320.htmlNEW YORK (AP) — The Dow Jones industrial average plunged more than 300 points and erased its gains for the year as investors grew more concerned about economic weakness in the U.S. and Europe.
The Standard & Poor's 500 index fell more than 3 percent, bringing it 10 percent below its recent high of 1,363 reached on April 29. A decline of 10 percent is considered to be a market correction. The Dow Jones industrial average is now down more than 1,100 points from July 21.
Oil fell 4 percent to $88 a barrel on worries demand will fall because of the slowing economy. Oil had traded over $100 as recently as June 9.
"We are continuing to be bombarded by worries about the global economy," said Bill Stone, chief investment strategist at PNC Financial.
The Dow Jones industrial average fell 325 points, or 2.7 percent, to 11,571 in midday trading. The S&P 500 lost 39, or 3.3 percent, to 1,221. The Nasdaq composite shed 89, or 3.3 percent, to 2,603. The losses in the Dow were the largest since June 2010, when it fell 323 points.
Money poured into investments that are seen as relatively safe when markets are turbulent. Gold rose 1 percent to $1,680 an ounce. The yield on the 10-year Treasury note fell to 2.51 percent, its lowest level of the year. The yield on the 2-year Treasury note hit a record low of 0.265 percent. Bond yields fall when demand for them increases.
Large investors have moved so much money into cash accounts at Bank of New York that on Thursday the bank said it would begin charging some clients a 0.13 percent fee to hold their cash.
"In the past month, we have seen a growing level of deposits on our balance sheet from clients seeking a safe-haven in light of the global interest rate and credit environment," the bank said in a statement to The Associated Press. Bank of New York clients include pension funds and large investment houses.
"Investors are deciding that now is the time to take risk off the table," said Brian Gendreau, market strategist for Cetera Financial Group. Gendreau said that some investors are now wondering whether stocks will have a prolonged slump similar to the aftermath of the Great Depression.
European stocks fell broadly because of concerns that Italy or Spain may need help from the European Union. The benchmark stock indexes in Italy, Germany and England each fell 3 percent.
Companies that make most of their profits when the global economy expands fell the most. Caterpillar, Alcoa and Chevron led the Dow lower with losses of nearly 4 percent each.
Some traders are selling ahead of Friday's employment report, which is expected to show that unemployment remained at 9.2 percent last month. A rise in the unemployment number would likely push stocks lower again.
>>>>>>>>>>>>>>>>>>>>>>>>>>>More at link <<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
So much for "Recovery".
MBTV
Forum Index
Help
Calendar
Contact Info
Register as a member
