Kinda getting tired of Wall St. - Bunch of soulless (rhymes with Ducks)
Going to keep this post very brief and simple..here's the headlines first:
Mortgage default warnings surged in August (AP) -- "Mortgage default warnings spiked in August, signaling a potential new foreclosure wave"
Jobless Claims, Inflation Rise, Manufacturing Gets Weaker (CNBC) -- "Weekly jobless claims number, which is closely watched as an indicator for employment trends, unexpectedly rose 11,000 to 428,000, well ahead of estimates of 411,000."
Consumers paid more for range of items in August (AP) -- "Consumers paid more for gas, food, rent and other items in August, raising inflation pressures"
Then.. Here's how the stock market fared today:
~ +186 for the day to finish at 11,433
Why?
More hope that Greece won't default (It absolutely will at some point) and that the EU won't collapse (it eventually will) because Europe's political and financial leaders will come up with a plan (taking more and more of the people's money to strengthen banks and foreign nations)
Found a good quote from a financial analyst in a CNBC article: "The problem in Europe is, 1) Very serious, and 2) there is no easy solution. If there was we would have already solved the problem. The market is being a bit pollyannaish right now."
When the market drops 600-1000pts one day, and it will.. I'll drink champagne.
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