Economic Crisis Worsening


Chief Minister (5k+ posts)
Michael Probst / AP
Stocks Tumble on New Economy Data

The markets are at it again: The Dow Jones industrial average plunged nearly 400 points Thursday and the S&P 500 fell nearly 5 percent, pushed down by a slew of negative economic data. U.S. unemployment applications rose more than expected last week, consumer prices are up, and Japan reported dismal export data. The combination of rising prices and tepid employment, analysts says, makes it harder for the Fed to take stimulative measures to boost the economy. A bright spot, again, was gold, which rose to a staggering price of $1,825 per ounce. Meanwhile, Morgan Stanley warned the the global economy is "dangerously close" to a recession, and European selloff is at a rate not seen since the crisis three years ago.

Read it at MSNBC August 18, 2011 4:00 PM

August 18, 2011

Coburn Warns of Economic Disaster

Sen. Tom Coburn (R-OK) spread dire warnings "predicting economic disaster, the quick unraveling of the debt ceiling agreement and the demise of Medicare," the Tulsa World reports.

Said Coburn: "We have less than 16 months to fix this. I can promise you that come July you're going to see some tough, tough stuff in this country."

He described his colleagues as "a class of career elitists" and "cowards," and when talking of his frustrations, said, "It's just a good thing I can't pack a gun on the Senate floor."