Dow Jones Suffers Biggest Fall In A Year As Analyst Says: 'We're On The Verge Of A Great Depression'
* Manufacturing index falls to 53.5 from 60.4 in April
* Private employers added just 38,000 jobs in May
* Dow Jones crashes more than two per cent by 280 points and erases quarter of year's gains
* Republicans press Obama for detailed plan on cuts
* The housing market continues to falter and has yet to hit bottom.
It might be time to hold onto your hats (still) as the U.S economy continues it's crash.
A market strategist gave the dire prediction that ‘we’re on the verge of a great, great depression’ as the economy suffered a triple blow.
Big falls in job growth and the manufacturing sector wiped out more than a quarter of the Dow Jones industrial average's gains for the year.
Read more ....
Update: Horror for US Economy as Data Falls off Cliff -- CNBC
Too much debt .... uncontrollable spending .... an unwillingness to do anything about it .... What's new? Oh and food and fuel prices continue to skyrocket. If history is a guide, and I'm one to get up on a rock and say so - great economic dislocations and depressions were always followed by "Great Wars." Hey, we're in our Third Recovery Summer - it's like Lollapaloza!
I really ought to update that picture - have an iPad2 or something more current.