Sahit Muja: Big gains in stock markets in US and European Union
European stocks has big gains today, Britain 2.21%, Germany 3.93% France 4.38% and Italy 6.06% outweighing real economic news and job creation .
The U.S. economy added more jobs in July than in any month since February, but the unemployment rate up to 8.3%.
Employers added 163,000 jobs in July, far above the paltry 64,000 they added in June, the Labor Department said Friday.
Investors in the U.S. and European Union welcomed the payroll news sending stocks to a three-month high. The Dow Jones Industrial Average climbed 232.95 points, or 1.81%, to 13103.
Wow - lots of sniping on stock markets. The fact is that no one has any lock on decent ideas for restarting the economy in U.S. and EU - and no one bears all the blame.
The economy in US and EU is clearly still struggling. President Obama did have a veto-proof Congress for his first two years, got his stimulus, most of which went to transfer payments to states for their payrolls, not directly to "creating new jobs"., and spent a year on his health-care bill.
He has been decidedly partisan in his approach to Congress (we all remember his snarky comments about "go sit in the back of the bus", and "elections have consequences, we won"), so I don't present him as some paragon of bipartisanship or problem solving.
President Obama is just not an economic growth guy, His entire background and his actions as President show that he is fundamentally redistributive. Because he sees everything in the economy as a zero sum game, where if someone else is doing well, it must be because someone else is doing worse.
That is radically different from how America was built, it wasn't about tearing down what someone else accomplished, it was about growing the economy for everyone's benefit.
That is what I will be basing my vote on - who can best grow the entire economy for the benefit of the maximum number of people. After all, the best way to protect our social programs like Medicare, SS, and Medicaid, is to have a healthy economy.
The Eurozone unemployment is estimated at 11.1%.
The 17 countries that use the euro are struggling as economies across the region face deepening recessions. Greece, Spain and Italy lead the trouble spots, are threatened with a financial collapse that could tear the 13-year old currency union apart and rock the global economy.
To me the worst joke is how markets went up today as unemployment is growing in US and EU. The investors in US and EU trip over each other to buy a share of this "wonderful economy". So much for investing on long term fundamentals. I'm afraid bad luck in gambling will be the same as playing stock market.
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