Wall Street lower after data

"...Bill Gross, founder of Pacific Investment Management Co., advised holders of U.S. dollars to diversify before central banks and sovereign wealth funds ultimately do the same amid concern about surging deficits.

The U.S.’s “fortune-producing capabilities seem to be declining, which might suggest that its relative standard of living is doing so as well,” Gross wrote in his June investment outlook posted today on the Newport Beach, California-based firm’s Web site. “If so, the implications are serious.” ..."

Well I guess we are all doomed to live in the Robo-cop future after all.

this one cracks me up.

bloomberg headline today: "Service Industries Index in US Climbs to 44, Signalling Slump is Abating."

also on bloomberg today, econoday, economic calendar:

The ISM's non-manufacturing report failed to show the visible improvement seen in its manufacturing report released on Monday. The non-manufacturing composite index inched only 3 tenths higher to 44.0 with news orders falling, not rising, to 44.4, down from 47.0 in April. The sub-50 decline in new orders indicates that month-to-month contraction is deepening. Another bad sign is a decline in backlog orders, down 4 points to 40.0. Employment did improve but not very much, still showing month-to-month contraction but at an easing rate -- at 39.0 vs. April's 37.0. Price contraction is easing with the index up nearly 7 points to 46.9, perhaps more a reflection of rising oil and commodity prices than rising demand. Stocks and the dollar moved lower in immediate reaction to the results which will push back expectations for the pace of economic recovery.

Also on bloomberg today:

"Treasuries Advance as Bernanke Warns on Deficits, Fed Begins Debt Purchase Treasuries gained for a second day after Federal Reserve Chairman Ben S. Bernanke said large budget deficits threaten financial stability and the U.S. can’t continue to borrow at the current rate to finance the shortfall."

DOOM!!!!!!!!!!!!!

"Gross Says Diversify Dollar Holdings Before Central Banks Do on Deficits Bill Gross, founder of Pacific Investment Management Co., advised holders of U.S. dollars to diversify before central banks and sovereign wealth funds ultimately do the same amid concern about surging deficits. "

GLOOM!!!!!!!!!!!!!!!!

"Companies in U.S. Cut 532,000 Workers in May, ADP Employer Estimates Show Companies in the U.S. cut an estimated 532,000 workers from payrolls in May as the labor market showed little sign of improving even as the recession abated, a private report showed today. "

DESPAIR!!!!!!!!!!!!!!

"Toll Brothers, Hovnanian Slide as Second-Quarter Losses Surpass Estimates Toll Brothers Inc. and Hovnanian Enterprises Inc. fell in New York after their second-quarter losses exceeded analysts’ estimates and U.S. job losses mounted."

EVERYONE MOVE TO THE THUNDERDOME WHERE MAD MAX WILL HOPEFULLY SAVE US!!!!!!!!!!!!!!!!!!!!!!!

Yahoo and bloomberg links.

Weren't you the one that was mocking someone here about it. Fucking Hippocrates.

i would never engage in such behavior with hippocrates.

Who was having sexual intercourse with the father of medicine? Inquiring minds want to know.

Or you can just pass out again.

i don't think he's ever fully awakened. maybe ingested some no-doze to keep him a bit on the up and up, so to speak.

Beside you people, who the hell celebrates on poor economic data day in and day out. Fucking christ!

I hope the pain and suffering that most Americans are going through will be sip into your families too.

Bad karma will eventually come around to you people, if not financially it will be something else.

Go ahead, continue to celebrate...

All positive news are discounted, ignore and ridiculed.

All negative news are posted and justified. Some of you even applauded them.

Go ahead...keep on celebrating....

I am joking, numb nuts. Satire.

UpUp, Lighten up. By the way, it's "hypocrites." Hippocrates was the guy they named that oath after.

Yes, because I completely and utterly believe with all my heart this statement I made:

"Obviously these daily gyrations in the stock market are 100.00% correlated with the state of the NYC housing market."

No i will not lighten up.

I got my walking papers last week and i'm the only source of income for my household. I got a wife that is disabled and can't work. Both of my kids are 'A' students and don't ask for much. All they want is a good home. If i can't find work within the next 3-6 months, i might lose my home. What am i going to do????

Damn it! I didn't land this credit crisis...this credit crisis landed on me!!!

The thread where I say how cheap rents are, which I posted two or three days ago.

Sorry you lost your job though.

We're suppose to be a nation that care for each other. What happened to that?

I bought my house 10 years ago with 30% down in Long Island. I never missed 1 payment. I don't have any credit cards nor do i use credit for anything. If i can't afford it, i simply don't buy it. I don't have a high paying wallstreet job like many here. I'm your typical blue-collar soldier. Not everyone that is losing their homes today is due from over leverage or running up credit cards or buying things they can't afford.

uu&a, you don't read my posts very clearly. that is my constant complaint about the bulls. they don't pay any attention to the people. numbers are grand, but not when the results are affecting less than 10% of society. do you think that those people who constantly tout the stock market's performance actually give a rat's ass about the guy in Detroit who has had his world shattered? a few might be looking for systemic improvement, but that's not the sense the I get. most just want their own bottom line improved.

that's my "liberal crap" and it's entirely supportive of people, and of markets if those markets function with reasonable regulation in a manner that is productive for society as a whole, and that is not being funded with money generated out of nowhere that we and our children will have to pay for to allow a broken system to continue to hobble along in its f'd up manner.

and i'm sincerely sorry you lost your job. quit calling people whores.