May 9, 2010

AUTOMATIC SALES HIT STOCK MARKET

The Dow Jones industrial average dived almost 1,000 points in a half-hour last Thursday -- triggered by a computerized program linked to the European debt crisis.

Professional stockbrokers recognized the anomaly as unlikely and regained two thirds of the loss before the end of trading.

U.S. President Barack Obama and his economic advisors gathered on the White House driveway Friday to emphasize that the U.S. economy had added 290,000 jobs last month, while the unemployment rate inched up to 9.9 percent.

Obama said that while his administration is taking steps to boost hiring, “We’re also mindful of other economic factors that can emerge -- such as a plunging stock market and fears of a spreading, overseas, financial crisis.”

He said regulators would make public their findings and recommendations about the stock market.

EUROPE SITUATION

President Obama said he spoke Friday morning with German Chancellor Angela Merkel about the economic situation in Europe.

European leaders were meeting that day in Brussels to persuade world markets that the economic situation of Greece would not spread to other countries such as Portugal and Spain.

A European meeting was convened to approve a $140 billion emergency bailout for Greece.  The German government has already approved more than $28 billion to the rescue fund.

Obama said, “I made it clear that the United States supports these efforts -- and will continue to cooperate with European authorities, and the International Monetary Fund, during this critical period.”

The United States contributes about 29 percent of the International Monetary Fund.

The International Monetary Fund board of directors will meet Sunday (today) to approve a $40 billion loan to Greece – as part of the rescue package.

When you stop believing in Santa Claus is when you start getting clothes for Christmas.

"A government that is big enough to give you all you want is also big enough to take it all away."

--- Gerald Ford, 12 August 1974, Presidential address to a joint session of Congress

Better to light one small candle than to curse the darkness.

--- Chinese proverb.

The trouble with our times is that the future isn’t what it used to be.

By Lindsey Wilger Williams, retired newspaper publisher and syndicated columnist