Global markets panicked on their Monday and Tuesday trading days driving futures on US stocks to record reductions. At 5 am, when I turned on CNBC this morning, the Dow Jones futures were at -500, NASDAQ futures were over 100 points down. But the federal Reserve Board came to the rescue after Asian markets closed and cut the overnight rate .75% to 3.5% according to the Financial Times in time to save the British FTSE;
Category: Economy
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EU targets veggie stall
Those Europeans sure have their priorities straight when it comes to enforcing laws, don’t they? In the Wall Street Journal, Cassell Bryan-Low writes about the European Union targeting Janet Devers, a 63-year-old vegetable vendor, for the heinous crime of selling in pounds and ounces instead of metric measures;
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Democrats; give tax rebates to non-taxpayers
Associated Press writes (in the Miami Herald) that economists and Democrats advocate giving tax rebate to people who don’t pay taxes;
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So, who’s the party of fiscal responsibility now? (Updated)
The Wall Street Journal reports this morning that Democrats and Republicans are rushing headlong into a poorly-considered economic “stimulus package” designed to appear as though they’ve considered that which is in America’s best interests;
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Republicans v. Democrats on the economy
Yesterday I wrote that Democrats planned for an economic stimulus package designed to make the Democrats feel good about themselves rather than actually help the economy. John Kyle, Arizona Republican stands in their way, according to S.A. Miller and Jerry Seper of the Washington Times;
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Democrats urge economic stimulus package
Susan Lueck in the Wall Street Journal writes that Democrats are demanding an economic stimulus package;
“Hopefully, by the time we go to that meeting, everyone will be ready to come to terms,” said Ms. Pelosi, just before meeting with top House Republicans today. House Majority Leader Steny Hoyer of Maryland said it would be possible to get a stimulus package completed in the next 30 days.
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High gas prices? You ain’t seen nuthin’
In today’s Wall Street Journal, Christopher Conklin writes “Bridge Safety Stirs Funding Debate“;
A congressionally mandated panel yesterday recommended more than doubling the tax, which since 1993 has been set at 18.4 cents a gallon for gasoline and 24.4 cents a gallon for diesel, over five years to boost funding for transportation projects. The panel of public and private experts is hoping that states also will opt for big gas-tax increases.