Deficit and Jobless Claims Jump, But Stocks Soar

[Hissyspit]

Source: Assocaited Press

Deficit and jobless claims jump, but stocks soar

By MARTIN CRUTSINGER, AP Economics Writer – 20 mins ago

WASHINGTON – The nation's financial picture grew darker Thursday, a day marked by breathtaking numbers: a quarter-trillion-dollar budget deficit for a single month, a half-million new applications for unemployment benefits and a 900-point swing that led Wall Street to its third-biggest point gain ever.

Analysts predicted that the steady drumbeat of gloomy statistics would only get worse in coming months as the country endures what could be the worst downturn since the severe 1981-82 recession.

The initial costs of the government's economic bailout efforts sent the U.S. budget deficit for October soaring to a record $237.2 billion, putting it on track to reach the once-unfathomable sum of $1 trillion for the year. "And as bad as these numbers are, they may look good a year from now because things are going to get much worse," said Sung Won Sohn, an economist at the Smith School of Business at California State University.

In more grim economic news released Thursday, the number of newly laid-off workers applying for jobless benefits last week hit the highest level since the period right after the Sept. 11, 2001, terrorist attacks.

Read more: http://news.yahoo.com/s/ap/20081114/ap_on_bi_ge/financial_meltdown

[liberalmuse]

1. Our company is doing massive layoffs next week...

I'm really hoping I'm not involved, but will adjust if I am. Our particular department exceeded the forecast for the 3rd quarter, but that really doesn't mean that we won't be laid off. This will be my second layoff since Bush got in office, and both would be my first layoffs experienced during my working lifetime.

[whistle]

2. Wall Street thrives on hunger, pain, war, death and human misery

...so what else is new?

[OhioChick]

3. Disgusting, isn't it?

I couldn't agree with you more.

[Azlady]

4. Sick... and the BANKS are going to be rescued

and STILL not loan any money to anyone, the rich get richer,the poor get poorer....

[wartrace]

5. Dead cat bounce. n/t