Yesterday, MSNBC carried a report of the previous day's lead story worldwide. "Stocks rebound modestly from huge drop -- Fed’s Bernanke: No single trigger responsible for Tuesday’s slump (Feb28,2k7). The focal story of two days ago being simply that the Shanghai Stock Exchange experienced a massive sell-off of hi+ly overpriced stocks which have resulted from China's corruption-riddled capitalism, and the lottery-minded investment mania of stock purchasters. A lot of little guys were devastated, ruined, by China's lackadaisical financial regulatory non-practices.
As we all know, the Shanghai disease impacted stock exchanges in London, New York, and Toronto. The Chinese correction gave umff to the Western market corrections, overdue as well. Here's some details the day after:
NEW YORK - Wall Street rebounded fitfully Wednesday from the previous session’s 416-point plunge in the Dow Jones industrial average, as investors took comfort from comments by Federal Reserve Chairman Ben Bernanke but still showed signs of unease about the economy.I filed the above as a draft but held back from posting the draft blog-entry because I thawt a few details from some other source mite make the effort more worthwhile.
Bernanke’s remarks to Congress that he still expects moderate economic growth gave some investors confidence to look for bargains. A recovery in some overseas markets following a worldwide sell-off Tuesday also lent some support to U.S. stocks, but the advance lacked some conviction — the major indexes fluctuated through the morning and into the afternoon, with the Dow rising as much as 137 points before pulling back and then advancing again, closing with a modest gain.
I got more than I bargained for. Tuning in the CanWest networks's Global National last nite at 5:30 PM, I (with a million other Canadians), was subjected to the pravdavations of said network's chief slanter and twister, Kevin Newman. This intrepid anti-America news anchor served up a large hot bowl of bile for the network he manages to manipulate. His lead-off for his half-hour ignored Shanghai and the implications which the longterm financial abuse in China is having on the Canadian economy (where Canadian businesses were led down the garden path by two previous Liberal prime ministers, Chretien and Martin, into dubious contractual relationships). Fact of the matter is, China is buying up Canadian resource corporations hand over fist, and importing extractive commodities from corporations it doesn't yet own, to feed the Communist-directed super-rapid industrialiaztion of China and its conquered territories. Shanghai, the trigger of its stockmarket shake-up and sell-off, and its relation to resource commodity corporations shaken-down on the Toronto Stockmarket were the story.
Instead, Newman (who the previous nite carried a snot-piece on a political party's officials calling their institution the "New Conservatives" ... but thereby found himself forced to acknowledge that the New Democratic Party has been calling itself "New" since the Nineteen Sixties). Thus, the snot. But additionally Newman never mentioned thathis own constantly America-negative broadcasting constitutes him as the gravely oldman of Canadian oldscasting. What a tedious bore! Oldman went off on a tangent (he, of course, is my to-the--point tangent here) about a revision of estimates of US growth stats for the year from 3.2 (or something) down to 2.2 percent growth of the US GDP. I recall him using the word "wrong" with an emphasis evoking moral failure rather than evoking a mere correction of specialist statisticians' estimates. Such palpable anti-America twisting is typical of this mad hater, whose distortion of information flow was directly contradicted in the hour-long newsreport by the Toronto affiliate of the Global TV Network. To wit: the American economy took the hit of China malfeasance, made its own adjustment after a season of its own lesser overheating (which has been quite good also for Canadian investors), and is in the process of recovery as investors slowly buy-up good stocks at much lower prices. Ho hum to all the noisy detractors who manipulate their reports on the basis of their own bile and venom, as in the case of Keven Oldman or whatever he purports his name to be.
Citing only two indeces of greater relevance than the sluggish mind of oldbile can fathom, both Reuters and ABC News give very US-positive accounts. Reuters says today that
Manufacturing grows more than expected (Mar1,2k7)ABC News, on the other hand, also just today gives us consumer-attitudes stats that "Consumer Confidence Gains in February -- Consumer Confidence Rises to a 5-And-A-Half Year High in February" by the celebrated expert reporter Anne D'Innocenzio, AP Business Writer.
NEW YORK (Reuters) — Factory activity rose more than expected in February, lifted by grogrowth in new orders, production and employment, according to a survey published Thursday.
The Institute for Supply Management said its index of national factory activity rose to 52.3 from 49.3 in January, above economists' median forecast for a slight rise to 50.0.
A reading above 50 indicates growth in the sector.
The February number continues an alternating pattern for the manufacturing index. The ISM showed contraction in November, then rebounded in December, only to fall back again in January.
The prices paid index, which measures inflationary pressures within the factory sector, jumped to 59.0 in February from 53.0 in January.
New orders, a gauge of future growth, rose to 54.9 from 50.3, while the employment index climbed to 51.1 from 49.5
I wonder if the snot-hyping Kevin Newman will make a correction today, after all even the world's great stock markets are capable of doings so. The aging falsifier's "olds" show comes on after my favourite soap-opera, which means if I don't immediately switch channels, Global dumps me into the hands of its most deceitful info-manipulator who, with many of his reporters, seeks to build animosity toward the USA. Even his come-ons are falsifications. He's often absent, yet insists on maintaining the fiction of "Global Nation with Kevin Newman." Actually, it's often Global National with Tara Nelson, but she never gets to lead-in credit (except on weekends when at last she does). She's a much better reporter than he, more honest, less anti-American, and doesn't fall back on the phoney word-emphases with which Oldman likes to punctuate his trash, phoney even in voice.