Worried: Peter Yastrow, market strategist for Yastrow Origer, said he is seeing 'near panic' with investors unwilling to punt on unpredictable commoditiesDow Jones Suffers Biggest Fall In A Year As Analyst Says: 'We're On The Verge Of A Great Depression' -- The Daily Mail
* Manufacturing index falls to 53.5 from 60.4 in April
* Private employers added just 38,000 jobs in May
* Dow Jones crashes more than two per cent by 280 points and erases quarter of year's gains
* Republicans press Obama for detailed plan on cuts
It might be time to hold onto your hats again as the U.S economy crashes.
A market strategist gave the dire prediction that ‘we’re on the verge of a great, great depression’ as the economy suffered a triple blow today.
Big falls in job growth and the manufacturing sector wiped out more than a quarter of the Dow Jones industrial average's gains for the year.
Read more ....
Update: Horror for US Economy as Data Falls off Cliff -- CNBC
My Comment: Too much debt .... uncontrollable spending .... an unwillingness to do anything about it .... a perfect cocktail for a mess. But my concern is that if history is any indication, great economic dislocations and depressions were always followed by great wars .... hmmm .... one more worry to ponder on.