Monday, August 1, 2011

U.S. manufacturing drops to lowest level in two years

Not even news of a debt deal that allegedly saved Amurr'ca from total annihilation could overcome the grim reality that our economy is in total collapse, and no amount of borrowing can save it - even if borrowing money to pay debt were a sound economic policy. If we don't produce anything for other countries to buy, and everything we're buying comes from you hear that giant sucking sound? That's all of our wealth being sucked from our country. Or, a giant balloon being deflated. It's all over but the shouting, folks. You can give up and be the victim, or you can take control and persevere.

    Yahoo News -

    The Dow Jones industrial average is sinking after a key manufacturing index dropped sharply in July.

    The Dow is down 58 points, or 0.5 percent, to 12,085 shortly after the manufacturing report came out at midmorning. It had been up as much as 139 points.

    The Institute of Supply Management said its manufacturing index fell to 50.9. That was barely above the 50 point figure that indicates growth. Economists had been expecting a much higher reading of 55.

    The Dow rallied in early trading Monday after President Barack Obama and Congressional leaders announced that they had reached a deal to raise the nation's borrowing limit ahead of a Tuesday deadline. The deal must still get passed in Congress.