Daily Market Commentary for September 9, 2011
President Barrack Obama's speech on his jobs plan delivered to Congress September. 8, 2011 regarding American Jobs Act:
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Dow Jones Industrial Average was sharply lower, plummeting by over 300 points during the trading session before the noon hour. European Central Bank confirmed that Governing Council member Juergen Stark would resign by the end of the year. Rumor has it that Stark would step down amid disagreement over the ECB bond-buying program and how to combat the regional debt crisis. Three German officials in saying Chancellor Angela Merkel’s government was readying plans to protect its banks should Greece default.
Treasury Secretary Timothy Geithner said the Federal House Finance Agency "will support the types of reforms necessary to make that possible. They are very supportive of moving in this direction." Geithner said he expected the White House to release details of the plan in the next three weeks. Per Geithner, "If Congress were to act on this bill it would have a substantial powerful effect on strengthening the economy that has slowed quite a bit and that would translate into hundreds of thousands of American workers." "The package as a whole is designed to make the economy stronger now and get more Americans back to work," Geithner said in an interview with NPR from France where he is attending the Group of Seven meeting of finance ministers and central bankers.
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