The Market On Monday

Good morning. It is 63 degrees, foggy, and cloudy here in Upstate NY. The tenth anniversary of 9/11 dominated the country's activity this weekend. I wish I had some remarkable words to say or add to it all here but I really do not. 9/11 was terrifying and the trauma of that event affected everybody. That said, the actions of the Bush administration were terrifying and endured for too long, way too long. Everyone became suspects especially people like myself who were out protesting the Iraq war right from the start. The country has not recovered. We are still in Afghanistan, still in Iraq, Gitmo is still open. No one has been held accountable for all of the monstrous torturing of prisoners by the Bush administration. The neocons skate away happy to push more mischief on the world in the future. Wars are becoming more remote controlled as drones do the surgical bombing for us in Pakistan, Afghanistan, and in other countries. America bombs. The country's priorities are still out of whack as corporate dominance in all aspects of our life increases, as democracy itself and our connection and link to our government decreases.

At 8:00 a.m. futures are significantly down, the dollar is mixed, and oil is down. It would be safe to say that the market will open lower.

Investors are re-freaked out by the possibility of Greece's default and now French banks are facing a Moody's downgrade. We are all degraded...

This is nothing new, the Eurozone debt issues are complex and will require time to fix. Some might even question if they can be fixed, if the Eurozone as a political/economic entity can even continue to exist.

Obama will be stumping his jobs plan today and then the plan moves onto Congress.

I am still in the 'yes another recession is coming' wing for these reasons. With the Tea Party GOP dominating Congress, with that same party's insistence on austerity measures, with the insistence from economists and history that austerity measures will hinder the economy, I believe the formula is in for more economic failure. Throw in a malicious intent from the Tea Party GOP for economic failure in order to sink Obama in 2012 and it smells like recession to me. I will be happy to be proved wrong.

CNN: Stocks set to drop on eurozone fears

...a new wave of anxiety over the possibility that Greece will default on its debts.

...France's top banks prepared themselves for a possible credit downgrade from ratings agency Moody's...

Bank of America is reportedly increasing job cuts to 40,000 from the 30,000 previously reported.