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Will jobs plan work?

Commentary: An economic tale of boneless chickens and empty pots
Published on Sep 9, 2011

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by CareyBot

The good news: U.S. data are not double-dipping. The fresh, August survey of purchasing managers by the Institute for Supply Management found the service sector improved to 53.3 from 52.7 in July, a reading corresponding to U.S. Gross Domestic Product growth in the 2 percent range.

This modest good news does not explain the stock market again in free fall today, or the 10-year Treasury thumping down to 1.9 percent. To explain the newest swan dive, look to Europe, and a tale of two speeches.

Default by Greece is imminent. Again. Maybe this weekend. Maybe Europe will buy more time; maybe default will be an anticlimax, but markets today anticipate chaos.

Then, the two speeches.

Federal Reserve Chairman Ben Bernanke spoke at midday Thursday.

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