Daily Market Commentary for September 12, 2011

Worldwide markets sank on indications for a default by Greece.
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President Barack Obama again told Congress they should pass his jobs plan because it would be insurance against a double-dip recession. "When you look at what independent economists are saying about the American Jobs Act- my jobs plan - uniformly what they are saying is this buys us insurance against a double-dip recession and it almost certainly helps the economy grow and will put people back to work," Obama said in an interview with NBC News. Obama will formally send the plan to Congress later this evening. White House budget chief Jack Lew said the White House will propose to pay for its jobs plan with a series of tax hikes worth an estimated $467 billion. The tax increases have already been advocated by the Obama Administration but rejected by Republicans as recently as earlier this summer as part of the debt deal debate. The biggest tax hike would limit itemized deductions on wealthy Americans. Additionally, the plan would scrap tax breaks for hedge-fund managers, owners of corporate jets and oil and gas companies. Lew said the bipartisan 'super-committee' retains the option to pay for the job plan in some other fashion.

Marking a decade since the nation’s worst terrorist attack, on Sunday family members were reading the names of the nearly 3,000 victims at a ceremony at ground zero in New York. President Barack Obama and former President George W. Bush stood with bowed heads at the site where the names of those killed are etched in bronze. Of the 2,983 victims listed, 2,977 died when hijacked commercial planes crashed into the World Trade Center in New York, the Pentagon in Washington and a field in Shanksville, Pennsylvania. The count also includes six who died in the 1993 truck bombing attack on the trade center. New York Mayor Michael Bloomberg began the remembrance ceremony yesterday saying “although we never unsee what happened here, we can also see that children who lost their parents have grown into young adults. Good works have taken root in public service.” Vice President Joe Biden and top Defense Department leaders addressed a Sunday gathering at the Pentagon Memorial. In Shanksville, Pa., Bush, Biden and former President Bill Clinton on Saturday joined families of the 40 passengers and crew who fought back against their hijackers. Their efforts 'saved the Capitol from attack' and denied al Qaeda the victory of 'smashing the center of American government,' Clinton said. “There should be no doubt: today, America is strong and al Qaeda is on the path to defeat,” Obama said in his weekly and Internet address on Saturday.


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