STAMPEDE! DowJIA closes, down 634 points

[Don Perignon]

Imaginary money is disappearing into thin air.
At 4PM, the Dow-Jones Industrial Average closed below 11,000...
10809.85, down 634.76ý (-5.55%ý) in one day ( Aug 8 4:05pm ET)

It's never a good idea to spook the cattle... unless you're a wolf.

[Driftr]

Looks like I picked the wrong week to stop _________.

[cme1201]

*sniffing glue* God I Love Airplane.

[❤ mollymouser ❤]

I saw this in the Washington Post about the President's speech today ... www.washingtonpost.com/blogs/right-turn/post/obamas-horrifyingly-bad-speech/2011/03/29/gIQAvN7p2I_blog.html

"It was a bit like a slow-motion car crash. After a while, one stopped listening to the blather and simply watched the stock ticker go down and down. And down some more."

[henryclay]

What a relief!!!

I thought it was just me, molly. It dropped 35 points during 8 minutes, and another 225 points between then and the closing bell.

And I noticed something else, too. He read his teleprompters in an empty room, and never once, , , , never once, , , looked straight at the camera.

So much for his leadership and it's influence on the economy today.

Yesterday I read about a fundraiser he had last week that people paid $75,000 a plate to eat in the same room with him. I wonder how big, , , how small really , , the room was.

[fairlycrazy23]

mises.org/daily/5531/Why-Is-the-Stock-Market-Plunging

[Mkitty is pro kitty]

And I noticed something else, too. He read his teleprompters in an empty room, and never once, , , , never once, , , looked straight at the camera.

So much for his leadership and it's influence on the economy today.

What about all those days before for the last couple of years? So much for conservatives giving anything a consistent treatment. Just keep awfully quiet about it when stocks go up, but once they go down, blare up the WAAHHHHHHH OBAMMMMAAAAHHHH!!!1! sirens to 11.

Or is this where somehow when they're good, Obama has nothing to do with it, but once they do, he has everything to do with it?

and never once, , , , never once, , , looked straight at the camera.

Were the hair on his head asymetrical? Was there a pore on his forehead that was too big? We're all just a flutter as to Conservatives' next installment of Microscope Theatre; coming to an internet BB near you!

[❤ mollymouser ❤]

Well, if the purpose of his speech today was to reassure U.S. investors, I don't think it was successful. I wonder what the Dow will do the rest of the week and if this will be a wake-up call for Congress?

[handyman2]

First he needs to hire new advisors and just as important better speech writers. It seemed he was a bit unglued during the whole performance and did not really know what to say. Usually he talks better off the top of his head than when using telepromters.
I almost get the sense he knows he is done.

[❤ mollymouser ❤]

Well, I'm less concerned with speechmaking as I am with policymaking.... will Congress get their act together in time to keep the economy from tanking?

[ameiko]

Aug 8, 2011 16:38:54 GMT -5 henryclay said:

What a relief!!!

I thought it was just me, molly. It dropped 35 points during 8 minutes, and another 225 points between then and the closing bell.

And I noticed something else, too. He read his teleprompters in an empty room, and never once, , , , never once, , , looked straight at the camera.

So much for his leadership and it's influence on the economy today.

Yesterday I read about a fundraiser he had last week that people paid $75,000 a plate to eat in the same room with him. I wonder how big, , , how small really , , the room was.

His leadership is non existent because he never had to lead or run anything... until we made him President. Really bright, huh?

I caught snippets of the speech and it was hysterical when he said (paraphrasing): "we didn't need a rating agency to remind us that we need a balanced approach to our spending habits. We knew that last week, last month, and two years ago when I became President."

1. It's not about a BALANCED approach, it's about cutting the damn spending! Despite the propoganda, this lies squarely on the Democrats who rejected two measures the GOP house. They also could have simply given the mythical 4 trillion in cuts (never specified nor given to the CBO to be scored) without the trillion in tax hikes that were demanded but the Democrats again refused for absolutly no good reason except to whine, "WAAAAHHHH! IT'S NOT FAIR! IT'S NOT BAAAAAALAAAANCED!!!!!"

2. If Obama knew it was an issue when he first entered the Oval Office, then WTF did he blow the budget up?!?!? He could have gone to the pre-TARP spending and done a ton of good but instead he decided to act like a kid with Daddy's AMEX black card.

[henryclay]

I think he has never had any success because everything I've seen him do has been based on relatively small Chicago sized problems that added taxpayer money would eventually resolve. If he has anyone on his list of advisors who has ever had any experiennce in the business world, , , other than that of milking taxpayers, , , I have completely missed it.

[BeenThere...DoneThat...]

...I didn't finish watching him... turned to something else... I'm patriotic enough already...

[Deleted]

So much for his leadership and it's influence on the economy today.

Actually I think his leadership did influence the economy today..........just not positive.

What about all those days before for the last couple of years? So much for conservatives giving anything a consistent treatment. Just keep awfully quiet about it when stocks go up, but once they go down, blare up the WAAHHHHHHH OBAMMMMAAAAHHHH!!!1! sirens to 11.

Mkitty I think the reason we reacted the way we did is because this has been coming on for 2 years. Conservative tried to discuss it. The country asked where's the budget? And here's the democratic party just a spending away like nothing is wrong. President Obama has done nothing to stop it from coming to this. He's worthless as a president. He's an idiot who doesn't know how to lead.

Or is this where somehow when they're good, Obama has nothing to do with it, but once they do, he has everything to do with it?

Sorry but about the best thing that I can see that's happened since he took office was the Tea Party making him address the issue of cuts. Are you now saying that he is a member of the Tea Party & deserves credit for this? I have to ask because liberals logic is hard for me to follow.

[WannabeWealthy]

Aug 8, 2011 18:38:40 GMT -5 ameiko said:

1. It's not about a BALANCED approach, it's about cutting the damn spending!

Seriously?? Are you tea partiers that thick-headed??? You got 100% cutting in this measily $2T cut. How much more cutting you think we need to do? Don't you realize that cutting government spending is CONTRARY to what investors want? You do realize that if a lot of government programs are lost, that will take away from the economy as a whole further deepening the recession right? Are you also aware that if Obama did EXACTLY what the House proposed ($1T Cut,Cap, Balance program) that the stock market would STILL have plummetted?

We need to cut ACROSS the board as well as increase REVENUE!! Why do you rich people want your cake and eat it too? I don't understand the greed.. it's pitiful.

-M

[Don Perignon]

Wow... people are blaming Pres. Obama because all the people managing their OWN 401Ks are panicking like spooked poultry! "Sell! Sell! Sell!" "The sky is falling!".
As I see it, there really wasn't any SOLID reason for stocks to appreciate much from the lows reached in fall and winter of 2009. That last dip was a "Correction"... and so is the current one.

The questions that are really relevant: Is Productivity up? Have we increased the amount we export? Have we decreased the amount we import? What is the global price of crude oil per barrel?
How many people are employed? ("Unemployment" figures only tell you how many people had a job a couple of years ago... those who have been jobless for longer than 24 months magically disappear when their benefits run out).

I figure that the only the reason the DJIA has gone up AT ALL in the past couple of years (especially considering the state of the global economy) is because speculators and moneymanagers managed to talk everybody up and create unrealistic expectations. That's what elevated prices again.

And then... the bloodsucking moneylenders announced that they were increasing interest rates on borrowed money.
And (as a certain poster would tell you) "Here's the Kicker!"... following the latest "correction" the bloodsuckers can use their hoarded cash to buy up stock at bargain-basement prices.

And the cycle repeats.

[Phoenix84]

Don't worry everyone, we can take comfort knowing our president is doing everything he can to fix this problem. He's obviously more worried about displaying true leadership than raising money for his campaign.

Oh wait.....