Dow average plunges 513, worst drop since 2008

Thursday, Aug 4, 2011 2:54 PM
Last updated 5:42 PM
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NEW YORK  — Fears about the global economy led to the biggest panic in financial markets since the 2008 financial crisis.

The Dow plunged nearly 513 points Thursday, its biggest point decline since Oct. 22, 2008. Only three of the 500 stocks in the Standard & Poor's 500 index had gains. Oil fell by 6 percent. The yield on the two-year Treasury note hit a record low as investors sought out relatively stable investments.

All three major stock indexes are down 10 percent or more from their previous highs, a drop-off that is considered to be a market correction. A drop of 20 percent or more signifies the start of a bear market, an extended period of stock declines.

Investors are increasingly concerned about the possibility of another recession in the U.S. and a debt crisis in Europe.

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FalseHopeLooseChange
5
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FalseHopeLooseChange 08/04/11 - 04:02 pm
0
0
Happy Birthday Mr. President.

Happy Birthday Mr. President. (Obamanomics is not a failure -- you can only all so far, then its back up again.....Right?)

Chillen
17
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Chillen 08/04/11 - 04:21 pm
0
0
Yep. The Dow is down over

Yep. The Dow is down over 500 points now. Obamas economic policies are finally coming to pass. A friend told me about this article. It sums up what is going on nicely. Here is an exerpt from it.

"The Obama regime is not a failure. The Obama regime is not incompetent. The Obama regime has achieved more in two and a half years than anyone could have possibly foreseen. It has debased the currency by 50% of the GDP and guaranteed that our economy will collapse. It has looted the Treasury for more than the size of a top-ten economy and embezzled that wealth into the hands of their fellow Marxists in preparation for the final collapse of the United States. It has ground the economy of the United States to a screeching halt. It has destabilized the entire Muslim world and ensured that there will be a nuclear war centered around Israel within the decade. The Obama regime has no interest whatsoever in "stimulus" or "getting folks back to work." How can you not understand this? How can we possibly win this war if we refuse to come to terms with the fact that we are in fact fighting a war. God save the United States of America, because the people are far too stupid to do it themselves."

Read the whole thing here:
http://www.americanthinker.com/blog/2011/08/we_the_stupid.html

follower
195
Points
follower 08/04/11 - 04:56 pm
0
0
Why would anyone be

Why would anyone be surprised?

Wall Street realizes that:

In 2010, the U.S. paid $413B in interest alone; that's more than we spent on the Department of Health and Human Services, the Dept. of Transportation, of Energy, of Veterans Affairs, HUD, Dept. of Justice, Homeland Security, the Dept. of Agriculture, Dept of Commerce, the Treasury Department, the Dept. of Labor, and the SBA, COMBINED!!!

Since 1988, we've spent more than 8 TRILLION dollars in interest!!!

That's enought to give every man, woman, boy, and girl a new Porsche 911. INTEREST ALONE!!!

By 2021, we'll be paying 1.1 Trillion dollars a year in interest, ALONE!!!

Figures from the non-partisan CBO.

Complete insanity. And we wonder why the market is crashing?

mtxbass1
0
Points
mtxbass1 08/04/11 - 05:34 pm
0
0
Didn't the government and

Didn't the government and media just trump up raising debt ceiling as the very issue that would prevent this sort of thing from happening?

dvdeep6
0
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dvdeep6 08/04/11 - 05:38 pm
0
0
Well, I have heard a lot of

Well, I have heard a lot of BS, but I heard the other day that if you average the deficit caused by the last 6 presidents that you would have less than the deficit caused by Obama. Not really. In fact, it is because Clinton ERASED the deficit, and Bush 2 RECREATED the deficit that those numbers come out that way. The BUSH 2 DEFICIT, and his SPENDING INCREASES and catering to the Oil interests and Bank interests, looking aside when they stole huge sums massively destroyed our economy, then handed over the rubble to Obama. It is no wonder to those educated in the US that the republicans can hide these simple facts when others (above) simply do not remember what BUSH 2 caused. He is not out touting his successes, and he is an embarrassment to our country, but that is not the worst. It is you'all who do not see or admit to your own participation in the rhetoric who are really causing those without jobs to suffer so badly. Why do you not wish to wake up to the facts? Why do we look like, as a country, a bunch of misguided infighters who rely on no facts at all and have some religious or bigoted need to put down somebody who is just trying to clean up Bush's mess, and has to put up with the high pressure, low fact based noise trying to cover up the underlying bigotry. Man! Too many of my friends with graduate degrees are out of work, and this has to improve. You guys are just doing the work of the wealthy, and you probably aren't one of them. Good luck with that when you see the bill due by Christmas.

chiqagolil
46
Points
chiqagolil 08/04/11 - 06:06 pm
0
0
The DOW outsources to the

The DOW outsources to the point of no effect on our economy--- except to put us in further debt to other countries.

augusta citizen
10727
Points
augusta citizen 08/04/11 - 06:07 pm
0
0
Unfortunately this doesn't

Unfortunately this doesn't surprise me at all and I certainly won't be surprised if it continues in a downward spiral. We are over the tipping point folks. Good article Chillen!

RogerDavis
11
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RogerDavis 08/04/11 - 07:02 pm
0
0
Come on lefties, "It's all

Come on lefties, "It's all George Bush's fault" right?

AndrewLafa
27
Points
AndrewLafa 08/04/11 - 08:05 pm
0
0
This is what happens when you

This is what happens when you become obsessed with austerity during an economic crisis. We saw it during Franklin D Roosevelt's administration. If the government stops investing and spending during a downturn, it's pretty reasonable to expect that those in the private sector are going to do the same thing. So today we have more evidence that proves this, right on the coat tails of that peice of crap legislation that was passed Tuesday.

RogerDavis
11
Points
RogerDavis 08/04/11 - 09:29 pm
0
0
As long as America has an

As long as America has an avowed anti-capitalist as President this will not change.

RogerDavis
11
Points
RogerDavis 08/04/11 - 09:30 pm
0
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!

!

burninater
11293
Points
burninater 08/04/11 - 10:32 pm
0
0
As long as we maintain the

As long as we maintain the Bush tax cuts, the job creators will continue to create jobs, and our economy will continue on its stable and prosperous path. Don't know how anyone could question the obvious truth of that.

justthefacts
32196
Points
justthefacts 08/05/11 - 07:40 am
0
0
Can one be impeached for

Can one be impeached for incompetence?

follower
195
Points
follower 08/05/11 - 09:13 am
0
0
JTF, incompetence never got

JTF, incompetence never got anyone impeached, but it sure seems to get them elected.

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