Thanks Barack… Dow Plunges 500 Points! Yearly Gains Erased …Update: 9th Worst Day Ever
Posted by Jim Hoft on Thursday, August 4, 2011, 11:47 AM
The Dow plunged today, erasing its gains for the year.
(DJI)
The DJI is currently down 500 points on the day. The market dropped 100 points in the last hour!
SJ-R.com reported:
Stocks are plunging in another broad sell-off as investors grow concerned about an economic slowdown in the U.S. and Europe.
The Dow Jones industrial average dove more than 350 points, erasing its gains for the year.
The latest sign of weakness in the U.S. economy was a report that the number of first-time claims for unemployment edged only slightly lower last week. It is the latest sign that the job market remains stagnant.
UPDATE: This was one of the top 10 worst days for the Dow.
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Published May 22, 2012 at 5:04 am - 22 Comments
tommy mc donnell commented:
it the effects of obamanomics kicking in.
MDd commented:
Wait a minute. All the progtard sites are blaming this on the draconian spending cuts in the debt ceiling sell-out.
Bill Mitchell commented:
If Obama is succeeding I would like a Democrat to explain to me what failing would look like. Obama’s 2012 Campaign Slogan should be:
“Spare Change”
#1AMERICAN commented:
as odumbo looked into the mirror and smiled..”this couldn’t be going any better than I had planned to take down america”….
StrangernFiction commented:
No worries, we are turning the ship around.
Old One commented:
Where & who the h— are the 40% polls tell us are still supporting Ovomit.
proundredneck commented:
polls are another part of brain-washing into believing something thats not.
Robert commented:
Washington is smothering us all.
Spider commented:
The stock market is now predicting a 2nd recession during O’s tenure, if not an out right depression.
Now its just gonna be a ‘blame game’ by the demo-rats.
I hope enough of the American voting public can see that the failure was due to O’s statism.
Big Government has squeezed out the productive private sector.
Ellise commented:
They’re just working the plan. It’s time for us to work our plan.
“The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants.” — Thomas Jefferson
JenBee commented:
But, but, it’s a RECOVERY! And I know this cause my president tells me it is! And he would NEVER lie!
/ugh.
sretire05 commented:
We were all told that TARP (the bill written by Patrick Kennedy with the help of Timothy Geithner, at the time head of the New York Fed) would save us from a horrible downturn in the market. President Bush signed that leviathan on Oct. 2, 2008. Within one month (Nov. 3, 2008) the market plummeted over 1,000 points.
You would have thought that the pols would have realized that when they try to tinker with the market, it only makes it worse, but obviously not. The market is smarter than the pols; they understand that the problem (our debt) has not been addressed, nay, it has only increased by giving Obama another $2.1 trillion to spread around to his political allies.
The fall of our market can be attached to every damn action taken by the Congress since Nancy Pelosi was handed the giant gavel. Everytime. Affordable Housing Act? The market fell. And so it goes, on and on and on.
jainphx commented:
40% still back Odumbo, very simple explanation. Bush’s numbers were do to Republicans going against him along with 100% of the Dems. Here we find the brain dead Dems holding onto a failure only because it’s their guy failing.
Conservative Ken commented:
This will change once Obama get down on the “Double Dutch Bus”. I hated that song
Militant Conservative commented:
I’m prepared for the crash, are you? Time is very short now.
Rush had a stat some weeks ago. If the GDP dips below 2.0 then a recession will
happen in the next six months to a year. .4 GDP in the first quarter.
Better hurry folks the clock is ticking and seems as thought the time has run out.
Yet another present brought to you by Obamanomics, cranial rectal inversion.
powder is dry, flash mobs will be rioting.
bigkahuna commented:
40% is not hard to get when your polls are skewed and sample dumba$$liberals by a 2 or 3-1 margin and skew the questions.
Just saw a Rasmussen poll of right track wrong track poll… 80% wrong, 14% right track…6% morons…. well 20% when you add them to the 14%
pink tie Republican commented:
The global debt house of cards is coming down amigos.
SeniorD commented:
It. Has. Happened.
The US economy, once the most powerful and productive in the world, is tanking. The Socialist Revolution has succeeded in turning this country into a Third World Basket Case.
Let us give thanks to the 52% of voters who put this Socialist Clown in office. Let us give thanks we can all be assured of working until we’ve been dead for 3 days. Won’t make any income, but the Socialists will reign supreme.
darcy commented:
I am truly disappointed, Mr. Hoft, that your headline places the blame on Obama with no hint that the Republican Party establishment effectively neutered enough of the rookie congressmen to achieve this dangerous outcome.
You should know that here in Arizona, both the Democrat and Republican Parties are bleeding members while the Independent Party grows daily. As a conservative Republican I find this development alarming but not surprising given the Old Guard’s refusal to get serious about reversing socialism — I guess they have too much “skin” in the game to give up their power willingly. Meanwhile, the country is going to hell.
Blacque Jacques Shellacque commented:
No need to thank him.
Just watch it go down, down, down, and keep this and everything else that’s happened on his watch all in mind come November of 2012…
Militant Conservative commented:
#20 August 4, 2011 at 1:36 pm
darcy commented:
Granted there are some RINO elites but the greatest damage is due to Democrats
“you have to pass it before you see what is in it, democrats”. The TEA party held strong but not enough of them to stop the progressives in both parties. The boy at the helm should always get the blame. He’s the skipper of this economy and even voted for the tarp bailout when he was a senator.
Conservative to the Core commented:
❝When you look at this final agreement that we came to with the White House, I got 98 percent of what I wanted. I’m pretty happy.❞
~Barack Obama
MDd commented:
A deeper look at Cloward-Piven reveals that overloading the system with social programs ain’t the only way to achieve their goals. Destroying wealth works from the other end.
pink tie Republican commented:
The boyz on the Street are going to force Bernanke’s hand. Does he have another trillion up his sleeve or not? Stay tuned.
Nance commented:
Tidbit: George Soros announced July 26 he was getting out of the hedge fund markets (except for family) to avoid being regulated by the Dodd-Frank bill that kicks in March, 2012.
ohiochili commented:
StrangernFiction
The problem is in where the ship is right now. I’ll give you a hint…it’s captained by the Tidy Bowl Man.
Sam Stone commented:
Liberal spending Democrats are nothing but FISCAL PEDOPHILES raping and molesting our children.
ahem commented:
The problem is that you can lie to people about everything–except numbers. Two plus two will always equal four, even if you refuse to believe it. And believe it or not, this gets much, much worse. They are forecasting a big market crash in the fall–if this isn’t the start of it already.
Happy 57th birthday, Mr President.
john03 commented:
I can’t believe what I’m hearing in the news that this is the Tea Party’s fault for insisting on budget cuts and no tax increases!! This is so disingenuous in so many ways. Journalism in America has totally run amuck. I’m all for free speech but this is nothing more than pure propaganda.
bigkahuna commented:
#28….Nice analogy…It should be used in ads against the perverts who want to call Tea Party people Terrorists.
I only hope this financial disaster in the market will be used to force cuts in spending.
forest commented:
Wow, it’s tanking hard down the stretch. -469.
forest commented:
-494 It’s crashing
StrangernFiction commented:
Claims that the TEA Party won look rather spurious according to this poll:
http://weaselzippers.us/2011/08/04/gallup-poll-americans-oppose-debt-deal-by-46-39-margin/#comment-256042
forest commented:
-512
forest commented:
-523
George commented:
The job market will remain slow as long as we have an idiot in the White House. No investments will be made until the thief is gone. 2012 can’t come fast enough. God help us in the mean time.
Joanne commented:
Those Republicans in Congress don’t know what they are doing. They should have brought in Trump to tell them how to negotiate, because they suck. You’ve got to wonder if they really are on the side of the people after all…..I’m thinking they are either traitors or just plain useless.
surfin' bird commented:
I was just getting over my Barack Obama Birthday party bash hangover and now this?
Tom63010 commented:
Can you say stagflation boys and girls? See I knew you could!
NavyMom commented:
Let me guess…it’s Bush’s fault.
rbosque commented:
This is what happens when people who don’t pay taxes vote, they obviously expected something from Obama and ended up unemployed. Eventually you run out of other people’s money. Way to go idiots!
Militant Conservative commented:
#38
Be specific, The RINO ELITE REPUBLICANS.
The Tea Partiers did not waver, there just are not enough of us in the house.
The Dem’s and the Rino’s sold us out for thier own power.
Throw the bums out in 2012. If they are and incumbent with more than two years
your gone. sorry Lynn Westmoreland, you did not even know what baseline bugeting is.
In the senate they are ALL fair game. THROW THEM ALL OUT!!!!!
powder is getting itchy dry.
darcy commented:
Joanne @#38
The Republicans know exactly what they’re doing: they’re selling our country down the drain by signaling through their failure to fight against the Communist Democrat Party that they believe in the inevitability of “progressivism.”
Militant Conservative: You must be completely naive to imagine that the establishment Republicans represent “some RINO elites.” It boggles the mind that ANYONE could ignore the fact that for the past 70 years Republicans have been capitulators, not compromisers. There is no way government could have grown to behemoth size without the help of the DC power sharers, the Republican establishment. I feel bad for Jim DeMint and Pete Sessions — two of the most honorable men in the Senate. It must grate in their craw that their so-called Republican colleagues have handed our country over to the Communists in Democrat garb.
kato commented:
If you work, save, invest, it’s a bad (albeit utterly predictable) day.
If you’re a subprime parasite living in, but not making payments on, a foreclosed home, life is great. The grifter-in-chief has got even more Obama Money coming your way, and he’s going to make sure you get your house for free.
James commented:
obama is the worst president in american history.
silentcalrox commented:
Proud to be referred to
as a “TERRORIST” by a bunch of communists. Time to start hardball campaigning against these morons . .let’s be certain that we return Kirkwood’s Villiage Idiot home where she belongs . . . .Right Claire?
Sandy commented:
Dems are blaming Republicans Debt Deal for the Stock Market Crash There is one problem with all this — Obama and the Dems are the ones who have frightened the markets because know one knows what the bottom line is.
Now they believe if they can cut student loans and get this constituancy to vote for them as they passionately claim the Republicans took this benefit away and only the Dems can return it. This is just the beginning of how they plan to run in 12.
But are we better off now than we were before Obama got in? Is this the misery level we want to live with for the next 4 years? There is no way they can run against an economy in free fall and consumer confidence which is at an all time low — however these cynical monsters believe people are stupid enough to make the same mistake twice.
Carlos commented:
Actually, thing ARE working out perfectly…according to the barack plan.
patman commented:
I spent 6-years on Wall Street, on the floor and in the WTC. Back then, a day like today was a godsend. Bargains! Bargains! Bargains! And GAINS for my clients. The Boosh years…
Today is different because tomorrow looks as grim as Mishool Obama on the rag. Won’t be a bounce back… Won’t be big optimism… Won’t be like it used to be…
Just more bad news and horrible leadership.
Happy Friggin B-Day you jack off.
Redwine commented:
Somewhat OT
Something flying below the radar:
French court orders probe of IMF chief Lagarde http://news.yahoo.com/french-court-orders-probe-imf-chief-lagarde-115917208.html
Lagarde was once a partner in a prominent Chicago law firm, Baker & McKenzie. She’s a globalist. Dominique Strauss-Kahn was shoved out of the way just in time to get her elected to head the IMF.
It’s the corrupt Chicago thug way.
donh commented:
The insiders who get to see the unemployment statistic numbers a day or two before released to the general public all decided to SELL in mass … Look for some really bad double dip numbers to come out on Friday.
burt commented:
The Wizards of Smart got what they wanted.
Espresso Logic - The 6th Sense commented:
Thanks Oazzwipe! He has the reverse Midas touch. Everything he touches turns to crap.
Stagflation commented:
It is the latest sign that the job market remains stagnant.
Jimmy, is that you?
Have you returned?
Flaky commented:
All Planned!
tommy mc donnell commented:
you can thank boenher as well as the myth. people wanted the politicans to cut spending and not raise taxes. we got the opposite on both.
big L commented:
I still think we should not have given Obie the debt ceiling increase. Force the two budgets to be written. Create a plan for fiscal discipline. What were the markets gonna do- sink? the last 90 days were wasted, we were played for suckers, the GOIP should have flicked t he peoe off and said “we are going to raise the debt-ceiling now” and “lets move on”, Oo-scray you!
proudredneck commented:
This is going to get ugly folks.
Ripped commented:
Anything you made on investments during 2011 just got wiped out today. Not to worry folks were to big to fail. Oh crap we’re just the little people. We’re screwed!
tHE pUNISHER commented:
HOW can this be blamed on Obama when Boehner said he got 90% of what he wanted? THe markets are reacting to the coming double dip and ongoing lack of demand, caused by the Republicans and the Tea Party purposely working against the president for political gain! You CANNOT have it both ways! However, I expect NOTHING less from posters on Hoft’s propaganda blog…..
wolfwalker commented:
“The market dropped 100 points in the last hour!”
All partisanship aside, that may be the most worrying thing about this trading day. During the 2008 crash there were several days like that, where the market slithered slowly lower for most of the day, then nose-dived right before the close. The reason then (as I understand it) was that a lot of mutual funds process sell orders near close-of-business. I also heard/read somewhere that this big selling in mutual funds was one indicator that the slide wasn’t going to end anytime soon. Mutual funds generally cater to large numbers of small investors. When they start taking big hits, big sell orders, it’s a BAD sign.
This looks like the same thing again.
Fionnagh commented:
#63 If you expected nothing less, then why the hell would you even bother coming over here, save to spew forth drivel?
Obamas regulation destroy jobs commented:
Obama and his follows are communists…253 new regs passed today..no wonder it went down..
dsafg commented:
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wander on the beach with fashion
Good-looking, not expensive
Estragon commented:
This had NOTHING to do with the debt deal. It’s all about slowing and sluggish growth, falling manufacturing output and outlooks, building inventories, weak consumer confidence, high unemployment, and endangered future profits, added to the sudden realization that this European debt bomb we’ve been talking about for three years wasn’t some hypothetical exercise, it’s happening right now.
I can prove it, too.
A couple days ago we were in danger of a bond rating downgrade. Now, our already lowest-in-the-world bond yields are falling, saving us billions in interest costs as our bond prices go UP.
But our friends on the left can be forgiven their near-complete ignorance of economics and finance – they couldn’t be leftists without it.