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Worst day since 2008 financial crisis

Jetboogieman

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NEW YORK (CNNMoney) -- Stocks plunged Thursday in their single worst day since the 2008 financial crisis.

The Dow tumbled 512 points -- its ninth deepest point drop ever -- as fear about the global economy spooked investors.

"The conventional wisdom on Wall Street was that the economy was growing -- that the worst was behind us," said Peter Schiff, president of Euro Pacific Capital. "Now what people are realizing is the stimulus didn't work, and we may be headed back to recession."

U.S. markets were already sharply lower on widespread worries, including the weak job market. But the selling gained momentum as Japanese and European policymakers stepped in with dramatic measures to shore up their financial markets.

There's "total fear" in the market, said Bob Doll, chief equity strategist at the world's largest money manager, BlackRock.

All three major indexes tumbled more than 4% Thursday and erased all their gains for the year. The indexes have also pushed into "correction" territory -- defined as a 10% drop from recent highs. The Dow, Nasdaq and S&P 500 have all fallen 10% in just the last 10 days.

"In the last two weeks, we've been through the ringer," said Rich Ilczyszyn, market strategist with futures broker Lind-Waldock. "When we start looking at the recovery, there's nothing to hang our hats on anymore."

Market Report - Aug. 4, 2011 - CNNMoney


If the economy flops now, it won't get back up.
 
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Yessiree.

Lifecall-1.jpg
 
Of course the economy is taking a hit. Why? Because instead of a responsible approach, it's more of the same, borrow money we cannot afford and grow government.
 
So the tea party fanatics and their gutless sycophants in the Republican Party are getting their fondest wish - the economy will crash and they ride the wave to total government domination in the election of 2012.

The only question then becomes this: will the American people realize that the GOP issued its own self fulfilling prophecy and did everything in their power to help make it happen?
 
I sure as hell wouldnt want to have been FORCED into a 401k and have it collapse on me....could you imagine being OLD and wanting to retire now or HAVING to retire now...
So many people that will need the things the teaparty wants to destroy out of greed are cutting their own throats supporting them for a variety of WORN OUT reasons....
 
So the tea party fanatics and their gutless sycophants in the Republican Party are getting their fondest wish - the economy will crash and they ride the wave to total government domination in the election of 2012.

The only question then becomes this: will the American people realize that the GOP issued its own self fulfilling prophecy and did everything in their power to help make it happen?

I sure as hell wouldnt want to have been FORCED into a 401k and have it collapse on me....could you imagine being OLD and wanting to retire now or HAVING to retire now...
So many people that will need the things the teaparty wants to destroy out of greed are cutting their own throats supporting them for a variety of WORN OUT reasons....

Yep...its election season....
 
Hope and Change became Shock and Awe ****.
 
Of course the economy is taking a hit. Why? Because instead of a responsible approach, it's more of the same, borrow money we cannot afford and grow government.

We should have instituted a massive government jobs program that got people working improving our infrastructure 2 years ago, and the stimulus should have been more spending and less tax cuts. The deficit is a problem, but solving this recession quickly is going to cost us money. People need to realize that.
 
We should have instituted a massive government jobs program that got people working improving our infrastructure 2 years ago, and the stimulus should have been more spending and less tax cuts. The deficit is a problem, but solving this recession quickly is going to cost us money. People need to realize that.

I agree with a lot of this.

Not sure how wall street thought we could recover without putting people back to work. People without discretionary income cannot effectively participate in the economy. The "recovery" without jobs is a castle made of sand.
 
I agree with a lot of this.

Not sure how wall street thought we could recover without putting people back to work. People without discretionary income cannot effectively participate in the economy. The "recovery" without jobs is a castle made of sand.

jobs won't be created as long as consumers don't buy. it's CONSUMERS who create jobs, not the wealthy. when will people wake the **** up?
 
So the tea party fanatics and their gutless sycophants in the Republican Party are getting their fondest wish - the economy will crash and they ride the wave to total government domination in the election of 2012.

The only question then becomes this: will the American people realize that the GOP issued its own self fulfilling prophecy and did everything in their power to help make it happen?

Right, the Tea Party wants to crash the govt. by forcing them to cut spending which they didn't do. Noticed that you ignored that more Democrats than Tea Party members voted for the debt deal and democrats today support that bill more than Republicans. this isn't about destroying the Govt. which liberals are doing but instead cutting spending and being more fiscally responsible.

I think the American people are getting it as 40% now approve of Obama Job Performance. Most seem to understand that Obama economic policies are a failure and that liberalism in general has failed. Today we got the job numbers and the focus is on the jobs created but NOT on the people that dropped out of the labor force. In July over 1.1 million people dropped out of the labor force because they couldn't find a job. Seems that the majority now understand the lies of this Administration and the only hope is to embrace fiscal responsibility promoted by the Tea Party.
 

You probably missed it, but over 1.1 million people dropped out of the labor force in July so if Obama has figured out how to improve the unemployment number. Just get millions of Americans to drop out of the labor force thus not being counted as unemployed, reduce the labor force because they people aren't counted, and the unemployment rate will drop significantly. Then the Obama cult will jump for joy with very low unemployment numbers and claim "see, obama saved us all."
 
You probably missed it, but over 1.1 million people dropped out of the labor force in July so if Obama has figured out how to improve the unemployment number. Just get millions of Americans to drop out of the labor force thus not being counted as unemployed, reduce the labor force because they people aren't counted, and the unemployment rate will drop significantly. Then the Obama cult will jump for joy with very low unemployment numbers and claim "see, obama saved us all."

Not sure what that has to do with my post, but....

U.S. Payrolls Rise More Than Forecast, Jobless Rate Falls - Bloomberg
 
Right, the Tea Party wants to crash the govt. by forcing them to cut spending which they didn't do. Noticed that you ignored that more Democrats than Tea Party members voted for the debt deal and democrats today support that bill more than Republicans. this isn't about destroying the Govt. which liberals are doing but instead cutting spending and being more fiscally responsible.

I think the American people are getting it as 40% now approve of Obama Job Performance. Most seem to understand that Obama economic policies are a failure and that liberalism in general has failed. Today we got the job numbers and the focus is on the jobs created but NOT on the people that dropped out of the labor force. In July over 1.1 million people dropped out of the labor force because they couldn't find a job. Seems that the majority now understand the lies of this Administration and the only hope is to embrace fiscal responsibility promoted by the Tea Party.

At least try to be honest. The Tea Party coalition didn't support the deal in bigger numbers because they wanted to cut spending more: MUCH more. Democrats hated the deal but thought it was a better option than crashing the economy entirely, which was the only other option ... thanks to the Republicans. After the deal passed the market dropped over 500 points. Can you even imagine what it would have done if they HADN'T passed the deal? It would have made the Lehman crash look like a walk in the park.
 
At least try to be honest. The Tea Party coalition didn't support the deal in bigger numbers because they wanted to cut spending more: MUCH more. Democrats hated the deal but thought it was a better option than crashing the economy entirely, which was the only other option ... thanks to the Republicans. After the deal passed the market dropped over 500 points. Can you even imagine what it would have done if they HADN'T passed the deal? It would have made the Lehman crash look like a walk in the park.

Exactly, imagine that spending less than the record spending that Obama has done the past two plus years. You seem to have a liberal view as to the role of the govt. How much is enough if 3.7 trillion spending a year isn't it?
 
Exactly, imagine that spending less than the record spending that Obama has done the past two plus years. You seem to have a liberal view as to the role of the govt. How much is enough if 3.7 trillion spending a year isn't it?

You don't have to be a liberal -- you just have to be cognizant of basic economics.
 
You don't have to be a liberal -- you just have to be cognizant of basic economics.

Who says that Keynes was right? Seems that throughout history when ever his theory is put into place it fails miserably.

j-mac
 
jobs won't be created as long as consumers don't buy. it's CONSUMERS who create jobs, not the wealthy. when will people wake the **** up?

Why would consumers spend their money today, when all we get from the liar n chief is uncertainty? Oh, and you have to have something to consume don't you? Who provides, builds, invests in that? the poor?

j-mac
 
You don't have to be a liberal -- you just have to be cognizant of basic economics.

Please show me that you understand basic economics especially supply and demand. Why do you continue to buy what you are told by the media and this Administration never doing any research? Do you honestly believe we need a 3.7 trillion dollar Federal govt funded by the taxpayers? That is record spending to generate the results we have today.
 
Please show me that you understand basic economics especially supply and demand. Why do you continue to buy what you are told by the media and this Administration never doing any research? Do you honestly believe we need a 3.7 trillion dollar Federal govt funded by the taxpayers? That is record spending to generate the results we have today.

Again, this is not complicated. Cutting spending at this point is idiotic. Unemployment is much more expensive than borrowing. For example, let's say that it costs $25 billion/yr. to service one trillion dollars in borrowing. Now let's say that you could use that trillion dollars to financy infrastructure programs that would employ 10 million people. By taking 10 million people off the unemployment roles you save roughly $250 billion/yr. You end up saving $225 billion by borrowing the money, versus not borrowing. See how it works?
 
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