Thread: Worst day since 2008 financial crisis

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.

Yessiree.

Well.

I'm glad to see no ones concerned or anything.

Originally Posted by Jetboogieman

Well.

I'm glad to see no ones concerned or anything.

I was a little concerned earlier today, but feel better now that I moved some more of my IRA money into growth stocks.

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....

Originally Posted by haymarket

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?

Originally Posted by lpast

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 ****.

Originally Posted by MrVicchio

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.