Dow ends below 10,000 on economic worries

Reuters/YahooNews ^ | 8/26/10

[Kartographer]

The Dow closed below 10,000 on Thursday for the first time since early July a day ahead of an expected downward revision in U.S. second-quarter economic growth and a major speech by the Federal Reserve chairman.

According to the latest available figures, the Dow Jones industrial average (DJI:^DJI - News) dropped 74.25 points, or 0.74 percent, to 9,985.81. The Standard & Poor's 500 Index (^SPX - News) lost 8.09 points, or 0.77 percent, to 1,047.24. The Nasdaq Composite Index (Nasdaq:^IXIC - News) fell 22.85 points, or 1.07 percent, to 2,118.69.

The last time the Dow finished below 10,000 was July 6.

[Kartographer]

OBAMAVILLE

Gett’n a head fake,
watchin' msn’s take;
All of their pundits oozing foul oil.
Clean’n my six gun on my front porch swing.
Felling my blood--
It’s beginnin' to boil.

Wasted away again in Obamaville,
Searchin' for a job so I can earn my salt.
Some people claim that Bush is to blame,
But I know it's Obama’s fault.

There’s no rhyme or reason,
They are all commitin’ treason
With nothing to show but a brand new tax or two.
But they are real beauties,
Despotic duties, how they got passed
I haven't a clue.

Wasted away again in Obamaville,
Searchin' for a job so I can earn my salt.
Some people claim that it’s Bush we should blame,
Now I think,-- hell with them it’s Obama’s fault.

I blew out my flip flop,
Stepped on a pop top;
Cut my heel, but I just cruise on back home.
Because no medical care will the doctors render
They say there’s little service I can tender
And there’s no need for me to hang on.

Wasted away again in Obamaville
Searchin' for a job so I can earn my salt.
Some people claim that Bush is to blame,
But I know, it's my own damn fault.
Yes, and some people claim that Bush is to blame,
And I know because of my vote it's my own damn fault damn fault.

[mikelets456]

The stimulus and everything this administration has done is working.... Yes working to create a totalitarian regime!

[TexasCajun]

..as Obamah plays his 4th round of golf for the week.

[Son House]

Don’t tell Biden;

http://taxesandgrowth.ncpa.org/news/are-the-bush-tax-cuts-working

2003 and 2004 economic growth levels surpassed Congressional Budget Office (CBO) estimates by 150 basis combined, resulting in $300 billion of additional growth, which is roughly $2,500 per household.

Employment, Jobs, and Productivity4

Though job creation was slow immediately following the recession and during the first stages of the recovery, it had increased dramatically by late 2002 and 2003.

1.4 million jobs were added in the nine months after August 2003 (the 2003 tax cuts were signed into law in late May 2003).

The unemployment rate remained steady at 5.6 percent in May 2004, well below its peak of 6.3 percent a year ago.

The Treasury Department estimates that without the tax relief, as many as 1.5 million more Americans would be out of work right now, and the unemployment rate would be well over 7 percent.

[evets]

[E. Pluribus Unum]

Looks like the Plunge Protection Team did indeed lose control of the Dow.

[Oldexpat]

Helicopter Ben is going to tell the audience what they want to hear. That the Fed is going to do everything in their power to prevent deflation. That the economy is growing slightly and they will kick more money into the stream....
The market may flash up..but then will refigure by Monday.

[Kartographer]

So what say you blam? Maybe they were out playing golf today! ;-)

[Son House]

Economic Illiteracy Quiz:

After what legislation was there the largest spike up in the Real GDP?
a. February 17, 2009: American Recovery and Reinvestment Act = 111th United States Congress
b. October 3, 2008 — Emergency Economic Stabilization Act of 2008 = 110th United States Congress
c. February 13, 2008 — Economic Stimulus Act of 2008 = 110th United States Congress
d. May 28, 2003 — Jobs and Growth Tax Relief Reconciliation Act of 2003 = 108th United States Congress

( Ignore the green forecast, it was wishful thinking)


Failure Qualifies any Participants
to be an Economic Advisor to Democrats(EconoList), Vice President,
or Replace a current sitting Democrat Congressional member
Correct Answer is: d.
Apply Now

[Son House]

FlashBack 2006: Are the Bush Tax Cuts Working?[1.4 million Jobs the Nine Months After August 2003]

http://www.freerepublic.com/focus/f-news/2364667/posts

GDP Growth [Charts at link]

After the recession in 2001 and the first round of tax cuts, economic growth speeded up and is expected to pickup even faster in 2004.

The real annual GDP growth rate increased from 0.3 percent in 2001 to 2.5 percent in 2002. In the third quarter of 2003, GDP grew at a 7.2 percent annual rate. Forecasters are expecting GDP to grow by 4.6 percent in 2004, the highest in 20 years.

2003 and 2004 economic growth levels surpassed Congressional Budget Office (CBO) estimates by 150 basis combined, resulting in $300 billion of additional growth, which is roughly $2,500 per household.

[neodad]

Worst Economy Ever...

[Son House]

Next, to credit the regression of the GDP and irresponsible budgeting, Thanks Democrats;

110th United States Congress

http://www.freebase.com/view/en/110th_united_states_congress

between January 3, 2007, and January 3, 2009, during the last two years of the second term of President George W. Bush. The Democratic Party controlled a majority in both chambers

^
https://www.cia.gov/library/publications/the-world-factbook/geos/us.html

GDP - real growth rate:

2.8% (2006 est.)

2% (2007 est.)

1.1% (2008 est.)

-2.6% (2009 est.)

[screaminsunshine]

Trying to shoot the Dow. With his game and his Ebonomic Policy he just may do it yet.

[Son House]

https://www.cia.gov/library/publications/the-world-factbook/geos/us.html

Unemployment rate:

5.8% (2008 est.)

9.3% (2009 est.)

[RobRoy]

Looks like the PPT made an anemic effort towards the end of the day, but it was too little, too late.

;)

[screaminsunshine]

They kept trying all day to keep it over 10,000 but the sellers got em in the last ten minutes.

[Son House]

https://www.cia.gov/library/publications/the-world-factbook/geos/us.html

Budget:

revenues: $2.104 trillion
expenditures: $3.52 trillion (2009 est.)

[screaminsunshine]

Bernake is Obamas main enabler.

[PogySailor]

“Recovery Summer!”

[Son House]