Posted on 08/08/2011 4:05:15 PM PDT by NoLibZone
NEW YORK) Stocks accelerated their selloff in heavy volume Monday as investors fled from risky assets following S&P's downgrade of U.S.'s credit rating last week in addition to ongoing uncertainty over the euro zone crisis.
The Dow Jones Industrial Average dropped sharply to break below the psychologically-significant 11,000 mark, led by Bank of America and Alcoa, after logging its steepest weekly decline since Mar. 2009 last week.
The S&P 500 and the tech-heavy Nasdaq were down almost 5 percent. August is already on track to be the worst month for both indexes since Oct. 2008.
The traders are catching on that the boot on the throat of the economy is here to stay
Looks like the magic is gone! And they all try to blame it on the teaparty.
  |
Just looking at a story from BBC...
headline: Markets Fall Despite Obama Speech.
http://www.bbc.co.uk/news/business-14451687
LOL.
Nope. Still Bush's fault. Everything is Bush's fault.
"The buck stops here." - Harry S Truman
"It's Bush's fault." - Barry H. 0bama
...and we watch two minutes hate from the MSM as it aims on Standard and Poors.
Sound familar?
Sound familar?
DNC Chairman Debbie Wasserman Schultz:‘We own the economy’ - June 15, 2011
You own The 0bama Depression and a ratings downgrade, Ms Wasserman Schultz!
FUBO GTFO 2012 !
I miss the good old days when the markets tanked during W’s economic speeches blaming the private sector.
0bama could create the largest one day market rise in history by announcing he will not run for re-election in 2012.
Dow futures down 79 points right now. Oil still falling.
It could get ugly in Asia tonight. I’m wondering if we’ll see another huge drop in our markets tomorrow.
Which of course is the absolute worse thing DC could do for its debt rating. The Tea Party was the only group proposing a plan that would have prevented the downgrade. Obama and the Roman Senate rejected it without any debate. What DC is doing now is justifying its credit rating downgrade and they are laying the foundation for their next downgrade.
“Nope. Still Bush’s fault. Everything is Bush’s fault.”
Yesterday I talked to a 60 year old liberal from West Hollywood. He blames Reagan for the S&P downgrade. I can’t make this s%*t up.
It was getting ugly in Asia last night. Quite a few indices were down over 5 %, but someone stepped in toward the end of their day and brought them back up to 2-3 % losses. Will see what happens tonight.
Yep. Here's my favorite analogy regarding blaming the Tea Party for the downgrade.
You see a fire and call 911. The firetrucks arrive with their sirens blaring. The noise wakes up a neighbor. He alerts the police and you get a citation for disturbing the peace....
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.