Posted on 08/08/2011 5:55:05 PM PDT by NoLibZone
he Dow fell more than 600 points Monday, and had one of its largest plunges immediately following President Obama’s speech in the afternoon regarding the downgrade on U.S. debt. In his first public statement following the S&P downgrade, President Obama attempted to encourage Americans that markets still regard the U.S. government debt as being the highest possible grade.
President Obama said, "Markets will rise and fall. But this is the United States of America. No matter what some agency may say, we've always been and always will be a triple-A country."
Obama said he hoped the downgrade would give U.S. politicians "a renewed sense of urgency" in the need to address the U.S. deficit and debt.
Despite Obama’s message, stocks have extended their losses with the Dow Jones falling 5.55 percent, as investors remain nervous regarding the U.S. credit rating downgrade.
Before Obama’s speech, the Dow had only been 2.5 percent.
The Dow Jones industrial average fell more than 600 points, or more than 5.5 percent. The S&P 500 stock index tumbled more than 4.7 percent. Investors seeking safety drove gold prices up and treasury yields down.
Stocks have fallen following Monday’s announcement of further S&P downgrades, including Fannie Mae and Freddie Mac and other agencies linked to long-term U.S. debt.
Banks are heading the decline in the S&P 500, according to Stock Market Watch, with Bank of America leading the way losing 18 percent, and JP Morgan Chase with 7 percent.
Market fears were also reflected in the price of gold and oil today, with gold jumping to a new record high and the price of oil slipping further.
I believe that since all he talked about was raising taxes, he actually wanted to market to take when it did? It has to be part of the plan to implement more stimulus money, which goes to cronies and gets funneled back to his 2012 campaign?
Its a racist conspiracy. What else can it be. The Little Child Present has done everything he could. I mean what else could it be?
Asian markets, US futures, and oil are still crashing. Tomorrow looks like another interesting day. The only silver lining is that gas prices should start falling soon.
I wonder how many American churches took the unbiblical stance of “stockpiling for tomorrow” by investing in volatile markets, to save for a rainy day and are now losing it all, instead of using the gifts of their congregation to do the Lord’s work of evangelizing to those who need to hear the good news of salvation through Christ right now?
Am I wrong in what I percieve as a complete misappropriation of God given gifts that He wanted to be used for His glory?
That act was part of the scam...
these are Bammy’s Boyz...and he managed to net ‘em a couple more hundred points short on the DOW today...
The market was looking for a sign that maybe Obama had learned something, instead he just started talking about tax increases and the market tanked.
Please note the percentage drop on the S&P 500. Says it all.
Anybody acting surprised at the downgrade would have to be a Democrat, LOL.
It’s fun to watch on Fox Biz.
They put Baraq in a little window in the corner, and devote the rest of the screen to the crashing real time stats.
Am I wrong in what I percieve as a complete misappropriation of God given gifts that He wanted to be used for His glory?
I guess they missed the *Lay up not treasures where moth and rust corrupt and thieves break in and steal* part.
This is part of why I'm so thrilled Turbo Timmy has decided to stay on. We need this team to more, much more.
Politics has a short memory. Financial events have a very long memory, extending to Nov, 2012, at least.
Yep, I gassed up this evening and paid 3.149. I drove by the same gas station two hours later and the price was 2.999. RATS!! :)
In case you're wondering about the low prices, South Carolina has some of the lowest gas prices in the nation because the state gas tax is very low.
Yeah, Florence in particular. I live in Newport News, VA and go down to Hilton Head every year. If I leave with a full tank, I have just enough gas to fill up in Florence and then top it off again on the way home.
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