S&P down 5% this morning, Dow -500

CNBC ^

[Free Vulcan]

Over an hour after the big plunge. Still not much of a dead kitteh bounce yet either.

[Tonytitan]

S And P’s way of fighting back coming after anoucement of fed investagation.

"Investigate this, MoFo!"

[Grampa Dave]

http://www.freerepublic.com/focus/f-news/2765249/posts

Obama: U.S. not in danger of second recession (nope, nope, nope,and besides I’m going on vacation)
cbsnews.com ^

Posted on Wednesday, August 17, 2011 5:55:12 PM by Sub-Driver

Obama: U.S. not in danger of second recession

By Anthony Mason, John Dickerson

ATKINSON, ILL. - At the end of his Midwest bus tour, CBS News senior business correspondent Anthony Mason interviewed President Obama for this week’s “Sunday Morning” program. Mason asked Mr. Obama which way he thinks the economy is headed.

Mason reports Mr. Obama said he was happy to be out of Washington - and he looked it. He insisted he was on a listening tour, not a campaign swing. But in his three day bus trip across Minnesota, Iowa and Illinois - three states he carried in the last election - he has been getting an earful about the economy.

Obama: What the markets were reacting to was the fact that the economy has not grown as quickly as it needs to there have been a lot of headwinds Japan, high gas prices from the Arab Spring and what a lot of folks are worried about is it needs recovery is stalling or not moving as quickly as it needs to.

Mason: Do you think were in danger of another recession?

Obama: I don’t think we’re in danger of another recession but we are in danger of not having a recovery that’s fast enough to deal with what is a genuine unemployment crisis for a whole lot of folks out there and that’s why we need to be doing more.

Mason: The concern last week and the week before was that the market was saying we were closer to it than we thought and that in fact the markets themselves might cause consumers to pull back and take us into a recession.

[painter]

Bump

[SoldierDad]

If the Dow drops to 3000, I’ll begin investing.

[Brown Deer]

There are a LOT of problems with using the stock or bond market as a source of retirement. There are 10 year periods where the stock market is down.

Most people don't retire after only 10 years. Normally you work for at least 40 years and then retire.

The following chart shows how much money you would have after 40 years, if you invested a $1000 in the S&P 500 each year. In all but two periods, you would have had more than a 10 percent annual return on your money. In every single period, your money would have grown by a factor of at least 10 times more than your original investment. In three of the periods, your $40,000 lifetime investment turns into more than a million dollar nestegg!

[bkaycee]

Mason: Do you think were in danger of another recession?

Obama: I don’t think we’re in danger of another recession but we are in danger of not having a recovery that’s fast enough to deal with what is a genuine unemployment crisis for a whole lot of folks out there and that’s why we need to be doing more.

Don't you actually need a real recovery first to have a double dip recession?

I think it's just another down turn in a DEPRESSION.

We don't have the soup lines, cause 45 Million have EBT cards instead. Real unemployment is closer to 20% and Obama's just gettin started!

[nascarnation]

If the Dow drops to 3000, I’ll begin investing.

Yeah, for sure:

Guns, ammo, and grub

[SoldierDad]

Uh, yeah! Know who lives in your neighborhood too.

[BenKenobi]

Yay! Another deflationista! :)

Still has another 300 to drop to hit last weeks low. Plenty of room left to fall!

[GOP_Party_Animal]

That’s a great piece of information. When I taught finance at the local university, one of my favorite examples was to show students what Social Security gets them at age 65 vs. a diversified portfolio. Not counting the matching amount that is simply stolen by the government from employers, you double your return rate by investing in the market. Over 40 years, that amounts to a huge sum that FICA steals from each working individual.

[Tim n Texas]

“Market is a crashing!”

High frequency traders having at it again... The SEC should unplug their computers.

[BenKenobi]

Can we see the plot vis a vis inflation?

[ohioWfan]

Exactly.

And for that very reason, I keep rocks with me at all times to throw at every ATM and kiosk I see.

Stupid job thieves! We need to rid the country of all of them so this economy can recover.

[Tzimisce]

Damn those Tea Party terrorists!

[Mr Rogers]

How many 20 year olds invest for when they are 60? What happens if you figure it out at 35?

[ridesthemiles]

I think that the government gave away land in the “Oklahoma Land Rush” era to get people to move further west & settled wild territory.

I don’t remember how much lade they could get for free, but I don’t remember a plow being part of the deal.

They had to IMPROVE the acreage within a specific amount of time, or another person could claim it thru the local land office.

[ridesthemiles]

I think that the government gave away land in the “Oklahoma Land Rush” era to get people to move further west & settle wild territory.

I don’t remember how much land they could get for free, but I don’t remember a plow being part of the deal.

They had to IMPROVE the acreage within a specific amount of time, or another person could claim it thru the local land office.

[Brown Deer]

it's also a good chart to show to a young smoker. A pack a day smoker is now spending about $3000/year on cigarettes. So quiting smoking and investing that same money in an S&P index fund would make them a millionaire within 40 years, in addition to living longer and having fewer health problems.

Not counting the matching amount that is simply stolen by the government from employers,

Most people, unless they are self-employed, don't realize that there is actually twice as much being paid to SSDI than they see deducted from their paychecks.

[4yearlurker]

Peas for the commoners!

Lobster and Fillet Mignon for the Wookie and Kenyan King!

The pea eaters have to pay for the King's lobster