Posted on 12/01/2008 1:59:11 PM PST by AngieGal
A wave of daunting economic headlines took control of the markets on Monday as the Dow suffered its fourth worst one-day point decline on record.
The latest bleeding came as the markets received confirmation the U.S. has been in a recession for a year, a fact backed up by gloomy speeches from regulators and a new report showing manufacturing activity stands at 26-year lows.
The Dow Jones Industrial Average lost 679.95 points, or 7.70%, to 8149.09, the S&P 500 slumped 80.03 points, or 8.93%, to 816.21 and the Nasdaq Composite fell 137.50 points, or 8.95%, to 1398.07. The consumer-friendly FOX 50 slid 56.42 points, or 8.09%, to 640.96.
Monday's plunge erased more than half of a five-day winning streak that saw the Dow climb nearly 1,300 points.
(Excerpt) Read more at foxbusiness.com ...
Get ready for tonight’s media spin on today’s market plunge:
“Bush regrets economic downturn, Market drops 600 points.”
By the time Okenyan takes office, there may not be a market.
If the MSM wouldn’t gleefully tout the economy’s demise, we might get somewhere. Sometimes the information society is the enemy.
I prefer to think that the market reacted to O’s pick of Hillary Clinton as SoS in a very negative way!
Minimum 80% in blue states; (single, unmarried) women and minorities hit hardest. Actually it will be the white guys over 50 with 401k's. The government will seize them and give them 25 cents on the dollars and destine them them to poverty and lost of property.
"I want them to JUMP."
Do you have a bet on how high the wall street jumpers will bounce?
I mostly cashed out and it wasn’t fear or panic driving it. It was the fact that we all are facing tough times ahead and it’s a far better use of that money to pay off immediate debts and batten down the hatches than to wait for a rebound which may not happen for a long while.
Obamessiah’s Fault!
When will the waters begin to recede, the Earth heal, and the Dow return to 2007 levels?
Hussein’s fault.
For the past year, the Dow dropped steadily, from a historic high of over 13,000 in November 2007, to a five year low of under 8200 in October 2008.
After October, the market regained a some ground. The Dow closed at 9625 on Election Day, an increase of over 17% from the market low a week before, but still down over 25% from the high a year before.
The morning after Obama was elected, the market immediately began to
plunge again, dropping steadily for the next two weeks until it
bottomed out at 7552 (an historic post-election drop of over 21%).
I don’t recall hearing a single media pundit even suggest the possibility that the market was reacting negatively to Obama’s election. This despite the fact that polls immediately before the election showed that 90% of corporate CEOs thought that the election of Obama would be bad for the economy.
Corporate CEO’s think electing Obama will be a bad thing. Immediately after Obama is elected, the market plunges. Nope, no possible cause and effect there.
Last week, the market again regained a little ground, from 7552 to 8829, an increase of almost 17% in only a week. The MSM was ecstatic in crediting this relatively small uptick in the market as The Obama Surge.™
According to George Stephanopoulos on Sunday:
“You got to give him credit for one thing at least: ever since the leak of Tim Geithner as Treasury Secretary at 3:00 last Friday, the Dow has gone up 17%, the S&P has gone up 19%. So at least there’s been a vote of confidence in the markets for president-elect Obama”
http://abcnews.go.com/Video/playerIndex?id=6361258
According to this morning’s USA Today:
“President-elect Barack Obama hasn’t even moved into the White House yet. But Wall Street is already showering him with praise for injecting confidence into the battered psyche of investors and working quickly to hatch a plan meant to jolt the economy out of its worst funk in decades.
A market that two weeks ago was desperate for political leadership and a clear strategy to repair the economy appears to have found it in Obama, who is fast emerging as a decisive economic commander in chief.
Stocks soared last week after Obama moved aggressively to fill the power vacuum until he’s sworn in and demonstrated his commitment to dig the USA out of its economic rut.”
http://www.usatoday.com/money/markets/2008-11-30-obama-stock-market-economy_N.ht\m
So today, the Dow plunged again, closing at 8150, a one day drop of almost 8% and a drop of over 15% since election day. The only question is how quickly will the MSM come up with an explanation for how Bush is responsible for screwing up The Obama Surge.™
But But But, I thought the messiah was gonna come in and fix everything and candy would be falling out of the sky LOL. Obama reveals his national security team and BAM, bye bye stock market. Coincidence I think NOT
BINGO!
Stephanopoulos is such a tool.
LOL!!
Economic cycles mean the system works. The fact people are ready to blame someone for a natural economic cycle is laughable. When you try to repeal the laws of economics is when you get in trouble. We never learn.
I’m beginning to think the powers to be knew we were headed for 3 or 4 years of hard times and wanted a black man in there to keep people on the lowest rung placated while they circle the drain.
And today was fear of a big assed war possibly dragging the world down. Today’s action was a result of the lovely ROPers.
Yes there is a credit crunch when the Fed rate is 1% and Citi sends a notice advising they are raising cash advance rates to 23.99%.
I’d say there’s a serious disconnect in the numbers. The banks can get their cash for damn near zero time value and still won’t lend at a reasonable rate. The government should not be handing out money to these banks unless they get rid of top management first. This is ridiculous to think the Fed is printing money and the banks won’t lend it at less than damnable usury rates.
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