The Dow Lost 634 Points Today
The stock market has been on a major slide of late, losing more than 1100 points in the past two market sessions, 634 points today and more than 500 Friday. It’s a bloodbath.
The Dow Jones Industrial Average plunged well-below the psychologically-significant 11,000 mark, led by BofA [BAC 6.51
-1.66 (-20.32%)
] and Alcoa [AA 11.33
The S&P 500 and the tech-heavy Nasdaq finished down more than 6 percent each. August is already on track to be the worst month for both indexes since Oct. 2008.
The CBOE Volatility Index, widely considered the best gauge of fear in the market, spiked above 40 to touch its highest level since Mar. 2009.
All 10 S&P sectors were lower, led by banks, energy and materials. Financials have plunged more than 20 percent this year.
Take a look at the Dow’s 5-day trend from Yahoo! Finance. The worst market run since 1978 just keeps on coming.
And just a reminder: Our debt now equals 100% of GDP.
The president can go around quoting Warren Buffett and calling us a “AAA nation” all he wants. But if our government was run along European parliamentary lines and Obama was the prime minister, there would have already been a vote of no confidence to drive him from office by now. The Constitution he seems to despise so much is the only thing keeping him in power after the last couple of weeks. It was clear during the debt ceiling debate that not only was not leading, he wasn’t even capable of leading. Every time he spoke his own poll numbers went south.
Now, he has shown even less ability to lead, by making no substantive moves at all to calm the markets. He was silent for days while his political team engaged in one of the most obviously dishonest responses in living memory, and then he was late to his own speech today. Everything shouts instability. One move he could have made was to fire Treasury Sec. Tim Geithner and replace him with someone with something approximating an actual strong reputation. That would have at least shown that the president’s head wasn’t in a golf round or in his fundraisers tonight, and was engaged in our economic problems. That would have been the easy move, but the president didn’t do it. To date, he has done nothing else.
But he is proceeding with his two fundraisers tonight. The press will not be allowed in so chances are we will not hear what he has to say to the party faithful. What case can he make for his re-election now? By what possible criteria does he deserve another day in his job, let alone another four years?
Don’t you know it’s those rich folks and their private jets that are the problem?
http://www.katu.com/news/local/127263683.html
Today was like having your fingernails removed. It got so bad that I actually was incensed enough to call the White House and demand the President’s resignation.
Busy.
Retry in 5 minutes.
Busy.
Retry later.
Busy.
I must have tried 10 times ever since the ‘speech’.
Busy.
Makes me wonder. Does the White House ever let you through or are they in full bunker mentality?
No confidence indeed, sir.
Didn’t Obama say in his speech accepting the nomination that “this was the day that the ocean of wealth began to fall?”
Take a look at what the DGHS released just now. I am afraid that they have gone beyond what they were suppose to do and are now targeting citizens that do not agree with the abhorrent policies of this administration. Remember the administration and their mouthpieces are calling the tea party terrorists and the cause of the current losses in the markets.
Check out the link: http://www.dhs.gov/files/fact-sheet-approach-to-countering-violent-extremism.pdf
I truely fear for our freedoms.
We are destroying your currency and economy. We are setting the stages for a New World Order and One World Government. The nation-state no longer exists. Patriotism and nationalism is dead. There will some pain for some people. Adjustments will have to be made. It will require a whole new mindset. Don’t think of yourself as an American citizen. Think of yourself as a global citizen, a citizen of the world. We are entering a new era in the history of mankind. Those who refuse to join us will cause themselves unnecessary pain and suffering. A New World Order and One World Government is inevitable, just a matter of time. Those who resist will end up in the dustbin of history. I hope none of you are foolish enough to attempt to resist. Resistance is futile.
Under the guise of free trade we are destroying your manufacturing base, your economy, your currency, and ultimately your sovereignty. Under the guise of all these free trade deals we are erasing your borders, your national identity, your loyalty, we are outsourcing all your manufacturing jobs and destroying the middle class. Your economy is based on nothing. You produce no real wealth. Your economy is a deck of cards which we will collapse when the time is right. We control both political parties. You are peons. You have no power. We control the media, the financial institutions, Wall Street, the corporations, the entertainment industry etc. You are so Balkanized and divided, you will never be able to stand up to us.
The world is changing. Very soon an independent “America” will cease to exist. Get it through your heads. The nation-state is dead. Borders are obsolete. Nationalism is dead. You are not am American citizen. You are a global citizen, a citizen of the world. There is no American economy. There is a global economy. Your system of government is obsolete, irrelevant and inefficient. It will be replaced. Initially, there will be some pain for some people/countries. They will have to adjust to the new way things are done. But long-term things will be much better, much smoother, much more efficient. The world faces many problems, and the only solution is a New World Order and One World Government. We are entering a new period of human history. Those who are stubborn and refuse to join us will cause themselves unnecessary pain and suffering. A New World Order and One World Government is inevitable, just a matter of time. Those who resist will end up in the dustbin of history. I hope none of you are foolish enough to attempt to resist. Resistance is futile.
Being a quite literal-minded person, I can only hope you’re using irony/sarcasm, but I’m just not sure. So just in case you’re serious, take note: We will never submit, we will never give up, we will never be bested:
Over the carnage rose prophetic a voice,
Be not dishearten’d, affection shall solve the problems of freedom yet,
Those who love each other shall become invincible,
They shall yet make Columbia victorious.
Sons of the Mother of All, you shall yet be victorious,
You shall yet laugh to scorn the attacks of all the remainder of the
earth.
No danger shall balk Columbia’s lovers,
If need be a thousand shall sternly immolate themselves for one.
One from Massachusetts shall be a Missourian’s comrade,
From Maine and from hot Carolina, and another an Oregonese, shall
be friends triune,
More precious to each other than all the riches of the earth.
To Michigan, Florida perfumes shall tenderly come,
Not the perfumes of flowers, but sweeter, and wafted beyond death.
It shall be customary in the houses and streets to see manly affection,
The most dauntless and rude shall touch face to face lightly,
The dependence of Liberty shall be lovers,
The continuance of Equality shall be comrades.
These shall tie you and band you stronger than hoops of iron,
I, ecstatic, O partners! O lands! with the love of lovers tie you.
(Were you looking to be held together by lawyers?
Or by an agreement on a paper? or by arms?
Nay, nor the world, nor any living thing, will so cohere.)
Take that, you gravy-sucking hog!!!
——————————————————————————–
Nice copy and paste job Globalist… Do you have any thoughts of you own? Obama and socialism has to go before we’re forced to live under the policy of our creditors.
Thirty men were blown from the sky in bits and pieces on Saturday from sheer love of country, and the gentleman above offered what I perceive as a hopelessly defeatist scenario that is unworthy of the two centuries of sacrifice made by similar patriots. I believe our unspeakably beautiful country is an inheritance that is not ours to squander, and though it is perhaps incorrect to interpret what he wrote as giving up without a fight, that’s how his remarks read to me. It is impossible for me to express how deeply such views trouble me.
I have posted many times to this site, not infrequently using quotations, although usually much shorter ones. Because a similar fate befell a loved one of mine, the rawness of which renews itself within me with every subsequent tragedy along similar lines, I chose to let Walt Witmann’s superior genius make the point, because at times like this, oftentimes my own thoughts “will not get them dressed.” I am sharing my honest thoughts and feelings with you now, out of respect for the caliber of men who are dying for us like this. May their valor always be remembered, and may we strive to be worthy of them.
If I have mis-read or been unfair to Globalist in any way, I apologize. In any case, I apologize for the hog bit.
Oh, dear, Joe–I guess I really have been in an altered state these past few days. My normally reliable reading skills seem to have tanked on me, right along with the Dow. I completely mis-read your comment, which was addressed to Globalist, and thought you were giving me a smack-down. Please accept my apologies!
This is one of the worst days the markets have suffered in a very long time. Equities were sold across the board. The indexes were off 5%, 6%, 7%. Volume was huge. Losers outnumbered winners at a rate of 50/1, the highest ratio in 70 years. The intra-day lows were hit at the closing bell. That means the markets were still falling when trading stopped, everyone was fleeing for the exits, and they’ll probably resume selling at tomorrow’s opening. All the commodities markets also suffered huge losses. Oil is off over $5.00 a barrel, taking it down to levels seen a year ago. There was a huge flight to security: gold closed over $1700 an ounce, up $63 just today; the yield on 10 year notes sunk to its lowest level since the depth of the last recession. This was as ugly as any day since World War II ended. The market has clearly said “we’re in a new recession right now.” This is what a crash looks like, folks.
“By what possible criteria does he deserve another day in his job, let alone another four years?”
You Fatcats, did I not bail you out AND keep you out of jail? Not only that, but many of you went to work for me! Did you also not get a ton of Stimulus money? And you Union guys, have I not been the greatest Union backer ever? And you Dem Party honchos, has not my voice been the greatest blamer of Republicans and the terrorist tea Party? What’s not to like?
The economy? WTF does that have to do with anything? We are thieves! We do not care about filthy merchants make money! WTF is wrong with you?!?
The country is unhappy with me? Well, boo-freakin’-hoo. This is an election campaign, and all we gotta do is get the right message out there, and the sheep will vote for more shearing! Isn’t that how it has always worked? Quit worrying and start writing those checks! Also start planning what else you plan to do to get Me re-elected!
Btw, the salad was awesome. You remembered the arugula! Thanks!
I remember a guy posting on PJM last year saying he liked Obama just fine, because his portfolio was way up with the markets recovering. I asked him how long he thought it would last. I never got a response. Still wondering, especially now.
Everyone relax. In his speech today he said he is coming out with a plan over the next few weeks. I thought “Joseph” said he already had a plan. Maybe he was just referring to corporate jets. Yeah that will solve the deficit problem. ROTFLOL!!!!
Please allow meto correct you:
He said he would come with ‘ideas’ down the road for the special commitee-not plans.
What has George Soros been doing the last couple of weeks?
500 pts Friday and 634 today… at this rate, he’ll have the market at zero by next week. The change he really believes in.
Excellent; I will link to this from my Old Jarhead blog. I called my broker to ask what I should do, but I couldn’t hear him. It was that windy out on the ledge. Looking at the bright side, things are much better now. Than they will be in two years.
Robert A. Hall
Author: The Coming Collapse of the American Republic
(All royalties go to a charity to help wounded veterans)