The stock market posted its biggest retreat since the financial crisis on Thursday. The Dow Jones industrial average closed down 513 points, the worst drop since October 2008.
The Standard & Poor’s 500 index was down 3 percent late in the trading day, bringing it nearly 11 percent below its recent high of 1,363 reached on April 29.
via Dow drops more than 500 points, erasing 2011 gains | The Desert Sun | MyDesert.com.
Now the next step is the same as the first ones, constantly blame Obama.
Note: I called this the other day….[from three days ago, when the outline of a “deal” emerged.]
I hate that this is story is true, and that the people who caused this mess, still do not seem to grasp what it meant, and will continue to mean, to the rest of the world economy.
If you think this the last if it, you have no idea how this stuff works. Thousands of very wealthy folks just got the crap scared out of them. Their financial advisors will do what it takes to make sure it doesn’t happen again.
Oh, by the way. We get to do this whole debt hostage crisis farce again in six months after the new debt commission deadlocks over taxes (again), and triggers another round of massive cuts or another “crisis”.
So after the world has had a chance to digest the crap-sandwich that was made to appease the Teatards and still failed to get them to sign on, they’ve realized that not only is the U.S. easily influence by people with no inkling of how global economics works, but that there are quite a few other places with more attractive long term outlooks.
The sick thing about this whole mess? The U.S. economy was actually doing pretty good with the whole recovery thing until we hit the debt ceiling in May. Then we got a few months of sluggishness and posturing, culminating in a deal that does everything wrong (cuts spending during a recession and doesn’t include a dime of new revenue to pay down increasing interest payments), and promises to do more wrong in the near future.
The Republicans were *very* scared that a recovery would propel Obama to an easy victory (and it would have). So instead of doing anything that might put people back to work, and get the economy moving again, they have instead decided to do everything they can to cause a deadlock, turn around and blame “the government” for the deadlock, and run against the resulting economic paralysis, as if they had no part in it.
It is an intensely cynical and dangerous strategy. The Tea Party, in general, dismisses the rest of the world (and their concerns) as utterly irrelevant to the future of the United States. Now we get to see what happens to our economy when that sentiment is thrown right back in our faces.
UPDATE: Check the first comment below…not only has it already started..it is happening the same way most idiots argue…with numbers they made up or got forwarded in the email.
8 thoughts on “Congrats, Teabaggers! You got your wish: Dow drops more than 500 points, erasing 2011 gain”
i have no idea who you are but this didn’t happen because of the repubs in the office! it happened because the president of the untied states is spending to much money one stupid stuff and not doing anything about the 45 million jobs that have been lost since he took office! he could have raised the debt celing in oct 2010 before the repubs took back the house but he didn’t do it because he didn’t want the dems BLAMED for whats happening now! you really should pay more attention to whats going in in the united states!
“it happened because the president of the untied states is spending to much money one stupid stuff and not doing anything about the 45 million jobs that have been lost since he took office!”
I think the accuracy of your statement is contained in that number you just made up right there.
It’s a big number, to be sure, and it must be a big hat you just pulled it out of.
“he could have raised the debt celing in oct 2010 before the repubs took back the house”
And they could have raised it any time since taking over. They did not, and instead took it hostage. Obama can be faulted for not realizing how much the Tea Party would do to try and bring down this nation, but that’s really a bigger criticism of them, isn’t it?
BTW…what’s your explanation for why this happened today? Any idea?
this happened today because the goverment is spending too much money on things we don’t need. when they should only be paying the bills and not spending money on prostitutes to encourage and teach them to drink responsibilly! thats just one thing i can think of and as for the 45 million jobs lost check it out yourself! its a know fact google debt clock and read it all for yourself! obama has spent more money than any president in the united states its also a known fact hes spent more money in the 2 years hes been in office than every president from george washington to president regan! you should really do your research before you go pointing the finger in the wrong direction. if it walks like a duck looks like a duck and quacks like a duck ITS A DUCK! btw… wheres his birth certifacate??? he wasn’t even born here he was born in KENYA!!!
Ok, ya got me. Who is this? Garrett? Jim?
Anyway…I’ll give you a 7/10, 5 ’cause you got me, and 2 for style.
“teach them to drink responsibilly!”
I know..is that a kind of scotch whiskey?
Resonsi-Billy…when you don’t want any more to do with that stuff.
“its also a known fact hes spent more money in the 2 years hes been in office than every president from george washington to president regan!”
regan? Donald Regan? I wasn;t such a huge fan of Regan. [ http://en.wikipedia.org/wiki/Donald_Regan ]. He was, just use a local flavor, just another Wall Street Fat cat that rubber-stamped President Reagan’s “Voodoo” Economics.
He was a decent guy, but not really that huge in a player in retrospect. Also, he wasn’t President.
“if it walks like a duck looks like a duck and quacks like a duck ITS A DUCK! btw… wheres his birth certifacate??? he wasn’t even born here he was born in KENYA!!!”
Let me get this straight…our President is a duck…from Kenya…and he’s got no birth certificate? How many other ducks from Kenya do *you* know that have birth certificates? Huh? Isn’t that a bit duckist?
you are unbelievable do you even research anything you say. what i meant was the president in office has spent more money in the 2 and a half years hes been in office than every presiden that was in office from george washington to RONALD REGAN! did you google debt clock??? to see the numbers for yourself i have. do you watch the news to really see whats going on in our country? president obamha wasn’t born in the united states he was born in KENYA! not the duck in other words hes letting his mouth run away with his a**. hes all talk and all hes doing is SPENDING MONEY OUR COUNTRY CAN”T AFFORD! do some research and find out for yourself!
“what i meant was the president in office has spent more money in the 2 and a half years hes been in office than every presiden that was in office from george washington to RONALD REGAN!”
And I keep wondering who this “Regan” character is. I love how people accuse me of not doing research, but can’t even spell the name of their hero.
“did you google debt clock??? to see the numbers for yourself i have.”
Do you understand how that debt clock is *cumulative* and Obama isn’t the one who ran up the vast majority of it? Also, are you familiar with the the concept of “inflation” and how it works?
“president obamha wasn’t born in the united states he was born in KENYA! ”
OMG!?! Like totally?! Wow, I never expected that!! Genius! Please, continue with your baseless assertions that are easily debunked by rational people.
i know what i’m talking about. listen to talk radio and really find out whats going on. obama is the one who has ran up the vast majority of our debt. the 787 billion dollar stimulis that didn’t do anything for anyone. bailing out the banks and car dealers, that didn’t help either! hes already spent more than 60% of the money that they raised the debt celing too. and yes i know what inflation is. i am a ratinal person i just know what i’m talking about. i’ll be glad when next year is here and hes voted out of the office!
“listen to talk radio and really find out whats going on. ”
In the sick mind of fascists.