Posted on 08/04/2011 4:43:39 PM PDT by Sub-Driver
White House on worst market drop since 2008: ‘Markets go up and down’ 1 hr 5 mins ago
The Dow Jones Industrial Average dropped by 512 points Thursday, erasing this year’s market gains, but the White House had little to say besides “markets go up and down.”
“I don’t have a specific reaction to the market. Markets go up and down,” White House press secretary Jay Carney said.
“There is no question that we have — this economy has faced headwinds this year, a variety of them including the earthquake and tsunami in Japan, the increase in oil prices, energy prices that resulted from the unrest in the Arab world and the situation in Europe, also,” Carney said. “So, our focus has to be on the things that we control which is to take the necessary measures.”
Today’s 4.31 percent drop put the Dow below 11,500 and is the worst one-day loss since October 2008, when the Dow slid by 679 points.
But the stock market also did something it hasn’t done in more than 33 years: decline for nine straight sessions. Today’s drop is the worst since Feb. 22, 1978, when Jimmy Carter was president.
(Excerpt) Read more at old.news.yahoo.com ...
classic quote
Not following.
Largest percentage loss was 10-18-1987.
Largest point loss was 09-29-2008.
Course if the unemployment comes in at 9.2% tomorrow or higher. I personally expect a melt down of Nuclear proportions
The reporter should have asked Jay about the unprecedented Bull Market the Federal Government has experienced the last 10 years.
A president is supposed to get problems resolved, not whine about why they are too hard for him, and why he is never at fault. Obama blames everyone and everything else...from Bush to Democracy for his troubles. If blaming instead of fixing isn't the paramount sign of a complete failure I don't know what else is. This man, and his administration are pathetic, paralyzed, finger pointers who can't do anything but repeatedly demonstrate how incapable and ineffective they are as leaders. Even a kid in grade school knows how to accept responsibility and could do better than our notorious community organizer who never had a real job or even managed a lemonade stand.
Memo to White House Staff: Tap Dance Lessons will be offered in the Green Room. Attendance is MANDATORY.
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