Skip to comments.Stocks plunge on economic fears [Vacation Time!]
Posted on 08/18/2011 6:55:22 AM PDT by Oldeconomybuyer
NEW YORK -- Turmoil returned to U.S. stock markets at Thursday's open as renewed concerns about the global economy sent major indexes plunging and pushed gold to a new record high.
Investors were working through bad news on various fronts, including a dismal forecast from Morgan Stanley for global economic growth, and two U.S. government-issued reports on inflation and the job market.
(Excerpt) Read more at money.cnn.com ...
Oh shaddup, he is eatin’ his waffles and ice cream and deckin’ out to hit the links while he comes up with a new way to sell the same failure and blame those republicans.
Obama’s bus tour was a traveling flash mob.
Somebody needs to come up with Obama Double Dip cones.
They can be chocolate and vanilla, of course.
And covered in bullsh!t.
And now the flash mob arrives in Martha’s Vineyard.
With more and more companies and Americans closing their pocketbooks out of fear of coming really bad times, Obama's attitude is lowering confidence that he could guide the American economy out of its current doldrums.
I would have expected the markets to be more calm with Obummer out of DC.
The DJIA id down 335 as I post.
This makes sense, how ?
Is Mena shut down ?
The DOW dropped 100 points as Secretary Clinton was speaking!
10 year treasuries now below 2%.
The Philly Fed and existing home sales report just came in really really ugly and the markets dived.
Dow now down over 500.
Dow now down 500 points at 10,904 and dropping.
and to think, I bought my first gold yesterday based on a heavy sinking feeling
Awwwww, what the hell......I’m just gonna go fishin’.
Can't eat gold.
Zero OWNES this Economy.
IT’s ALL ZERO’s FAULT!
Michelle would batter-dip and deep fry hers, cover it in butter and sprinkles then have it as a snack before giving a talk on nutrition.
NEW YORK, June 30, 2011 The New York Stock Exchange will implement new circuit-breaker collar trigger levels for third-quarter 2011 effective Friday, July 1, 2011. Circuit-breaker points represent the thresholds at which trading is halted marketwide for single-day declines in the Dow Jones Industrial Average (DJIA). Circuit-breaker levels are set quarterly as 10, 20 and 30 percent of the DJIA average closing values of the previous month, rounded to the nearest 50 points.
In third-quarter 2011, the 10-, 20- and 30-percent decline levels, respectively, in the DJIA will be as follows:
Level 1 Halt
A 1,200-point drop in the DJIA before 2 p.m. will halt trading for one hour; for 30 minutes if between 2 p.m. and 2:30 p.m.; and have no effect if at 2:30 p.m. or later unless there is a level 2 halt.
Level 2 Halt
A 2,400-point drop in the DJIA before 1:00 p.m. will halt trading for two hours; for one hour if between 1:00 p.m. and 2:00 p.m.; and for the remainder of the day if at 2:00 p.m. or later.
Level 3 Halt
A 3,650-point drop will halt trading for the remainder of the day regardless of when the decline occurs.
Background: Circuit-breakers are calculated quarterly. The percentage levels were first implemented in April 1998 and the point levels are adjusted on the first trading day of each quarter. In 2011, those dates are Jan. 3, April 1, July 1 and Oct. 3.
That’s useful info these days.
Can’t eat gold.
Can’t eat Dow.
Can’t eat cash.
Can’t eat real estate...
“And covered in bullsh!t.”
Ya could use those brown, chocolate sprinkles. Would make a great cone!
It's the busses that did it, I'm pretty sure.
The market is unbelievably forgiving, but once bs has been called, get out of the way.
When the president campaigns on taxpayer money and calls a "jobs tour," Miss Market squints her eyes and raises her fists.
can barter with it faster than paper money, if we ever need or want to liquidate
If I’d bought gold over the past 20 years (or even the past year), we’d be feeling good enough to be eating steak tonight instead of leftover pizza!
Go eat your peas, you peasants.
You know what this calls for? A $50k per week vacation to Martha’s Vineyard! Woo-Hoo
Maybe his little dinghy will sink the same way he is sinking the country.
Looks like a good buy. The Dow has settled in around a loss of 430-440 for now. Gold up $30ish.
So what, Obama’s relaxing in Martha’s Vineyard.
If I can get some more coins today for the same price I paid yesterday, may do it
Don’t know why but it feels good to have it! The Midas syndrome? LOL!
I agree. At some point the dems will realize they have to cut their losses and will find someone to run against him. Even Maxine Waters has turned on him. And Maureen Dowd. Who actually is still supporting him???
Yes, but we can eat Federal Reserve notes with salad dressing! Soon we won't be able to buy food with them either!
Rumor has it that a Gulfstream G650 is in route to Los Angeles.
Mooochelle demanded that barry get her a plate from Roscoe’s House of Chicken’ N Waffles.
In fact, the girl in the video on the homepage might even be related to Mooochelle.
if there is any justice, he’s gonna be tormented on this vacation.
They're just gearing up for the "Major" speech Idi Obama is going to deliver next month on his "plan" to create jobs.
Meanwhile as Obama relaxes on Martha's Vineyard, a crack team of investigators is once again charged with finding the "Job Switch" in the White House basement.
"It's got to be in here somewhere boys. Reagan found it, Bush found it, keep looking!"
"Sir! Do you think it might also be next to the "Economy Switch?"
He gave speeches. An Obama speech = -300 on the Dow. If he would just stay in MV until the election, the economy might recover.
I'd wish he'd buy the $50,000 a week house for good and stayed there permanently. I'm sure they have good golf courses. Plenty of ice cream shops for him and Michelle. Maybe they have a good BBQ rib place if not send one of Michelle's slaves to Texas every day for carry out.
Good thing I’m up to date.... blocked a trojan virus from your link.
Hmmm. I don’t see him rushing in front of the cameras this morning. Guess he’s slithering off to the Vineyard.
I’d love to be a fly on the wall of Democrat National Headquarters right about now.
“So how do we kick this clown to the curb before he takes us ALL over the edge and into the abyss?”
“If the Dems don’t find a new candidate for 2012, they will be out of power for a decade or more.”
No, not so much. The GOP may sweep into power in 2012, only to be massively turned out in 2014 and 2016, repeat cycle until the Revolution.
America needs to be fundamentally transformed, but exactly the opposite the way 0bama wants to transform it. We need to:
1. END welfare (don’t reform it, END it).
2. Abolish the minimum wage.
3. Gut the EPA. Deny “standing” to environmental groups on their endless litigation that stops economic activity.
4. Gut the NLRB and enact universal “right to work” legislation in all 50 states.
5. Abolish contingent fees for plaintiff trial lawyers; force the losing attorney (not party) in a product liability lawsuit to bear the winner’s legal costs.
6. Abolish the Department of Energy and get government out of the way of energy production, stop subsidizing inefficient energy sources.
ALL of these things need to be done to turn this country back around. They are fundamental changes to what America has become. The problem is that the American people and the national leaders of both parties lack the political will implement even ONE of these changes. So while we head for 3rd world status, the political pendulum will continue to swing wildly back and forth because people want “something” done but they don’t want to do what NEEDS to be done.
So much for our corrupt federal government investigating any Wall Street Crimes. We are being attacked by financial terrorists -- High level criminals own our whole freaking government
I’d love to see Boehner grow a pair and call congress back and beat Obama to a jobs and growth plan. Let him vacation. The longer he’s gone the better.
“A couple o’mill for two busses for 3 days ?”
That’s one pricey prostitute!