Posted on 08/02/2011 2:40:36 PM PDT by La Enchiladita
Worries about the U.S. economy pushed stocks to the longest losing streak in nearly three years, sending the Standard & Poor's 500-stock index to a 2011 closing low.
The Dow Jones Industrial Average tumbled 265.87 points, or 2.2%, to 11866.62, on Tuesday. The blue-chip index's eighth consecutive decline marks its longest losing streak since October 2008. It has lost 6.7% during the skid, dating back to July 22. This is only the sixth time the Dow has dropped eight straight days in more than 30 years.
(Excerpt) Read more at online.wsj.com ...
When can we have “the worst economy since Herbert Hoover” back?
Who knows. The Dow has been climbing for months while the economy tanks; The Casino runs by it’s own rules.
Downgrade coming.....
I blame Obama with his speech after the debt deal...
“This is only the sixth time the Dow has dropped eight straight days in more than 30 years.”
Who are we blame this time? Bush of the Tea Party?
Exactly. You knew it was coming anyway, no matter how long or short the debate.
It will be interesting to see if the ratings agencies actually downgrade US debt. You know that they will be called to Senate and House subcommittees to testify if they do, and then will be demonized and villafied. There may even be a push to "nationalize" them or give them "federal guidance." Even today Fitch weasel worded a response that allowed the US to keep its AAA rating, at least for now.
The stock drop is a reflection of the economy. It is getting worse by the day.
But, but, but, Tim said if we demonstrated that we would pay our bills (unlike HIS taxes) the market would...
The stock market will rebound 500 points, and Goldman Sachs will unwind their short position on Treasuries.
Crony capitalism at its best!
Of course this is just media hype. After all we have all the good words from the RINOs, the Dims, and Osama. Everything is wonderful, going up, salvation has been ordained from on high, etc. /SARC (very capitalized)
Oops. Time for QE3.
Without the artificial boosts of QE1 and QE2 (and the clandestine purchases of traded stocks by the Fed), the stock market would have long ago made the necessary readjustments, and been trading around 4,000-5,000 by now, which may be where it is headed anyway.
A LOT of cash is going to disappear out of our economy, just to bring some balance and reality back to the trading floor.
The fit hits the shan. Again.
Didn't you know? The Hobbits are holding guns to the heads of Wall Street traders, forcing them to sell, Sell, SELL!!!
I believe we can now replace "Bush" with "Tea Party", such as "Tea Party's fault!"
The stimulus money and the Bernanke Bucks are all gone now and real investors are pulling in their horns because the economy is slowing down and the financial future is unclear.
If 2.2% is a plunge, what is 50%? Fear mongering on wall street is getting really, really old.
Reid’s little Gloat-a-Thon about increasing taxes certainly didn’t add any warm fuzzies.
I know that if I still had a stock portfolio, I’d have been dumping everything I could Monday morning.
Me? Stocks?
Haven’t had a position in anything since the polls closed in ‘08.
Grew up just outside of Chicago, so I’ve already seen these bums in operation. (Although on a much smaller scale....)
ha! I sold everything after the tec bubble burst and haven’t looked back.
Now if I want to bet I do it on Intrade on something I know something about, politics.
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