Dow Declines 733; S&P Tumbles 9%
Note to government officials, especially to Barack Obama/John McCain: I know you are pumping liquidity into the financial system, and that is certainly necessary, but in addition to that, one of the most effective way to stimulate the economy and stop the stock market free-fall is to CUT INDIVIDUAL AND CORPORATE TAX RATES!!!
IMHO, if either candidate fails to promise to cut taxes upon assuming office, you can write the economy and the market off for at least the next four years.
~~John Cronin~~
http://online.wsj.com/article/SB122406877778235991.html
Dire economic data knocked stocks sharply lower Wednesday, with the S&P 500 posting its worst single-day percentage decline since Black Monday 1987, as investors braced themselves for an ugly recession.
The session’s drop rekindled debate on Wall Street about whether last week’s lows will hold up. Increasingly, it seems the record 936-point gain registered by the Dow Jones Industrial Average Monday wasn’t enough to put the market on sure footing
“I don’t just think we’re going to test the lows. I think we’re going to violate them and break lower in a big way,” said Kent Engelke, managing director at the brokerage Capitol Securities Management, in Richmond, Va. Referring to the possible fallout in the broader economy from the credit crisis, he added: “We don’t yet know what that is, because this situation is so unprecedented. Every road sign has been obliterated.”
The Dow’s losses accelerated as the closing bell approached, leaving the blue-chip measure down 733.08 points for the day, off 7.9%, at 8577.91, hurt by losses in twenty-nine of its 30 components. The only exception was Coca-Cola, which climbed 1.1% after posting a strong profit report. The Dow has retraced more than half of its point gain between Friday’s low and Monday’s close. The decline Wednesday was the worst on a percentage basis since Oct. 26, 1987.
October 15th, 2008 at 6:26 pm
I know you’ve already heard this, but doesn’t the stock market nonsense show what idiots the early primary voters are? Romney should have destroyed McCain et al.
October 15th, 2008 at 6:48 pm
Yes. Iowa shouldn’t be allowed to vote until the first Tuesday in June.
October 15th, 2008 at 8:59 pm
Better yet, Iowa should not be able to vote at all. LOL
October 16th, 2008 at 5:51 am
Should have, could have, would have. Thanks Huckles the Clown. You made this mess, in partnership with McCain. Now the country will suffer because of YOU.
Obama for 4, Mitt in 12.
October 16th, 2008 at 9:36 am
Well, its great to see the McCain Presidential election strategy evolve from “say it ain’t so Joe”, to “Joe six pack”, to the estimable “Joe the Plumber” as markets continue to head south. I give credit where credit is due at least somebody in the McCain camp has a perverse sense of humor.
I also have to hand it to Mitt, who is earning his Republican stripes, and then some, during this election. I hope the R party can get behind him in the future, however, as the above posts point out, things can go a bit nuts even in the best of times.
Obviously, the “Joe the Plumber” (who is a dead ringer for Mr. Clean), was aimed at the market that didn’t get it and still doesn’t get the value of Romney: the “life is like a box of chocolates crowd.” Moreover, it seems that every time I check the news or watch a debate it is like some skewed version of the movie “Truman” playing out before me that I just can’t escape.
October 16th, 2008 at 9:52 am
You all hurt my feelings I live in Iowa.I would have to tend to agree with you all on that one though.Mitt was the first campaign my wife ever got involved with.She was so excited caucus night.Being the political junkie I am though I had to burst her bubble when I noticed the many church vans pulling up to our caucus site.At that point I told her “we’re doomed”.The Christian coalition out here may be proud of themselves now but I’d love to see their faces on judgement day when God says I gave you this man.I created this man and you shunned this man because you didn’t understand his theology.the coalition here could taken comfort in words from paul in romans when he says dont cut down anybody for worshiping differently than you do because most religious traditions are man made.rather judge them on their actions and how they live their lives.I am one proud christian who was able to look beyond the title of mitts religion and vote the man.I only hope others learn this in the not so distant future.
October 16th, 2008 at 9:54 am
A picture is worth 1,000 words:
http://www.politico.com/blogs/bensmith/1008/A_moment_of__what.html#comments
October 16th, 2008 at 10:22 am
I was only kidding about hurt feelings.I’m a big boy and can take it though religious bigotry was alive and well this primary season
October 16th, 2008 at 10:41 am
An informative read on why the McCain campaign / Republicans didn’t hit its stride this election.
http://www.theweek.com/article/index/89797/3/3/Early_Winter_for_Republicans
October 16th, 2008 at 11:38 am
testing