Following bailout failure, Dow has ‘worst point drop ever.’
By on Sep 29th, 2008 at 4:47 pm
Following bailout failure, Dow has ‘worst point drop ever.’
After the House failed to pass bailout legislation this afternoon, stocks tumbled “with the Dow’s nearly 778-point drop being the worst single-day point loss ever.” Today’s drop surpassed the “the 684.81 loss on Sept. 17, 2001 – the first trading day after the September 11 attacks.”
Update According to Bloomberg News, "stocks lost $1.1 trillion in value, meaning the market loss was larger than the size of the $700 billion bailout."
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Just imagine how bad it could have been if John McSame hadn’t suspended his campaign to ride into town and save us all!
September 29th, 2008 at 4:49 pmHeckuva job over the last 8 years, Dubya and GOP!
September 29th, 2008 at 4:50 pmThis mostly affects the 20.7% of the US households that directly own stock. Including indirect stock ownership trough mutual funds, IRA’s, etc. means that just over 50% of US households are affected somewhat. Even they don’t lose unless they sell now.
September 29th, 2008 at 4:52 pmOuch. It’s only Monday.
September 29th, 2008 at 4:52 pm777: The Number of the Bust
September 29th, 2008 at 4:53 pmMilton Freidman School of Economics.
Deregulation and privitization.
I’ve been living a depression market for at least three years. If I continue to pick up odd jobs I can survive. It’s time the big boys start to hurt.
How about you?
September 29th, 2008 at 4:56 pmWhat happened MAVERICK ?? I guess the GOP time machine let you down AGAIN?? Or was it your LEADERSHIP that let us ALL DOWN again??
“This bill would not have been agreed to had it not been for John McCain… This is a bipartisan accomplishment, a bipartisan success. And if people want to get something done in Washington, they just watch John McCain. He’s been the guy whose name is at the top of major pieces of legislation for a long time.”
– Mitt Romney, NBC’s Today show, 9/29/08
“What Senator McCain was able to do was to help bring all of the parties to the table, including the House Republicans, whose votes were needed to pass this”
September 29th, 2008 at 4:58 pm– Steve Schmidt, NBC’s Meet the Press, 9/28/08
Well, McStain has been waiting for his opportunity to leap to the national stage and claim: VICTORY!
Sadly, he again demonstrates that he suffers from premature ejacu-lection, taking his victory laps before the battle is fought.
Surely, John, you are old enough to remember the phrase about counting chickens before they hatch. Well, today your eggs fell short.
PEACE
September 29th, 2008 at 4:58 pmHurt feelings = a worse economy, with the bottom still not reached
Way to go Team House Republicans! That is a great way to say “F-U” to the rest of America and the world.
I didn’t know when real work had to be done on the Hill, the GOP brought in a three ring circus.
September 29th, 2008 at 4:58 pmWhat stewarjt said; I’m tired of the stock market being used as a barometer for the U.S.’s economic health. It’s a measure of Wall Street’s health, and that’s not the same thing.
September 29th, 2008 at 4:59 pmAmerica is an ex-risk junkie. Like a dry drunk, it avoids the old sauce at all costs. Money fled to safer harbors, part of the Dow drop.
The other piece is the sorry state of leadership in our country. The colors of those self serving, hyper-competitive people shone brightly today.
CEO’s didn’t want to give up non-retirement executive incentive pay. Members of Congress were offended by the Speaker’s talk.
Wall Street didn’t adequately price risk for 5-6 years. It drank heavily of the risk sauce. The question is what to do about it.
September 29th, 2008 at 4:59 pmQuestion: Did that big old meanie Pelosi make Boner cry again?
Not to sound sexist, but toughen up you big pussy, Boner!
PEACE
September 29th, 2008 at 5:01 pmI feel like crying…at the Republicans lack of responsibility in all of this.
Darrell Issa is defending hs “No” vote on Hardball right now. Pathetic!
September 29th, 2008 at 5:03 pmHowza bout someone coming up with a more tightly controlled plan that takes the best of this deal and adds consumer re-finance guarantees, a 150 billion ceiling and sells it to the American public as:
If you don’t pass this bill, don’t plan on borrowing any money for any reason for five years.
September 29th, 2008 at 5:03 pmNow it’s interesting with the blame game. Look all Bush had to do is give an executive order to pass the bill. He has done this with all the other things he wanted. Republicans are seeing the facts that Obama will be the next President and will make things a bad as possible for him. I can’t blame investors because who would want to invest with crooks who have shown for 7 years they will steal the gold tooth out of an American’s mouth. New Leadership and honest people will be the only way to recover this country. Let’s hope the Chinese Govenment doesn’t ask for their 500 billion dollar loan Bush/Cheney took out to be returned. Americans knew what was going on with the Bush Administration and did nothing about it, now we’re paying for it. Blanks checks given by the Republican Controlled Congress, Paul O’Neill said to Bush this was going to happen and he got fired. Former Gov. Spitzer wrote an article in the NYTimes 2007 he found the fraud in the Martket and Banks just as he was forced out of office with the blessings of the American people. If Spitzer were left in office he would have stopped this train rack.
September 29th, 2008 at 5:05 pmKind of like the web ad that his campaign ran on Friday morning, trumpeting “McCain Wins Debate!” before he’d even committed to showing up, let alone debated.
September 29th, 2008 at 5:05 pmSomeone will point out how this is Clinton’s fault.
September 29th, 2008 at 5:08 pmIn three… two… one…
#17–the moral of the story:
Don’t Count Your Chickens until they Come Home to Roost.
September 29th, 2008 at 5:08 pmralph the wonder llama Says:
Kind of like the web ad that his campaign ran on Friday morning, trumpeting “McCain Wins Debate!” before he’d even committed to showing up, let alone debated.
McCain was reaching out to the absentee viewers, mainly 65-1,000 year old Republicans who think a late night is staying up until 8:45 p.m.
September 29th, 2008 at 5:08 pmOff the MSNBC wire
*** UPDATE *** The McCain campaign is blaming Nancy Pelosi — and Obama by extension — for the vote’s failure in the House. “Just before the vote, when the outcome was still in doubt, Speaker Pelosi gave a strongly worded partisan speech and poisoned the outcome,” said McCain economic adviser Douglas Holtz-Eakin. “This bill failed because Barack Obama and the Democrats put politics ahead of country.”
Wait a minute. How does Nancy Pelosi addressing the House translate into Barack Obama and the Democrats…blah blah..?
Repupsidedownglians.
September 29th, 2008 at 5:09 pmAttention Shoppers: Spammer on Aisle 15!
September 29th, 2008 at 5:11 pmThey still haven’t identified “the problem.” Issa mentioned other tools to address the situation, but never said what tools and how they might work better.
Clogged credit arteries isn’t a description of the problem.
September 29th, 2008 at 5:11 pm“This bill would not have been agreed to had it not been for John McCain… This is a bipartisan accomplishment, a bipartisan success. And if people want to get something done in Washington, they just watch John McCain. He’s been the guy whose name is at the top of major pieces of legislation for a long time.”
– Mitt Romney, NBC’s Today show, 9/29/08
“What Senator McCain was able to do was to help bring all of the parties to the table, including the House Republicans, whose votes were needed to pass this”
– Steve Schmidt, NBC’s Meet the Press, 9/28/08
Taguba, this was exactly their plan — to manufacture shit and hopefully watch their base eat it right up! This is a FASCISTIC campaign!
September 29th, 2008 at 5:11 pmDouglas Holtz-Eakin should stop cawing aloud “Obama this, Obama that” when a reporter enters the room, lose the green and yellow feathers, beak and stop sitting on McCain’s shoulder.
September 29th, 2008 at 5:12 pmWait a minute. How does Nancy Pelosi addressing the House translate into Barack Obama and the Democrats…blah blah..?
you only defeat the big lie by debunking it before it’s spoken…
Once it’s out there, if it’s repeated often enough it gets that ‘truthinesss’ factor.
When you gotta deny sumpin, you lose.
When the Dims waited, to assure they didn’t piss off the Pukes, they Pukes seized the Big Lie initiative.
If it is made to seem it’s the Dims’ fault, that’s how it will be received by Middull Murka…
September 29th, 2008 at 5:13 pmOffshore accounts? I believe the IRS is investigating 15,000 tax avoiders for using UBS European accounts to avoid taxes. That’s the same UBS employing Phil Gramm.
Chris Matthews just hammered Issa for voting against his leadership and the White House.
September 29th, 2008 at 5:13 pmThe republicans own this disaster!!!!
September 29th, 2008 at 5:14 pmJDSalinger
You’re advertising fraud on a site promoting accountability? Fire your marketing strategist, ASAP!
September 29th, 2008 at 5:14 pmDarrell Issa is about to get it from all sides when he comes home to roost.
September 29th, 2008 at 5:14 pmI have an idea.
John McCain should suspend his campaign, permanently. That would prove he’s a maverick.
September 29th, 2008 at 5:16 pmYou have to know: the pUkes are willing–eveneager–to take you down with ‘em; or at least to threaten to do so, so as to prevent their fall…
Pukes bully. Dims Bribe…
September 29th, 2008 at 5:16 pmotherwise, feh…
John did stamp the unpassed bill. No earmarks in plan!
He just called Congress to come back immediately. But they’re going on Jewish holiday. We’ll see who listens…
September 29th, 2008 at 5:17 pmDoddering old fool, McCain:
Obama is to blame!
Now is not the time for blame!
September 29th, 2008 at 5:18 pm@28, motorfingaz Says:
The republicans own this disaster!!!!
September 29th, 2008 at 5:14 pm
not yet, they don’t…
September 29th, 2008 at 5:19 pmthe scum may blame both sides equally, but that’s unlikely.
No earmarks, eh.
But the bailout has made him famous…errr…infamous.
September 29th, 2008 at 5:19 pmIf the Jewish members of Congress don’t comply with McStain’s demands, watch him expand his ethnic jokes to include not just the Irish!
PEACE
September 29th, 2008 at 5:21 pmJohn McCain: Did you all hear the one about the Jewish mom and the S.S. soldier?
September 29th, 2008 at 5:23 pmMission Accomplished!
This thing stinks of the repugs giving money to bail out their greedy friends.
September 29th, 2008 at 5:23 pmAny potential credibility McCain had on the economy is dead.
He tells us the fundamentals are fine, a few days later comes the Big Bailout Freakout.
He puts everything on hold to take on the bailout plan, make it a cooperative effort… and then Republicans run out on it.
All of this not withstanding his “I don’t get the economy” statements.
This guy can’t run on this at all. No wonder he’s so hung up on “victory” in Iraq. It’s all he can fall back to anymore. And even then it’s amazing that that’s working at all.
September 29th, 2008 at 5:26 pmThe sad part about it is that the only people putting politics first in this case are the ones that got their panties in a bunch over nothing more but a “partisan” speech that wasn’t even really partisan.
September 29th, 2008 at 5:28 pmMcCain’s credibility is a zombie. Just that he puts the scantily clad bimbo named Sarah out there now to get votes to still come in.
September 29th, 2008 at 5:28 pmTimeline ~ 2000 ~ 2008, deregulation leads to fraud, avalanche of bad mortgage debt.
2008 election cycle, shit hits fan, McIIIrd parachutes into D.C. then sits in meeting, saying nothing, ignoring participants.
Bill fails in House due to Republican contingent supported by McIIIrd. McIIIrd sycophants try to blame Obama and Democrats.
Let’s see how the polls run this week.
My sense is that McIIIrd is McToast.
September 29th, 2008 at 5:30 pmRepublicans: Mission Accomplished
Once again, you show it’s party first, America be damned. Traitors the lot.
September 29th, 2008 at 5:31 pmSoon on FAUX:
“Libruls hate America. House Democrats torpedo hope! Obama, too busy campaigning, fails to show leadership!! Barny Frank!!!”
September 29th, 2008 at 5:33 pmEric Cantor is the only Jewish member of Congress and he’s only two hours away in Richmond, VA. Remember that small hick town identified by Karl Rove as Tim Kaine was considered for VP? The House could easily come back and offend only one member.
The Senate has more Jewish members.
September 29th, 2008 at 5:34 pmOk, here’s something for all people here who are glad that the bail out bill was defeated.
If the bail out bill passes each taxpayer would be on the hook for $2,500. But the way it’s written, that money could be recouped over time. But, by not passing a bail out bill, many people in this country are going to lose way more than $2,500 in their retirement accounts. If there is a total meltdown, they could lose all the money in their retirement accounts and may lose their job also.
I hate the idea of bailing out Wall Street and rewarding those a$$hats for their greed. I hate the idea of my friends and family losing their retirement accounts and maybe their jobs even more.
September 29th, 2008 at 5:36 pmLooks like McCain had another “Wet Start”.
September 29th, 2008 at 5:36 pmthe end of the republican party.
#
mission accomplished.
#
September 29th, 2008 at 5:38 pmWhen John McCain flushed the toilet today, he never realized how symbolic it would be to the rest of his career.
September 29th, 2008 at 5:51 pman am proud to be an ‘merican….
September 29th, 2008 at 6:11 pmYou do realize that the $700 billion was some random figure they pulled out of their hats, right? Try upwards of $5 trillion (for starters).
September 29th, 2008 at 6:15 pmGreat Depression 2: Electric Boogaloo!
No wait. The electricity was cut off last week.
September 29th, 2008 at 6:26 pmPersonally, I’m not against emergency measures, I just don’t want this Congress and Bushco to enact long term legislation. Nor do I see where there would be an advantage to reacting in a panic. I think we can all accept a measured response to protect the interests of “regular investors” but, I don’t have any reason to hope that our current leadership is competent to fix a clogged drain.
September 29th, 2008 at 6:30 pmBut watch the GOP blame everyone else! They stopped it, they blocked it, they made it fail! Superloser McCain tried to take credit for the bill, so I guess it’s McCain everyone must blame for this.
September 29th, 2008 at 6:53 pmJust goes to show that some fatcats were hoping to make out like bandits when the feds were going to hand out a trillion or MORE dollars under the ruse of a “bailout.”
Gee – now wall street does not think they can count on the taxpayers to belly up to the bar.
This is a REPUBLICAN mess, caused by REPUBLICAN deregulation, and the theft of REPUBLICAN insiders and CEOs.
September 29th, 2008 at 6:57 pmBut the surge is working, we are winning and our children is learning.
September 29th, 2008 at 7:13 pmAnd if the markets go back up those 778 points in the next month–how much will have been lost?
September 29th, 2008 at 8:07 pmIf the economy had of been hijacked by Somali pirates this whole thing would have been a lot cheaper.
http://www.wilytrax.com
September 29th, 2008 at 8:27 pmThe House Republicans are trying to cleave the REpublican party from the Administration. It is hysterical to listen to KKKarl Rove on this on Faxed Snooze.
September 29th, 2008 at 8:53 pmThe scare tactics being used by politicians as well as the spin coming out of the MSM is nothing other than high drama wrapped in a dog and pony show.
September 30th, 2008 at 8:11 amThe fact is that niether individuals or governments can live on continous creidt created out of thin air. Don’t forget history or your doomed to repeat it. Look what happened to Rome. The once great society that debased its currency until it was worthless and its armies stretched to the breaking point until their imperial grandeur collapsed on itself. The same is happening now here.
The bailout is package is seriously flawed because it uses ever increasing debt from make believe dollars to keep the system going. Debt bailing out debt is not a sound plan and the American people are not idiots. We can’t live beyond our means and niether can governments and bailing out those who broke the system is not the answer.
The charter of the Federal Reserve should be revoked as they have failed in their mission. The 100 year experiment is over and it is now time to return to what the founders had originally created. A US treasury banking system with dollars backed by real assets such as gold and silver. President Kennedy knew this which is why to this day his executive order to return to a silver backed economy still stands to this day. However, no seated president has ever acted on it because the power of the private banks that make up the Federal Reserve is that powerful. The time is now to drive a stake through the heart of the beast. Close the Fed down and, take the power of the printing press from these vampires and start lving within our means.
95% of Americans are against this bailout and politicians are listening. Not because they know what the right thing to do, but because they fear being thrown out by the people with the power of the vote and that is as it should be.
Keep the pressure up by continuing to write or call your representatives and keep the pressure on all who voted yea for this terrible legislation.