Dow plunges 508 points.
By on Oct 7th, 2008 at 5:37 pm
Dow plunges 508 points.
In “another wild day on Wall Street,” the Dow Jones industrial average closed below 10,000. The Down lost 508 points, closing at 9447.11. When Bush assumed the presidency on January 19, 2001, the Dow was at 10,587.59.
UPDATE: The original post cited the wrong closing number. Thanks for commenters for pointing that out.
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I hope nobody else was planning on retiring.
October 7th, 2008 at 5:43 pmJust a nearly 370 point close? Really?
A drop to 9447.11 is clocked as a 508.39 drop from the previous close. The difference between the two values is what one might describe—unless, of course you were an economic adviser to the McCain campaign—as a ’statistically significant’ difference.
We live in interesting times…
October 7th, 2008 at 5:44 pmI’m seeing it down 508…
October 7th, 2008 at 5:44 pm@ 2
“…nearly 370 point” LOSS that should say, rather than close. My apologies.
October 7th, 2008 at 5:44 pmThis reads like TP just took the text from yesterday and plugged in a new closing number, since today marks the second day in a row that the Dow closed under 10,000.
October 7th, 2008 at 5:44 pmThe A$$hole is true to form! Another business venture down the tube. Where’s Daddy?
October 7th, 2008 at 5:44 pmWait a minute. This is a repeat story from last week.
The DOW never went down 800 today…
Hmmm, TP Moderator! Hello! Wake UP!!!
October 7th, 2008 at 5:45 pmOoopsy, -500 is worse than -370whatever….
Welcome to PotterBushVille, Amurka.
October 7th, 2008 at 5:45 pmActually, it closed down another 508 points….
October 7th, 2008 at 5:45 pmWhooopeee! Ride ‘em bailout! The HOLC would have stabilized things by now!
October 7th, 2008 at 5:47 pmI think there is something wrong with the summary of today’s DJIA performance. Probably the author copied the story from yesterday to use as a template for today, but then did not edit the numbers properly.
In fact, the Dow started the day below 10,000. The Dow did not rebound, but fell steadily to end up 508.39 points below the start.
October 7th, 2008 at 5:47 pmIt was down 508 points at the close. Cue the trolls blaming this fukcing fiasco on the Domocratic congress in 3,2,1….
October 7th, 2008 at 5:47 pmgood thing McFilthy says the economy is swell and isn’t going to discuss it any more.
October 7th, 2008 at 5:48 pmDid Bush ask for another $700 billion yet?
October 7th, 2008 at 5:49 pmThis is literally yesterday’s news. Yesterday the Dow fell 800 points intraday and then “recovered” to a 370 point drop. Today it lost another 508.
But enough of that. Let’s talk about Bill Ayers some more Uncle McNutzi.
October 7th, 2008 at 5:50 pmYou mixed the last two days in your numbers. Today’s drop is 508.39. The 800 point fall occurred yesterday, before the market rebounded.
The Dow broke 10,000 yesterday, before falling further today.
9447.11 + 508.39 = 9955.40 yesterday’s close
October 7th, 2008 at 5:51 pmQuick! Another round of multimillion dollar bonuses to all the Senior VPs and CEOs immediately.
October 7th, 2008 at 5:51 pmCount Istvan Says:
“good thing McFilthy says the economy is swell and isn’t going to discuss it any more.”
that’s because McBraindead is fundamentally retarded
October 7th, 2008 at 5:52 pmUh, you might want to take another look – the Dow dropped 508 points, not 370.
October 7th, 2008 at 5:55 pmIf only everything from bushs appointed years could be erased so easily. Blam—as if it never happened. Where’s the ‘Men in Black’ memory eraser when you need it? A flash of light and we’ve lived eight years of peace and prosperity, which must’ve been Clinton’s fault.
October 7th, 2008 at 5:57 pmWon’t happen, if recent history is any guide, Troll Central seems to have adopted the Sarah Palin strategy, and they’re not letting the trolls out in public anymore. They’re only allowed to post in strictly controlled environments, and the rest of the time they’re being fed talking points by Henry Kissinger.
Too many “Gotcha” comments from TP posters, I guess.
October 7th, 2008 at 6:00 pmI’m confused? I thought all we had to do is “Surge” $700 billion into Wall Street and the economy would start “winning” again. I mean…it worked in Iraq right?
October 7th, 2008 at 6:02 pmI was thinking—now that we’ve all hammered on the metrics—that this further drop, as a symbol of fear and uncertainty, provides an appropriate backdrop for tonight’s Presidential debate.
Any bets on whether or not Senator McCain’s head actually explodes on nationwide television during this modified town hall event?
Can’t you just picture him, channelling Governor Palin, saying “I want to talk about…[insert favorite talking point of the moment here.]” Professor Ayes, for example. Or, Reverend Wright. Maybe in his energetic defense of all things indefensible tonight, he will suffer a stroke…
You could make the case that even if such an unfortunate event were to occur, he would be no less an effective leader.
October 7th, 2008 at 6:02 pmWhy are we talking about the economy? Certainly Bill Ayers must command more attention than the economy! This is all because of the liberal media! They don’t want to talk about Ayers! If we were allowed to drill in ANWR, our economy would be just fine – not that it isn’t now. The fundamentals are strong. It’s Clinton’s fault. Something, something, ACORN! If we talk about the economy then the terrorists win. Obama is a socialist!
– So did I peg out the full bull$hit-ometer of wingnut talking points?
October 7th, 2008 at 6:03 pmAs the US Stock Maket continue to drop and millions of American continue to lose their life saving the President is asking foreign countries for help. Question will they? Well let’s see so far the taxpayers have given AIG 85 Billion dollars and the company quickly spent one half million dollars on a vacation for the staff. Jeb Bush consult/ George HW Bush ( cousin of the President) got millions as Lehman Bros. closed. Daddy Bush is making sure Paulson hands over millions to the First Tee Bank overseas where Daddy Bush is on the board. Goldman Sachs who was in on this STING from the start with ex CEO Henry aka Hank Paulson in the job as US Secretary of the Treasury to make sure all the money went to Goldman Sachs and other GOP friends before one dime went to the banks to help the Economy. The EU has moved on and made correct to save their citizens while the US/White House are still stealing as much as possible. Law Makers asked for 700 billion dollars but took 800 billion dollars in the end. Within 24 hours Bush release antoher 900 Billion dollars to the Feds. Now even Pakistan is asking for 100 Billion dollars. Look for others to ask for money or they might tell the US public what was really going on this pass 7 years.
October 7th, 2008 at 6:22 pmLlama #21:
October 7th, 2008 at 6:32 pmThat situation is becoming a real problem for me.
The big boys on Wall Street still aren’t happy. They’ve added a world wide coordinated rate cut and guaranteeing both sides of exchange trades to the list. This is on top of $3 trillion in interventions.
1. Direct capital injections to banks of $900 billion
October 7th, 2008 at 6:39 pm2. Buying massive amounts of corporate commercial paper ($1.3 trillion qualifies)
3. Holding commercial paper in an off balance sheet vehicle
4. $700 billion toxic asset bailout program (includes risky financial instruments)
I know, dbadass. Me too.
I’m gonna have to start making snarky remarks to TP regulars soon.
October 7th, 2008 at 6:44 pmI trust we might see a “surge” in the not to distant future once they have formulated some sort of half assed strategy
October 7th, 2008 at 6:52 pmtoo! Geez, my mom would kill me for that.
October 7th, 2008 at 6:53 pmKinda nice to see the correction, and a troll free afternoon…
October 7th, 2008 at 6:58 pmRightly or wrongly, it is the president that is held responsible for the economy. I think this largely comes from Reagan, and his attempt to blame Carter for the 1970s economy.
Most people writing about the DOW numbers across time, forget to include inflation. The inflation-adjusted value of the January 2001 Dow in today’s dollars is about $12,300.
Today it is worth: $9,447
All of the productivity increases the American workers have made have added up to a loss of 24%!
Thanks, Bush Economy.
October 7th, 2008 at 6:59 pmbackup,
are we in a
recession now?
*
thank you.
#
October 7th, 2008 at 6:59 pm#24 Chris, you forgot Obama’s a Musulim who wasn’t born in the USA that was taught at an early age by Bill A. and helped him plan bombing the pentagon.
October 7th, 2008 at 7:05 pmAgreed but I do think Bush deserves an inordinate amount of the blame for this collapse. His myopic insistence on tax cut after tax cut, even in wartime, his “government regulation is the problem” approach to the financial sector and his willingness to see the middle class shrink in order to expand his “base” — “the haves and the have-mores” — are at the root of the conditions that led to this debacle.
It’s a combination of incompetence, indifference and destructive ideology.
October 7th, 2008 at 7:15 pmI’m confused. I swear I just posted in this thread. Perhaps it was a mistake. I can’t believe there’s censorship of an item that’s not an attack or spam. So let me try this one more time.
I’m seeing the potential of a nasty pattern, market in freefall. It seems to me that the drop in the stock market throws fuel on the credit crunch fire. Stock goes down, less credit available, stock goes down more.
Really, I want an answer. Has this ever happened before? Am I way off base here?
October 7th, 2008 at 7:24 pmJust think how bad it could be, if Bush didn’t have a Masters in Business!
October 7th, 2008 at 8:10 pm8yrs and ten steps to fascism …by GWBUSH
October 7th, 2008 at 10:39 pm508 points?!
Anyone for buttermilk pie and a fireside chat?
October 8th, 2008 at 9:51 am