Stock market drops 107 points during Bush’s speech on the economy.
By on Oct 10th, 2008 at 2:45 pm
Stock market drops 107 points during Bush’s speech on the economy.
Today, President Bush gave an eight-minute speech on the economy, which was meant to reassure the markets. “This is an anxious time,” said Bush. “But the American people can be confident in our economic future.” However, ABC News notes that during those eight minutes, the Dow Jones dropped another 107 points. The Dow was down 78.70 at the beginning of Bush’s address, but at 185.66 by the end.
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Stock market drops 107 points during Bush's speech on the economy
Heck of a job Bushie!
dripping with sarcasm
October 10th, 2008 at 2:49 pmWhy is the stock market chock full of Liberal bias?
October 10th, 2008 at 2:52 pmIt's all about trust and confidence!
October 10th, 2008 at 2:52 pmSomeone accidently left the ZooCam on again?
October 10th, 2008 at 2:53 pmBuck you Fush. Fut the Shuck up and go hide in Crawford until this blows over.
October 10th, 2008 at 2:54 pmThere's that legacy thingie we keep hearing about.
His legacy is to foul everything he touches.
Hell, even the trolls have finally gotten the message; and when those morons wise up, you just know it's over for the Disaster-in Chief.
October 10th, 2008 at 2:55 pmCould things have declined any more under Bush's tenure?
Shredded Constitution.
Unbridled greed by the wealthy.
Jobs and pensions evaporating.
Unending war/occupation.
My son lost his job today - closed their doors, no warning.
October 10th, 2008 at 2:55 pmTwo kids, house and car payments. Thanks, George.
Bush failed to mention how credit markets remain locked, despite a potential $3 trillion in federal intervention.
George W. didn't say things for Morgan Stanley are 3 times worse than the week Hank Paulson rang the panic button.
Bush looked like he did after Hurricane Katrina, like a deer in the headlights...
October 10th, 2008 at 2:55 pmMarie, sorry for your boy. This is just the beginning of the end of America as we knew and lived it.
October 10th, 2008 at 2:56 pmBush looked like he did after Hurricane Katrina, like a deer in the headlights…
Or reading My Pet Goat. Same look, same utter confusion as to what to do.
Pathetic little man.
October 10th, 2008 at 2:58 pmI found myself thinking the same thing. I watch GDumbya's Rose Garden BS on CBS this morning and they "supered" the Dow on the screen. It was like watching the debates on CNN with the "reaction dialers" running along the bottom of the screen.
This should not be surprising. GDumbya always tanks the markets when he opens his piehole.
In addition, though, I believe that the market is looking for "certainty" and -- quite apart from GDumbya's irrelevance -- I wonder how much McNumbNuts' erratic and uncertain behavior is affecting the market as well.
It is hard for stock-holders to have any sense of comfort when the nominee of a major party (1) can't find or stick with an economic policy or plan himself and (2) chooses to ignore the topic and talk about his opponent "palling around with terrorists".
This has gotten so ridiculous that the McNumbNuts' campaign today accused Obama of talking about the economy in order to avoid answering questions about his past associations and judgement.
October 10th, 2008 at 2:59 pmI missed the chymp screeching.
Did he come out and say...
"My fellow Americans, this is all my fault, and the fault of my failed ideology. The damage that my administration has done to this great nation will take decades, if not generations to repair. I am sorry and will be leaving for Den Hague for my war crimes trial next month, after my resignation, and that of Vice President Cheney."
I thought not.
October 10th, 2008 at 2:59 pmFifty people in a room could turn the credit situation around overnight. At least a CNBC expert suggested such earlier today.
So what's up with the fifty? Are they keeping things clogged until they get their way? Every day, I hear new demands from the big money boys. Every day, Bush & Co. fill their orders...
October 10th, 2008 at 2:59 pmThe Bush/McCain/GOP top down "solution" to our economic problems will never work. Since our economy is driven by consumer demand, we need to raise the minimum wage to a living level of say, $12/hr and also cut credit card interest rates in half.
Rebuilding America - step by step
1. Get out of Afghanistan and Iraq. Stop wasting $3B/wk on stupid hostile foreign occupations.
2. Rescind the Bush tax cuts to help cut the federal budget deficit.
3. Reregulate the financial markets. Abolish all derivatives, which are just speculations, which don’t produce goods or services for the American consumer.
4. Regulate the electronic oil futures market and other commodity markets. No more speculation, no more buying on margin.
5. Institute not-for-profit single payer universal health insurance and universal health care.
6. Withdraw from NAFTA, CAFTA and the WTO. Rebuild our tariff walls to traditional levels to allow Americans to manufacture goods for American markets.
7. Raise the minimum wage to a living wage level of $12/hr.
9. Cap any and all corporate CEO compensation packages at a maximum of one million dollars per year.
10. Return to hand-counted paper ballots in all U. S. elections to end Republican electronic election theft.
11. Start rebuilding our roads and bridges, which have been neglected since Reagan came into office in 1981, some 27 years ago.
12. Reorient the FDA and the FTC and other federal agencies so that they again protect the American people and our environment, and stop protecting corporate greed.
13. Institute 100% publicly-funded federal elections. Let’s return to the tradition of having the League of Women Voters hold all Presidential debates. All minority party candidates need to be included in the debates.
14. Make it easier for workers to join labor unions: pass the Employee Free Choice Act.
15. Prosecute Bush, Cheney, Rice, Rumsfeld, et al ad nauseum for war crimes against the Afghanis and the Iraqis.
16. honor the public's right to control public airwaves and to thus require public interest broadcasting on television and radio instead of the current arrangement of allow greedy private corporations to dominate our airwaves.
17. Protect our citizens’ right to privacy which has been traditional under the Fourth Amendment to the Constitution.
October 10th, 2008 at 3:01 pmHAHAHAHA....YOU DIDN'T KNOW THAT? THAT ALWAYS HAPPENS...THE DOW ALWAYS DIPS WHEN BUSH SPEAKS....AND IT HAS FOR 8 YEARS.
October 10th, 2008 at 3:06 pmOval12345678 aka James K. Sayre Says:
Excellent list, to which I would like to have added: Remove all laws and regulations supporting "corporate personhood".
October 10th, 2008 at 3:07 pmDow when Bush took office - mid 10,000s
Dow today - down to 8100 so far
Consumer Price Index Jan 2001 - 524.5(series CUUR0000AA0)
Comsumer Price Index as of Aug 2008 - 656.28
in short, Lost 20% in the Dow while inflation has risen a cumulative 25 %
October 10th, 2008 at 3:07 pmAs I remember it, Bush had a tax rebate about 6 months ago to spur the economy.
How is that working out ?
October 10th, 2008 at 3:08 pmAfter 8 years will we as a nation ever wake the hell up?
October 10th, 2008 at 3:09 pmBush has spent his whole life, thanks to dad, failing upwards.
October 10th, 2008 at 3:10 pmThe Bush Legacy at work!!!
October 10th, 2008 at 3:11 pmMapleStreet:
And how much did gasoline cost when Bush took office? Somewhere in the neighborhood of, what, $1.27 per gallon?
October 10th, 2008 at 3:12 pmAs I remember it, Washington, through closed door strongarm tactics (such as threatening martial law), and AGINST the majority wishes of the people of this country (certainly a simple majority, though probably closer to a 2/3 majority), just recently all voted to create 700 billion in debt to be doled out to the big banks, and many other corporations, in order to stabalize the markets. The decision HAD TO BE MADE RIGHT AWAY OR WE WOULD ALL DIE. So it was done. People are pissed, and the market is still going to sh*t. Great job, thieving a-whor es. I STILL say, may every one of them who supported this 700B wall Street Welfare die of agonizing bone rot.
October 10th, 2008 at 3:13 pmOn the bright side, Bush finally shut his pie hole and the market gained back a few points.
October 10th, 2008 at 3:14 pmThis is the Election of our generation.
This is the election when we either repudiate what has gone before and help set a new direction (or a return to the pre-Reagan America), or we continue the way we have been and slide into the abyss.
It's like being lost in the jungle and having one leader say "it's going to be tough, but together we can find a way out of the jungle" and we have another leader who's saying "jump into the pirahna infested river and just float away through the jungle and by the way, the other leader once shook hands with a known domestic terrorist (who wasn't an abortion clinic bomber)".
October 10th, 2008 at 3:15 pmThe 'ANGRY RIGHT' wants to "kill him". McCain doesn't disagree. If the Right gets it's way then no one will be left to lock them in jail for their crimes.
October 10th, 2008 at 3:16 pmGas was $1.54 when the Chymp the stole Election #1
October 10th, 2008 at 3:16 pmOval12345678 aka James K. Sayre Says:
Gee, all that stuff would actually work. Maybe we could use those good ideas to save the country.
Nah.
October 10th, 2008 at 3:16 pmHere is a very simplistic but succinct metaphorical explanation of the stock market collapse according to McSnake. Imagine, if you will, three snakes. The first snake tells the other two that he has found a way for them to make money by saving on their food bills. The key, he tells them, is to eat each others tails. He explains that each of them grow two inches per day so they are each to eat one inch of each other’s tail every day which will be a net gain of one inch per day of sustained growth. The two snakes then ask how the first snake will get by. He explains he will just take a small percentage of each day’s growth and they will all live happily ever after or until one stops growing. Guess what! The market stopped growing and the two snakes ate themselves up and now the broker snake wants the zoo keeper to hand him a pair of new snakes.
October 10th, 2008 at 3:16 pm$700B Bailout = Rewarding Bad Bush Buddies Behaviour
October 10th, 2008 at 3:18 pmWhen has the Market ever risen when Bush opened his yapper?
====
October 10th, 2008 at 3:22 pmIn 1951 I had the choice of buying my first new car or investing in the stock market. I could have spent $500 on 100 shares of General Motors stock or spent $700 on a new Chevy. Being young and naive I choose the car. If I had bought the stock I could have sold it yesterday for $465. The Chevy was worth over $10,000 last month. That is what GROWTH will do for you in the biggest Ponzi scheme ever invented.
October 10th, 2008 at 3:24 pmBush says, “This is an anxious time,” (and thinks: "doggone right it's anxious. I have to talk for almost 10 minutes AND no alcohol until I'm done. I think my toes are shaking. God, I need a drink....")
Bush contiues, “But the American people can be confident in our economic future.” ("Of course I mean OUR economic future -- me, Cheney, Rummy, our oil buddies, the Bin Laden family, etc. ... you know, the only "Us" that matters..... God, I need a drink.... and a little snort would be dandy...")
October 10th, 2008 at 3:24 pmThis 8 year hangover is going to hurt on 1/21/09 like hell.
October 10th, 2008 at 3:24 pmOnce upon a time in a place overrun with monkeys, a man appeared and announced to the villagers that he would buy monkeys for $10 each. The villagers, seeing that there were many monkeys around, went out to the forest, and started catching them.
October 10th, 2008 at 3:25 pmThe man bought thousands at $10 and as supply started to diminish, they became harder to catch, so the villagers stopped their effort.
The man then announced that he would now pay $20 for each one. This renewed the efforts of the villagers and they started catching monkeys again. But soon the supply diminished even further and they were ever harder to catch, so people started going back to their farms and forgot about monkey catching.
The man increased his price to $25 each and the supply of monkeys became so sparse that it was an effort to even see a monkey, much less catch one.
The man now announced that he would buy monkeys for $50! However, since he had to go to the city on some business, his assistant would now buy on his behalf.
While the man was away the assistant told the villagers. 'Look at all these monkeys in the big cage that the man has bought. I will sell them to you at $35 each and when the man returns from the city, you can sell them to him for $50 each.'
The villagers rounded up all their savings and bought all the monkeys. They never saw the man nor his assistant again and once again there were monkeys everywhere.
Now you have a better understanding of how the stock market works.
If the issue is bank recapitalization, that means new owners come out much rosier than old. Guess who wants to be a new owner? The Carlyle Group.
Co-founder David Rubenstein is interviewed on the CFR website. He closes with:
Nobody is immune from the laws of gravity, and private equity will have its problems as well, but by and large the private equity firms are probably going to emerge from this far stronger than many of the other kinds of economic engines of our society.
Taxpayers are clearing the deck for Carlyle & Co. to ride in, take positions, and profit mightily.
October 10th, 2008 at 3:25 pmBush, go to your ranch in TX and remain irrelevant there already!
October 10th, 2008 at 3:27 pmI want to see a feature article on the mood around the White House these days.
I don't normally revel in another's misery, but Bush has so richly earned his, and seasoned it so vulgarly with his "with us or agin' us" arrogance, that this moment of the man coming face-to-face with the sheer scale of his failure is truly Shakespearean.
October 10th, 2008 at 3:37 pmMy son lost his job today - closed their doors, no warning.
Two kids, house and car payments. Thanks, George.
Marie - I'm so sorry! How completely devastating. My prayers are with them, for sure.
October 10th, 2008 at 3:37 pmBush might have had a better time of it had he not squandered every single last bit of trust the American people ever had in him. Now, nobody believes a word he says, and he has nobody to blame but himself.
Just toss this disaster onto the legacy pile with the other trash...
October 10th, 2008 at 3:41 pm“Stock market drops 107 points during Bush’s speech on the economy.”
You think that's bad? While I was watching Commander McBragg's speech I heard a scratching sound. I looked behind me and the family cat was in the process of taking a magnificent dump in his litter box while staring at the prezerdent on the big screen. That pretty much summed it all up for me.
Just saying . . .
October 10th, 2008 at 3:55 pmThanks for the sentiments, RUC and impeachcheney, I know our family is not alone -- we have joined the ranks of millions of others.
October 10th, 2008 at 3:57 pmCageyCretin Says:
Oval12345678 aka James K. Sayre Says:
Excellent list, to which I would like to have added: Remove all laws and regulations supporting “corporate personhood”.
Absolutely. Here's an interesting article about it.
http://en.wikipedia.org/wiki/Corporate_personhood_debate
October 10th, 2008 at 3:59 pmThe other day the same thing happened when McCain spoke. That day Obama spoke a few minutes later and the market made a full recovery of the McCain loss. (The next day it started getting hammered again though).
October 10th, 2008 at 4:04 pmJust think how bad it really could be,if we didn't have a president with a MBA!
October 10th, 2008 at 4:10 pmKay Says:
Gas was $1.54 when the Chymp the stole Election #1
------------------------------------------------------
Thanks, Kay.
October 10th, 2008 at 4:11 pmclusterphuckTim: FLAGGED AGAIN!
October 10th, 2008 at 4:39 pmI'm so sorry Marie, I hope your son can find a way out of this mess. This shouldn't be happening to the American family in 2008.
October 10th, 2008 at 4:52 pmWell, I dropped my pants and mooned the a$$wipe....he's gonna fix it my butt, what exactly has this moron ever fixed (besides the elections)?
October 10th, 2008 at 5:01 pmShouldn't Bush be taking one of his interminable vacations? For once, it might do some good.
October 10th, 2008 at 5:50 pmThat's right georgie, your sick a$$ better be looking for a place to hide.
October 10th, 2008 at 6:01 pmBecause I can guarantee you that this is a situation where you can't hide behind your fu[king war on terrah bull$hit.
The people will be coming for you, long after you're no longer the paper mache president.
22. Frosty Cupcake, I can't remember the amount, but your point is well taken.
Not to mention, it used to be 85 cents to the Euro. Now its something like $ 1.50 for a Euro.
Honor and Dignity to the Whitehouse !
October 10th, 2008 at 9:34 pm