Theodore's World: Obama's Fault! Dow drops below 7,000 (6,800) for first time since 1997

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March 03, 2009

Obama's Fault! Dow drops below 7,000 (6,800) for first time since 1997

Dow finishes below 7,000 for first time since '97

More unstoppable selling on Wall Street takes Dow to lowest point since 1997

NEW YORK (AP) -- A relentless sell-off in the stock market Monday blew through barriers that would have been unthinkable just weeks ago, and investors warned there was no reason to believe buyers will return anytime soon.

The Dow Jones industrial average plummeted below 7,000 at the opening bell and kept driving lower all day, finishing at 6,763 -- a loss of nearly 300 points. Each of the 30 stocks in the index lost value for the day.

And the Standard & Poor's 500 stock index, a much broader measure of the market's health, dipped below the psychologically important 700 level before closing just above it. It hadn't traded below 700 since October 1996.

Investors were worried anew about the stability of the financial system after insurer American International Group posted a staggering $62 billion loss for the fourth quarter, the biggest in U.S. corporate history -- and accepted an expanded bailout from the government.

As bad as things are, they can still get worse, and get a lot worse," said Bill Strazzullo, chief market strategist for Bell Curve Trading, who said he believes the Dow might fall to 5,000 and the S&P to 500.

The Dow's descent has been breathtaking. It took only 14 trading sessions for the average to fall from above 8,000 to below 7,000. For the year, the Dow has lost 23 percent of its value.

"You never want a serious crisis to go to waste. And what I mean by that is an opportunity to do things you think you could not do before."

This should be listed in the things not to say before trying to spend a 3 trillion dollars.

Wild Thing's comment........

WOW 20 years of economic growth destroyed in a month of having Hussein and Timothy Geitner and their Obamanomics.

This is all because of the Marxist Obama's attack on our country imo. to destroy us.

Every day Obama trash talks America, our economy and our capitalistic system. Then he talks about/submits the mothers of all deficit budgets and bailouts.

Obama is a one man wrecking ball for our country, our economy and our way of life, and he hasn’t been El Presidente for even two months.

Posted by Wild Thing at March 3, 2009 05:55 AM


The Market is about making money. Whether the deficrats like it or not, this is fact it is how our system operates. The spending by obama has thrown a wrench into their works and has virtually wrecked the system. The market has no confidence in obama. Market confidence is determined by washington. Since our Dollar is not back by any monetary standard, like, Gold rather "the full confidence of the US Government" at this point they see none.

The Fed by printing more money is making the problem worse because as confidence in Government goes down so will the value of the dollar. That is the only thing that supports our dollar.

The guys on Wall Street, who by the way, alot of thme were big supporters of Obama, are now in Barry's cross hairs and they know it. Obama has said so. What choice do they have but to sell.

Even Warren Buffet the deficrat money guru has said the economy is going into the tank and will be there for sometime.

My son says, if the Market falls to 6000 we are in big trouble, well yester day it dropped to 6763 that aint far away from the target.

Posted by: Mark at March 3, 2009 07:11 AM

It is no wonder that the market is falling like a rock. Thanks Obama. What little I had left in my retirement account is gone. I will have enought to retire, buy a cup of coffee and a cardboard box to live in and wait around for my hadouts I guess. I hope these events, as terrible as they are, will serve to wake up the voters. In this I agree with Emanuel we should not let a good crisis go to waste, we should use it to show that liberalism is a failed ideology and a destructive economic model.

Posted by: Robert at March 3, 2009 10:30 AM

It's funny how the "people" elected this bozo and now they're panicked to the point of selling off their retirement investments and hiding them where the government can't get their hands on it. I told my dummycrap friends this would happen but did they believe me? Hell no. I see the anger level growing day by day--the disappointment, the buyers remorse, so to speak. It's so disturbing and sad.

Posted by: Lynn at March 3, 2009 10:33 AM

Yup, "change" is all we'll have in our pockets. This guy is a 21st Century Nero...all he needs is a fiddle.

Posted by: PeteSuj at March 3, 2009 10:53 AM

Nice analogy Pete!!

This is why it is so important to take his power base away in 2010. Without a totally controlled House and RINO Senate, he has no power. Just don't know if we can make it to 2010 before he totally guts this country and everything it stands for.

Posted by: John at March 3, 2009 12:09 PM

The video above of Emanuel states it so well. The Dems love to start a crisis and use it to get more rules and laws and spending/tax bills passed. The housing market crash has given this new administration the excuse to push the massive Stimulus Bill through. The biggest spending bill in history was pushed through Congress in two days.

My stock portfolio has lost 50% of it's value in only a few months. Thank you Ted Kennedy, Barney Frank, Chris Todd, Maxine Waters and other Dems who pushed damaging unrealistic federal laws onto the mortgage markets.

Posted by: TomR at March 3, 2009 01:08 PM

"Change", that unquantified entity they all bought into, some were conscious and knowing Communists when they voted, the rest followed the spoon fed diatribe and they still voted for the unknown.
We Communist watchers could do nothing but watch it happen, our very own 'opponents' were insiders to the fall of the nation, McCain, prostrate on his knees with his 'O'pen mouth. All the states just got together to elect a new RNC Chairman, look at what we got. That is telling in itself as to where the GOP still is at the national level. Yessir, we'll send a man of Steele in there, the dummies will love him, he appeals to both parties and the hyphenated-Americans, well...surely they send in more campaign contributions - Not!!!!
Today they are sniveling amongst themselves but still trying their best to spin and reshape the Osama Obama mess then claim it as their pride of authorship. They'll pontificate, "look at what we did" ignoring what they didn't do. That's piss poor representation. Romney getting face time recently, Gawd that elitist slimeball is nauseating, he's New World Order, like the frigging Kennedy's just don't touch his empire
I can't identify with either party and I'm damned disgusted with what some would call fellow americans.

"My son says, if the Market falls to 6000 we are in big trouble, well yester day it dropped to 6763 that aint far away from the target." He's right!!!

Mark with this weekend's drop, that's only 3 -4 days, at most 3 weekends.

Posted by: Jack at March 3, 2009 01:35 PM

Mark, thank you so much for the information and also for what your son said.

Posted by: Wild Thing at March 3, 2009 04:33 PM

Robert, I am so sorry about what happened with your retirement account.

Posted by: Wild Thing at March 3, 2009 04:37 PM

Lynn, it is frustrating when like you said people you told about Obama did not listen. I bet a lot of those on Wall Street that work there voted for him the guys in the pit as they call it and now they are really sorry. I wish more of them would speak out.

Posted by: Wild Thing at March 3, 2009 04:42 PM

PeteSuj, hahagood one!!

I would love to bop him right on his head with a fiddle, at least once.

Posted by: Wild Thing at March 3, 2009 04:45 PM

John,yessss I want that so much.

Posted by: Wild Thing at March 3, 2009 04:51 PM

Tom, I am so very sorry about your portfolio.
Your so right about crisis, the dems live and breath for them and make something into a crisis many times even if it is just a bump in the road. This is a real crisis but they are feeding and fueling it by what they are doing. Like the names of those you pointed out all guilty.

Posted by: Wild Thing at March 3, 2009 04:55 PM

Jack, good name for it....we the "Communist watchers ".

Me too! "I'm damned disgusted with what some would call fellow americans."

Posted by: Wild Thing at March 3, 2009 05:02 PM

Despite the fact that O'Vomit is destroying our country and everyone who had 401K's or money in the stock market have lost almost half of their savings, 60% of the American lemmings fully support him. Will someone please explain to me what the fuck is wrong with these a-holes? I'll look forward to your replies. heh heh!

Posted by: cuchieddie-25th ID Vet at March 3, 2009 07:14 PM

Cuchieddie, I'm sorry,lemmings is too kind of a term for them, they are living up to their own well earned pejorative noun. Greed, envy and an overwhelming sense of entitlement, the common belief that we, the wage earners, owe those who are parasitic appendages to society something for their birthright. I too have had my 401K devastated, my IRA devastated, my medical premiums are astronomical, the co-pays and deductables increasing as coverage decreases leaving little to live on, that doesn't inhibit the thieves who voted to rob us and our offspring. Many of us stopping by our generous host's site have started over and over and over,until we are too old to start over, never once asking for government aid, those 60% quoted depend on it, some are 4th and 5th generation on the dole.
Under the generous auspices of Communist patronage hirings as espoused by the Hussein-Pelosi-Emanuel triumvirate, where do you reckon a comrades pay rate will be pegged, say if your are a recovering Republican or Conservative? We can learn about applicable equality from the past's ongoing Socialist social engineering experiments. Couple that with Dhimmitude and it will be hard to survive without the mark of the beast. We who have been surrounded before can appreciate the plight Britain put their countrymen in at Balaclava where into the valley rode the 600, to be slaughtered. To be repeated at Gallipoli under Churchill's leadership. With us now it's not much different, our darkest enemies are to the left of us, to the right of us and to our front and rear, we are surrounded by Communists without any hope of our countrymen coming to our rescue. Gordon Brown was here today to lead us to global redemption.

Posted by: Jack at March 4, 2009 02:24 AM

It'll be 5000 by May-July at the latest is my guess, then an artificial bump up will probably happen when the shovel ready sheat gets shoveled out in June, unless the 200 bil they are dropping on bundled credit investors on March 25 helps. Just my guess. It'll come back, at a huge cost down the road, with all the superficial glory being claimed by the Dems and any obvious short comings being blamed on Bush's alleged 8 years of failed economic policies. Funny, until the Dems took over in 2007, we were doing damn well in my area. Of course, I am preaching to the choir here.

My husband got laid off on the 19th. He's been trying to get his former company of 10 years to release a small 401k he had when he was a salaried employee rather than hourly for them for about a year, but they wouldn't do it. He's been trying to get it out for a year, and since that time, we all know how big the dump as been. It's enough to carry us for a half a year if we needed it. His unemployment is 1/4th of his regular salary.

He'll be back to work probably next week for someone else, that isn't a problem, but it's really been an exclamation point on our already huge concern about things.

What we wonder is how the heck do people with kids who owe a lot of money and lose their jobs do it? Yeah, there's probably a lot of give away stuff out there, but it can't be enough. There have to be people who fall through the cracks between the "qualifies to be completely babysat by the government" and "independently wealthy."

And what's up with this, "it's left over from last year, we just want to sign it and get on with things." bullsheat?

If you don't approve because it's that 8 years of failed Bush policies thang, DON'T SIGN IT!

They cannot possibly continue to get away with this. I read Nancy said Obama would have to do things really fast when he got into office because he wouldn't have much time. Any guess on what she meant by that?

Posted by: Eden at March 4, 2009 05:08 AM