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August 04, 2011

Meltdown: DOW Loses 400; Year's Modest Gains Wiped Out

It's now gotten a little back, at -341, but this is a steeper month-long drop than we saw after TARP.

You'll be happy to know The Hill strives to pin this on the GOP.

The carnage on Wall Street, which precedes a widely anticipated jobs report due Friday, is likely to increase anxiety at the White House and in Congress on the troubled economy, as both sides have something to lose. A worsening economy could hurt President Obamaís poll numbers and give hope to a field of GOP candidates running to replace him.

At the same time, an economy that has slowed since Republicans won back the House in the 2010 midterm election will also raise questions about the GOPís economic stewardship.

After morning trading on Thursday, the Dow had lost nearly 1,100 points since July 25, the first day of trading after talks between President Obama and Speaker John Boehner (R-Ohio) on a big debt deal broke off.

By comparison, the Dow lost 819 points on Oct. 6, 2008, when the House failed to approve the Troubled Asset Relief Program (TARP).

How ya like them apples? The sell-off is not due to the double-dip that the market now seems to think is >50% likely, but rather because Republicans didn't give in to Obama's July 25th offer.

I see. I used to think the market was priced based on fundamentals and outlook and projected profits and consumer confidence and prospects for growth.

Now I see it turns exclusively on whether a a Speaker returns the President's phone calls promptly.

(The Rick Perry piece was put into draft as this is a breaking story, and commenters are talking about it.)


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posted by Ace at 02:45 PM

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