Stocks plunged sharply Thursday, with the Dow down more than 500 points, in its worst one-day drop since December 2008.
All three major averages tumbled into negative territory for the year as investors were rattled over an intensifying global economic slowdown and ahead of the widely-followed monthly unemployment report.
The Dow Jones Industrial Average plummeted more than 450 points. The blue-chip index fell into “correction territory,” defined by a drop of 10 percent from its peak from its intraday high in May. The last time the Dow dropped more than 400 points in a single session was in Dec. 2008.
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8 Responses
Yup…and among the factors feeding the selloff are fears that impending spending reductions will further weaken the economy.
Just imagine how different would be the history of the New Deal period if Congress voted spending reductions in 1933 and 1934!
Thank You GOP…Thank you Tea Party…Thank You Ideological Know Nothings.
More Thanks to the Tea Party, fromrom the Business Section on NYT Website
“…Jean-Claude Trichet, the president of the E.C.B., said the bank had acted in response to “renewed tensions in some financial markets in the euro area.”
“He said that uncertainty created by the debate in the United States to raise the debt ceiling had unnerved European markets as United States investors had become increasingly reluctant to lend to European banks. “It’s clear the entire world is intertwined,” he said. “What happens in the U.S. influences the rest of the world.”
Left wing, right wing, Communist, Tea Party…it doesn’t matter…all mindless ideologues should be exiled to some desolate place where they can’t do any harm!!
“Just imagine how different would be the history of the New Deal period if Congress voted spending reductions in 1933 and 1934!”
We didn’t spend that amount back then to begin with.
Are we ready
Yuo Yonason W.
If there had been spending reductions then perhaps the History of the NEw Deal would be different.
Yes you see the legacy of the NEw Deal was one of utter failure over a decasde of double digit unemployment and an economy that did’nt begin to recover until FDR finally was no longer President and Truman changed course and lowered taxes (the highest rate had been around 90% and you wonder why the Depression went on and on and on?)
Look no further then Henry Morgenthaus, FDR’s secratery of state who admitted the New Deal was a complete failure.
And by the way,
How about remembering that this is all happening after the Obama HEalthcare bill which Nancy Pelosi called a “jobs bill” was passed, The trillion dollar stimulus was passed the second stimulus was passed.
And Lo and Behold the economy has not improved instead it continues to get worse!
The question is how long it will take the American People to tell Obama and the Dems.
Leave our country alone!
Ben Levi – your knowledge of the New Deal is zero..read some history before mouthing of on a subject you know nothing about I studied the subject in depth in grad school. Dumkopf! 3
YonasonW:
“Dumkopf!”? Boy, are you a veritable reservoir of cultured civility!