“Total fear”: Dow drops 512 points

posted at 4:06 pm on August 4, 2011 by Allahpundit

Remember the last time America had a nice quiet year of economic stability and relative political tranquility? If you do, let me know. Maybe it’ll jog my memory.

“Total fear”:

U.S. markets were already sharply lower on widespread worries, including the weak job market. But the selling gained momentum as Japanese and European policymakers stepped in with dramatic measures to shore up their financial markets.

There’s “total fear” in the market, said Bob Doll, chief equity strategist at the world’s largest money manager, BlackRock.

All three major indexes tumbled more than 4% Thursday and erased all their gains for the year. The indexes have also pushed into ‘correction’ territory – defined as a 10% drop from their highs earlier this year. Over the past 10 days alone, the Dow, S&P 500 and Nasdaq have dropped about 8%.

Debt-ceiling discontents claim the sell-off this week is a backlash to the feebleness of the deal in addressing America’s long-term debt problem. I don’t buy it. The market’s known for weeks that the deal wasn’t going to touch entitlements or lock in major spending cuts. Once Obama demanded an extra $400 billion in new revenue and Boehner walked away, the grand bargain was dead. If, as Erin Burnett speculated, shares were pricing in an elevated risk of a credit downgrade, that should have happened Monday or last week. I think J Pod’s right that what we’re seeing here is markets pricing in something else — namely, the growing risk of a double dip:

In fact, the debt deal came to fruition at exactly the same time as a series of devastating economic reports that indicate we will be lucky if the current moment is only a “slowdown” and not the beginning of—maybe even the middle of—a double-dip recession. You don’t need an economics degree to see the disaster in these numbers. Lower consumer confidence means less consumer spending, which means less demand, which means less economic activity, which means no improvement in employment figures and very possibly a worsening of unemployment. What we are seeing on Wall Street this week is that a coming recession is being “priced in.”

By “devastating economic reports,” he means this, this, and this, all of which are being served with a garnish of a new debt crisis in Europe. Follow the link above to Podhoretz’s post and read his account of chats with investors. They can’t make a move because they’re paralyzed with uncertainty over government policy, and since the Super Committee may or may not produce tax reform four months from now, that’s bound to continue until Thanksgiving at least. That’s a more trenchant criticism of the debt deal vis-a-vis the stock sell-off, I think, than knocking it because it took only a few pebbles off of America’s mountain of debt. It did nothing much to encourage job creation and it prolonged regulatory uncertainty, and now the market’s reacting accordingly. Bad days ahead — starting tomorrow, when the July unemployment numbers come out. Exit quotation:

Economists at Bank of America’s Merrill Lynch said Thursday that the economy is just one shock away from a recession. They put the probability of a recession in the next 12 months at 35%. However, they said the likelihood that the economy is currently in a recession was just 10%.

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Comment pages: 1 2 3 4

So how is this worse than default again?

NoStoppingUs on August 4, 2011 at 4:07 PM

Damn teabaggers!

It was their “no” votes what’s done this!

/

mankai on August 4, 2011 at 4:08 PM

Good thing we passed that ant-default bill. …..

sandee on August 4, 2011 at 4:09 PM

Economists at Bank of America’s Merrill Lynch said Thursday that the economy is just one shock away from a recession.

Well considering how everything is “unexpected” to these so-called expert economists, that doesn’t bode well.

Doughboy on August 4, 2011 at 4:09 PM

BHO: You ain’t seen nothing yet…

d1carter on August 4, 2011 at 4:09 PM

And Obama just today said “we’re not done yet…”

Thank you President Obama

-crr6

jawkneemusic on August 4, 2011 at 4:09 PM

I want to hear from all you RINOs that told us that the deal was necessary to protect our 401ks and such.

Don’t be shy.

Speak up.

*crickets*

fossten on August 4, 2011 at 4:10 PM

But Baghdad Debbie says the economy is turning around!

John the Libertarian on August 4, 2011 at 4:10 PM

We had to pass it to find out what is in it! /sarc

Mangy Scot on August 4, 2011 at 4:10 PM

Well this was pretty obvious if you read Monty’s sweet, sweet, DOOM postings over at AoS.

Lance Murdock on August 4, 2011 at 4:10 PM

Change I Can Believe In.

powerpro on August 4, 2011 at 4:11 PM

Happy Birthday!

Rambotito on August 4, 2011 at 4:11 PM

Buy on rumor, sell on news.

And all the news is baaaad – namely Japan moving on the yen, due to its rise against the dollar.

Ironically, only Treasuries were a safe haven today… another manipulated “crisis”. Never forget, profits need to be taken by money/asset managers – and they just did. Now, they will position themselves for more $$$$, like 2 1/1 years ago – build up their billion dollar quarterly earnings, rinse and repeat.

Odie1941 on August 4, 2011 at 4:11 PM

I would like to thank dumbass Democrats and Republicans for the shape we are in…thank you. The ride is just starting folks hope you have prepped…food, water, ammo and friends…cause this is the crisis Obama has been waiting for now he will start to act to consolidate his gains.

PierreLegrand on August 4, 2011 at 4:11 PM

BHO: You ain’t seen nothing yet…

d1carter on August 4, 2011 at 4:09 PM

Exactly. This is precisely what Obama, and his commie friends want!

Of course, they aren’t truly friends. One crosses the other, and watch your back.

capejasmine on August 4, 2011 at 4:11 PM

Allah – how about a SERIES of events that combine to make the perfect storm?

Yes – the impotent debt ceiling deal had something to do with it – if we had gotten a deal that the rating houses “cheered” – we wouldn’t be experiencing this problem right now.

That said – the debt celing deal isn’t the total reason for the flop this week – but a damn good deal on that would have made this a small blip on the radar.

HondaV65 on August 4, 2011 at 4:11 PM

Just imagine how bad it would have been had we not put the band aid on the gushing head wound!

Pelosi delende est on August 4, 2011 at 4:11 PM

Great Depression 2.0.

Way to give Obama another 2 trillion dollars when the only people buying our debt is our federal reserve. I guess it would’ve been too extreme, Boehner, to get spending cut in the now-term.

joeindc44 on August 4, 2011 at 4:12 PM

we need to cut more spending.

sesquipedalian on August 4, 2011 at 4:12 PM

“Republicans, please turn loose our economy you took hostage, and don’t blow up working families with your terrorist bomb vest, like the terrorists you are, please!” -Oboobacrats.

Akzed on August 4, 2011 at 4:12 PM

Dippity do, Obama owns this economy

cmsinaz on August 4, 2011 at 4:12 PM

I can always whore myself out.

Apologetic California on August 4, 2011 at 4:13 PM

WTF… Barry’s economic plan in action

http://www.gifbin.com/bin/320sw0sw7847.gif

roflmao

donabernathy on August 4, 2011 at 4:13 PM

YIKES – we were following it all afternoon here.

gophergirl on August 4, 2011 at 4:13 PM

So how is this worse than default again?

NoStoppingUs on August 4, 2011 at 4:07 PM

You mean how is default worse than this. Well, default would have turned off the tap on 40% of federal spending instantly, at least for a few days. You may have seen a thousand-point drop instead of this.

Allahpundit on August 4, 2011 at 4:13 PM

I think I’ll invest in DisappointMints instead of stocks or bonds – especially not bonds.

forest on August 4, 2011 at 4:13 PM

RINOpallooza Baby!

Ogabe on August 4, 2011 at 4:13 PM

Feeling the hopelessness and praying I will have enough change left over to pay my bills.

Clinging to my guns…

E L Frederick (Sniper One) on August 4, 2011 at 4:13 PM

Carney said no big deal, stock market goes up and down…..

Sir Napsalot on August 4, 2011 at 4:14 PM

Well considering how everything is “unexpected” to these so-called expert economists, that doesn’t bode well.

Doughboy on August 4, 2011 at 4:09 PM

This.

And Merrill Lynch? They couldn’t predict or avoid their own downfall, and were “saved” by BoA? These are our experts?

Allah? Awaken!

65droptop on August 4, 2011 at 4:15 PM

Carney said no big deal, stock market goes up and down…..

Sir Napsalot on August 4, 2011 at 4:14 PM

Please tell me you’re joking. Did he really say that in response to today’s market activity?

Doughboy on August 4, 2011 at 4:15 PM

This may be the second largest crash in one day. This week it’s dropped pretty close to 1000 points.

dogsoldier on August 4, 2011 at 4:15 PM

Economists at Bank of America’s Merrill Lynch said Thursday that the economy is just one shock away from a recession.

Just wait until October when the super-hurricane hits New York City…

rockmom on August 4, 2011 at 4:15 PM

Remind me again. This is Bush’s fault, right?

Right?

BacaDog on August 4, 2011 at 4:15 PM

Imagine how bad it would be had we not raised the ceiling!

/bayam

Chuck Schick on August 4, 2011 at 4:15 PM

American made shovels for all ready shovel projects. Call 1-800-Limerick with your Amex # or PayPal account. FREE SHIPPING

Limerick on August 4, 2011 at 4:16 PM

You may have seen a thousand-point drop instead of this.

Allahpundit on August 4, 2011 at 4:13 PM

But it’s only Thursday. These things usually happen on Fridays. “We’re not even halfway there yet”.

Actually, I guess we are, but close enough.

forest on August 4, 2011 at 4:16 PM

It will get much worse …

Many of said … when Bush broke out “TARP” … we told ya – “Hey, if it’s gonna come down – it’s gonna come down – throwing dollars at it and skewing capitalism is only going to drag the pain out.”

At some point – I hope people will realize we need to stop … and take the pain. You cannot run forever from the circumstances of your poor decisions.

If Bush had passed on TARP – we’d have hit rock bottom in 2008 – and been back on our way up immediately. We’d have a newer and smaller government – instead of a government that attempts to hide bad employment news by putting every out of work person to work for the government.

Spiral of death.

HondaV65 on August 4, 2011 at 4:16 PM

Somewhere the president is agonizing over whether to play a bump and run or try a flop shot.

Ted Torgerson on August 4, 2011 at 4:16 PM

We’re not quite half way there.

GaltBlvnAtty on August 4, 2011 at 4:16 PM

DWS: We take ownership of this economy.

BHO: I want chocolate cake with whip cream frosting and a purple slurpee. Sniff.

Key West Reader on August 4, 2011 at 4:16 PM

All together now:

The Obama Recession, you bone it, you own it!

Chip on August 4, 2011 at 4:16 PM

You mean how is default worse than this. Well, default would have turned off the tap on 40% of federal spending instantly, at least for a few days. You may have seen a thousand-point drop instead of this.

Allahpundit on August 4, 2011 at 4:13 PM

Except there wouldn’t have been a default.

Obama would have had to make tough decisions.

Luckily for him, the GOP bailed him out of that tight spot.

Viva the GOP 100-year plan to prosperity!

fossten on August 4, 2011 at 4:16 PM

Apparently, this selloff was so bad that even gold and silver fell as investors had to sell those to make the margin calls.

rockmom on August 4, 2011 at 4:17 PM

we need to cut more spending.

sesquipedalian on August 4, 2011 at 4:12 PM

Spending trillions in borrowed money has been such a success!

Just like they promised, 5% growth, down to 6.7% unemployment.

Awesome!

mankai on August 4, 2011 at 4:17 PM

Pelosi~ we’re saving life as we know it….

tinkerthinker on August 4, 2011 at 4:17 PM

BHO: You ain’t seen nothing yet…

d1carter on August 4, 2011 at 4:09 PM

And, yesterday he told his minions that he was only half way there. Can’t wait to see what the 2nd half of his destruction looks like.

nwpammy on August 4, 2011 at 4:18 PM

What do you all think will happen tomorrow?

It’s probable that those who haven’t heard yet will be frantic to sell off.

dogsoldier on August 4, 2011 at 4:18 PM

It’s now clear that without stimulus, the economy would have experienced a major fall over the last two quarters. With stimulus coming to and end and no political drive for another round of spending to keep the economy afloat, it’s looking like a classic balance sheet recession in the US.

http://www.businessinsider.com/richard-koo-its-not-too-late-to-learn-from-japan-2011-4

bayam on August 4, 2011 at 4:18 PM

I also wonder if last night’s report that U.S. debt had hit 100% of GDP and the revelation that Geithner had been moving a ton of money around since May to avoid hitting the debt ceiling had something to do with this as well.

rockmom on August 4, 2011 at 4:18 PM

Worst part of all this? This might change the deal’s revenue assumptions, if GDP for 2011 grows only 1% as some analysts now predict, or if it actually goes into negative territory (and, thanks to our wonderful progressive tax system, any change in GDP will be amplified in the tax revenues).

We thought we were getting $900B deficit reduction in the first tranche; that may end up being nothing at all.

novakyu on August 4, 2011 at 4:19 PM

That budget deal sure was a good thing, wasn’t it? Just like even some supposed “conservatives” told us. I can see their wisdom now.

Lon Chaney on August 4, 2011 at 4:19 PM

could it be treasury has been secretly in the market buying the average up like under Clinton?

and now…. they need it to float other things?

(`simplification, but I am suspicious)

golfmann on August 4, 2011 at 4:19 PM

Next Dimmocrit Tactic: Hauling 401K managers before Congress to intimidate them from mailing out 401K monthly account statements.

(Hide the decline)

HondaV65 on August 4, 2011 at 4:19 PM

sesquipedalian on August 4, 2011 at 4:12 PM

No, according to your buddies Krugman, Beckel, etc., we need to spend more. If we’d had a $2 or $3 Trillion Dollar stimulus, things would be humming along now!

AZCoyote on August 4, 2011 at 4:19 PM

I’m so looking forward to Obama’s repeat lecture about the markets having too much volatility and wouldn’t we like a guaranteed fixed 2% (or whatever it was) on our money. /s

debg on August 4, 2011 at 4:19 PM

Dow drops 512 points on obama’s birthday. It’s a good thing we only have birthdays once a year!

ConservativePartyNow on August 4, 2011 at 4:19 PM

Now wait just a damn minute..

Debbie Wasserman Shultz told me yesterday that the economy was turning around.

BacaDog on August 4, 2011 at 4:19 PM

The worst happened long before the Tea Party, George Will hit it spot on.

Regarding recent history: Panic-mongers warned, “Raise the ceiling lest the stock market experience a TARP convulsion.” Yes, the market declined almost 778 points when the House rejected TARP. But who remembered that after TARP was quickly enacted, in the next five months the market lost another 3,800 points?

Speakup on August 4, 2011 at 4:19 PM

If Bush had passed on TARP – we’d have hit rock bottom in 2008 – and been back on our way up immediately.

From someone who clearly has little knowledge of the global financial system and thinks you can rebuild after the system has completely collapsed.

bayam on August 4, 2011 at 4:19 PM

bayam on August 4, 2011 at 4:18 PM

So the key to our economic success in the past was trillion dollar stimuli bills. Huh. When did that start?

Akzed on August 4, 2011 at 4:20 PM

Doughboy on August 4, 2011 at 4:15 PM

Nope, press sec did say that, when Dow was down 300
WH: Markets go up and down

Sir Napsalot on August 4, 2011 at 4:20 PM

We thought we were getting $900B deficit reduction in the first tranche; that may end up being nothing at all.

novakyu on August 4, 2011 at 4:19 PM

Uhm sorry – but there were no real cuts in that impotent plan anyway. Nothing lost here.

HondaV65 on August 4, 2011 at 4:20 PM

Debt-ceiling discontents claim the sell-off this week is a backlash to the feebleness of the deal in addressing America’s long-term debt problem. I don’t buy it.

And you shouldn’t, AP. And you do a great job in providing all the info and links showing why this has nothing to do with the debt ceiling being raised. There are large macroeconomic issues at play, along with horrible monetary policies by central banks all over the world, the head of which is our Fed Bank. Europe is literally this close to a complete sovereign credit crisis, as both Italy and Spain halted trading today when their sell offs went from bad to “frick-we’re-all-gonna-die” bad. With the contagion in Europe standing at our door, the U.S. entering a recession (if you believe we ever left the first one), and horrible monetary policy, it’s no wonder the Markets tanked. And you know what, next stop for the S&P is around 1120 so we could go a bit further.

Weight of Glory on August 4, 2011 at 4:20 PM

10,000 is the psychologically significant number. If it gets below that, it’s time to dig a hole. Because it’s Crash time.

portlandon on August 4, 2011 at 4:21 PM

Okay, that’s damn funny.

Bayam, you tool!

ROFLMAO

Imagine how bad it would be had we not raised the ceiling!

/bayam

Chuck Schick on August 4, 2011 at 4:15 PM

It’s now clear that without stimulus, the economy would have experienced a major fall over the last two quarters. With stimulus coming to and end and no political drive for another round of spending to keep the economy afloat, it’s looking like a classic balance sheet recession in the US.

http://www.businessinsider.com/richard-koo-its-not-too-late-to-learn-from-japan-2011-4

bayam on August 4, 2011 at 4:18 PM

fossten on August 4, 2011 at 4:21 PM

Actually it looks like us Southerners are in a position to carpetbag the carpetbaggers. Anyone up for a piece of Boston or Akron?

Limerick on August 4, 2011 at 4:21 PM

What do you all think will happen tomorrow?

It’s probable that those who haven’t heard yet will be frantic to sell off.

dogsoldier on August 4, 2011 at 4:18 PM

It’s gonna be ugly. A run on the banks with people closing out 401k’s and retirement plans. It’s better to pay the penalty now instead of risking a total loss.
BOHICA!

milwife88 on August 4, 2011 at 4:21 PM

It’s now clear that without stimulus, the economy would have experienced a major fall over the last two quarters.

bayam on August 4, 2011 at 4:18 PM

No, what is clear is that all that “stimulus” was just a humongous waste of money and provided no stimulus at all.

Lon Chaney on August 4, 2011 at 4:21 PM

Now wait just a damn minute..

Debbie Wasserman Shultz told me yesterday that the economy was turning around.

BacaDog on August 4, 2011 at 4:19 PM

That’s right. It’s “out of the ditch” and heading straight for the cliff!

ConservativePartyNow on August 4, 2011 at 4:21 PM

Gee. I hope BHO enjoyed his birthday party last night. He took in $3,000,000.00. Maybe he can donate that to the small investors that lost their shirts today.

Punk.

Key West Reader on August 4, 2011 at 4:22 PM

Tomorrow, the Department of Labor releases the non-farm payrolls report for July, at 8:30 AM Eastern. Then the fun starts!

There’s “total fear” in the market

Now the Dow Jones Industrial Average has declined 9 out of the last 10 trading days. Just before the October 19, 1987 crash, the Dow Jones Industrial Average had declined 9 out of the previous 10 trading days.

Earlier today, the market activity caused a certain financial website to crash:

“As readers may have noticed Zero Hedge has been down for about an hour. We apologize for the downtime which was due to a surge in traffic . . . resulting in one of our servers (located naturally offshore) to literally explode. . . . Readers may experience intermittent access but we hope to have everything running back up and normal shortly. And now we return you to your regularly scheduled melt down. . .”

Emperor Norton on August 4, 2011 at 4:22 PM

Now wait just a damn minute.. Debbie Wasserman Shultz told me yesterday that the economy was turning around. BacaDog on August 4, 2011 at 4:19 PM

It did. 360 degrees.

Akzed on August 4, 2011 at 4:22 PM

Example of Fred Thompson’s golden tweets:

DNC Chair Schultz: “we’ve really begun to turn the economy around.” Well, technically, that IS an accurate description of a tailspin. #tcot

bridgetown on August 4, 2011 at 4:22 PM

bayam on August 4, 2011 at 4:18 PM

In other words, even the meager growth was fake and unsustainable.

mankai on August 4, 2011 at 4:22 PM

Come on people, most of us here are old enough to remember Jimmah Cahtah’s presidency. Did any of us believe that using the failed policies of the Carter 1.0 presidency would have any different results with the Carter 2.0 presidency?

Really??? Really????

I saw this coming 3 years ago during the campaign. I am just seriously bummed that the GOP nominated such a lameass to run against this vapid hopey changey man boy who won. Sigh.

karenhasfreedom on August 4, 2011 at 4:22 PM

That said – the debt celing deal isn’t the total reason for the flop this week – but a damn good deal on that would have made this a small blip on the radar.

HondaV65 on August 4, 2011 at 4:11 PM

it has much to do with the euro zone collapsing…looks like Spain and Italy might default too, much the same like Greece, and the markets are scared coz there is a deafening silence coming form the European Central Bank…in short there are no money to bail out this countries, and ECB has no plan B either…and everybody knows it…hence the panic in the markets…

jimver on August 4, 2011 at 4:22 PM

From someone who clearly has little knowledge of the global financial system and thinks you can rebuild after the system has completely collapsed.

bayam on August 4, 2011 at 4:19 PM

Right – it’s the end of the world after a collapse. I forgot that part – Jesus comes down … dressed as a “pit boss” and says … “Clear the tables – the game’s over”.

Right.

HondaV65 on August 4, 2011 at 4:22 PM

fossten on August 4, 2011 at 4:21 PM

!!!

One thing about morons, they’re predictable!

Akzed on August 4, 2011 at 4:23 PM

bayam, the stimulus was a bust, we’ve been down that road. This recession has been the longest one we’ve had at least since WWII. Bailout nation and stiumulus nation failed.

joeindc44 on August 4, 2011 at 4:23 PM

It’s now clear that without stimulus, the economy would have experienced a major fall over the last two quarters.

bayam on August 4, 2011 at 4:18 PM

How do you Know that?

Do you have your own little alternate reality transport machine there at the bank?

Chip on August 4, 2011 at 4:23 PM

Ditto the double dip conclusion.

America is sliding further into the ditch, the world needs us to be stable and strong, and the radical chic frat boys running the government have only one plan- get “…another day older and deeper in debt…” Maybe St. Peter will come to our aid. Better yet, pray to/ask St. Jude for a little “HELP! We need somebody. HELP! Not just anybody. HELP! You know we need… ” Reagan II. “HEEELLP!”

JimP on August 4, 2011 at 4:23 PM

bayam on August 4, 2011 at 4:18 PM

Wrong, bayam.

This recession is a result of Obamacare.

fossten on August 4, 2011 at 4:24 PM

Right – it’s the end of the world after a collapse. I forgot that part – Jesus comes down … dressed as a “pit boss” and says … “Clear the tables – the game’s over”.

Right.

HondaV65 on August 4, 2011 at 4:22 PM

ha ha Haaa….That’s funny right there, I don’t care who you are..

bridgetown on August 4, 2011 at 4:24 PM

10,000 is the psychologically significant number. If it gets below that, it’s time to dig a hole. Because it’s Crash time.

portlandon on August 4, 2011 at 4:21 PM

I don’t think many people really look at the Dow, it is the S&P 500 that really tells the story. Yesterday it became clear that a classic head-and-shoulders pattern (i.e. small rally, pullback, big rally, pullback, small rally, followed by huge drop) has happened since the beginning of the year and most of the time, that pattern presages a steep drop in the 500, around 10% off the “head.”

rockmom on August 4, 2011 at 4:24 PM

jimver on August 4, 2011 at 4:22 PM

I think I said … that a bunch of things came together at once to produce the perfect storm.

I still think this would have been a blip on the radar here in the US if we had gotten a good deal.

A GOOD DEBT REDUCTION DEAL does more than help us. It’s helps the entire world. The dollar is the currency of the world – and if people can regain confidence that it’s solid – that helps a lot.

HondaV65 on August 4, 2011 at 4:25 PM

milwife88 on August 4, 2011 at 4:21 PM

I think you are correct.

dogsoldier on August 4, 2011 at 4:25 PM

Allahpundit on August 4, 2011 at 4:13 PM

You have your terms screwed up. Reducing government spending by 40% is not a default. That is a partial shutdown. Not servicing the debt is a default.

NotCoach on August 4, 2011 at 4:25 PM

Oh I almost forgot. Today they had fear, I bet tomorrow we see panic.

dogsoldier on August 4, 2011 at 4:25 PM

The dollar is the currency of the world – and if people can regain confidence that it’s solid – that helps a lot.

HondaV65 on August 4, 2011 at 4:25 PM

that is correct

jimver on August 4, 2011 at 4:26 PM

The market has been higher than it should have been – fueled by all the pro-Obama propaganda and spinning of the media (including the financial media).

The simple fact is that many profitable corporate reports are based on increased profits and declining sales. Companies can only cut so much and many are reaching the limit.

We are in free-fall.

bw222 on August 4, 2011 at 4:26 PM

How do you like Obama’s Satan sandwich?

idesign on August 4, 2011 at 4:26 PM

It’s now clear that without stimulus, the economy would have experienced a major fall over the last two quarters. With stimulus coming to and end and no political drive for another round of spending to keep the economy afloat, it’s looking like a classic balance sheet recession in the US.

bayam on August 4, 2011 at 4:18 PM

We’ve been trying to buy prosperity for decades now, and all we have to show for it is mountains of debt and hordes of people dependent on the government. Time for a change.

pedestrian on August 4, 2011 at 4:26 PM

Obama has but a boot on the neck of the economy. It has got to be on purpose. Even a Box of Rocks like Obama could not be so stupid as to do in by accident.

Lon Chaney on August 4, 2011 at 4:27 PM

Eat some more cake Mr. Liar-in-chief! Surround yourself with your merry little band of communist thieves and let them watch as you fiddle while the economy implodes. Make a quick speech condemning the U.S. Then haul ass off to a vacation on Air Force One paid for by the taxpayers you have destroyed. Keep repeating until Nov.2012. After that you may be dining in a Federal prison if the truth about you can be found out.

Marco on August 4, 2011 at 4:27 PM

yeah, things would’ve been much worse than the current unemployment and low growth of the GDP, union thugs across the country would’ve have had to have start working harder or actually earning close to what the market would pay in the private sector for sitting on your arse all day playing angry birds. And that would’ve been a tragedy.

joeindc44 on August 4, 2011 at 4:27 PM

Obamas to summer on Martha’s Vineyard once more in August

President Obama is planning to return to Martha’s Vineyard again for vacation this summer, the third time he and his family have visited the island since he took office.

INC on August 4, 2011 at 4:28 PM

If we as a nation live beyond our means, we are destined to end up living beneath our means.

Now where have I heard that…???

JohnGalt23 on August 4, 2011 at 4:28 PM

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