Dow in Freefall Wonder why

[The Nature Boy 4,224]

• 12542.38 | Down 28.57 points, or 0.23%
• Down for four consecutive trading days and six of the last seven sessions.
• Down 273.01 points, or 2.13%, over the last four trading days.
• Largest four day point & percentage decline since Monday, November 12, 2012.
• Lowest closing value since Tuesday, June 26, 2012.
• Hit an intraday high of 12600.59 at 09:40:21 today, up 29.64 points, or 0.24%.

[Mr. Big Dog 10,747]

DJIA 09/26/2008: 11,143

DJIA 10/10/2008: 8,451 (-2,692 = -24.15%)

That's a freefall!

ETA: In case you wonder why the stocks are not doing well, there's this thing Congress created called the "fiscal cliff" that - if unresolved - will trigger a recession next year. Better call your Republican Congressman and tell him to see to it that the fiscal cliff is addressed. Once it is, the stock markets will come back.

Edited November 16, 2012 by Mr. Big Dog

[sly_wolf 199]

• 12542.38 | Down 28.57 points, or 0.23%
• Down for four consecutive trading days and six of the last seven sessions.
• Down 273.01 points, or 2.13%, over the last four trading days.
• Largest four day point & percentage decline since Monday, November 12, 2012.
• Lowest closing value since Tuesday, June 26, 2012.
• Hit an intraday high of 12600.59 at 09:40:21 today, up 29.64 points, or 0.24%.

Maybe it's time to read the financial news?

[Mr. Big Dog 10,747]

Maybe it's time to read the financial news?

Now why would he want to do that?

[I AM NOT THAT GUY 5,715]

DJIA 09/26/2008: 11,143

DJIA 10/10/2008: 8,451 (-2,692 = -24.15%)

That's a freefall!

ETA: In case you wonder why the stocks are not doing well, there's this thing Congress created called the "fiscal cliff" that - if unresolved - will trigger a recession next year. Better call your Republican Congressman and tell him to see to it that the fiscal cliff is addressed. Once it is, the stock markets will come back.

Congress created? That idea came right out of the White House and headed over to Reid's office. That was the take it, or leave it position the Democrats put forth.

Edited November 16, 2012 by The Patriot

[Mr. Big Dog 10,747]

Congress created?

Where was that legislation passed? The White House had a different idea that Congress refused to entertain.

[I AM NOT THAT GUY 5,715]

Whose sequester?

In the debate, Obama said he didn’t propose sequestration, Congress did. (We asked the White House for comment, but didn't hear back.)

To determine the question of ownership, we turned to Washington Post reporter Bob Woodward’s new book The Price of Politics.

Woodward’s reporting shows clearly that defense sequestration was an idea that came out of Obama’s White House. But the intention was to force Republicans to negotiate, not to actually put the cuts into effect.

Woodward summarizes the thoughts of the Obama team: "There would be no chance the Republicans would want to pull the trigger and allow the sequester to force massive cuts to Defense." Democrats, meanwhile, didn’t want to see their favorite domestic programs cut.

As the negotiations proceeded, Republicans seemed to think the same thing.

"Boehner told the House Republican leadership and other key members not to worry about the sequester … ‘Guys, this would be devastating to Defense,’ he said. ‘This would be devastating, from their perspective, on their domestic priorities. This is never going to happen,’" Woodward wrote.

Nonetheless, sequestration is now looming.

We recently looked at a Romney campaign ad that blamed Obama for the sequester and talked to several experts about who is more responsible for the looming cuts -- Congress or the president. Some say that the Obama White House proposed sequestration, so that means Obama owns it.

"While both parties are culpable for sequestration because the Budget Control Act passed Congress, the president proposed it originally and ultimately owns its outcome," said Mackenzie Eaglen, an expert on defense with the conservative American Enterprise Institute and an adviser to the Romney campaign. "That is because he alone can lead by calling the party leaders together for a resolution today if he wanted as president."

Other see the two parties as co-owners of sequestration, especially since Republicans in Congress voted for the law that set up its possibility. In the House, 174 Republicans and 95 Democrats voted for the law, while 66 Republicans and 95 Democrats opposed it. (Final tally: Passed 269-161.) In the Senate, 28 Republicans and 45 Democrats voted for it, while 19 Republicans and 6 Democrats opposed it. (Final tally: Passed 74-26)

"The logic that lays the blame for sequestration at Obama's feet, because he negotiated the BCA with GOP leaders in Congress, could just as easily apply to those other negotiators, or, indeed, any member of Congress who voted for the BCA in August 2011," said Christopher Preble, vice president for defense and foreign policy studies at the libertarian Cato Institute. Preble favors reductions to the defense budget.

"I do not believe it accurate to refer to the cuts that will occur in both defense and non-defense discretionary spending under sequestration as ‘Obama's cuts,’" he said.

Woodward, after Monday’s debate, reiterated what he said in his book -- and that Obama was off the mark in the debate.

"What the president said is not correct," Woodward told POLITICO. "He’s mistaken. And it’s refuted by the people who work for him."

Our ruling

Obama said that the sequester -- and the defense cuts that would result from it -- was not his proposition. "It is something that Congress has proposed," he said in the debate.

But it was Obama’s negotiating team that came up with the idea for defense cuts in 2011, though they were intended to prod Congress to come up with a better deal for reining in the deficit, not as an effort to make those cuts reality.

Meanwhile, members of both parties in Congress voted for the legislation that set up the possibility of sequestration. Obama’s position is that Congress should now act to avoid those across-the-board cuts.

Obama can’t rightly say the sequester isn’t his, but he did need cooperation from Congress to get to this point. We rate the statement Mostly False.

http://www.politifact.com/truth-o-meter/statements/2012/oct/24/barack-obama/obama-says-congress-owns-sequestration-cuts/

[Mr. Big Dog 10,747]

What was the original WH proposal? There was a $4 trillion deficit reduction package that Congress could have adopted and Obama would have signed. It would have meant the expiration of the Bush tax rates on households making more then 250K. Republicans walked away from it. And then they passed what is now known as the fiscal cliff.

[웃 910]

• 12542.38 | Down 28.57 points, or 0.23%
• Down for four consecutive trading days and six of the last seven sessions.
• Down 273.01 points, or 2.13%, over the last four trading days.
• Largest four day point & percentage decline since Monday, November 12, 2012.
• Lowest closing value since Tuesday, June 26, 2012.
• Hit an intraday high of 12600.59 at 09:40:21 today, up 29.64 points, or 0.24%.

I present to you 4 years ago. The week of November 10th, 2008.

High of week: 9,150

Low of week: 7,950

Difference: 1,200 points

The week before had a high of 9,650.

Or how about the week from Monday September 29th to October 3rd?

Start of week: 10,300

Low of week: 7,773

Difference: 2,527 points

Monday, September 29th, 2008

Stocks crushed

Approximately $1.2 trillion in market value is gone after the House rejects the $700 billion bank bailout plan.

NEW YORK (CNNMoney.com) -- Stocks skidded Monday, with the Dow slumping nearly 778 points, in the biggest single-day point loss ever, after the House rejected the government's $700 billion bank bailout plan.

The day's loss knocked out approximately $1.2 trillion in market value, the first post-$1 trillion day ever, according to a drop in the Dow Jones Wilshire 5000, the broadest measure of the stock market.

The Dow Jones industrial average (INDU) lost 777.68, surpassing the 684.81 loss on Sept. 17, 2001 - the first trading day after the September 11 attacks.

http://money.cnn.com...wyork/index.htm

Edited November 16, 2012 by ☠

[Mr. Big Dog 10,747]

I present to you 4 years ago. The week of November 10th, 2008.

High of week: 9,150

Low of week: 7,950

Difference: 1,200 points

The week before had a high of 9,650.

Or how about the week from Monday September 29th to October 3rd?

Start of week: 10,300

Low of week: 7,773

Difference: 2,527 points

Monday, September 29th, 2008

Stocks crushed

Approximately $1.2 trillion in market value is gone after the House rejects the $700 billion bank bailout plan.

NEW YORK (CNNMoney.com) -- Stocks skidded Monday, with the Dow slumping nearly 778 points, in the biggest single-day point loss ever, after the House rejected the government's $700 billion bank bailout plan.

The day's loss knocked out approximately $1.2 trillion in market value, the first post-$1 trillion day ever, according to a drop in the Dow Jones Wilshire 5000, the broadest measure of the stock market.

The Dow Jones industrial average (INDU) lost 777.68, surpassing the 684.81 loss on Sept. 17, 2001 - the first trading day after the September 11 attacks.

http://money.cnn.com...wyork/index.htm

Those were the days when the economy did great. At least if you ask RHR and TP. That was better than what we have today. Because the only economy they like is the one that goes the way of the Titanic.

[I AM NOT THAT GUY 5,715]

What was the original WH proposal? There was a $4 trillion deficit reduction package that Congress could have adopted and Obama would have signed. It would have meant the expiration of the Bush tax rates on households making more then 250K. Republicans walked away from it. And then they passed what is now known as the fiscal cliff.

It was the only thing left on the table, and Obama put it there. Maybe if the Senate had actually passed a budget resolution in the last three years, things would have been different. However, Harry Reid did't want the possibility of a reconciliation vote actually passing a budget bill with a simple majority.

[Mr. Big Dog 10,747]

It was the only thing left on the table,

Sure, after Boehner could not get his caucus on board with the grand bargain. That's Obama's fault, too?

[I AM NOT THAT GUY 5,715]

Sure, after Boehner could not get his caucus on board with the grand bargain. That's Obama's fault, too?

It was messed up all around, but nobody came away with clean hands. They all punted, and they will all punt again, until at least March. That has been the history of this administration -- even when Pelosi had the gavel -- a deficit of leadership. Harry dropped a poison pill in Nancy's lap, and damn if she didn't swallow it, otherwise Congress wouldn't have passed Obama's signature legislation.

[Dakine10 5,452]

Largest four day point & percentage decline since Monday, November 12, 2012

Wow! So it's the largest four day point & percentage decline in the last 4 days, eh?

It's probably safe to say then, that today has been the worst day we've seen since yesterday.

[Usui Takumi 1,562]

Wow! So it's the largest four day point & percentage decline in the last 4 days, eh?

It's probably safe to say then, that today has been the worst day we've seen since yesterday.

lol. Yeah the cliff is being priced in...except its a hillside not a cliff.