August 08, 2011
Dow Down (Bumped) Closes -624.24 (-5.45%)
This isn't pretty.
The Dow Jones Industrial Average has plummeted to begin the trading day after the nation's credit was downgraded from AAA to AA+ by Standard & Poor's after the market closed Friday.
Keep your fingers crossed, folks, that this is just a downgrade and that we aren't headed for a complete collapse of the economy as the Cloward-Piven-Obama left so giddily hopes it is.
Update: 10:15AM Down-down-down: Dow at -242.11.
Update: 10:30AM Dow at -343.15
Update: 11:00AM Dow at -347.84. Stabilizing?
I'm going to try not to look again until noon.
Update: 1:59PM G U L P! Dow at -445.85, and now below 11,000.
Update: 4:00PM Dow closes at -624.24 (-5.45%), but soon hits -633.17 (-5.53%) and continues to fall after hours.
But...
We were told upping the credit limit would prevent this.
Posted by: Profesor Hale at August 8, 2011 09:37 AMFor every seller, there is a willing buyer. Someone expects to get rich buying those bargain stocks at the expense of panic sellers.
Posted by: Professor Hale at August 8, 2011 01:44 PMOnly promised IF we managed to show spending cuts that were worthwhile. Obviously, the government fooled no one!
Posted by: carol at August 8, 2011 04:58 PM
