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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Dow crashes down through 10,000 level, settles just above

UPDATED at 4:20 p.m.

The Dow Jones Industrial Average of 30 blue-chip stocks crashed back down through the psychologically important 10,000 barrier just as the closing bell rang on today's trading, as traders worried about tomorrow's U.S. unemployment-rate report and sovereign debt problems abroad.

This was the first time the Dow touched 10,000 since it rose up through the barrier in November, after spending a year below it. It was the biggest one-day point drop since April 20, 2009 and it was the biggest one-day percentage drop since July 2, 2009.

The Dow dipped down to 9,999 just as the bell rang but settled back up above 10,000.

The Dow closed down 268.27 points, or 2.6 percent, at 10,002.18.

Cisco Systems -- maker of Internet switches and routers, or the "plumbing" of the Internet -- is the only Dow component in positive territory, following optimistic comments this morning from chief executive John Chambers.

The broader S&P 500 closed down 3.1 percent, just cracking the important support level of 1,065.

The tech-heavy Nasdaq closed down 2.9 percent.

Interestingly, or perhaps coincidentally (or perhaps NOT??) today's big market sell-off comes almost one year to the day that last year's big dive began, ending in the March bottom. Just sayin'.

Stocks extend losses as closing bell looms.

3:27 p.m.: Stocks are extending their losses with 30 minutes left on the trading day.

As of 3:27 p.m., the Dow is down 2.4 percent and is danger of dipping below the psychologically important 10,000 level.

The broader S&P 500 is down 2.8 percent and the tech-heavy Nasdaq is down 2.7 percent.

What's happening?

Two things: Domestically, jobs. Internationally, sovereign debt.

Economic data out this morning from the government show that the number of new jobless claims filed last week surprisingly rose -- forecasters expected it to drop -- and that's spooked traders on Wall Street ahead of tomorrow's big economic data, the government's official January unemployment number.

U.S. unemployment officially stands at 10 percent and forecasters are expecting it to rise to 10.1 percent for January. The markets have enjoyed a remarkable recovery since their March 2009 bottom, but cannot continue a similar climb until unemployment drops.

Internationally, it's sovereign debt and that means what kind of debt foreign countries are holding and how they are able to price their bonds, i.e., debt offerings. For instance, Lithuania is having to give 7 percent interest to get anyone to buy their bonds, and that's probably twice what the number should be. Debt problems are popping up all over the Euro-Mideast zone from Ireland to Portugal to Greece to Dubai, and that's spooking markets, too.

Who's next? Spain? The U.K.?

Stocks plunge in mid-day trading

Noon: Stocks are plunging in midday trading, as all three major indexes are down near or more than 2 percent.

As of noon, the Dow is down 1.9 percent.

The broader S&P 500 is down 2.2 percent and the tech-heavy Nasdaq is down 2.1 percent.

Stocks pushed down at opening on surprisingly bad jobs news

9:44 a.m.: Stocks were pushed down at opening by surprisingly bad news about new jobless claims.

In the first 15 minutes of trading, the Dow is down seven-tenths of 1 percent.

The broader S&P 500 is down eight-tenths of 1 percent and the tech-heavy Nasdaq is down seven-tenths of 1 percent.

Forecasters were surprised and disappointed by last week's new jobless claims, reported this morning. Forecasters expected new claims would drop to 460,000 but instead they rose 8,000 to 480,000. It was the fourth hike in the past five weeks, and the number of jobs lost was the highest in two months.

Tomorrow, the Labor Department will release the official January national unemployment number, which is expected to tick up from 10 percent to 10.1 percent.

In some rare good news for Toyota today, the Japanese auto giant reported a $1.7 billion fourth-quarter profit and raised its guidance for 2010.

Follow me on Twitter at @theticker

By Frank Ahrens  |  February 4, 2010; 4:20 PM ET
Categories:  The Ticker  | Tags: Dow Jones, jobless claims, nasdaq, s&p 500  
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Next: Important monthly unemployment report due out Friday

Comments

Ok, help me here... were these the jobs saved or created by the stimulus that these folks are now filing unemployment for? As each month passes and the unemployment stays above 10% (or 8% since that was Obama's number), Dems have a much more difficult road to hoe come Nov. Obama needs to get off his soap box and do something that really works.

Posted by: mmourges | February 4, 2010 10:27 AM | Report abuse

Obama is becoming a lame-duck President thus far...I see him as all "polish" and "no substasnce". He resides in Washington, DC where unemployment is at 12.1%, there has been no job growth or development in his own backyard and he has not done a thing about it except stump for Adrian Fenty's re-election.

My black family members will of course disown me for stating this but the truth is all that matters.

I never wanted Obama to do anything different for people of color than he did for all other American's and he has done just that --- NOTHING, he has done nothing for EVERYONE!

Posted by: lacairaine | February 4, 2010 10:43 AM | Report abuse

DEPRESSION OBAMA

DOWN, DOWN, DOWN WE GO

JUST WHO VOTED FOR THIS FOOL.


Economy Watch

More Americans unexpectedly filed first-time claims for unemployment insurance last week, indicating companies lack confidence the economic recovery will be sustained. Last week’s initial jobless applications were the most in seven weeks, Labor Department figures showed. First-time claims were forecast to decline to 455,000 from a previously reported 470,000 the week before, according to the median estimate of 46 economists surveyed by Bloomberg News.

Posted by: charlietuna666 | February 4, 2010 11:03 AM | Report abuse

Here's a few ideas:

Suspend the stimulus and replace with a 3-6 month tax holiday.

Drop the corporate tax rate to 12%, on par with Ireland.

Extend the Bush tax cuts for 3 years.

Accelerate depreciation for major capital expenditures expenditures

Form a commission to means test entitlements like Medicare and Social Security

Direct every cabinet secretary to prepare a departmental budget at 90% of 2008 funding.

Posted by: ADNova | February 4, 2010 11:14 AM | Report abuse

Yeah, boy, this Obama fellow is definitely a bum. We would be SO MUCH BETTER OFF if Empty Suit McCain and his airhead, neophyte Hunter Babe were bringing us back from the verge of economic collapse.
Stupid Right Wingers would be blaming "elites" and "liberals" from a soup line!

Posted by: cjbass55 | February 4, 2010 11:16 AM | Report abuse

Yep just another example of Obama's talented leadership. Well at least it's a little less than 3 yrs left till we can boot him out.

Posted by: affirmativeactionpresident | February 4, 2010 11:26 AM | Report abuse

I fail to understand how Obama's approval rating stands at 50%. The economy is in the tubes for everyone except maybe a few on Wall Street. None,... none of his policies have succeeded and in fact most have made things worse. I guess some people need to be hit on the head with a 2x4 to jolt them to reality.

Unemployment - up to 10.1 from 8 a year ago.
Housing - Despite a glimmer here and there, the market will tube for several more years. Foreclosures still and no mortgages available.
Terrorism - We all know this story.
Transparency promise - When ???
Earmarks - We still got 'em
Lobbyists - Broken promise. He's hired them.
Nearly 40 "czars" - Many admitted radicals.

This is just a few issues, but enough for me to to wonder how anyone can stick with such a dismal performer. He's a joke, and a dangerous one at that.

Posted by: thehamptons1 | February 4, 2010 11:26 AM | Report abuse

Response to ADNova. Clearly you believe that a good depression is what the country needs to get out of its economic downturn. Lets see, cut tax revenue by 50%, reduce tax revenue another 500 billion by extending the Bush tax cuts (which, BTW, have added about a trillion dollars to our deficit and did nothing positive), throw another 10 million off Medicare an onto the local gove. indigent health care bill, etc. Wow ! Great!

Posted by: desmondohanlon | February 4, 2010 11:32 AM | Report abuse

Attention right wing-nuts: Please let us know when you find your brains. Until then, keep on using the posting templates provided you by Mitch "Yertle the Turtle" McConnell.

Posted by: sasquatchbigfoot | February 4, 2010 11:51 AM | Report abuse

"Forecasters were surprised and disappointed by last week's new jobless claims"

Who exactly are these idiots that expected employment to increase? Don't spend much time outside Washington D.C. do they.

Posted by: jhadv | February 4, 2010 12:01 PM | Report abuse

I don't know how in the heck they can continue to be surprised month after month about bad economic news.

Its a sad commentary on what clows we have running things in DC.

Posted by: PSURoss | February 4, 2010 12:04 PM | Report abuse

Anyone blaming Obama for rising unemployment while the GOP just sits around sucking their thumbs and crying "No' to every issue is a complete and total moron.....

I know lets cut more taxes for the rich and business. Then you can charge me even more in my local property taxes to make up the difference. Then we can create a huge national debt, that drives down the value of the dollar. We can then ship all of our maufacturing jobs to communist nations that pay people slave wages.

I don't know about the GOP but I can not compete with a Chineese man "content" making only 2 dollars a day....

THe GOP deregulated, the GOP failed.

Trickle-Theez

Posted by: -CMAC- | February 4, 2010 12:09 PM | Report abuse

It is amazing how the Obama administration believes thata Wallstreet led economy will reverse the deficits and unemployment.On one hand the administration is told to keep the prime rate at nil,keep spending and keep the same financial policies in place.Meanwhile corporate America is told to reduce wages ,layoff workers and raise prices.McDonald is a typical good wallstreet company.Make your low paid workers work harder and if their is a lull in customers ,have them to clock out.Never mind that this is a food stamps,medicaid,welfare office in disguise.However,we should cheer because they exceed wallstreet expectations.

Posted by: mars7578 | February 4, 2010 12:20 PM | Report abuse

Remember when one by one steel, autos, textiles, furniture and many other industries were being shut down and given away, with nothing in return ? Pronouncements from Washington said we were better off, blaming high pension and medical costs, poor management, and citing the need to phase them out in favor of cheap imports. Optimists said don’t worry, dreaming loudly of the coming high tech information age, the magic bullet that will someday propel us from the abyss. Today of course those same voices are largely silent as the majority of advanced degrees in science and engineering are awarded to foreign students, and U.S. corporations routinely import thousands of H-1B engineering and software professionals from the vast pools of technical talent in India and China where the newest R&D centers have been built. And neither are they saying much about the billions of dollars flowing into the banking industry at a time the majority of advanced science, math, and engineering degrees are awarded to foreign students, and high school teachers in those fields are lucky to have jobs, never mind the mediocre pay. . . . What’s clear is that fundamentals like these explain the growing ranks of jobless Americans and predict our demise far more accurately than the temporary effects of a recession. A jobs bill alone won’t make a dent. We can only hope American leaders soon realize that true superpower status will not be sustained much longer by a superficial debt ridden economy built on derivatives, strip malls, $10/hr jobs, and cheap imports at Walmart.

Posted by: jdwil | February 4, 2010 12:24 PM | Report abuse

Easy to blame the current administration, harder to see the big picture.

This is a continuum of bad decisions made since the 1980s, and the chickens have not only come to roost, but crap all over the place.

I would greatly prefer to have watched McStain et al to have won the election so they could preside over this.

Since we are a nation of greedy b*strds, however, it doesn't make a heck of a lot of difference who leads us to 2nd (or 3rd place).

However, I have to laugh when I hear the Fox crew bleat about (quoting O'Really here) "Obama is a socialist because he believes in redistributing wealth."

Anyone who can (preferably with a straight face) look at the redistribution of wealth that has picked the middle class's pocket and sent the money to the investor class since the 1980s, is either misguided or someone who is able to lie to themselves.

The turnips who are willing to buy inferior Chinese crud because it's cheaper have gotten what they deserve. I'd put their thoughts into my Beijing-approved shredder, but unfortunately it fell apart after 3 uses.

There's no way out people, no matter who you elect or blame. You let the kleptocrats run things, and now pay the price. There's no alternative now, just ask your children what they think.

Also, Frank, you need to lose some weight.

Posted by: lambcannon | February 4, 2010 12:31 PM | Report abuse

For the Record: BUSH BAILED OUT WALL STREET, while John McCain was telling us that the "fundamentals" of the economy where strong.

Capitalism was killed and discredited, completing Ronald Reagans failed policy of deregualtion, and "Trickle" down economics, when Georgw W. Bush and Co. a "Republican" issued a taxpayer bailout to Wall Street banks to buy "Troubled Assets" that they never bought. Days after Congress approved Bushes TARP BAILOUT, Sec. Paulson scraps the plan. Buys not one troubled asset, and gives the banks free taxpayer money.

Posted by: -CMAC- | February 4, 2010 12:38 PM | Report abuse

***HOW TO END THE RECESSION THIS YEAR*** (without Government spending). PRESIDENT BARACK OBAMA: You NOW have the opportunity to end the Recession by encouraging the Banks to make Prudent CRE Loans. The Banks are now unfettered to make Safe Loans. In Large American Cities there are thousands of Major Projects with Entitlements. CRE PRODUCES THE GREATEST NUMBER OF JOBS than any other segment of the Economy. Glass mfg, Steel Industry, truckers, architects, brokers, agents construction workers, electricians , plumbers, office furniture manufacturers....WE3 COULD HAVE 6% UNEMPLOYMENT WITHIN 4 MONTHS.....THERE ARE 140 SHOVEL READY, ENTITLED, PROJECTS OF 70 OR MORE UNITS READY TO GO IN LOS ANGELES alone!! People will be WORKING FOR 2 YEARS BEFORE THE BUILDINGS ARE COMPLETED; and by then, the Recession will be over and Tenants will Flood the Market to Purchase Modern "green" units. This same scenario is found in Boston, Philadelphia, Houston, Ft. Worth, Detroit, Cleveland, St. Louis, Kansas City, Tampa, Providence, Hartford, St Paul---all across America.

Posted by: MSFT-PELOSI | February 4, 2010 12:41 PM | Report abuse

"You all oughta be ashamed of yourselves. A bunch of big guys like you, pickin' on a poor little orphan like him. Suppose you was torn away from your mother when you was just a baby. Nobody to tuck you in at nights. No warm, soft, caressin' trunk to snuggle inta. How would you like being left out alone, in a cold, cruel, heartless woild? And why? I ask ya, why? Just because he's got those big ears, they call him a freak. The laughing stock of the soicus. And when his mother tried to protect him, they threw her into the clink. And on top of that, they made him a clown! Socially he's washed up! Aw, but what's the use of talkin' to you cold-hearted boids? Go ahead! Have your fun! Laugh at him! Kick him now that he's down! Go on! We don't care. [turns away and blows nose]"

-- Timothy Q. Mouse from the motion picture Dumbo

Posted by: BaracksTeleprompter | February 4, 2010 12:42 PM | Report abuse

I'm surprised by the short memories most "conservatives" posting here seem to have. I mean, Boy Blunder aka George 43, left a Herculean mess behind. Probably take god himself a couple of terms to clean it up. The only mistake we can make is to give the country back to the dopes that really created the mess. Then it will be time to head for the hills.

Posted by: jrw1 | February 4, 2010 12:43 PM | Report abuse

Ok, lemmee axe you a quesh-uhn...Who said, "If we don't pass the stimulus bill unemployment will skyrocket."

A) Lady Gaga
B) Lebron James
C) Joe Biden's Doppelganger
D) Gilbert Arenas
E) Barack Hussein Obama
F) All of the above

Posted by: c_e_daniel | February 4, 2010 12:44 PM | Report abuse

I see the Neoconcon's out in force here, today. They and their business allies wrecked the economy. Idiots! What is wrong with this country is that we OUTSOURCED 44 million jobs! We gave China and India our manufacturing and technology base. I mean, Intel built the most advanced IC fabrication plant in the world today IN CHINA. There is virtually no technological R& D being done in this country, at least by U.S. citizens, 4.5 million U.S. computer programmers, engineers, mathematicians are UNEMPLOYED, displaced by mostly dirt cheap Indian slave labor here on H1-B visas. Your economic and utterly insane trade policies have made it problematic that this country will survive and you yammer for giving additional breaks, reward the corporate traitors that have demonstrated repeatedly that they will use that money for offshore investments, hire only foreign workers. Are you really that dumb?

What we should do, and likely wont until its too late, is to bring back trade tariffs, duties, fees, and enact punitive taxes on investments and companies that outsource jobs, technology or factories, that *have* outsourced jobs, technology or factories at any time in the past 17 years. Charge any company hiring any foreign worker on a guest worker visa $100,000 or $200,000 a year per worker; discourage them from displacing U.S. workers. I'd bet Microsoft would dump their Indian workforce and bring back their much better, but slightly more expensive, U.S. workers, then. I'd bet Amazon, Dell, Verizon, IBM, et al would move their call centers back to the U.S. if they had to pay a $5 per U.S. service call fee for every call handled by an offshore call center. Likewise, the problem with the creation of new jobs is the lack of money for small businesses. The big banks and investment firms took most of their federal bailout money and invested it in China and India. So, circumvent them! Have the Fed, via the Small Business Administration, make direct fixed interest 5% loans to small businesses with the provision that hey be owned by U.S. citizens and employ only U.S. citizens. Likewise, create a credit card issuer for credit unions and small local banks and allow them to issue credit cards and personal loans directly with interest rates capped at 12%. These two last steps, alone, would put a nail in the coffins that Bank of America, CIYI, Wells Fargo, and those other big Wall Street banks have created. These are ruthless anti-competitive, anti-innovative monopolies --- force them to reform or put them out of business.

You fuzzy minded one world "free traitors" and globalization nitwits are actually NeoMarxist throwbacks. Oh, you call yourselves conservatives, but you are conservative in the same sense that Stalin and Mao were conservative, and your insane and treasonous ideology is as doomed as their sophomoric musings.

Posted by: mibrooks27 | February 4, 2010 12:45 PM | Report abuse

I'm still in cash. With Obama's hand on the tiller it's hard to know what the hell to invest in.

Posted by: greg3 | February 4, 2010 1:04 PM | Report abuse

Obama and his team are clearly not up to the job. As a matter of fact, the only jobs his team has created is within their own ranks. And boy, are these guys rank.
Enough is enough. The market is giving Obama and his people, if you can call them that, a vote of no confidence.
What is happening now is not going to be washed away with Obama's blame game. It took 8 years to get here and it will not be easy to get back to where we were in 2007 when everything started to collapse.
Well collapse it did, as a result of Barney, "don't ask..." Frank and his support of "Affordable housing".
Obama is making things worse, much worse.

Posted by: nychap44 | February 4, 2010 1:08 PM | Report abuse

Hey, dont forget that the Obama administration has "saved" or "created" two million jobs so far. Woohoo! That leaves only how many lost so far?...


No matter, look how good the market is doing...(insert Homer Simpson voice) "D'oh!"

Posted by: Homunculus | February 4, 2010 1:11 PM | Report abuse

As expected Barry the incompetent boob Obama issued false jobs statistics the day before his state of the union address to buy himself a temporary bump in the polls. Now a few weeks later the 'restated numbers' come out, i.e. the truth comes out, and the market tanks.

And by the way THERE IS NO SUCH THING AS JOBS SAVED it is a bogus concept invented by Barry. There is no measure of it and no way do measure it. Still have a job? Oh that must mean Barry can claim that saved your job.

When Barry took office the unemployment rate was 7.6% but now it is over 10%. That is jobs lost.

Posted by: screwjob2 | February 4, 2010 1:18 PM | Report abuse

i cannot believe some of the post on here. the reason why the market is tanking is because the debt limit increase is stalling in the house because no repubs will vote for it and a few DINO's might join them.

all of you blaming Obama you will soon be exposed for the fools that you really are.

Posted by: anonymous3 | February 4, 2010 1:42 PM | Report abuse

Got the teabagger blog rats here. Absence of truth and any thought in their comments a clue. That and their yellow eyes.

Posted by: dudh | February 4, 2010 2:01 PM | Report abuse

SomeIdiotWrote: "Anyone blaming Obama for rising unemployment while the GOP just sits around sucking their thumbs and crying "No' to every issue is a complete and total moron....."

+++++

When any party with the huge majorities the Democrats currently have plus the W/H, cannot pass their major bills... they simply don't know how to govern and should be thrown out period.

Posted by: Hawaiian_Gecko | February 4, 2010 2:05 PM | Report abuse

Well if it is the shell gamers who are trying to switch the pea from under Bush's shell to Obama. Thank God we have a pragmatist in charge and not someone who believes the rich will invest us to a recovery. Sorry, it's like a sugar buzz. It lasts for a little while and then like after Reagan, you start to notice everyone is hoarding the money and not investing. I wish the stimulus could have stimulated the conservatives out of the economic comatose state.

Posted by: benathornton1 | February 4, 2010 2:32 PM | Report abuse


...mad money says buy buy buy...

...lie lie lie...

...sell sell sell...

...farmer in the dell...

Posted by: moon-base-alpha | February 4, 2010 2:32 PM | Report abuse

Obama is a failure.

Posted by: thatsright2 | February 4, 2010 2:56 PM | Report abuse


We're sadly in the midst of the Obama Depression.

Heck of a job, Barry.

Posted by: Jerzy | February 4, 2010 3:01 PM | Report abuse

and governmentally too much Offense spending and nationally too much corporate profit taking out of the people pockets. Too much corporate pollution and product unknown side effects increasing healthcare costs. A perfect storm of nationalistic and corporate lack of social responsibility.

Posted by: Wildthing1 | February 4, 2010 3:01 PM | Report abuse

"I fail to understand how Obama's approval rating stands at 50%. The economy is in the tubes for everyone except maybe a few on Wall Street." I seem to recall that the economy collapse became obvious to everyone, except Republicans apparently, on 9/16/2008. Bush was the Pres. at the time. Jobs were being lost for a year prior to that at the rate 500,000 - 700,000 a month (since late 2007).

"It is amazing how the Obama administration believes thata Wallstreet led economy will reverse the deficits and unemployment." An interesting comment, that apparently ignores the realities of the system in which we live. It is a capitalist system that relies on Wall Street to raise capital and keep things going. It is not the 'Obama administration' that believes it; it is the foundation of our economy. After all, we really truly don't want to have the kind of system that the Soviet Union had, do we? However much we may dislike it, we need to rely on Wall Street, until we can agree and implement a different system. That by the way takes years!

Posted by: AMviennaVA | February 4, 2010 3:13 PM | Report abuse

No surprise here the working people already knew this was happening. Here is a cherry note for the Liberals, Obama, and the Washington Post.
Feb. 4 (Bloomberg) -- Warren Buffett’s Berkshire Hathaway Inc. was stripped of its last AAA credit rating by Standard & Poor’s after the billionaire investor agreed to buy railroad Burlington Northern Santa Fe Corp.
________________________________

Berkshire, which is taking on debt to fund the $26 billion takeover, was cut one level to AA+ from S&P’s highest grade, the ratings firm said today in a statement.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aCZQMYAzx8ts&pos=3

_____________________________

And the next to loose it's AAA Rating will be our country the good old US of A.

Well the bright boy's in Washington and there supporters will truly be equal soon we will all be in the poor house.

Posted by: jace1 | February 4, 2010 3:23 PM | Report abuse

Obamavilles are in your future.

Posted by: affirmativeactionpresident | February 4, 2010 3:44 PM | Report abuse

Why is every month's unemployment data "unexpected"? In buying into the Administration's comically rosy outlook and then being artificially surprised every month when the real truth comes out, perhaps newspapers should assume the worst and then pretend it's a good thing when the reality isn't quite so horrible. Granted we're just about to add $1,300,000,000,000 to the national debt for no reason and with no effect on the economy, but at this point we should try anything new.

Posted by: zippyspeed | February 4, 2010 3:47 PM | Report abuse

there is no intrinsict importance about the 10,000 level of the DOW...this sort of herd mentality based upon false premises reflects more about the level of consumerism in the stock market than it does technical measures or fundamental equity valuations. As expectations of future interest rates raise and inflation rise, estimates of future profits and resulting valuation will fall - this is the nature of corporate value. Its a temporal thing...

Posted by: ABethesda | February 4, 2010 3:55 PM | Report abuse

This is truly a global economy. What happens in Europe and elsewhere affects our stock market. And we affect theirs.

That's why we need to break up the too-big-to fail banks and to put in other reasonable regulation.

Things went fairly smoothly using the reforms put in after the depression. The troughs were difficult, but not impossible.

When we did away with those reforms, we may have made it possible for big banks to loot the middle class, but we also created a situation in which we will have regular depressions.

Break up the too-big-to-fail banks and re-establish some of the reasonable regulation done away with at the end of the Clinton years and in GWB's eight years.

Posted by: tinyjab40 | February 4, 2010 4:00 PM | Report abuse

Somemoron wrote: "As expected Barry the incompetent boob Obama issued false jobs statistics the day before his state of the union address to buy himself a temporary bump in the polls."

If you are referring to this morning's announcement by the Labor Department revising job loss statistics, you should take another look. That report indicates that the US lost 824,000 more jobs than originally thought DURING THE PERIOD FROM APRIL 2008 - MARCH 2009.

Let's see, Obama took office at the end of January 2009, so who was president during 10 of that 12-month period? I can't seem to recall, hmmm. (You neocons seem to be having trouble remembering, as well.)

Posted by: Notaneconomist | February 4, 2010 4:04 PM | Report abuse

First, this is not Obama's fault, or the Stimulus package.

This is GEORGE W BUSH'S lingering gift to America.

It has been proven that everything he did in his presidency from not funding the wars, to passing hte 2 giant tax cuts have made this recession the size and scope that it is.

Posted by: dataport34 | February 4, 2010 4:06 PM | Report abuse

Obama is doing a GREAT job. Just freakin' wonderful. How much longer does he have?

Posted by: diesel_skins_ | February 4, 2010 4:08 PM | Report abuse

As long as the markets have no faith in Obama and his policies the market is going to continue to tank. The Exec's are going to get their bonuses anyways so they don't care and they won't put their money in the market. They will move it off shore. I don't blame them... I've been sitting out of the market and parking all of my cash and won't put it in the market. It's getting to the point where many Americans feel the same way.. and it is all due to Obama scaring the hell out of people.

My 401k is now a 101k... my retirement which I worked so hard for and was going to take at 55 is now going to be 80 if I'm lucky to live that long and all of the money I thought I had saved for my kids is washed up and gone like the wind. Not all Obama's fault by a long shot but he has not done a single thing to help except put the fear of God ( or Allah ) in them.

Posted by: tbastian | February 4, 2010 4:11 PM | Report abuse

Obama announced the recession is OVER,
biden, gibbs, axelrod, they have been
saying over and over,
the recession is over.
let's build a few bullet trains,
and head for the future!!!
unemployment is a lagging indictor,
just like obama

Posted by: simonsays1 | February 4, 2010 4:12 PM | Report abuse

No jobs means no economy.
No universal health care means all hospitals will go bankrupt.
No New Deal means all bridges and highways will be unusable soon.
No affordable college loan plan means a nation of uneducated.
No plan to stop illegal immigration and enforce it means
America will have skyrocketing crime and overflowing prisons and an explosion of births from third world country immigrants that have babies to prove their masculinity and this will result in overflowing schools being taught only in Spanish and Portugese and not English.

Posted by: blakesouthwood | February 4, 2010 4:18 PM | Report abuse

When will Congress (namely the Republicans in the Senate and the House) admit that America is in a Great Depression and stop the denial and take their blinders off? The ripple effect will accelerate since everything is interconnected in our economy.

This is only the 2nd inning of the Great Depression. It's going to get a whole lot worse.

Posted by: blakesouthwood | February 4, 2010 4:20 PM | Report abuse

...how much more money do these WALL STREET REPUBLICAN earthling jokes need in order to surgically replace their shriveled sex organs with strap on cell phone/PDA/fax modules?...

...yes how much does it take to make the WALL STREET WASAMI WUNDERKINDS the big man on campus?...

...me thinks they need more bonus money...

...give the pathetic wretches two hundred million...

...they need it...

…because the truth is that you could train a monkey to do what these guys do all day, any monkey…

…so in the meantime, let's watch more Tarzan...

...you know, Tarzan, the King of the Jungle...

...the Great White Ape...

...reality TV...

Posted by: moon-base-alpha | February 4, 2010 4:21 PM | Report abuse

It's about time that Wall Street comes crashing down to the reality the rest of us have to deal with.

Posted by: pjs1965 | February 4, 2010 4:24 PM | Report abuse

memo to David Plouffe, David Axelrod and other White House political geniuses:

the "populist" attacks on Wall Street "fat cats"? really really smart.

every time a voter checks his or her 401(k) he will know who to thank: after a run up restoring maybe half the losses in lucky cases, now we have the Obama bear market.

But, hey, George Bush did it. Right? you cowards.

Posted by: miglefitz | February 4, 2010 4:36 PM | Report abuse

Apparently, many foks commenting here honestly think the sky is falling. Folks, this isn't going to be easy, but wetting your pants won't help. In case you didn't notice, we've been holding our breath as a nation for about a year now to see if we would skate past a horrific depression (not merely a deep recession). The problem isn't Obama so much as it is the entire political system, which seems to have failed to generate anything useful. Let's hope they step up to the plate this year -- and that means both parties.

Posted by: jdnathan | February 4, 2010 4:51 PM | Report abuse

All of the people that blame President Obama must be not aware that it's the Republicans in Congress (namely the Senate) that prevent (over decades) from legislation from passing to create jobs and when there aren't jobs then people end up losing their houses, cars, livelihood. So blame Congress and stop blaming President Obama. Congress passes legislation and writes legislation.
Blame the Republicans in the Senate for the Great Depression that America is in. And this Depression started when Bush was president back in 2001 and when the Republicans had the majority in the Senate. Now the Republicans can block legislation with the filibuster which is the Republicans middle name and nothing (as usual) will get passed in the inaction Congress. Blame the Republicans. Read history and learn the truth.

The Republicans are doing all they can to prevent universal health care from being passed. Ask yourself why

The Republicans deny that theres's "anything" wrong with the US Economy. Ask yourself why.

The Republican's don't want a jobs bill passed because they only care about the top 5% in this country with vast wealth. They don't care about people who actually work for a living.

Posted by: blakesouthwood | February 4, 2010 5:03 PM | Report abuse

Is it Obama fault for you being so stupid...too?

WHAT A BUNCH OF IDIOTS YOU PEOPLE ARE!!!!

YOU ARE IN FOR A RUDE AWAKENING COME NOVEMBER.....

AND WE WON'T BE CELEBRATING WITH TEA!!!

MAINSTREET DON'T CARE ABOUT WALLSTREET AND THEIR NUMBERS ANYMORE...

Posted by: dove369 | February 4, 2010 5:09 PM | Report abuse

Obviously someone is lying because the President and his Democratic Congressional leaders tell us every morning, at noon and every night that our economy is getting soooo much better every minute because of their brilliant work. It must be Bush, no Chaney, no Limbaugh, no Beck, no...but it certainly isn't the Democrats who have total control of the government.

Posted by: staterighter | February 4, 2010 5:15 PM | Report abuse

We're sadly in the midst of the Obama Depression.

Heck of a job, Barry.

Posted by: Jerzy | February 4, 2010 3:01 PM | Report abuse

***************************************************************************************

No, we're sadly still in the midst of Bushed Recession. If you really thought that Obama is a "messiah" who can magically pull us out of it within a year, then I got a million acre of land that I'll sell to you for ten bucks.

Heck of a job, George!

Posted by: TalkingHead1 | February 4, 2010 5:25 PM | Report abuse

HINT TOO WAPO:

ARE YOUR NUMBERS DECLINING?

YOU BET'CHA!!!

ALL THESE HAGS OVER HERE BLAMING OBAMA

WELL I BLAME ALL "MOTHERS" OF "TEABAGGERS".....FOR "BIRTHING" IDIOTS!

Posted by: dove369 | February 4, 2010 5:32 PM | Report abuse

Charlie the talking tuna taco makes an appearance! Must be something fishy going on.

Posted by: sasquatchbigfoot | February 4, 2010 5:32 PM | Report abuse

Some of us have called this the ''1.35 Trillion Dollar O'Bama Bubble''

When it falls, it is going to crash and burn and the entire nation has been put at risk by the crony FED, its colluding Ponzi US Treasury counterparts, and the US Government who is spending it on itself like drunken sailors.

The O'Bama Bubble will burst. Having gained 50% in 12 months. Insanity and money hungry, FED-backed, ORGANIZED greed.

Posted by: Accuracy | February 4, 2010 5:52 PM | Report abuse

Ahh, the big trading houses and their computer-generated trading systems have just earned their million-dollar bonuses for 2010. Hedge funds were sorely in need of this "Chicken Little-based" sell-off. Now the rich people that have been waiting to buy at the lowest prices possible can do so. The peasants are just left to look at 401k or IRA statements and shake their heads. I was not entirely certain why I sold a few large positions on January 11th but it turned out to be a good time to do so. Do not expect people to keep their investment $$ in savings or money market accounts for very long. There's still $$ to be made in high dividend-paying shares and those will bounce back before the other shares for certain.

Posted by: thw2001 | February 4, 2010 5:53 PM | Report abuse

Well, well, well!

Wall Street succeeded in harvesting the GREEN SHOOTS and eating them.

Yum, yum! Depression era dinner for the rest of us. Can we have a Banker in every kettle?

BTW:

"Cisco Systems -- maker of Internet switches and routers, or the "plumbing" of the Internet -- is the only Dow component in positive territory, following optimistic comments this morning from chief executive."

Do you know why?

CISCO is pulling the same stunt LUCENT did. Self financing their equipment at 0% interest. BYE BYE CISCO. And too bad for the idiots that are buying their stock.

Posted by: mdsinc | February 4, 2010 5:53 PM | Report abuse

Adnova would like to increase the deficit by another trillion dollars.
How did that 2001 tax cut work out for you. We will spend the next ten years paying for it; no thanks. If just once a R had an economic idea that involved something other than tax cuts for the wealthiests Americans we would all be shocked. That one trick pony got us into this current mess. As you recall Pres. Clinton actually raised tax on the top 1% and used that money to create a Budget SURPLUS. With this crowd in the US Senate we won't ever see that kind of responsible economic policies ever again.

Posted by: leichtman | February 4, 2010 6:03 PM | Report abuse

Put me down as someone who cannot be very concerned with the Dirty Thirty Stocks. I couldn't care less if the Dow hits "NIL".

Posted by: RobtBrock | February 4, 2010 6:04 PM | Report abuse

miglefitz if you bothered to do your homework you would have discovered that this sell off was caused by a strenthening dollar caused by problems in Greece and Portugal. I guess that Obama is responsible for their economic problems according to your logic.Rs now clamour against the Paulson bank rescue. Where do you think our economy would be today had Pres Obama and Paulson let AIG, Goldman Sachs and Bank America fail as the R party now seems to embrace.

Posted by: leichtman | February 4, 2010 6:15 PM | Report abuse

GOOD NEWS: The asset/commodity bubble fueled by bailout bernanke's cheap money policy is finally starting to deflate! Another 2000 point drop of the DOW and it will begin to reflect the horrific damage done to the US economy by the irresponsible TAX-AND-SPEND policies of the loony-left d-crat socialists.

Posted by: TeaPartyPatriot | February 4, 2010 6:31 PM | Report abuse

As long as the markets have no faith in Obama and his policies the market is going to continue to tank. The Exec's are going to get their bonuses anyways so they don't care and they won't put their money in the market. They will move it off shore. I don't blame them... I've been sitting out of the market and parking all of my cash and won't put it in the market. It's getting to the point where many Americans feel the same way.. and it is all due to Obama scaring the hell out of people.

==============================
Yesterday the market was on the rise. Was that Obama's fault too?

Posted by: justonevoice | February 4, 2010 6:43 PM | Report abuse

The Bush Depression,or more accurately,the republican depression .Shoot a republican today for a better america tommorrow.Now I have to go...I have to pizz on Reagan's grave !

Posted by: hyroller56 | February 4, 2010 6:44 PM | Report abuse

Simple! Simple! Simple!…Obama….2008….2012…..2016….2020…..2024…..FOREVER! As a Independent, the line that summed it all up for me was, "saying no to everything may be good politics but it's not leadership." ..... I am totally tired of “no new ideas" to everything! ..….I am totally, totally tired of “no new ideas" to everything! ……I am totally, totally, totally tired of “no ideas" to everything! Over $400 billion of the stimulus was tax cuts that the Republicans asked for and they still did not vote for it. Please give me a new set of Republicans that are not part of the “no..no…no new ideas” campaign. Give me people that will get the country moving forward. Vote out all of the GOP (The Party of No Ideas) and get our country moving in the right direction. Hank Paulson defined the GOP best in his speech on “morale hazard”. For the record per Hank Paulson, the catechism of “moral hazard” is, “if you bail someone out of a problem they themselves caused what incentive do they have the next time not to make the same mistake.” America ask yourself, who in their right mind would vote for the group that drove the country into the ditch for eight (8) years, and now two (2) years later they still have “no new ideas”? ….Simple! Simple! Simple! Just remember what Paulson said.

Posted by: weeksmith | February 4, 2010 6:49 PM | Report abuse

yes--ALL the homeless victims of depression obama sleeping under the bridge are VERY upset that the market has dropped......

Posted by: ProCounsel | February 4, 2010 6:51 PM | Report abuse

Depression Obama Victims

in Warren Ohio
excerpts from the Wash Po last month

“"Let me show you something," says Dallas Root, standing behind the counter with a jeweler's loupe strung around his neck. He holds up a gallon-size Ziploc bag that's two-thirds full of gold -- engagement rings, class rings, promise rings, serpentine chains, St. Christopher medals, bracelets, anklets and earrings.

"This is just this week," Root says.”

...........

“One of the vets here recently brought in a young female Iraq vet who'd been living under a bridge in Warren. Cmdr. Jack Hilles fed her hot meals for two weeks, and another vet helped her find work at an injection molding plant.

"We even found her some clothes," says Hilles, anger in his voice. "She didn't have any g-dmn civilian clothes."

They are everywhere in this Ohio -- under bridges, in basements, at the vast Eastwood Mall complex that sprawls between Warren and Youngstown with a dented vitality.”
........................

“A 48-year-old Youngstown man was charged, accused of stealing $14 worth of food from Rite Aid Pharmacy," reads an entry in the weekly police report published in the Vindicator. "A Youngstown woman, 21, was charged with filling a shopping cart with $154 worth of groceries and leaving an Aldi food store without paying."
..........................

“Tom stands up. He is a big man. He wears a Cleveland Cavs T-shirt. His son will soon ship out to Afghanistan. He pushes the kitchen chair in. He doesn't know what to do with himself. He drives downtown to pay the water bill. Debbie watches him go. The small house is a still life of what a union job and hard work once afforded. No second mortgage here or big vacations on the credit card. Their weekly splurge was driving 10 miles outside Warren on Friday nights to their favorite diner.”
...............

But she doesn't know how they will survive if Tom doesn't find work soon.

She has already done the unthinkable.

One afternoon, Debbie -- nice, responsible Debbie, Book-of-the-Month Club member and fan of "Masterpiece Classics" -- gathered up her gold jewelry and put it in the red vinyl lunch bag she used to carry to work when she had a job. She drove to Uptown Gems & Jewels and unloaded everything she had for $876. The money is long gone.”

Source:
Wash Po Dec 17, 2009 by Anne Hull page 1

Posted by: ProCounsel | February 4, 2010 6:52 PM | Report abuse

looks like a lot of R post are cheering on the economic struggles of this country and praying for failure while encouraging their party leaders to stand on the sidelines and do absolutely nothing but obstruct and cast aspertions just like many of their bloggers here/ How in the world is that good for this country? When are the neocons going to learn that this is not a game and we are all in this together and that we should all be pulling for POTUS Obama to succeed. Have any friends who have lost their job or their homes lately? Its not funny and I doubt many of them would be cheering on the drop of the stock market today or praying that the President's economic policies fail. How sick, how unAmerican to be rooting for the President and this nation's economic failure. As a D I disagreed with Reagan and Bush economic policies, but when we were in a similar recession in 1981 and again in 2001 I cheered for their success even though I felt their policies were wrong. Simple question for all conservatives coming here to call Obama names and throw out invectives; is that what you truly want for this country and your community which very likely is struggling with their economy, economic failure? I have visited this site for quite some time and the tenor of the posts here seem nastier and more cynical than I have read in quite a while.

Posted by: leichtman | February 4, 2010 7:49 PM | Report abuse

State Street Corp is in big trouble right now, and they are starting to slide... here goes the second wave of the GWB depression.

Posted by: FranknErnest | February 4, 2010 7:57 PM | Report abuse

Way to go Cisco!

Avi Reiter

Posted by: avireiter5454 | February 4, 2010 8:21 PM | Report abuse

Mine as well post the winners and losers from Vegas.

Shame that those with no ethical underpinnings, killed one of the greatest investment mechanisms in history.

Posted by: brng | February 4, 2010 8:26 PM | Report abuse

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