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Another Bad Day on Wall St as Recession Fears Grow

By Jeralyn, Section Off Topic
Posted on Wed Oct 15, 2008 at 04:28:54 PM EST
Tags: John McCain, Barack Obama, 2008, economy (all tags)
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Stocks fell again today as recession fear set in.

The Dow Jones industrial average fell more than 700 points, giving back nearly all its record gain from Monday.

The Dow closed down 7.9 percent, or 733 points, at 8,578. That follows a loss of 77 points yesterday, which nearly wipes out Monday's 936-point gain. The Standard & Poor's 500-stock index was off 9 percent, with a 90-point decline, and the tech-heavy Nasdaq was down 8.5 percent, losing 151 points.

More...

More from CNN here.

McCain may be out of Hail Mary passes. His first, picking Sarah Palin, backfired with all but the Republican base, particularly independent voters and women who view her as supremely unqualified to be Vice President. His second, suspending his campaign to go to Washington and lead the way in crafting a bailout solution, was a joke.

What does he have left? Attacks on Obama's character and associations? Poll after poll show McCain and Palin's negative attacks have hurt, not helped his campaign.

McCain has an almost insurmountable problem. He took big, selfish risks, putting his own ambition ahead of what's best for our country. Unless he shows some true wisdom and leadership on the economy tonight, he probably is finished. As he should be.

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    Another Bad Day on Wall St as Recession Fears Grow | 7 comments (7 topical)

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    frustrating (5.00 / 2) (#1)
    by Jlvngstn on Wed Oct 15, 2008 at 04:43:29 PM EST
    Some of us saw the housing crisis and said "do something", some of us saw the credit crisis and said "do something", in both cases the response was too late.

    For months some of us have been screaming that a jobs crisis is coming (it has been building for 9) and once again our politicians are doing nothing.

    How about this.  Every time we have 3 straight months of jobs losses, the house and senate take no paychecks.  Perhaps that will make them act.

    Robert Reich and Kuttner among others have said that we need to invest in deficit spending to create jobs.  Of course I said this 4 months ago in the hopes that our elected officials would start the process that will take them 6 months to no avail (yes I did write my representative).

    To avert a deep recession deficit spending for job creation should be assembled and enacted immediately.

    Unless of course our representatives love acting as if they are "saving the day" putting out these fires.

    Incompetence and lack of foresight is an affliction that both parties are stricken with.  

    Of course I also said "any bill without jobs creation is a bill not to pass".

    Loss of jobs is not an emergency so to speak, but combined with the economic/credit situation it is a timebomb that will increase bankruptcies, crime, foreclosures, depression and the shuttering of too many small businesses.

    It amazes me that in light of the current situation not ONE single politician is trying to AVERT more crises.....

    Behind The Curve (none / 0) (#2)
    by squeaky on Wed Oct 15, 2008 at 05:09:05 PM EST
    Heckuva job. George Soros was interviewed by Bill Moyer and said basically the same thing:

    BushCo is behind the curve always acting too late.

    Here is the interview, well worth watching

    Parent

    I completely disagree (5.00 / 1) (#3)
    by abdiel on Wed Oct 15, 2008 at 06:00:08 PM EST
    Bush's fiscal stimulus was a purely political move designed to delay the recession, and it worked brilliantly.  The problem is the economy has so many squeaky wheels that there's no hiding that the day of reckoning is upon us.  Still, he gave McCain a fighting chance - if we had the coming recession three months ago like we should have, you could predict Obama actually sweeping the Electoral College.  

    McCain is so mixed up when it comes to economics that he doesn't stand a chance tonight.  He's an awful candidate because he specializes in all the wrong things for the moment.  

    But if we're talking economics, Obama is no prize pig either.  He obviously cares as little about econ and finance as McCain, he just got a better crash course on the subject.

    Parent

    not on the O bandwagon either (none / 0) (#4)
    by Jlvngstn on Wed Oct 15, 2008 at 07:23:53 PM EST
    regarding this subject.  Reich is one of his advisors and my guess is they are playing safe to avoid a fight in the house before the election.  It is an emergency and nothing and i mean nothing gets the economy moving better than jobs.

    Waiting for tax cuts to create jobs puts people through unnecessary hardship, those same people they allegedly represent and spew their campaign bs to.  

    We need a revolution in this country and I am sitting on my arse waiting for it to happen.  I am just as guilty as the rest of the populace even moreso because I see it coming....

    Parent

    thanks (5.00 / 1) (#5)
    by Jlvngstn on Wed Oct 15, 2008 at 07:59:24 PM EST
    fascinating, and I have been saying two of the three for months.  Of course never so eloquently or with so much knowledge behind it.  

    Will any politician have the courage and leadership to help us avoid the third part of this credit/housing crisis???
    |


    Parent

    Let's Hope So (none / 0) (#6)
    by squeaky on Wed Oct 15, 2008 at 10:06:54 PM EST
    No more of the same aka McSame, that is for sure. The McSames hate Soros for some reason. It seems that conservatism is in the process of having its head explode.

    Christoper Buckley endorses Obama and has had to step away from the National Review.

    Parent

    Poltician...Courage...2008.... (none / 0) (#7)
    by kdog on Wed Oct 15, 2008 at 10:13:23 PM EST
    not looking good brother, not lookin' good.

    Unless you count the recent increase in military recruitment, most likely due to hard times I'm thinking, as job creation.  Or inmate telemarketers.

    Parent

    Another Bad Day on Wall St as Recession Fears Grow | 7 comments (7 topical)

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