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Posted by on Aug 8, 2011 in At TMV, Breaking News, Business, Economy | 36 comments

Dow Closes Down Roughly 635 Points

The Dow Jones Average is down about 635 points at closing, finishing at right around 10,810. This of course is hardly news as the market has been on a steady downslope for about a week now.

Just to give perspective, on July 21st the market closed at 12,724 so the DJIA has lost almost 2,000 points in about two weeks or 15% down.

However just to look at things in full perspective, one year ago the market closed at 10,698 so we are about where we were a year ago.

Not good but not that catastrophic either.

UPDATE: Barack Obama’s statement in response to recent financial events and the stock market roller coaster ride:

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Copyright 2011 The Moderate Voice
  • I was hoping there’d be a little bargain hunting at the end, but alas …

    Maybe tomorrow.

  • dduck

    Barky, the moon is almost full. Wait, then invest your age divided by the amount of friends that are conservatives as a percentage.

  • LOGAN PENZA

    Doesn’t division by zero result in a blue screen of death?

  • DLS

    Well, Barky did it was time now to proudly fly the liberal flag. That doesn’t mean his conservative friends total zero, which is particularly true given that most people identifying themselves politically identify as conservatives, same as usual, and liberals the least so (Guilt? Shame? heh, heh).

    Barky is Daring to be Different (the far left, to an alien extent).

    At the start of this month

    http://www.gallup.com/poll/148745/political-ideology-stable-conservatives-leading.aspx

    End of June, 2010

    http://www.gallup.com/poll/141032/2010-conservatives-outnumber-moderates-liberals.aspx

    End of October, 2009

    http://www.gallup.com/poll/123854/conservatives-maintain-edge-top-ideological-group.aspx

    to be continued (stupid comment system limits links) …

  • SteveK

    Tea Party Cheers “Tea Party Downgrade” by S&P

    Quite a clever bunch of people that the GOP gave “their side of the government” over to wouldn’t you say?

  • DLS

    … continued:

    Early January (start of year), 2010

    http://www.gallup.com/poll/124958/conservatives-finish-2009-no-1-ideological-group.aspx

    Mid-June, 2009

    http://www.gallup.com/poll/120857/conservatives-single-largest-ideological-group.aspx

    More (early July, 2009)

    http://www.gallup.com/poll/121403/special-report-ideologically-moving.aspx

    Note the consistency, conservatives #1, moderates close behind at #2, liberals down at about half of conservatives or moderates.

    How could Barky fail to get a low denominator without trying?

  • DLS

    Well, Barky, Larry Kudlow says Wall Street is a good bargain. (just heard him a while ago on the radio when on the road)

    Maybe when the stupid panic (and seller opportunism) wears off…

  • dduck

    Watch the moon, it knows best.

  • SteveK

    DLS cautiously and selectively chooses the words “conservative” and “liberal” as opposed to “Republican” and “Democrat” because the “R” word and “D” word would spoil his ‘argument(?)’.

    I consider myself a “conservative” in many aspects of my life. So liberals like me make up a good portion of the “those who consider themselves conservative” in his polls.

    Now let’s look at what is actually in the news and on the minds of America these days… How are the Republicans AND How are the Democrats doing?

    For a good cross section of opinion http://www.pollingreport.com is a good place to start.

    Polling Report – Major Institutions – Political Parties
    ———————————————-

    United Technologies/National Journal Congressional Connection Poll conducted by Princeton Survey Research Associates International. July 28-31, 2011. N=1,001 adults nationwide. Margin of error ± 3.6.

    “Overall, which party — the Democrats or the Republicans — do you trust to do a better job in coping with the main problems the nation faces over the next few years?”

    7/28/11 – 7/31/11
    Democrats – 43%
    Republicans – 31%
    Neither – 15%

    ————————————————————–

    ABC News/Washington Post Poll. June 2-5, 2011.
    N=1,002 adults nationwide. Margin of error ± 3.5.
    LV = likely voters. RV = registered voters.

    “Overall, which party — the Democrats or the Republicans — do you trust to do a better job in coping with the main problems the nation faces over the next few years?”

    6/2/11 – 6/5/11
    Democrats – 41%
    Republicans – 32%
    Neither – 20%

    10/25/10 – 10/28/10 RV
    Democrats – 45%
    Republicans – 40%
    Neither – 11%

    The ABC data goes back to July of 1992

    ————————————————————–

    The righties are going out of their way lately to do anything but acknowledge even a smidgin of responsibility for what is happening to OUR (not their) country.

  • Allen

    Not a big deal really. The market used to move 150-200 points a day when the dow was only 3500 points total.

    the market don’t move much when ma and pa kettle pull out from their mutual funds, it’s when the big boys yank out the rug from under ma & pa and wait for them to sell low before the big boys decide to buy back. Right now it works as a fat cat “Protest vote” against President Obama. I say screw them. Our home was downgraded by a hack house consultant, but we are still the best house on the block by far. If the big shots don’t want a piece of the action, to hell with them. We know what we’ve got.

  • Allen

    Duck-

    I’ve got a “moon” for ya.

    It’s round and plump.

  • dduck

    I’ll tell Obama, I know he will be interested in prog goodies.

  • DLS

    Steve K. wrote:

    DLS cautiously and selectively chooses the words “conservative” and “liberal” as opposed to “Republican” and “Democrat” because the “R” word and “D” word would spoil his ‘argument(?)’

    Wrong again.

    I’ve used Polling Report and other sources (notably, Pew) very frequently, but Gallup’s polling is useful here (as is Pew’s, often, though the distinct classifications they choose are somewhat arbitrary and clumsy) and the series I linked to was ideological, not partisan, except in one instance where it was nearly all ideological, anyway.

    Now, the serious question remains if many moderates are liberals (we know they are, as we see on this site characteristically, but why?), but call themselves moderates either because they’re also repelled by the farther Left, or because “liberal” has acquired the stigma it has since for ages.

  • slamfu

    Conservative Litmus test:

    Do you believe the following?

    1) Taxes must be always lowered regardless of whether we are running a surplus or a deficit, whether we are at war or not, because raising them will destroy jobs and wreck the economy.

    2) The gov’t is incapable of doing anything constructive or doing it well, and therefore should not be counted on to do anything at all. The smaller the better across the board.

    3) Gays can’t marry, abortion should be illegal, there should be school prayer as long as its Christian prayer, and no money should go to sex education in schools.

    4) Entitlement programs are basically just a big waste and should be done away with.

    5) Corporations create jobs and act as a net positive good for the public, even(especially?)when they are not regulated. They should be given every latitude and benefit of the doubt, despite countless historical lessons to the contrary.

    6) American values are white christian values.

    These are what I can see as the current core values of the conservative movement. Anyone deviating from that is a RINO, a traitor to the cause and therefore is a screaming liberal and should get a job application at CODE PINK immediately.

    I was happy the Tea Party won so many elections. What passes for mainstream in the GOP is the Ann Coulter, Rush, Hannity version of conservatism that is a sick mockery of conservative political leadership. The Tea party is the distilled essence of this, and they are going to be held up to the light and held accountable for the consequences of their inept ideologies once they are put into play. I am hoping that the extremists can be weeded out and the GOP can become the type of party it once was. Apparently they are the only party with the stones to get anything done, so I really really hope they can get an agenda that is driven in realism instead of demagoguery and self delusional propaganda. America could really use that now.

  • LOGAN PENZA

    1. No. Even those who love the Laffer Curve know that it is a CURVE, not a line.
    2. No. Law enforcement and national defense are core government roles.
    3. This only describes social conservatives, not fiscal conservatives or national defense conservatives.
    4. Many conservatives favor reform over abolition.
    5. Reduction of regulation does not require elimination of all regulation.
    6. No.

    Hm. Turns out once again that the stereotype does not match up to reality very well.

  • JSpencer

    You nailed it slamfu. Of course these people hate being held up to the light, hence the requisite spin, spin, spin.

  • SteveK

    Pew Research Center. June 16-20, 2010. N=1,802 adults nationwide. MoE ± 3.

    “Thinking about the political parties for a moment: Please tell me if you think each phrase I read better describes the REPUBLICAN Party and its leaders or the DEMOCRATIC Party and its leaders. Which party do you think is better described by the phrase [see below]?”

    • “Can better manage the federal government” R – 41% / D 37%
    • “Can bring about the kind of changes the country needs” R – 33% / D 45%
    • “Is more concerned with the needs of people like me” R – 34% / D 50%
    • “Governs in a more honest and ethical way” R – 31% / D 41%
  • JSpencer

    I think the TP’s 15 minutes of fame are about up.

  • dduck

    Slamfu, perhaps some progs should take a test for reasonableness (I actually first wrote rabies, but in interest of civility, you know)to match your rigged test.
    Example: Do you believe the government should control all aspects of our lives, birth to death.
    Do you believe all businesses are out to screw you and take all the money they can unfairly pick from your pocket.
    Do you think all Reps want to push grandma from the cliff (first take the wheel chair, though).

  • Allen

    Slamfu-

    You are absolutely correct. But conservative posters are also chameleons. Their loyalty colors fade in and out when trying to convince someone of some vague nefarious talking point. Not only are they propaganda artists, but as we become wiser to their tactics, they become more and more the con artist.

  • dduck

    why, thank you Allen, I hope you included me in that compliment.

  • Allen

    Duck-

    I will answer your rigged questions for you….

    (Who am I kidding, you already know my answers)

    ….and you would be correct.

  • dduck

    I prefer to call them retaliatory questions and thanks for not clogging cyberspace with your known answers.

  • Allen

    Duck-

    You are, as always, most welcomed.

    BTW, are you a mallard or a miss?

  • SteveK

    Do you think all Reps want to push grandma from the cliff (first take the wheel chair, though).

    Absolutely not… Republicans wouldn’t think of harming their own grandmothers.

    But their desire to harm other peoples grandmothers is another story. I refer to the current Republican position on Medicare and Social Security for further details (and excuses.) 🙂

  • Quelcrist Falconer

    Do you believe all businesses are out to screw you and take all the money they can unfairly pick from your pocket.

    Depends, if the business is owned and run by individuals who don’t have to respond to stock-holders, it can have a conscience and be humane and decent; if it’s a large corporation which must respond to the insatiable demand of faceless stock-holders for profits, then yes it is out to screw you and take all the cash it cam from your pocket.

  • SteveK

    BTW, are you a mallard or a miss?

    I always thought of dduck more as a “hit or miss” kinda person myself.

    (Comment meant as a compliment but it too will probably be ‘miss’ interpreted.

  • dduck

    So now we have a grandma gap. Knowing the Reps, I assume they will probably have an armband identifier or a cap of some kind.

  • dduck

    Allen, knowing your predilection for plump round things, I hesitate to answer. Not that there’s anything wrong with that.
    And, actually, dduck is a combination of at least four mallards (you could look it up).
    BTEW: Is your name a variation of Alien? It would explain a lot.

  • Allen

    Duck-

    I see, so miss it is…

    Have a good day, I have to play Ann Coulter reruns. My spirit is weak.

  • dduck

    What part of four didn’t you understand, I guess you MISSED the point. Next to root canal, jousting with you can’t be beat. Nite.

  • PATRICK EDABURN, Assistant Editor

    Ok people not to be the meddlesome nanny but let’s try to keep this topic on subject.

    Debate is fine but personal attacks are not and I’d hope we’re all classy enough to avoid stereotyping.

    Please don’t get us into having posts deleted and such. Let’s show we’re more mature than some of the talking heads.

  • Jim Satterfield

    Would Republicans throw grandma off the cliff? Never. But if they thought the market wanted her at the bottom they wouldn’t intervene to save her.

  • hyperflow

    America likes fighting big battles “head to head”.

    This one is going as LONG as it is BORING.

    Better to invest energy into something you can affect change in.

    Information without possibility of action breeds frustration.
    Frustration alone, not useful.

    Do something awesome for your neighbor.
    Cut out the middle man.

  • I think the market has been over-valued for some time. The most valuable money is that which is invested in something that will increase productivity, not in a poker game, not matter how sophisticated that poker game may be.

  • ShannonLeee

    Great time for rich people to make some more money. Those with money they can risk will do very well in the next couple of days. The market will rebound…big.

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