U.S. stocks fall hard as economy weighs

[onehandle]

Source: MarketWatch

NEW YORK (MarketWatch) — U.S. stocks thudded lower on Thursday, pushing the Standard & Poor’s 500 into correction territory, as Wall Street retreated down a wall of economic worry.

One market strategist said both the Main Street and Wall Street are suffering from crisis fatigue after “two weeks of Washington putting us over the edge” before reaching a deal to hike the federal debt limit.

“We’re just worrying ourselves to death,” said Bruce McCain, chief investment strategist at Key Private Bank. “How do you get out of this roller coaster of the relentless onslaught of bad news? Look at the data, it’s not that bad, it’s showing the economy is still growing, that this is a soft patch with expectation that things will improve in the third quarter.”

After sliding as much as 297 points, the Dow Jones Industrial Average DJIA -2.82% was off 267.02 points, or 2.3%, at 11,629.61, with all but one of its 30 components trading lower.


Read more: http://www.marketwatch.com/story/us-stocks-fall-hard-as-economy-weighs-2011-08-04

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As of this post, it's actually down 350+.

[Fearless]

1. Even WALL STREET knows that something needs to be done to right the ship.

What does THAT say?

[Thav]

4. Naw, wall street knows stocks aren't going to make money

so they're pulling out and putting money into gold and other commodities. Now they want the economy to tank so the price of those go up up up!

[L. Coyote]

10. BS. Oil is dropping too.

[OhioChick]

12. Commodities are all down, too n/t

[southmost]

2. all this even as Wall Street got what it wanted

anyways

[Javaman]

3. Incredible, isn't it?

I'm always so amazed by the moron wealthy who fail to understand the that the economy, no matter how they try to parse it in their favor, is run, supported and created by the workers of this nation.

When you cut off the poor, the rich get all confused as to why they are their bottom line is suddenly fucked.

[southmost]

5. yeah, what good is the 'cream of the crop'

if the roots aren't getting so much as a trickle ?

[Javaman]

13. I just started reading a book about the reign of terror

after the french revolution. The ruling class was expanding over time to the point it became a financial liability to support them. They virtually paid zero taxes (while still maintaining all the perks), while the vanishing middle class continued to see their tax burden increase.

Sounds familiar, doesn't it?

[fasttense]

16. Sounds like Karl Marx's description of the end result of capitalism.

Eventually it eats itself.

I once read an early 1900's economic book that actually calculated how many poor and middle class people were required to support one aristocrat. I wish I remembered the title.

[Mayflower1]

15. There are no workers,

if there are no jobs.

The economy is unsustainable at a 9.2 unemployment rate. The 2 yr+ unemployment benefits are absolutely draining us.

WE NEED JOBS !

[roomfullofmirrors]

6. so much for the idea of a "jobless recovery".

[Steerpike]

7. lol

Remember "Freewheelin' Franklin sez' Healthy People eat the Rich!"

[Liberalynn]

8. The scariest thing of all will be that our idiot government's

response probably will be "see we didn't cut enough" and will immediatly go into action to cut more. :sarcasm:

Not that gee the federal government scared the consumer so much with talk of all these cuts that they are now going to hold on to every red cent and not spend anything. Not to mention that nobody in Washington is doing anything about creating jobs except handing out more of the working classes' tax revenues to the big corps who are spiriting it away to their untouchable private accounts in the Caymans probably. :banghead:

[russspeakeasy]

9. If we could just find a way to give donald trump another 20 million,

I think all of our problems would go away... do I need the sarcasm post ? :sarcasm:

[Liberalynn]

11. not for me

This whole thing is just sickening madness.

[JJW]

14. For past 30 yrs trickle down hasn't worked

well except for that special top 5% that both parties serve. So it really isn't a surprise. Destroying working families and Main St, does not lead to Wall Street profit, in the long term. But the government has not tried to regulate unbridled greed. As a matter of fact they gave the criminals $ 16 trillion.

So perhaps that $ 16 trillion vanished like the BP oil in the gulf, because it sure didn't create jobs or stimulate the economy. Well at least not in the US. Perhaps the money went overseas to China, North Korea, and India.