Dow down about 350 points at close

By GottaLaff

Here's the latest from the L.A. Times, via an e-mail alert:

The stock market briefly went crazy Thursday, with the Dow Jones industrials plunging nearly 1,000 points before quickly recovering most of that loss.

Most traders were unable to explain the sudden decline, which came amid continued worries about Greece's debt problems and another day of unrest in that southern European country. Rumors abounded that the fall was triggered by a trading error, compounded by computerized trading.

Preliminary figures show the Dow finished down about 347 points, or 3.2%, at about 10,520. Its low for the day, at 11:46 a.m. PDT, was at 9,872 points, down about 995 points from Wednesday's close.

More soon at: http://www.latimes.com/

Dow closes above 11,000 for first time since ’08

By GottaLaff

You realize what this means, don't you? President Obama is a socialist!

A loan agreement for Greece and a handful of corporate takeover announcements nudged the stock market higher. The Dow Jones Industrial Average closed about 11,000. [...]

Meanwhile, the latest round of corporate dealmaking signaled that business leaders are more confident about a recovery. [...]

The Dow is coming off its sixth straight weekly gain.

The Nasdaq composite index rose 3.82, or 0.16 percent, to 2,457.87.

What a shame big corporations are suffering under this president. And that Recovery Act, what a bomb!

Follow the link for details.

Fox's Gallagher suggested Obama speech caused Dow to drop, but....

Do you think their viewers are really stupid enough to fall for this constant "It's Obama's fault if the Dow is down, but no one's fault when it's up" crap?

AIG May Face Subpoena From New York’s Cuomo on Retention Payment

By GottaLaff

Cuomo is trying:

American International Group Inc., the New York-based insurer bailed out by taxpayers, may face a subpoena from the state’s attorney general if it doesn’t hand over names of employees receiving retention pay.

Andrew Cuomo requested the data in a letter today and said he’d issue a subpoena if he didn’t get an answer by 4 p.m. New York time.

By the way:

This updates as you refresh. There may be some delay.

VIDEO-- The Surge, Obama Style: President Meets with Business Roundtable and Dow Does What?

By GottaLaff



Now what was that the Rushpublicans were saying about the Obama effect on the stock market? Thinking ... thinking... Something about it dropping steadily since his nomination... every time he opens his mouth...

(via)

Gee, if only he hadn't spoken to all those executives today. The markets may not be able to cope, especially since their activity depends solely on Prez O's every word, and has since 2001.

Geithner is "at his most impressive when the cameras are off."

By GottaLaff

I'd rather he have ability and fix things than look pretty or have the oratory skills of, say, President Obama:

Margaret Carlson says Treasury Secretary Tim Geithner is "at his most impressive when the cameras are off."

"Here's Geithner's problem: He's an Inside Man. Inside Man has the brain of Einstein and the presence of a flea. Inside Man can't catch a break in our telegenic age."

She makes a good point. Telegenics plays way too big a role these days. On the other hand, it does help to be able to communicate effectively.

Sidebar: Is Prez O getting credit for this? Because, when it drops, it's all his fault:

(At the time of this post, it was at about +155)

Dow surges on introduction of Obama education plan

Hey, it makes as much sense as any of the twaddle they put out. I'll be sure to monitor Fox and Friends tomorrow morning to watch as they report it so.

Obama's stock market

By GottaLaff

Will President Obama get praise for this?

I was simply using Rushpublican logic.

Fourth day in a row

By GottaLaff

When Barack speaks...

Stocks in U.S. Climb for Fourth Day in Row, S&P's Longest Streak Since May

Treasury chest

By GottaLaff

The Obama Effect:

Geithner Chosen to Be Treasury Secretary; Summers to Serve in White House

I hadn't heard this before:

Summers, Bill Clinton’s last Treasury secretary and now a professor at Harvard University, would have a post that positions him to succeed Ben S. Bernanke as Fed chairman, central-bank watchers said.

The "Obama recession"

By GottaLaff

Remember: This is all Obama's fault.

Poll-itics: Obama leads in West Virginia

By GottaLaff

UPDATE, from 538:

That's what American Research Group says; in fact, it gives Obama a rather large, 8-point lead in the Mountaineer State. I'd have to say that I'm very, very skeptical of this one until I see it confirmed by another polling agency; this is exactly the sort of quirky result that ARG is (in)famous for.

H/t: Everyone in Comments:

Sample size: 600 likely voters

Margin of error: ± 4 percentage points, 95% of the time

Question wording and responses:

If the general election were being held today between John McCain for president and Sarah Palin for vice president, the Republicans, and Barack Obama for president and Joe Biden for vice president, the Democrats, for whom would you vote - McCain and Palin, Obama and Biden (names rotated), or someone else?

West Virginia
	McCain	Obama	Other	Undecided
Likely voters	42%	50%	3%	5%
Democrats (55%)	20%	76%	2%	2%
Republicans (35%)	79%	10%	2%	9%
Independents (10%)	38%	50%	7%	5%
Men (48%)	49%	46%	3%	2%
Women (52%)	36%	54%	3%	7%
18 to 49 (53%)	40%	51%	4%	5%
50 and older (47%)	45%	50%	1%	4%
Sep 14-16	49%	45%	-	7%

The bad news?

Dow Jones Industrial Average
8,695.31 -562.79 / -6.08% Oct 9 3:43pm ET † Open: 9,261.69 High (day): 9,448.14 Low (day): 8,684.64 YTD%Change: -34.45% Volume: 282,383,166.00 Prev. Close: 9,258.10 52-Week Range (Low - High): 9,194.78 - 14,198.10

-348.22

By GottaLaff

clipped from money.cnn.com

Dow Jones Industrial Average

10,482.85 -348.22 / -3.22% Oct 2 4:10pm ET † Open: 10,825.54 High (day): 10,825.54 Low (day): 10,439.52 YTD%Change: -20.97% Volume: 395,328,342.00 Prev. Close: 10,831.07 52-Week Range (Low - High): 10,365.45 - 14,198.10

Lest we forget:

Pessimism about a protracted economic downturn washed over the financial markets Thursday, sending stocks plunging and further tightening the credit markets. News of declining factory orders and a seven-year high in jobless claims stoked fears that the government's financial rescue plan won't ward off a recession, and the Dow Jones industrials skidded nearly 350 points.

This is one reason an Obama administration would be a pleasant change. Phil Gramm-pa McCain simply will not do.

The Bush/McCain/Palin Economy strikes again

By GottaLaff

Palin/McCain = Bush III, Cheney II:

2007:

Lehman hires Jeb Bush as private equity advisor 30 Aug 2007 Lehman Brothers has hired Jeb Bush, brother of the President of the United States, as an advisor to its private equity business, a source familiar with the situation said. Lehman hired another relative of U.S. President [sic] George W. Bush last year--George Walker, a second cousin, who heads up the bank's asset management business.

2008:

Lehman Brothers files for Chapter 11 protection 15 Sep 2008 Lehman Brothers, a 158-year-old investment bank choked by the credit crisis and falling real estate values, filed for Chapter 11 protection in the biggest bankruptcy filing ever on Monday and said it was trying to sell off key business units. [Lehman Brothers, a 158-year-old banking institution survives the Industrial Revolution and two world wars... but not Bush.]

And...

Dow falls 500 points in worst day since 2001 --Investors react to Lehman Brothers bankruptcy and Merrill Lynch sale 15 Sep 2008 A dramatic makeover of Wall Street sent stocks falling precipitously Monday, with the Dow Jones industrials sliding 500 points in their worst point drop since the September 2001 terrorist attacks. Investors reacted badly to a shakeup of the financial industry that took out two storied names: Lehman Brothers Holdings Inc. and Merrill Lynch & Co.

H/t: CLG