BLITZER'S BLOG: Horrendous day on wall street
August 8th, 2011
05:33 PM ET
3 years ago

BLITZER'S BLOG: Horrendous day on wall street

(CNN) – When President Barack Obama started speaking at the White House at 1:52 p.m. today, the Dow Jones was down around 400 points. When he wrapped up 10 minutes later, it was down around 430 points. And when the market closed at 4 p.m., the Dow was down 635 points for the day – a drop of more than 5.6%. The tech-heavy Nasdaq index was down nearly 6.9% for the day. The S&P 500 was down 6.7%. In short, it was a horrendous day on Wall Street – as it was earlier in Europe and Asia.

It's certainly not fair to blame only the president for this awful downslide. There are limits to what he can do in the current economic and political climate. There is plenty of blame to go around – including to congressional Democrats and Republicans, liberals and conservatives.

FULL STORY

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Filed under: Economy • TV-The Situation Room • Wall Street
soundoff (34 Responses)
  1. Sebastian Kent

    Blitzer didn't honestly write this, did he?

    What kind of Mickey Mouse journalism is this trying to suggest that the President's comments are in any way responsible - or associated with - the additional drop in the DOW from 1:30 until the closing bell.

    He sounds like the Bartiromo chick, who last week, attributed the 500 point drop to "European debt". Both of you, your inner-Republican seems to be showing.

    August 8, 2011 05:41 pm at 5:41 pm |
  2. B

    Thanks Tea Party Republicans, What else do you have in store for the country?

    August 8, 2011 05:53 pm at 5:53 pm |
  3. Dan

    Totally agree with you Sebastian, Wolf Blitzer should pick up and go to Fox News. I use to like watching his show, but as of late he blames everything on the President. They help elect the Tea Party and look where that got us, screwed...

    August 8, 2011 05:57 pm at 5:57 pm |
  4. The Chickens Are Coming Home To Roost

    Why on earth do you manipulators of the Truth continue to cover this President's back side? All the Dems/White House/Obambi do is BLAME! Politicians have for years doled out Freebees & created millions of Lazy Takers, on BORROWED money.....we have spent money we do not have & it has caught up with us! And all the Dems & Obambi can do is say; " If this is a real problem, it's the Tea Party's fault"!
    Well, this time Wolf, the TOTUS has no clothes!

    August 8, 2011 05:58 pm at 5:58 pm |
  5. Real change - the good kind

    Obama has done a terrible job for 2.5 years. Yes, he has passed his ideologically heavy legislation - using his super majority in Congress. When people realized that he was kook (but a likable kook), they voted in people that would tamper the spending and crazy government growth.

    Obama and Pelosi need to go. They are killing our economy.

    August 8, 2011 06:02 pm at 6:02 pm |
  6. The Chickens Are Coming Home To Roost

    Glen Beck doesn't look near as dumb as you Liberals tried to make him??? I wish I had bought gold!

    August 8, 2011 06:05 pm at 6:05 pm |
  7. The Greedy Old Pigs have declared class war on US!

    Blitzer is a well known neocon cheerleader. I expect nothing remotely close to journalism or truth from him. The "horrendous day" is the responsibility of the extreme rightwing economic terrorists holding our economy hostage to their failed cult of corrupt corporatism. It's really that simple. Some of us warned in 2010 that the GOBPbaggers wanted to drive the US off a cliff after running us into the ditch. We were right.

    August 8, 2011 06:11 pm at 6:11 pm |
  8. Douglas Robb

    What the Congress and the Senate have done to this country with regard to the debt crisis and the downgrading of America's credit rating and the collapse of the stock market on Aug 5th & 8th could be called treasonable for the damage done to our country and the loss incurred in citizen's 401k's and investment accounts. There was absolutely no reason for it and treason is punishable by prison time or execution. If we were to hold our elected government officials to account for their actions and the results thereof, I can assure you when the first official was convicted of treason and executed, the rest of our elected officials would think twice before pulling another stunt like this one.

    August 8, 2011 06:12 pm at 6:12 pm |
  9. Rick McDaniel

    You can thank Obama for that. He denied, he even has a problem. That says it all.

    August 8, 2011 06:14 pm at 6:14 pm |
  10. CNN; THE MASTERS OF SPIN

    Dems sound like the people standing outside The Ark when it began to rain; "It's that Tea Party Noah's fault......if he had just quit trying to scare everyone with that Rain Is Coming story"!

    August 8, 2011 06:20 pm at 6:20 pm |
  11. vet in texas

    Just think, what would the rating be had they took Barry's $4.3 trillion dollar deal.............too bad Grover Norquist is more important than the credit stading of the USA. In 2012, vote out and vote no to ALL PLEDGE SIGNERS!

    What would your view be if Obama had signed a pledge by Al Sharpton before the election.........exactly!

    August 8, 2011 06:31 pm at 6:31 pm |
  12. reflexion

    Balanced Budget Amendment + reduce entitlements = healthy economy

    August 8, 2011 06:42 pm at 6:42 pm |
  13. reflexion

    stop spending what you don't have – when you make more. you spend more, be smart America!

    August 8, 2011 06:43 pm at 6:43 pm |
  14. reflexion

    Obama Should not be afraid of the Tea Party. He Should balance the budget, pass a balanced budget amendments (with triggers for specific emergencies), and reduce the Tea Party to nothing.

    August 8, 2011 06:45 pm at 6:45 pm |
  15. Indy

    So far the Republicans have cost the everyday investor 3 trillion dollars because of their hostage holding tactics. I sure hope there are some wealthy people from the Tea Party that are enjoting this tax increase via their 401K's loosing big time ever since they asked for default on the deficit. John Boehners inability to control his Tea Party clan have just cost 3 trillion in equity.

    August 8, 2011 06:46 pm at 6:46 pm |
  16. Ed

    Thank you Obama and your free spending party.

    You can't blame this on Bush or anyone else but I know you will.

    2012 can't get here soon enough I don't think this country can take another four years of your spending and no leadership.

    The change came when you forced the health bill thru and all your crazy spending.

    August 8, 2011 06:49 pm at 6:49 pm |
  17. Shirley In California

    The president is not the SOLE blame for this. It's the TP and their foul odor on the US. They have GOT to go.

    August 8, 2011 07:09 pm at 7:09 pm |
  18. bill

    Everyone blamed Bush, now it is obamas turn.

    August 8, 2011 07:20 pm at 7:20 pm |
  19. Alda

    Why doesn't Obama face the camera when appearing on tv to make statements? You would at least get the feeling that he was speaking directly to you.I have never seen him look directly at the camera,,maybe we could get a glimpse at his inner soul.
    Does anyone remember other presidents going on tv when the stock market was falling? I have --what they say does reflect in the numbers. The republicans can share the blame on this one,,,scared to death of losing their lifetime jobs.No guts,,, guys!!!

    August 8, 2011 07:37 pm at 7:37 pm |
  20. Donna Adams

    I feel the reason we are downgraded and having difficulties economically is that we have let the Tea Party be the tail that wags the whole system.

    August 8, 2011 07:50 pm at 7:50 pm |
  21. Mike kerns

    hey to all you tea turds are you proud of yourself for wrecking our economy again?

    August 8, 2011 07:55 pm at 7:55 pm |
  22. isaac

    vivo tea party the onnly party dat worrks for america

    August 8, 2011 07:56 pm at 7:56 pm |
  23. keesa

    Everyone out there,Yall notice that the country was comming out the chains of hell until the teapublicacns won the house in November,and this debt ceiling circus. I think America is being punish. How Yall out there like the tea party now.

    August 8, 2011 07:57 pm at 7:57 pm |
  24. isaac

    america america you belives in obama pleas

    August 8, 2011 07:59 pm at 7:59 pm |
  25. isaac

    obama no good to ran 7+11 stor i be the president if dad shmok is

    August 8, 2011 08:03 pm at 8:03 pm |
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