BLITZER'S BLOG: Horrendous day on wall street
August 8th, 2011
05:33 PM ET
10 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.


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Filed under: Economy • TV-The Situation Room • Wall Street
soundoff (34 Responses)
  1. T'sah from Virginia

    Wow – they had LOUD SPEAKERS at the Dow and it fell as President Obama spoke???????????????? What?? CNN has got to be kidding. So I guess tomorrow President Obama should be SILENT so the numbers will go back up???? Just like last week when it went DOWN one day and then back UP????????????????? What a bunch of RETARDS!!

    The markets are controlled by RICH folks!!! I am not sweating now because I LOST nothing!!! This is how RICH folks play games – they PLAY with the markets and continue to make mo’ money, mo’ money, mo’ money!!! Watch the market over the next few days and tell me if we are really in a tailspin!!!

    Isn't it also strange that all of this "craziness" began after 1/1/2011???????????????? Isn't it ironic that Congress' approval rating is 14%????????????????? Come on now.............THINK ABOUT IT!!!

    August 8, 2011 08:23 pm at 8:23 pm |
  2. stayintrue

    Ha. Well, Obama said he was going to "fundamentally change America" ... kept his promise as I see it.
    We are changed alright. Congratulations Obama, Dems and liberals.

    August 8, 2011 09:32 pm at 9:32 pm |
  3. The Lone Okie

    They know the GOP/tea part will say no to everything Obama does even if means destroying the United States. America has yet to deaj with its racial hatred. America is in denial.

    August 8, 2011 10:47 pm at 10:47 pm |
  4. A Real American

    Goldangit!!!!! Them elitest obamabots are at it again!!!! Give 'em an inch and they take a mile!!!!! How the heck are the job creators supposed to create jobs when these porkuluses and stimulations keep getting passed???!!!! One of my grandbabies heard our muslin president talk on the TV the other night and the next day he was wearing a Chay Guevarro t-shirt and a black buray hat with a red star and stomping around the trailer telling us about how the proletarions were being exploited!!!!! He was brainwashed by the nafarius teleprompters of the Oprah-watching union thugs and the gay Mexican Muslin anchor babies!!!!!!!!!!!!!!!!! In other words, the ivy league elitests with their slim, black-clothes-and-no-makeup-wearing, vaguely European looking wives!!!!!! I heard some of them don't even know how to barbecue and they live on Chinese takeout. Chinese as in communists!!!!!!!!!!!! Mark my words, its only a matter of time before the narcisstic libtarded obamatrons institute Sharea law and send they're black helicopters to take us all to the re-education camps and make us all listen to they're brainwashing music by such socialist Canadian bands as Kim Mitchell and Jony Mitchell and Rush!!!!!!! First they take you're assault rifles and next thing you know, their making you buy electric cars and floresent lightbulbs!!!!!!!!!!!!!!!!!!!!! Their trying to turn us all into altruists like that Ayn Rand warned us about!!!!!!!!!!!!! Wise up, real Americans. Buy gold and canned food!!!!!! Don't take any of they're fiot currency!!!!!! If someone shows up at you're door claiming to be form the goverment, ask to see they're birth certificate. If they can't produce one, guess what?????!!!! Your dealing with an obamabot!!!!!!!!!!!!!! Don't let them in!!!!!!!!!!!!!!! Anyway, sorry so long-winded. Just keep praying that better times will be ahead when Sara Palen or Pat Roberson become president. Then we'll show them obamabots a thing or two!!!!!!!! I hope CNN (the communist news network LOL) has the courage to print this on the interweb. Empeach them all and succeed from the union before its to late!!!!!!!!!!!!!!!!!!!!!!!!!!!!

    August 8, 2011 10:59 pm at 10:59 pm |
  5. Squigman

    If the markets keep diving to new lows, and you look for a scapegoat to hang your troubles on. Look in the mirror, you'll see your biggest enemy. You've been force fed swill from the republicans, and you lapped it up like you were starving for adversity. Well here it is, and you'd better get comfortable with it. While you're motionless for a moment, reflect on why you believe the party of the wealthy would care whether you (a working stiff), would be able to afford your next meal. The answer is: they dont. Never have, and never will.

    August 9, 2011 02:09 am at 2:09 am |
  6. patriot in West(by God) Virginia

    NO, it took him longer than 30 minutes to make this mess

    August 9, 2011 06:25 am at 6:25 am |
  7. Doyle Wiley, MI

    Yesterday's Stock results can be easily traced to the Republicans reluctances to put the well being of all Americans over that of the few rich Americans. And of course it was also impacted by a politically motivated S & P downgrade.

    August 9, 2011 06:50 am at 6:50 am |
  8. Fair is Fair

    "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."
    The market reacted to what it perceived as a total lack of leadership. It's that simple.

    August 9, 2011 07:47 am at 7:47 am |
  9. Donkey Party

    With Boner being happy he and his right-winger cultists got 98% of what they wanted, then it's fair to say this mess is 98% their fault.

    August 9, 2011 09:30 am at 9:30 am |
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