{"id":5535,"date":"2011-08-05T00:23:28","date_gmt":"2011-08-05T07:23:28","guid":{"rendered":"http:\/\/www.politicsplus.org\/blog\/?p=5535"},"modified":"2011-08-05T00:23:28","modified_gmt":"2011-08-05T07:23:28","slug":"market-tanks-bad-policy-contributes","status":"publish","type":"post","link":"https:\/\/www.politicsplus.org\/blog\/2011\/08\/05\/market-tanks-bad-policy-contributes\/","title":{"rendered":"Market Tanks; Bad Policy Contributes"},"content":{"rendered":"

The market has been on a ten day slide, and I have heard more than one Republican pundit comment, that the market would respond favorably to the deal.  Boehner said he got 98% of what he wanted, but the deal is so bad for the economy that the market did respond, with it\u2019s worst day since December 2009.  Now I won\u2019t try to say that the deal alone is responsible, but the knowledge that the deal will cost 1.8 millions jobs, and that the deal will cause the GDP to lose 1 3\/4% had to make it worse.<\/font><\/p>\n

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\"5market\"The stock market is finishing its worst day since the financial crisis.<\/p>\n

The Dow Jones industrial average plunged more than 500 points Thursday. Investors are concerned that the U.S. economy will enter another recession and that Europe’s debt problems are not closed to being solved.<\/p>\n

Major stock indexes fell more than 4 percent.<\/p>\n

The Dow is closing with a loss of 513 points, or 4.3 percent, to 11,384.<\/p>\n

The S&P 500 is down 60, or 4.8 percent, to 1,200. The Nasdaq is down 137, or 5.1 percent, to 2,556.<\/p>\n

Twenty stocks fell for every one that rose on the New York Stock Exchange. Volume was very heavy at 7.5 billion shares.<\/p>\n

Financial analysts say what happened on U.S. markets has been building for some time. Nigel Gault, chief U.S. economist at IHS Global Insight, says "real risks" of the economy falling back into recession<\/strong> and Europe’s widening debt crisis may have been obscured by the recent debate over the US debt ceiling\u2026 [emphasis added<\/em>]<\/p>\n<\/blockquote>\n

Inserted from <NPR<\/a>><\/p>\n

The effects of Republican blackmail make a double dip recession far more likely, because it hamstrung attempts to stimulate the economy.<\/font><\/p>\n

Keith Olbermann explains it with Paul Krugman on Countdown<\/a>.<\/font><\/p>\n