Thom Hartmann: Why the Stock market plunged

[thomhartmann]

Run time: 06:24 https://www.youtube.com/watch?v=6uzXXs5HNUA   Posted on YouTube: August 05, 2011 By YouTube Member: TheBigPictureRT Views on YouTube: 57   Posted on DU: August 05, 2011 By DU Member: thomhartmann Views on DU: 991

 
Two days after a debt-limit deal that was supposed to calm fragile markets was signed into law - the Dow Jones plummeted more than 500 points today. The 512-point drop was the worst the market has seen since October of 2008 - right in the middle of the financial crisis. And today's loss caps off a 10% drop in the market over the last ten days - erasing all the gains made so far this year. As for a reason behind the market nosedive today...pick one! Between fears over tomorrow's release of new unemployment numbers - a spreading financial crisis in Europe - and a debt-limit deal that economists are predicting will shrink the economy and kill 1.8 million jobs - investors have plenty of reason to worry about what is increasingly looking like a bear market. Remember John Boehner said he got 98% of what he wanted in the debt-limit deal? So I guess we can pile 98% of the economic calamity we're hurdling toward at the feet of the Republican Party. For more on why the stock market is crashing - and what the economic future looks like with Tea Party Republicans steering the ship of state via hostage-taking politics - Thom is joined by Max Fraad Wolff - Economist at The New School University Graduate Program in International Affairs - and Huffington Post Blogger.

The Big Picture with Thom Hartmann on RT TV & FSTV "live" 9pm and 11pm check
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[bulloney]

1. Boner's claim that he got 98% of what he wanted should be on 2012 campaign ads.

That video clip should be posted LOUDLY and often so that if the economy tanks over the next few months, Boner and the Republicans can be given rightful ownership of the recession/depression.

[vanbean]

2. Excellent point. I agree completely.