4 Years Ago Today: Dow Drops 777; Largest Drop Ever

Four years ago, this was the point in John McCain's campaign that the writing was on the wall. Given his comments on the economy, the massive nosedive of the stock market just didn't fit with his narrative, and he kept making it worse. But on the day this happened, I wasn't really putting it in that context. I was just blown away by the spectacle. So much so that I used a fairly bad graphic--but then, it was from the source, so I guess they did too? It should have been a jagged stab downward. . .

ORIGINAL POST: September 29, 2008

It's admittedly hard to write this blog, when the biggest stories of the day are in an area I simply cannot speak authoritatively about. I've written a few times already, that I just don't get Wall Street, and all that it entails. And I'd be a bad broker if I did understand it, because the roller coaster ride of the Dow Jones Industrial Average gives me heartburn anyway.

Image from source, AOL News

Today's stock market ride was kind of like watching someone spike your bid on eBay. After seemingly being headed back up after a dive, at about one minute until closing bell, the bottom dropped out. I have a stock ticker on my desktop, and when refreshing it every 20 or 30 seconds, it went down each time. And after 1:00 pm Pacific time, it still kept dropping, from the six hundreds to the low seven hundreds, all the way down to minus 777. That's a lot, right? And how does it keep dropping after the market has supposedly closed? Maybe I don't want to know how all of this works.

Oh, and the headline below is rounding to the nearest fraction, but 777 is the number being used most.

[Excerpt]

Bailout Vote Sacks Dow by Record 778
The failure of the bailout package in Congress triggered a historic selloff on Wall Street - including a terrifying decline of nearly 500 points in mere minutes as the vote took place, the closest thing to panic the stock market has seen in years. . .

Read more at: AOL News

FOX "News" Counts Bush Years as Obama's Fault

I'm having a tough time getting into the blogging swing these last several days. Possibly due to a bit of insomnia, or whatever they call it when you wake up at 5:00 am, and can't get back to sleep for two hours. Anyway, I am here, so let's get on with it!

The latest FOX "News" thing is this study that says Americans have lost wealth since 2007. Well, duh. But FOX has been characterizing it as "the last three years," which is some pretty peculiar math. And even if you get the math right, you can't blame 2007, 2008, or part of 2009 on President Obama. . .unless you're nuts.

[Excerpt]

Surprise! Fox Hosts Blame Obama For Americans' Declining Net Worth

The Federal Reserve released a study this week showing that Americans' net worth fell dramatically between 2007-10. However, while reporting on the study, Fox News hosts falsely claimed the decline occurred during the "last three years," even though it's clear the decline began two years before President Obama took office. . . 

Read more at: Media Matters

Sign of the Times: Don't Steal My Neon, Bro!

I'm still studying and fumbling with my many remote controls on my home theater setup, but I thought I'd post this picture I snapped while out shopping this weekend.


In what is either a case of being way overprotective, or just too friggin' broke to tempt fate, the Nevada owner of this mid-90s Plymouth Neon put The Club on the steering wheel. You know, just to be sure.

100,000 Show Up for 1,000 Delta Airlines Jobs

You know the economy is bad when there are 100 applicants for every job being offered. But it does give Delta Airlines a lot to pick from, letting them weed out any potential slide-pullers from the ranks. And as far as jobs go, you could do a lot worse than flight attendant. I'm married to one, and often lament that I didn't hear about the option on career day. Then again, even with all the travel, and the potential for lots of time off, I'd also have to deal with the public. I don't do the public well. I'd be a slide-puller for sure.

[Excerpt]

Delta Air Lines is Hiring 1,000 New Flight Attendants; More Than 100,000 Applied





Delta Air Lines is having what might possibly be the most-popular job search in a long time: More than 100,000 people have applied for just 1,000 openings as flight attendants. . .
 
Read more at: ABC News

General Motors Bounces Back, Bounces Wall Street as Well

I've never understood the conservative aversion to the automotive bailout by the government. Letting GM fail would have probably turned our Great Recession into the Great Depression II. Instead, GM went from hemorrhaging money to getting back in the black. On top of that, over a million people got to keep their jobs, and the United States still has a automobile industry.  So, it seems to have worked out for just about everybody, and barring something as yet unseen, America will get its money back and have a whole new fleet of suddenly very attractive Chevrolets, GMCs, Buicks and Cadillacs.

Seriously, a few years ago, there wasn't a car in the whole GM fleet (which used to include the deceased Pontiac and Saturn) that got me remotely excited. Now, there isn't a Chevy that doesn't look great. Even the teeny-tiny new Aveo looks kinda cute.  I'm less excited about their other lines, but plenty of people seem to like them. Years ago, the Carter administration bailed out Chrysler, and put them on a whole new path. It looks like it's happening again.  So why are conservatives such sourpusses about it?

[Excerpt]

GM gains in return to New York Stock Exchange



General Motors Co., which went bankrupt last year after almost a century on the New York Stock Exchange, advanced in its return Thursday to public trading after an initial public offering that raised more than $20 billion. . .


Read more at: SFGate

The Recession is Over! Can Everyone Calm Down Now?

Image from source, Huffington Post

Yeah, no, not so much.  After all, this study says the recession ended last year.  But because of disproportionate income and other factors, we're not really feeling it yet. Probably won't for a while.  One thing this will do in the history books--provided things slowly get better, rather than worse--is that conservatives trying to dub it "The Obama Recession" will lose that moniker. After all, if it started in 2007 during George W. Bush's term, and concluded in Obama's first year?  I'd call that The Obama Recovery.  I know, it's not much to hang your hat on. Particularly when--if Republicans squeak out control of the House and/or Senate--we're going to hit the reset button, and go back to the policies that were in place in. . .2007. Ugh.  Jane, get me off this crazy thing!

[Excerpt]

The Recession Is OVER, Says Economic Panel

It's official: The longest recession the country has endured since World War II ended in June 2009, according to a group that dates the beginning and end of recessions. . .

Read more at: Huffington Post

The Young Turks: Is Las Vegas Dying?

We always thought that if Las Vegas ever got in deep trouble, it would be because our massive growth ran us out of water.  After 9/11, a lot of us worried that a terrorist attack at one of the big casino properties would cause an exodus.  But nobody seems to have expected a big, worldwide economic downturn. I mean nobody.  Just a few short years ago, we had huge projects on the drawing board.  It wasn't just the City Center which (thanks to Harry Reid, and thank goodness we didn't have Sharron Angle) managed to open.  There was Echelon Place, a project akin to City Center on the site of the old Stardust. It shut down when it was halfway finished, and sits there, a stillborn, half-built mess.

There were many others, one of which was called Viva, a project that Station Casinos was going to build on the west side of the I-15.  They bought the land, even bulldozed some properties.  The project was impressive, and included arterial roads, and more.  But it never got off the ground, and Station is currently in a world of hurt.  That's just the tip of the iceberg.

As Cenk Uygur mentions in the video below, we've got unemployment over 14%, foreclosures in every neighborhood (be it a poor or rich neighborhood), and a lot of sour, glum faces.  I don't believe as Cenk does, that Las Vegas is dying.  But it is very ill, and has a hacking cough.  Can somebody get me some water?

Keith Olbermann's Special Comment: GOP and the Poor

Good stuff as always from Countdown with Keith Olbermann.

Visit msnbc.com for breaking news, world news, and news about the economy

Palins Continue to Rake in the Money, This Time Bristol

Image from source, Huffington Post

It's good to be a Palin! Most of America is still struggling with financial uncertainty, but the family-of-the-people, Sarah Palin and kin, are rolling in it. Now, far be it for me to disparage somebody for making an honest buck. But I can sure as hell disparage those people willing to pay to hear anyone from this brood speak.

[Excerpt]

Bristol Palin Signs Deal For Up To $30,000 Per Speech

Bristol Palin has signed with a speakers bureau for a tidy sum of between $15,000 and $30,000 per speech, RadarOnline reports.


[UPDATE: Palin family attorney Thomas Van Flein confirmed with the AP that Bristol Palin has signed a deal with the bureau and that is indeed her fee range, but said the cost may be adjusted based on her target audience and the preparation required for a particular speaking engagement.]. . .

Read more at: Huffington Post

Scott Brown Joins with Democrats on "Bipartisan" Bill

Image from source, MSNBC

It's funny that "bipartisan" now means a bare handfull from the Republican side voting with Democrats to help them flesh out their "small majority." Even funnier is that Sen. Scott Brown (R-Mass.), whom the conservatives were fawning over last week is now on their shit list.

[Excerpt]

Bipartisan jobs bill clears GOP filibuster

A bipartisan jobs bill cleared a GOP filibuster on Monday with critical momentum provided by the Senate's newest Republican, Scott Brown of Massachusetts.

The 62-30 tally to advance the measure to a final vote on Wednesday gives both President Barack Obama and Capitol Hill Democrats a much-needed victory — even though the measure in question is likely to have only a modest boost on hiring. . .

Read more at: MSNBC

Michael Moore on Countdown with Keith Olbermann

Michael Moore is making the rounds, promoting his latest movie, Capitalism: A Love Story. It looks good, and couldn't be much more timely. The interview is quite entertaining, and there is an interesting discussion between Moore and Keith Olbermann regarding their "corporate masters." Enjoy.

Visit msnbc.com for Breaking News, World News, and News about the Economy

Rush Limbaugh Mocks the Recession

Photo from source, Think Progress

Rush Limbaugh has made a career of getting his listeners to vote against their best interests. There are, I'm sure, some financially well-off people in Limbaugh's audience, but it is surely not his bread and butter. After all, his salt-of-the-earth "base" is the "flyover" country, not the liberal elite havens of the coasts, right? So, Limbaugh has a tough game to play, making his audience believe he's one of them. Or that someday, somehow, they might be one of him, a rich guy.

There are little clues that he's playing them, of course. The big mansion. The expensive cigars. That douchey "solid gold microphone." And then, there's this. . .

[Excerpt]

Limbaugh Mocks Recession During Speech To Wealthy Right-Wing Donors

LIMBAUGH: But during all this growth I haven’t lost any audience. I’ve never had financially a down year. There’s supposedly a recession, but we’ve got - what is this May? Back in February we already had 102% of 2008 overbooked for 2009. [applause] So I always believed that if we’re going to have a recession, just don’t participate. [laughter]

Read more at: Think Progress

Punctuation: Latest Victim of the "Recession?"

I wonder how much the colon, quotation marks, question mark and this series of commas is gonna cost me?

Watch Hardly Working: Punctuation Recession and more funny videos on CollegeHumor

Jon Stewart's Interview with CNBC's Jim Cramer

The interview, from Comedy Central's The Daily Show was pretty interesting, with Jon Stewart landing solid punches against Jim Cramer (host of Mad Money), CNBC, and televised business news in general. Cramer came off nervous, defensive, and well. . .just poorly, in my opinion. I wonder if Cramer will get to keep his show.

The Daily Show With Jon StewartM - Th 11p / 10c

Jim Cramer Pt. 1

Daily Show Full Episodes
Important Things w/ Demetri Martin

Political Humor
Jim Cramer

The Daily Show With Jon StewartM - Th 11p / 10c

Jim Cramer Pt. 2

Daily Show Full Episodes
Important Things w/ Demetri Martin

Political Humor
Jim Cramer

Lewis is Back in Black

It doesn't matter what the subject is--in this case, the recession--if Lewis Black is doing a Back in Black segment on The Daily Show with Jon Stewart, it's gonna be good.

The Daily Show With Jon StewartM - Th 11p / 10c

Back in Black - Recession Winners

Daily Show Full Episodes
Important Things With Demetri Martin

Political Humor
Economic Crisis

Las Vegas Show La Cage Closes after 23 Years

Photo from LasVegas-NV.com

This recession is hitting everybody it seems, even the glittery "girls" of An Evening at La Cage, the drag revue at the Riviera in Las Vegas. As a 14-year resident, I'm quite familiar with the host of the show, Frank Marino, though I've never seen the show. I did see the rival show, the now defunct Boylesque with Kenny Kerr a couple of times many years ago. It was funny, but drag singers lip-synching has always a bit of an enigma to me.

Still, the show has been running for nearly a quarter-century, and it is a little stunning to see it go away. Of course, Kenny Kerr saw his show cancelled over and over, so I'm sure that Marino will find a new gig before long. Good luck, girl!

[Excerpt]

'La Cage' revue closes in Las Vegas

The final curtain has fallen on the long-running Las Vegas female impersonators revue An Evening at La Cage.

Headliner Frank Marino and the rest of the cast were informed after Monday's performance that the show was closing immediately, ending a nearly 24-year run. . .

Read more at: USA Today

Rachel Maddow Compares Recession Numbers

Yes, yes, I know. Another Rachel Maddow post. I'm sorry! But this one is worth watching (not that the others aren't) for the "whoa!" moment. Seriously, if you can watch Rachel's comparison of this recession with the past two, and not let out some sort of exclamation, you're a stronger person than I am. Check it out.

Jack Daniels Selling Well in Bad Economy

Image from source, Clusterstock

Business are downsized (if they're not being bailed out), people are being laid off, Christmas parties are being scaled back (or eliminated). Families and friends are resorting to "Secret Santa" gift exchanges instead of buying for everybody. But at least one product is doing very well this holiday season. Drink up, everybody!

[Excerpt]

Jack Daniels Maker Doing Awesome In This Economy

It's not just a joke: People are really turning to drink in this economy. Brown Forman (BF) the maker of Jack Daniels and Finlandia Vodka reported an awesome quarter. . .

Read more at: Clusterstock

Nevada Economy Worst in the Nation?

Photo from source, Las Vegas Now

I suppose I should stop whining about having had a cut in hours at work. I need to be happy that I still have a job, and that the roof over my head is in no danger of being snatched away. While I knew that Las Vegas was feeling a pinch--my company surely is--I didn't know it was quite this bad.

[Excerpt]

Nevada's Economy Ranked Worst in the Country

A report by the Rockefeller Institute of Government shows Nevada's economy has declined more than any other state since January of last year.

While its bad now, experts fear the worst is yet to come. . .

Well that's just great.

Read more at: Las Vegas Now

Thanks to Stupid Monkey Planet for the link.

GM Makes Deep, Deep Cuts

Image from source, Bloomberg

Yikes. Is the recession still all in our heads?

[Excerpt]

GM Spending Cuts to Add $15 Billion to Cash by 2009

July 15 (Bloomberg) -- General Motors Corp., buffeted by a U.S. sales collapse and three years of losses, suspended its stock dividend, cut salaried worker costs by 20 percent and proposed selling assets to raise at least $15 billion in the next 18 months. . .

Read more at: Bloomberg