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Powell comments fuel 1,000-point market
rout Friday as stocks slide a second week

Original Article

Posted By: Dreadnought, 8/26/2022 4:16:57 PM

Stocks plummeted Friday after Federal Reserve Chair Jerome Powell said in his Jackson Hole speech the central bank won't back off in its fight against rapid inflation. The Dow Jones Industrial Average dropped 1,008.38 points, or 3.03%, to 32,283.40, after accelerating losses into the close. The S&P 500 fell 3.37% to 4,057.66, and the Nasdaq Composite slid 3.94% to 12,141.71. The major averages declined for a second week. The Dow slid 4.2%. The S&P 500 and Nasdaq Composite lost roughly 4% and 4.4%, respectively. Powell reiterated a tough stance against inflation, spurring investors to weigh the implications

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Reply 1 - Posted by: marbles 8/26/2022 4:22:06 PM (No. 1260177)
On purpose.
6 people like this.

Reply 2 - Posted by: JHHolliday 8/26/2022 4:40:37 PM (No. 1260189)
We are already in a recession and now headed for a depression. It will be worldwide...Europeans will spend all they have trying to keep warm this winter, and even China is facing a housing market collapse along with other massive problems. FJB...he and the Dems started it.
5 people like this.

Reply 3 - Posted by: EJKrausJr 8/26/2022 4:47:51 PM (No. 1260198)
How can this be Criminal Duck Joe when you said we had zero inflation? Did you lie to us, Criminal Duck, also known as Lyin' Duck Joe.
4 people like this.

Reply 4 - Posted by: MDConservative 8/26/2022 4:54:34 PM (No. 1260205)
People reveled in the days of easy money - buy and flip properties, 0% financing on cars and such, everyone was fat...and then economics smacked us in the face...and that was 2008. The same goes here, another period of easy money, $50,000+ pick-up trucks and more McMansions. Everyone is a Kardashian!! Here's the pay-the-piper moment. Oh, yeah, and there's a matter of $14, er, $15 TRILLION whizzed away on COVIDS and infrastructure...doubling our national debt...and one wonders where exploding inflation came from.
6 people like this.

Reply 5 - Posted by: FL_Absentee_Voter 8/26/2022 4:55:13 PM (No. 1260206)
This was supposed to happen LAST Friday, when my 401k purchase came out my paycheck. Who knows? With the bozos currently in charge there may be an even bigger drop next Friday. That a simple statement like Powell's can send the markets into a 4% tailspin shows just what a bunch of malarky the administration is peddling about inflation and the economy.
1 person likes this.

Reply 6 - Posted by: leonardo 8/26/2022 4:59:16 PM (No. 1260209)
Here’s to ALL of those clowns on CNBC and elsewhere who were convinced that Thursday presented a buying opportunity … they’re not jumping out of windows, … YET.
1 person likes this.

Reply 7 - Posted by: bad-hair 8/26/2022 4:59:27 PM (No. 1260210)
Sixteen percent mortgages here we come. Maybe more. FJB
2 people like this.

Reply 8 - Posted by: DVC 8/26/2022 5:33:34 PM (No. 1260224)
On October 31, 2016, the Dow was at 18,140. Today after the "massive disaster" it is at 32,300. That is still up 78% from just before Trump was elected. Essentially all of that is due to Trump's economics. We are still OK in the market, in the longer term, but the saboteurs are working hard to wreck it all.
5 people like this.

Reply 9 - Posted by: justavoter 8/26/2022 5:43:30 PM (No. 1260241)
When FJB took office on Jan 20 2021 the DOW was at 31,187. Now headed to 25,000.
1 person likes this.

Reply 10 - Posted by: Bur Oak 8/26/2022 5:56:18 PM (No. 1260255)
The elites are having a great time in Jackson Hole while the country continues a downward spin.
4 people like this.

Reply 11 - Posted by: BeatleJeff 8/26/2022 6:51:27 PM (No. 1260308)
Every time that dipstick opens his mouth the market crashes.. I wish he would just keep his yap shut.
3 people like this.

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