White House Reacts to Stock Market “Flash Crash”
EmailPresident Obama was in the Oval Office, Treasury Secretary Tim Geithner was on Capitol Hill, and White House press secretary Robert Gibbs was briefing reporters when the stock market took its bizarre and terrifying plunge Thursday.
Geithner, who has a "Bloomberg box" on his Blackberry — providing real-time stock information — was surprised to see what was going on.
While the Greek debt crisis is creating a "backdrop of fear," one senior administration official told ABC News, this was altogether something else.
President Obama too was very concerned. Within minutes Geithner and Larry Summers, director of the president's National Economic Council, had been summoned to the Oval Office to brief the president. They continued to do so throughout the day.
The Obama administration has long been concerned about the Greek debt crisis, officials say, specifically that the European Union has not acted quickly or boldly enough.
"The crisis in itself is managable," an official says. "But they've taken their time."
Geithner will talk to his counterparts in Europe later today when he holds a conference call with G-7 nations. President Obama may talk to some European leaders later today as well.
-jpt
Gulf of Mexico to Become Gulf of America? 
Can Mitt Romney Win Conservatives Back?
You are making it sound like a second stock market crash. So far the market has only dropped about 6.5%. This drop is more in line with an average market correction after quarterly earnings reports have been fully “digested” by the investors.
The results from the April jobs report later today combined with the continuing threat of the Euro-zone debt issues, regarding Greece, Spain and Portugal, will decide much of todays trading but it will realistically only adversly effect short term investors.
If you have a decade or three before you are going to start withdrawing from you 401(k) then this is the equivelant of a hiccup and you shouldn’t stop your normal contributions.
Posted by: bobtherepublican | May 7, 2010, 8:33 am 8:33 am
It’s nothing but a reaction to Borak Ubama taking $2,000,000 in Goldman Sachs PAC money and ordering the dumping 250,000 barrels of crude a day into the Gulf of Mexico.
;)
Posted by: smartlillena | May 7, 2010, 8:38 am 8:38 am
Which member of the Ubama Administration had the bright idea of starting the glitch rumor?
Posted by: smartlillena | May 7, 2010, 8:41 am 8:41 am
You libs in the media will cover for the dems.
Posted by: daniel | May 7, 2010, 9:01 am 9:01 am
ABC, remind your colleagues that, last I heard, 29 people died in those floods over and surrounding Tennessee. Ask those close to the dead what they think of taking a second seat to a couple of musicians’ guitars!
Posted by: smartlillena | May 7, 2010, 9:02 am 9:02 am
ABC, remind your colleagues that, last I heard, 29 people died in those floods over and surrounding Tennessee.
smartlillena | May 7, 2010 9:02:51 AM
Yup, the flood’s are a big deal.
Statement by the President on Severe Weather and Flooding in the Southeast, May 4, 2010
“Our thoughts and prayers are with every American who has been impacted by the severe weather and flooding in the southeast, and our deepest condolences go out to those who have lost loved ones. I would also like to extend my gratitude to the local first responders … I have spoken with the Governors in the most severely impacted states, and yesterday I dispatched FEMA Administrator Craig Fugate to Tennessee to view the flood damage first hand and to report back on any unmet needs. Federal officials have been dispatched to the region and we will continue working in close coordination with state and local officials to support response and recovery efforts.”
Posted by: jhw539 | May 7, 2010, 9:24 am 9:24 am
WOW! I’m disappointed, I expected him to say it was Bush’s fault…guess they missed an opportunity. :-D
Posted by: samhiguchi | May 7, 2010, 9:26 am 9:26 am
Out of control spending, greedy unions, and too many entitlements. Wow Greece sounds just like America.
What would happen if Obama ever got the guts to stand up to unions and cut back on entitlements? Probably some pretty angry protesters.
He is enslaving more and more people to the government just like Greece did, with no way to pay for it except higher taxes on everyone.
Posted by: mick | May 7, 2010, 12:12 pm 12:12 pm
Obama is keeping a concerned eye on Greece. Like America is so wealthy we can just hand over billions in bailouts.
Where is Obama getting the money to help Greece? Borrowed money from China.
Brilliant move coming from a president that is bankrupting his own country.
Maybe he could just cut Michelle’s obesity program and give that $10 billion to Greece.
Posted by: ollie | May 7, 2010, 12:17 pm 12:17 pm
Wow Greece sounds just like America.
Posted by: ollie | May 7, 2010 12:17:33 PM
___________________________________
Not really . . .
United States GDP $13.8 Trillion
Greece GDP $324 Billion
Posted by: tierra | May 7, 2010, 1:49 pm 1:49 pm
Maybe he could just cut Michelle’s obesity program and give that $10 billion to Greece.
ollie | May 7, 2010 12:17:33 PM
Can you cite where you are getting $10 billion as the cost of “Michelle’s” obesity program?
Posted by: jhw539 | May 7, 2010, 3:26 pm 3:26 pm
What would happen if Obama ever got the guts to stand up to unions and cut back on entitlements?
mick | May 7, 2010 12:12:57 PM
Unions are heavily hit by targeted taxes under the passed health care reform. They got the hit put off to the future, but they did NOT get exempted. That looks like standing up to the unions to me, but that’s just documented reality.
Posted by: jhw539 | May 7, 2010, 3:27 pm 3:27 pm
Unions are heavily hit by targeted taxes under the passed health care reform. …but that’s just documented reality.
Posted by: jhw539
—
Where are those “targeted” taxes documented?
Posted by: smartlillena | May 8, 2010, 8:04 am 8:04 am
WOW! I’m disappointed, I expected him to say it was Bush’s fault…guess they missed an opportunity. :-D
Posted by: samhiguchi
—
Supposedly the’ve traced the origin of the trades back to CHICAGO. Hmm.
Posted by: smartlillena | May 8, 2010, 8:25 am 8:25 am
Isn’t it just a little fishy that just when employment and gdp finally improve,
the stock market experiences a massive, unexplained computer driven sell-off. We should not forget that there are numerous and very powerful folks out there who really don’t want, for political reasons, to see a recovery any time soon.
Posted by: B.Bear | May 8, 2010, 5:48 pm 5:48 pm
Hmm..originated from Chicago….now where have I heard that before? Ohhh…now I know, that’s where Barrys campaign headquarters is set up right now…and all of his thug friends are hanging out doing all of their “magic” to help Barry be the perpetual prez. I have NO faith in this regime.
Posted by: mjishernameo | May 10, 2010, 8:39 am 8:39 am