The President’s Day

President Barack Obama addresses the National Clean Energy Summit at the Mandalay Bay Resort Convention Center in Las Vegas, Nevada. The White House expanded its push for greater renewable energy adoption, announcing fresh financial incentives for solar panels, smart grid technology and other alternative energies for homeowners and builders

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President Obama Speaks at the National Clean Energy Summit

8:0 EDT: President Obama Speaks at the National Clean Energy Summit, Las Vegas, Nevada

The financial meltdown, in a few easy steps

Specialist Mario Picone, right, watches the numbers as he works on the floor of the New York Stock Exchange, Friday, Aug. 21, 2015. The Dow Jones industrial average has plunged more than 530 points and is in a correction amid a global sell-off sparked by fears about China’s slowing economy. Oil tumbled below $40 per barrel for the first time since the financial crisis. (AP Photo/Richard Drew)

The financial markets are melting down. Here’s why.

A couple of months ago, the Shanghai bourse began the Mother of all Corrections. Within a few weeks, it had lost 30% of its value.

This first go-round of market mayhem was greeted with pretty much of a yawn in Europe and the US. This was especially so after the government in Beijing stepped in to prop up the markets.

However, that propping up failed to calm the markets. Beijing decided to let the market work, and the sell-off commenced again.

Now, though, there is the added component of a fear of a major Chinese slow-down in its broader economy. To paraphrase that old saw: When China sneezes, the world catches a cold.

The fear of a significant downturn in the Chinese economy is spooking markets all over the world like a bump in the night spooks wild horses. Without knowing exactly what’s coming down the pike out of China, markets are in a panic.

Chat Away

Rise and Shine

On This Day: President Barack Obama and First Lady Michelle Obama greet guests on the tarmac at U.S. Coast Guard Air Station Cape Cod in Sandwich, Mass. prior to departure en route to Washington, D.C., Aug. 24, 2014 (Photo by Amanda Lucidon)

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Today

10:30 EDT: The President receives the Presidential Daily Briefing

12:30 EDT: Lunch with VP Biden

2:40 EDT: Departs White House

4:20 PT: Arrives Las Vegas

4:0 PT: Delivers remarks at the National Clean Energy Summit, Las Vegas

6:35 PT: Attends a fundraiser for the Nevada State Democratic Party, private residence, Henderson, Nevada

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On This Day: President Barack Obama waves to an onlooker while playing golf during his vacation on Martha’s Vineyard, Aug. 24, 2009 (Photo by Pete Souza)

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