Debt ceiling crisis
Debt ceiling crisis
Date: August 4, 2011
Dow: -512, down 4.3%

Congress was the source of so much disappointment during 2011. Legislators reached the pinnacle of ineptitude in early August, when they failed to meet a deadline to raise the debt ceiling. It happened one day before a monthly jobs report was expected, which made investors even more nervous. The number of economists forecasting a double-dip recession suddenly spiked, and the August 4 plunge was declared the worst trading day since the 2008 financial crisis.

The worst, that is, until the following Monday.



By Sierra Jiminez @FortuneMagazine - Last updated December 29 2011: 5:17 AM ET
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