First Lady Says Obama's Gray Hair 'Proof' He Deserves Second Term

ABC News’ Devin Dwyer (@devindwyer) reports: On the president’s 50th birthday, First Lady Michelle Obama says her husband’s ever graying hair is “proof” he’s handled his the job well, and deserves re-election in 2012.

“Every day, I see Barack make choices he knows will affect every American family,” Mrs. Obama said in an email blast to supporters. “That's no small task for anyone -- and more proof that he's earning every last one of those gray hairs.”

The message is the latest effort by the president’s re-election campaign to use the occasion of Obama’s birthday to energize his followers and, indirectly, encourage the contribution of their time and money in the months ahead.

“This next year will challenge us all to work harder than ever before,” Mrs. Obama said, “but the crucial thing is that you're here now, early on, helping to build this campaign.”

The first lady said she and her daughters wanted supporters to send birthday wishes to the president by signing an electronic card. 

Stocks Nose-Dive Amid Global Fears

Stocks spiraled downward Thursday as investors buckled under the strain of the global economic slowdown and the failure of policy makers to stabilize financial markets.

The selling began in Europe and continued in the U.S., where stocks plunged from the opening bell. The Dow Jones Industrial Average posted its worst point drop since the financial crisis in December 2008, falling 512.76 points, or 4.31%, to 11383.68. Oil and other commodities were also hammered. Even gold was a safe haven no more as prices fell. Tokyo's market slid on Friday morning, falling more than 4% in early trading.

"It was an absolute bloodbath," said John Richards, head of strategy at RBS Global Banking & Markets.

There was no one single catalyst for the downdraft, traders said. Rather it reflected multiple concerns that have mounted over the past month and came to a head this week. Worries about a U.S. default, settled by a last-minute fix to lift the country's debt limit on Tuesday, have given way to broader fears about the failing health of the domestic economy. That will lead to close scrutiny of Friday's jobs report.

 

Investors are also questioning how much longer the recent run of strong corporate earnings can continue. Amid other troubles, corporate profits have been a rare bright spot.

In Europe, leaders are grappling with a widening debt crisis, which started in Greece and spread to Italy and Spain. An earlier bailout of Greece now appears insufficient. There are growing concerns about European banks and their heavy investments in the debt of countries with big fiscal problems.

The nervousness among investors is being reflected in the extraordinary rally in U.S. Treasury bonds, regarded as a safe haven for investors in times of turmoil. The yield on the 10-year Treasury note, which falls as prices rise, tumbled to just 2.46% at 3 p.m. Thursday, the lowest since October of last year.

Gold, Silver Prices Get Caught Up in Sales Flood

NEW YORK (TheStreet ) -- Gold prices reversed directions Thursday, falling from record highs as spooked investors took profits.

Gold for December delivery closed down $7.30 to $1,659 an ounce at the Comex division of the New York Mercantile Exchange. The gold price has traded as high as $1,684.90 and as low as $1,642.20 while the spot gold price was down $8.40, according to Kitco's gold index.

Silver prices settled down $2.32 to $39.46 an ounce. The U.S. dollar index was soaring 1.62% at $75.10 while the euro was down 1.39% vs. the dollar. 

Broad selling hit the gold and silver market as the Dow Jones Industrial Average tanked more than 300 points and some funds and investors were forced to raise cash to cover losses in other assets. Gold has rallied 5% in the past two weeks making it a prime target for profit taking.

There is also speculation that the CME could raise margin requirements on a 100 ounce contract like it did with silver in May after the metal had skyrocketed to almost $50 an ounce. A margin hike means that traders would have to put up more money to buy a gold futures contract so the result is that a lot of investors are forced to sell, which decreases volatility in the long run. Over the short term, however, it can get ugly as traders exit their positions.

Jerry Lewis ousted from MDA telethon -- and comics are outraged

Jerry Lewis has been ousted from the Muscular Dystrophy Assn. telethon he has hosted for nearly half a century -- and the comedy community is outraged.  

On Wednesday night, the MDA released a statement saying it was severing its association with the 85-year-old performer. Lewis won't appear on this year's Labor Day weekend telethon.

The announcement provoked an outcry from the comedy community, even as the circumstances surrounding Lewis' departure remained mysterious.  Here’s what some of L.A.’s comics had to say:

Tom Arnold: "Younger comics were coming out [to the show] for Jerry Lewis. Jerry let them fly. They would use the word ‘genius’ -- and he certainly is. It’s been handled so poorly. To me, Jerry should be able to come back and say goodbye.... It's probably time for him to retire.  But he should get to say goodbye. They screwed up. If they'd promoted this as Jerry Lewis' final telethon they could've gotten guys like George Clooney, which would've opened the door to God knows who. It would've been a big deal and showbiz loves big deals."

Virginia Tech issues lockdown after report of man with gun

The university, site of a 2007 rampage, swiftly issues alerts and cancels classes after teens on campus report seeing a man they thought might have a gun. No gunman is found, and no one is hurt.

 Virginia Tech, the site of a 2007 shooting rampage that left 33 people dead, faced a scare Thursday as authorities ordered a campus lockdown after three youths reported seeing a man carrying what they believed to be a gun concealed by a cloth.

Alerts were issued. Classes were canceled. Students were urged to stay indoors. And for more than five hours, police from several law enforcement agencies scoured the campus, even releasing a composite sketch as they searched for the reported gunman.

No such man was discovered. Still, campus and police officials were pleased with the first major test of the university's revamped security measures.