The Dow dropped 200 points today on 'below expectations' earning from McDonalds, GE, Google and others. It also happens to be the anniversary of the 1987 crash, the biggest since '29. Who was President then? (The Sainted Reagan) Today's drop wasn't a significant event, given the size of the market number, but you wouldn't know it to listen to the media.
The thing you have to remember is that the term 'below expectations' means that the companies are actually doing well and making huge profits. They just didn't meet an arbitrarily contrived number issued by market 'analysts'. You can bet that the Republicans will be screaming "economic collapse!" based on nothing of consequence.