Markets are starting their crash and burn.
An interesting week lies ahead…
S&P affirms US AAA Rating, but has changed it's outlook to negative.
This is a major poke with a big stick at Congress as to deficit/debt reduction.
“'Reason for Concern': Stocks Tumble on U.S. Debt Outlook Cut"
DOW appears stabilized at approx -200.
"More U.S. Downgrades to Come, but Stocks to Stay Strong"
http://finance.yahoo.com/blogs/breakout … amp;ccode=
Go figure... Stay tuned!
Yikes...We are so screwed! (*mentally preparing myself*)
This is the first step towards the End of Days. Actually it is't the first step, but it doesn't help. The U.S. is Babylon the Great. Get out while you still can.
No DOW crash and burn today. That is really too bad. It would have put more pressure on Congress to clean up their act.
"As Galbraith explains it, “US debt consists of bonds issued in US dollars, which I assume the S&P analysts know. How can the US possibly default on its own currency? The obligation is in nominal dollars, which is to say when the bond retires, the US issues a check in dollars to cover it.”...
"So what’s going on here?
There would seem to be only two possibilities: Either S&P has been pressured by powerful Republicans and/or Wall Street Bankers to issue this warning, in order to add to national hysteria about the national debt and win more drastic cuts in social programs, or S&P is simply blowing it again."
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