Friday was a day the dow looked like it would GAIN.. the dive again, but then recovered by moving up 60 points before the close.
Yet hours later: Standard and Poor's Financial services HIT the United States with a PUNISHMENT rating. They downgraded their assessment of USA's credit rating from a AAA+ to a AA+ rating!
The tweets, blog postings, and social networks were all ablaze over the news article:
Standard and Poor's (S&P) reasons? They were NOT happy with the debt deal that congress worked so hard to make so that the debt ceiling could be raised.
In my honest opinion (not expert): It like S&P issued USA a default debt status no matter what happened earlier this week of august (the first week of august that is).
Should all the voters be angry with Congress and President Obama? HELL YEAH! (as stone cold Austin would say)
The voters should really be looking at Congress and President Obama very closely this year. August 2011 should begin our 2012 election really early as voters will begin to determine of who in congress should be blamed for the latest problems and failing to provide a better solution.
Yes, it does sound like S&P spanked the government with the latest decision, but S&P could also find themselves in trouble as well.
With the stock market closed for the weekend, it will give investors time to prepare for Market opening on Wall street. The outlook does NOT look good. While I do not like what has happened for the last 6 weeks, I feel like our Nation is descending into financial hell.
Whatever happens Monday, S&P had better hope they made the right call. Because if not.. It's too late to take back the shout of "FIRE" in a crowded theater because when people take notice, the exits will be used rapidly.
Let's also hope that Congress decides to cut their vacation short and comes back in a hurry. USA is now in a true crisis.
Till next post, I'll clue you in.