The Dow Plunges Again, Obama Plays Blame Game
Obama explains the down grade, he uses Warren Buffet as an example for someone who knows business, saying Buffet would give the U.S. a quadruple rating, but Warren Buffet was downgraded today as well.
So let’s watch obama play the blame game here…
The Dow Jones industrials ($INDU) were facing their second loss of more than 500 points in three sessions.
Dow falls more than 500 as safety trumps risk
The sell-off is prompted by S&P’s downgrade of U.S. debt and worries about Europe’s financial system. Fannie Mae and Freddie Mac are downgraded as well. Gold finishes above $1,700; oil drops below $84. Bank of America shares fall 18%.
Bank of America (BAC) was off 18.2% to $6.68 as fears mounted it won’t be able to handle all the problems created by its mortgage business. The selling accelerated after a big hedge-fund manager sold out his stake.
John Chambers S&P managing director said it was unlikely that the agency would restore the nation’s AAA rating anytime soon.
“If you corrected the political settings that would certainly improve the credit standing,” he said. “But let’s not forget the damage that has been done to the credibility outside the United States about this debacle over raising the debt ceiling.”
Our Govt needs to undertake a significant fiscal reform that markedly reduces their level of debt to GDP.
Hey but you can keep listening to obama’s same old tune and believe that everything is going to be alright, while he continues his destruction on the Nation…