“Everyone already knows that the U.S. has lost its AAA status,” Rogers said. “Anyone who knows what is going on, already knows that the U.S. is now the biggest debtor nation in the history of the world. It’s only S&P and Moody’s that haven’t figured out what is going on. The investment world knows that the U.S. is not AAA.”Because of that, I didn't think the markets would tank as badly as they did today. I thought it was "priced in" already - exactly because I figure those clowns on Wall Street know what's going on. Is this the beginning of the dreaded double dip? My gut feeling, and I can't tell for sure without doing some actual math on data I don't have, is that there never was a recovery. What the
Despite missing the details of this drop, I prepared for it long ago. My exposure to stocks is very low. This thing has been coming for a long time, and anyone who thinks more than one move ahead could have seen it coming.
The president, as King of the Evil party, keeps saying millionaires and billionaires "don't pay their fair share". Probably most of you will recognize this graph that shows that the top 1% of incomes paid more than the bottom 95% put together.
More importantly, the fact that Fed.gov says things like this, hasn't recognized that their spending is what caused this, and has yet to do anything to fix the downgrade simply reveals S&P was right, and the collapse will continue. As I've said many times, I'm not sure they're deliberately trying to destroy the country, but I am sure I can't think of anything they would be doing differently if it was deliberate.