This is the reality check America needed to see. The MSM, Obama's economist, and the White House are unable to sugar coat the news from Wall Street. America is experiencing the worst economic collapse since Jimmy Carter. Hopefully, this generation, who was not born to experience Carter's stupidity, could appreciate it now.
Many Americans can relate with bad credit. Also, it is often understood that having a bad credit rating means the bank is less likely to service a loan. Obama is the first president in history to allow our valued credit rating to be downgraded. Therefore, before bashing Bush and his spending, it is important to note that Obama destroyed the economy in 3 short years as president.
(CNBC) Stocks took a sharp nosedive in another choppy day Monday to finish at session lows as investors fled from risky assets following S&P's downgrade of U.S.'s credit rating last week in addition to ongoing economic jitters.
The Dow Jones Industrial Average plunged 634.76 points, or 5.55 percent, to finish at 10,809.85, well below the psychologically-significant 11,000 mark. The move marks the blue-chip index's biggest point and percent drop since Dec. 1, 2008.
Moody's said while they are maintaining the U.S.'s AAA status, the agency said it has doubts over the long-term enforceability of the budget cuts already decided by Congress.
This comes after Standard & Poor's move to downgrade U.S.'s rating to AA-plus from AAA last Friday after a wild week for stocks—its worst in more than two years.
And in its latest move, S&P also lowered Fannie Mae, Freddie Mac and Federal Home Loan Bank's debt to AA-plus from AAA.