Dow Drops 500 points

Well it seems the stock market is doing great since this Debt Deal was passed!

ohh...and a side note

 

US Spends 60 percent of Debt Ceiling raise in one day.

 

Raising the debt ceiling sure did help...

Tags: Cuts, Debt, Market, Politics, Spending, Stock, USA

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I heard that we usually get a slump in August and that the stock market is registering fears across the globe that economic uncertainty is with us for a long time to come.   These fears will hopefully pass.  But it is very discouraging to hear that all the gains for the year have been lost IN ONE DAY.  What an economic system we have...driven by emotion.   The situation wasn't helped any by our lack of manufacturing job growth and consumer spending being so low...these couple with our government's lack of decisiveness when it comes to the federal deficit, to put it kindly.  It will be so difficult for the President's administration to stimulate job growth because investment in job growth is seen as "big government spending" instead of the medicine our nation needs to get better.

A balanced approach would look at reforming Medicare and the health insurance industry, providing affordable health care. Nobody wants privatized social security or Medicare: We the People have already spoken on this subject.

A balanced approach would look at reforming our tax codes so that people pay their 'fair share'. The Bush tax rates for the rich must GO. 

A balanced approach would look at bringing downs military costs and realizing that 'the business of war' can be streamlined.  Today's military is not the military of the 1970's!  (And where are all the veterans going to WORK when they come home...has there been a discussion about THAT?)  It's a terrible time to locate full-time employment--private sector OR public.

 

(And one last thing:  only the GOP could reframe the argument to make 'revenue' sound like a dirty word.  A lot of them have signed a pledge of 'no new taxes'...this is not a reasonable, rational approach!! The GOP gets 98% of what they want and the President gets 2%.)

 

We're all swirling around in the toilet.  Good thing we are led by good christians who will lead us in prayer and prevent us from being forced to marry members of our own sex against our wills, so we go to heaven in the next life.
Where's a toilet brush when you need one??  (*I just enjoy the imagery your first sentence brought to my mind.)

S&P had downgraded the US credit to a AA+ rating and warns that a further downgrade to AA may be coming in the months ahead.

 

I just talked to the financial adviser at my bank early last week to ask if I should take some money out in case a debt deal didn't get done and what his take was of the overall economy.  He suggested I stay put, as he thought if a deal wasn't done, there might be a short drop in the Dow of a couple hundred points, but he didn't foresee 1000 point drop or anything.  A week and a half later, we are down 800 points and likely to go lower on Monday.  Gee, thanks for the advise.

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