The Dow Jones Industrial Average fell over 600 points Monday after a one-two punch: the first-ever Standard & Poor’s downgrade of U.S. debt, then the downgrading of govenment-backed mortgage debt. The Dow’s one-day drop of more than 600 points was its biggest point loss in a single day since December, 1 2008. The Nasdaq dropped 174.72 points, 6.9 percent for the day. – Dow Ends Day Down Over 600 Points, Closes Below 11,000
Obama had this to say today: “The U.S. will always be a triple-A country despite what rating agencies say…”
Mitt Romney also chimed in with a whole lot of nothing, but he did say something that will strike home to many people right now: “.. I’m afraid the president is just out of his depth when it comes to understanding how the private economy works.”
Slick Mitt’s a vulture capitalist of the second rate order, but Pres. Obama has tripped over the presidency and has damaged himself a great deal by creating a catastrophic situation that played into the hands of his adversaries.