Some quick thoughts:
1) The "official" lie..uh, I mean rationale is that markets are reacting to S&P downgrading the US last friday. Um.. NO. Many.. and mean Many in Wall St not only expected this for months but were surprised it hadn't happened Yet.
If you want to be Serious about financial responsibility and reducing the national debt, you have to do Three things and in Unison- cut back spending in non-essential areas, dramatically reduce or stop new spending i.e. new wars, QE3, etc, AND increase the revenue stream via.. yes.. yes... Raising Taxes on the super wealthy.
2) Found it interesting that last week we raised the debt ceiling then today announced we're giving $100mill. to Somalia. Think about it.
3) The Fed is going to meet this week in Wyoming as they always do each month.. Think this is the 'exclamation point' of political cover Bernanke was needing for QE3? Remember- more $$ into markets means more $$ into commodities meaning you Will be paying more for food, gas, electricity and every other basic necessity that is traded in the open market.
4) So based on last week's posting, "Financial Word Wealth", Would you say today is a 'correction' or a 'panic'? Also, would you say today feels like a 'recovery' and 'soft patch' type of day or an 'ongoing, never-ending recession' kind of day?
http://ants-and-grasshoppers.blogspot.com/2011/08/financial-word-wealth.html
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