Kathianne
08-05-2011, 01:11 AM
Must read:
http://latimesblogs.latimes.com/washington/2011/08/dow-dow-jones-industrial-average-stock-market-today.html
Dow Jones plunges 512 points; but don't worry, President Obama's birthday parties unaffected
August 4, 2011 | 3:50 pm
Uh, what in the world is going on here?
That humongous hard-fought debt ceiling deal that was supposed to settle things down in D.C. financially and politically seems to be doing precisely the opposite there and now around the world. And all within 48 hours.
Europe isn't buying the deal.
The Dow Jones Industrial Average plunged almost 513 points today, erasing all of its gains this year, as fears grew of yet another recession before most people believed the first one was over. This White House returned to SOP immediately anyway. And George W. Bush is nowhere in sight to blame for this one.
Could Texas Rep. Ron Paul be right again? (http://latimesblogs.latimes.com/washington/2011/08/ron-paul-debt-ceiling-spending-super-congress-fox.html) He said: "You don’t get out of the problem of having too much debt by allowing Congress to spend a lot more."
Former GOP Sen. Alan Simpson, who served on Obama's deficit commission, explained the financial battering of the U.S. as similar to crises in Portugal, Greece, Ireland, Spain and Italy.
"It is a global, global economy," he said to Neil Cavuto on the Fox News Channel. "It is so different from anything we have ever had in our whole history, and all of these countries have this trajectory of deficit and interest which is unconscionable and unsustainable."
Here's what the world was witnessing as it hoped to see this country start controlling its craving for fiscal cheeseburgers and fries for every meal:
Obama was so pleased with the bipartisan deal to control spending and cut the nation's $14.3 trillion national debt that he signed it in private. Within hours he was talking about spending much more on bridges, roads, clean energy and unemployment extensions...
http://latimesblogs.latimes.com/washington/2011/08/dow-dow-jones-industrial-average-stock-market-today.html
Dow Jones plunges 512 points; but don't worry, President Obama's birthday parties unaffected
August 4, 2011 | 3:50 pm
Uh, what in the world is going on here?
That humongous hard-fought debt ceiling deal that was supposed to settle things down in D.C. financially and politically seems to be doing precisely the opposite there and now around the world. And all within 48 hours.
Europe isn't buying the deal.
The Dow Jones Industrial Average plunged almost 513 points today, erasing all of its gains this year, as fears grew of yet another recession before most people believed the first one was over. This White House returned to SOP immediately anyway. And George W. Bush is nowhere in sight to blame for this one.
Could Texas Rep. Ron Paul be right again? (http://latimesblogs.latimes.com/washington/2011/08/ron-paul-debt-ceiling-spending-super-congress-fox.html) He said: "You don’t get out of the problem of having too much debt by allowing Congress to spend a lot more."
Former GOP Sen. Alan Simpson, who served on Obama's deficit commission, explained the financial battering of the U.S. as similar to crises in Portugal, Greece, Ireland, Spain and Italy.
"It is a global, global economy," he said to Neil Cavuto on the Fox News Channel. "It is so different from anything we have ever had in our whole history, and all of these countries have this trajectory of deficit and interest which is unconscionable and unsustainable."
Here's what the world was witnessing as it hoped to see this country start controlling its craving for fiscal cheeseburgers and fries for every meal:
Obama was so pleased with the bipartisan deal to control spending and cut the nation's $14.3 trillion national debt that he signed it in private. Within hours he was talking about spending much more on bridges, roads, clean energy and unemployment extensions...