Certain factions of the GOP want to destroy the country, in order to save it. Treasury Secretary Lew is warning markets that we need to raise the debt ceiling by November 3rd, or else.
Or else what, some of you new traders ponder? How about this?
In finance and investing, Black Monday 2011 refers to August 8, 2011, when US and global stock markets crashed[1] following the Friday night credit rating downgrade by Standard and Poor’s of the United States sovereign debt from AAA, or “risk free”, to AA+.[2] It was the first time in history the United States was downgraded.[3] Moody’s issued a report during morning trading which said their AAA rating of U.S. credit was in jeopardy, this after issuing a negative outlook in the previous week.[4]
By market close, the Dow Jones Industrial Average lost 634.76 points (-5.55%) to close at 10,809.85, making it the 6th largest drop of the index in history.[5] Black Monday 2011 followed just one trading day behind the 10th largest drop of the Dow Jones Index, a 512.76 (-4.31%) drop on August 4, 2011.
The last time we tried to purposely default on our obligations, our credit rating was cut and our markets literally crashed.
Bear in mind, on paper, none of this should happen. It’d be retarded if it did, since it’s entirely self inflicted. But, there are morons amongst us, men clad in the roughest burlap ever, who have designs to fuck America, in order to save her.
Since Wall St tend to have the attention span of a gnat and could only focus on “right fucking now”, I thought I’d remind you of what’s looming around the bend.
If you enjoy the content at iBankCoin, please follow us on Twitter
Good point. Most only remember the Fed had to do Op Twist; then QE Infinity in order to offset those burlapped congresspeople. Being politically correct 🙂 Any chicks in the tea party?
None you’d want to meet cute.