Monday, August 08, 2011

President Downgrade Braces for Meltdown Monday

Well, we're assuming he is, and he'd better be prepared, but considering his ominous silence since Friday's downgrade, we're wondering whether perhaps he's stuck in a sand bunker somewhere.

The world is watching, Bammy.
Asian and European stocks are down Monday. The downgrade of U.S. debt is overshadowing bond purchases that the European Central bank is making to help Italy and Spain avoid defaulting on their debts.

Ahead of the opening bell, Dow Jones industrial futures are down 222 points, or 1.9 percent, to 11,181. S&P 500 futures are down 27, or 2.3 percent, to 1,171. Nasdaq 100 futures are down 50, or 2.3 percent, to 2,134.

Gold is above $1,700 per ounce for the first time because investors are looking for something safe.
Gold is over $1,700 an ounce? Makes you wonder how Anthony Weiner's investigation into Glenn Beck's "unholy alliance" with Goldline is coming along.

Oh, wait...

Still, if the market crashes today the Democrats will just call it the Tea Party Crash or something. Instead of seeking ways to avoid another tumble, they're more likely busy crafting another clever slogan.

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