Posted on 08/07/2011 12:14:05 PM PDT by americanophile
US stock futures tumble after S&P downgrade of US
By STAN CHOE, AP Business Writer – 2 hours ago
NEW YORK (AP) — U.S. stock futures tumbled Monday amid a rout in global stocks after Standard & Poor’s downgraded the U.S. credit rating for the first time.
S&P cut the long-term debt rating for the U.S. by one notch to AA+ from AAA late Friday. The move wasn’t unexpected, but it comes when investors are already feeling nervous about a weak U.S. economy, European debt problems and Japan’s recovery from its March earthquake.
Ahead of the opening bell, Dow Jones industrial futures fell 200 points, or 1.8 percent, to 11,202. S&P 500 futures fell 24, or 2.percent, to 1,173. Nasdaq 100 futures fell 44, or 2 percent, to 2,143.
I’m aware. S&P has been warning of it for weeks; the writing was on the wall. Only passage of a serious debt reduction plan like Paul Ryans, Connie Macks, or Boehner’s CCB would have avoided it. Unfortunately, the Dems wouldn’t allow it. That’s all there is to it. Nothig the GOP could have done except force a shutdown and reap the whirlwind. The downgrade would have surely come, only the GOP would be twisting in the wind. It’s as clear as day.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.