Don't Panic!

2 minute warning!!!!

The CNBC squawkers are laughing at the SP raters now, after the downgrade, bond investors sent interest rates lower and plowed into gov't treasuries. LOL

Obama probably has mixed feelings, I'm sure part of him loves seeing Wall Street millionaires squirm and lose money. Until he thinks about the lost tax revenues.

He's going to save us by committee...

Market's below 11,000

So far the Dow has gone from -400 to -440 during the Speech.

S&P Loses 4.8%: Stocks Hit Session Lows After Obama Addresses Economy, S&P Downgrade- AP

He said nothing that would influence the market- just more babble.

He said nothing.

Rick Santelli just ripped Obama on CNBC for his claims about interest rates and the SP downgrade. Interest rates are low on bonds because there is nowhere else to go and the economy is slowing, not because of our "good credit" like Obama claimed in the speech.

Rick Santelli just ripped Obama on CNBC for his claims about interest rates and the SP downgrade. Interest rates are low on bonds because there is nowhere else to go and the economy is slowing, not because of our "good credit" like Obama claimed in the speech.

This is very true- here's another lie- he said that they downgraded us "not because of our ability to pay our debt" but because of the political bickering.

Total bulls**t and he knows it- we were downgraded because of our massive debt level- and a growing probability that we are not able to pay even the interest on it back- so stop lying Obama!

And he constantly talks out of both sides of his mouth- citing the need to lower our debt "long term" while advocating more borrowing and spending.

If this needs to be done long term- then it needs to be done short term- a thousand mile journey starts with a first step. The size of government needs to be cut NOW. What a hypocrite!

BearMtnHIB wrote: This is very true- here's another lie- he said that they downgraded us "not because of our ability to pay our debt" but because of the political bickering.

Actually, if you read the statement by S&P it's pretty clear that the political bickering is EXACTLY why they downgraded us. It's not the debt, it's the unwillingness Congress is showing to make serious efforts towards imposing the pain it would take to ADDRESS the debt that concerns them. And rightfully so.

If it goes lower or crashes, it will be a good time to buy some bargains.