Tuesday, August 9, 2011

Stocks and Debt

Well yesterday was a wild day in the world stock markets--as expected. The US stock market suffered its biggest drop since 2008. And frankly, I expect more of the same for today. And the funny thing is that Congress doesn't get it. They do not understand the relationship between their irresponsible brinkmanship, the lowering of the US debt rating and the worldwide panic which has ensued.

Face it--we have too much debt.

We do not have enough income.

We are or have become a debtor nation who owes the rest of the world. Just like we have lost control of our future through oil dependence, we have now lost control of our debt.

Change is going to be really difficult to pull off and we need to start changing our way and our debt-ridden lifestyle.

I believe that the debt rating services are just reflecting what we already know--there is tarnish on the US economy. And I also worry that there is tarnish on the Constitution.

I also fear, that we are headed for a really rocky road ahead during the FY12 budget negotiations. I remember the impasse that developed last year, and we get to do it all over again now--and soon, like beginning now.

So the wild ride, I am reminded of the name of a ride that used to be in Disney World--Mr. Toad's Wild Ride, begins now.

If we thought the past couple of months were exciting, I'm not sure nothing can prepare us for the ride ahead, compliments of a dysfunctional government.

- Posted using BlogPress from my iPad

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