Fitch lowered its credit rating on both Spain and Italy on Friday, cutting Spain's long-term rating to "AA-" from "AA+" and Italy’s to "A+" from "AA-."
While not entirely unexpected, the news took some of the momentum out of the stock market. The Dow is now off 20 points, having rallied earlier in the session.
From Fox News
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1 comment:
The ball is rolling down hill. Its a HUGE ball and cannot be stopped. Delayed, perhaps. Slowed down a little, with tricks like issuing debt, then printing money to buy it back, so it LOOKS like everything is somewhat normal. But it WILL come to an end, and a bad one. Our money will be worthless and EVERYTHING will become much more expensive. The normal, average middle class American won't be able to pay for food and energy. This AIN"T "tin-foil hat" theory. Its coming, as sure as the sun rises every day. AND its going to happen very fast. Better be ready, or at least, as ready as you can get.
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