August 8. 2011
Investors are fleeing the U.S. stock market in droves, as the Dow Jones plunged 634 points today, in response to Standard and Poor's downgrading America's credit rating for the first time in history. This was not a good development for the nation and not something the government should ignore, as some in Washington are currently doing. For almost a century, America has enjoyed a great credit rating with the storied agency and this lack of confidence will have greater repercussions at home and abroad.
Barack Obama
As the Judiciary Report stated on August 5, 2011, Standard and Poor's reserves the right to downgrade America's credit rating even further (U.S. Credit Rating Downgraded For The First Time In History). Two days later, on Sunday, August 7, 2011, Standard and Poor's stated, another downgrade could occur in as soon as "six months." The Obama Administration needs to get to work, or said scenario is likely, if things remain on their current trajectory of trouble. This is truly a shame, as it didn't have to happen.
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