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 Obama Says We're Out of Money

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Join date : 2009-05-04
Posts : 151
Location : Pittsboro/Silk Hope
Age : 65

Obama Says We're Out of Money Empty
PostSubject: Obama Says We're Out of Money   Obama Says We're Out of Money EmptyThu May 28, 2009 3:56 pm

Last week, Standard and Poor's released a statement suggesting that the United Kingdom's sovereign credit rating was being reviewed. The statement was made on expectations that the UK's debt would approach or even exceed 100% of its annual GDP during 2009. Scary. Traders the world over saw this as a sign to evaluate the credit ratings of other sovereign nations and the US was hit hard. US equities markets began to plummet and the dollar was beat to the ground. US Bond yields almost instantaneously jumped 30 basis points driving prices to the floor and sparking discussions of an impending debt downgrade. So is there any merit to the fear of a US debt downgrade? Or worse yet...gulp...even fears of a default?