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Old 08-10-2011, 03:03 PM
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Federal deficit tops $1Trillion for 3rd straight year

These folks in Washington are simply ill equipped to handle the current economic crisis along with the mess in the global stock markets. The S & P downgrade has further weakened our economy and long term competitiveness position. More problems to come. Just wait and see!

It is politics as usual in Washington, and these elected politicians really don't seem to care for this country and its long term stability at least for the time being!

Asia and Europe in Turmoil...as well..!!

The following article states that "The United States' budget deficit has topped $1 trillion for a third straight year, adding pressure on Congress and the White House to make more progress a long-term plan to shrink the growing imbalance."

Federal deficit tops $1T for 3rd straight year - Yahoo! Finance



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Old 08-10-2011, 05:19 PM
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Todays crisis was more to do with France's losing its AAA rating!!

Todays crisis was more to do with France. According to AP news, "Worries that France would lose its triple A rating sparked the sell-off, which built momentum on rumors that the banks' financial health was in danger."

See Link below.
French bank stocks plunge on market fears - Yahoo! Finance

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