Today is a sad day in the financial history of the United States of America.
Standard & Poor’s, the ratings agency, downgraded the U.S. credit from its AAA rating for the first time in history. The nation now has a AA+ rating.
President Obama took to the airwaves to tell all of the little people in America exactly how we got to this point. He was quick to note that it was the length of the debt ceiling debate, not the ability of the U.S. to pay its bills, that put us in credit trouble. Financial experts were just tired of how unproductive Washington has become.
By the end of Monday, the Dow Jones Industrial Average was down 634 points and lost nearly six percent of its value, closing at 10809.85. In simple terms, the market shitted on itself today. It literally took any sign of a gain or profit in your investment portfolio and defecated all over it.
You have your broken government to thank for this one! 🙁