Monday, August 8, 2011

Economy report for August 8, 2011: Paul Buzby

Oil plunges below $84 a barrel on credit downgrade
All commodities down but gold. Possible bubble.

S&P downgrades Fannie and Freddie, US-backed debt
Finally. Maybe Washington will wake up and stop the spending.

ECB pledge gets Spain, Italy rates down
Another band aid.

China urges global economic policy coordination
Pot calling the kettle black.

White House adviser blames tea party for downgrade
Blame everyone but yourself. If they had not raised the debt ceiling we would not have been downgraded. We need to stop the spending

US markets fall sharply after S&P downgrade
Finally. Maybe Washington will wake up and stop the spending.

Greece bans shortselling as stocks tank
Another band aid.

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