Watchwoman: There are those preachers out there who preach a form of mysticism, false religion, godforsaken dogma, and what’s good for their own pockets in their so-called churches too, you know the claim, “you send me $100 and you’ll get 10 times that amount back.” No, I don’t mean chain letters from Nigeria, I mean preachers who know how to make fools of people on TV and turn their wallets inside out — and empty — while filling their own! They are the prosperity preachers, the “name it and claim it” guys. I don’t and have never gone to their so-called churches or listened to them on TV. If you could “name it and claim it”, why is the Crystal Cathedral falling down? Now apparently we have “hope and change” turning into “name it and claim it” mysticism in the DC bully pulpit. Obama passed it off as ”common sense and compromise”. As Obama preached his form of “name it and claim it” dismissing the first-ever downgrade of the U.S. credit rating, the stock market continued to plummet farther downward with each word. I guess Wall Street and the smart people who have gotten rich with their intelligence aren’t buying it either. They are selling off in droves! BTW, I wonder what Obama’s preacher man, you know the ‘chicken’s are coming home to roost, Rev. Jeremiah Wright,’ who was calling for America to be damned is rejoicing? A while back when I called this whole thing “insanity” some people nearly lost their marbles. Now they’re losing their fortunes! Obama said he was going to fundamentally change this country and he has — all for the worse! ▬ Donna Calvin
~:~ ~:~ ~:~
CNN Reports Monday, Aug. 8, 2011:U.S. stocks plunged at the open Monday as Wall Street had its first opportunity to react to Standard & Poor’s downgrade of U.S. debt. At the open, the Dow Jones industrial average was down 184 points, or 1.6%; the S&P 500 lost 30 points, or 2.5%; and the Nasdaq Composite dropped 82 points, or 3.2%. Late Friday, S&P downgraded the United States’ credit rating by one notch to “AA “, removing the world’s largest economy from the Triple A-club for the first time in history. Economists and investment strategists said an initial shock is not surprising – global markets plunged on the news as well – but emphasized that the downgrade itself should not impact markets too much. In what is shaping up to be an erratic trading day, the Dow has dropped below 3% in early trading after the latest news that Standard & Poor’s downgraded the debt of mortgage finance giants Fannie Mae and Freddie Mac. It was widely expected that S&P’s downgrade of U.S. debt would roll downhill to other entities that are closely linked to the federal government. Fannie and Freddie, which were taken over by the government in 2008, fuel home sales by purchasing mortgages from banks. It’s not clear what – if any – effect the downgrade will have on Fannie and Freddie’s borrowing costs. And since Treasury yields remain at very low levels, a sharp spike in mortgage rates seems unlikely.
~:~ ~:~ ~:~
This was 5 days before he took over America!
Here’s the Results of His Fundamental Change as he spins his way out of the mess he got us into!
4 PM – The Dow Closed Today, Monday, August 8, 2011
Down – 633.17 Points Down – 5.53% Down – $10,811.44
Worst Single Day Drop Since 2008
~:~ ~:~ ~:~
Obama calls US AAA nation despite AA+ Rating
By BEN FELLER – AP White House Correspondent Email
WASHINGTON (AP) — President Barack Obama on Monday essentially dismissed the first-ever downgrade of the U.S. credit rating, trying to reassure investors and the public that the nation’s leaders need only show more “common sense and compromise” to tame a staggering accumulation of debt.
Seeking to demonstrate command in a volatile economic climate, Obama said he hoped the decision by Standard & Poor’s would at least give Congress a renewed sense of urgency to tackle debt problems. He said that must be done mainly by taking on the politically difficult issues of reforming taxes and entitlement programs in the coming months.
In his first public comments on the credit downgrade, which S&P announced late Friday, Obama said Washington had the power to fix its own political dysfunction.
“Markets will rise and fall,” he said. “But this is the United States of America. No matter what some agency may say, we’ve always been and always will be a triple-A country.”