S&P Downgrades Fannie Mae & Freddie Mac, Dow Plummets

[Divernan]

Source: Seattle Times

S&P downgrades Fannie Mae and Freddie Mac, Dow plummets

Standard & Poor's has downgraded mortgage-finance giants Fannie Mae and Freddie Mac. The Dow Jones Industrial Average fell over 300 points during an hour of trading.

For the latest on this story, go to http://www.seattletimes.com

anxious.

By STAN CHOE

AP Business Writer

The first trading since Standard & Poor's downgraded American debt and gave investors another reason to be anxious.

The Dow Jones industrial average fell more than 250 points minutes after the opening bell on Wall Street. It recovered some of those losses, then fell again and was down as many as 375 points in mid-morning trading. At noon, the Dow was down 289 points.

Monday was the first chance for global investors to respond to S&P's announcement late Friday that it was reducing its credit rating for long-term U.S. government debt by one notch, from AAA, the highest rating, to AA+.

The move wasn't a total surprise but came when investors were already feeling nervous about a weak U.S. economy, European debt problems and Japan's recovery from its March earthquake



Read more: http://www.seattletimes.com

[liberal N proud]

1. They are doing everything they can to destroy what is left of the economy

[highplainsdem]

7. +1. They're sabotaging the economy.

[Psephos]

11. The destruction of the economy's been happening for a long time.

It was inevitable that someone would point out the nakedness of the emperor.

The US is borrowing 41 cents of every dollar it spends, and that is projected to get worse, not better. If something can't go on forever, it won't.

[Warpy]

2. Red ink in world markets was 1.5% to 5% overnight

I'm not planning on watching any of this unfold today. There's nothing I can do about it, so I'm going to spend a nice day working on projects.

Do I expect the market to recover? Sure, as soon as the rich get socked in the wallet the way they deserve to be socked and not before.

Until then, my net worth will be considerably less than it was a couple of weeks ago. Sic transit glorious money.

[SoapBox]

3. Time now for a MAJOR investigation into "S & P"

I am SO tired of simply hearing "S & P"!

I want NAMES...POSITIONS...FACES...and their background.

The limp media is doing a horrible job or lack of, about asking serious questions about this company.

It appears that they are taking the word of this company like it's God's word...NOT.

[OnlinePoker]

6. Here you go...Google is your friend

http://www.minyanville.com/dailyfeed/2011/08/08/meet-the-men-who-downgraded/

[aquart]

4. Fannie and Freddie, but not the states?

[Divernan]

5. Gold rose more than $60 per oz., to $1,712.

From OP link:
"Gold, which investors traditionally buy when they want a safe investment, rose more than $60 per ounce, to $1,712. Monday was the first time gold was above $1,700 although after adjusting for inflation, its price remains below its 1980 record. Gold began the year at $1,421.40. It has climbed steadily as worries rose about high debt levels in both Europe and the United States. It went above $1,500 per ounce in late May."

_____________________________________________________________________________________--

My question is, how does one safely sell gold without getting ripped off? I have gold class rings, wedding rings, chains, bracelets, etc., accumulated over the decades or inherited, which I never wear. At $1,700 an oz., I would really like to sell them.

I know the value depends upon both weight and purity, i.e., 14 karat, 21 karat, etc. But who can one trust to be an honest buyer, since I have no way of measuring either weight or purity on my own.

Same question for sterling silver flatware.

[Lochloosa]

8. Divernan, go to the oldest, most respected Jeweler in your area.

Avoid Pawn shops and motel room operations.

I would get two or three quotes from respected jewelers.

[Divernan]

10. Thanks - sounds like a plan!

[ProfessionalLeftist]

9. S & P head H. McGraw is friend of bu$hit's and supports Romney

'nuff said.

[yurbud]

12. further proof that Wall Street is shorting America