Wall Street Rocked By Downgrade of U.S. Debt

The U.S. stock market joined a sell-off around the world Monday in the first trading since Standard & Poor's downgraded American debt.

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By CBS/AP

Story Created: Aug 8, 2011 at 11:14 AM AKDT

Story Updated: Aug 8, 2011 at 11:14 AM AKDT

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jjj said on Thursday, Aug 11 at 3:45 PM

the giant ponzi scheme is coming to an END! I hope all those criminal bankers are hung for treason against the american people. but what should happen to the politicians that helped them?

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Elstun Lauesen said on Monday, Aug 8 at 1:08 PM

Rating agencies cite 'instability'; like the US is a banana Republic. Well, it's worse, actually. It's a Tea Party Republic. Viral ignorance infests talk radio and an army of dittoheads obediently follow. Debt is a function of income AND spending. Tea Party Parrots squawk the party line that 'there's no income problem, just a spending problem'. Tax rates for the top 2% have been cut in half in the last 20 years; Middle Class much less, dropping only a few percent. The aggregate income of the top 2% has increased 300% since 1980 while the income of the Middle Class has only increased 15% in that same time--not keeping up with inflation! Is it any wonder why billionaires funded FreedomWorks to seed the Tea Party? If it were only the Tea Party Lemmings going over the cliff I would applaud and say "good riddance"; but its not. These idiots have hurt us all!

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