Yes, Barack Hussein Obama, as you wished and worked for, you are now truly an historic president of incalculable consequences. Gird your loins, freedom lovers.
TA Stock Exchange falls after S&P cuts US credit rating J Post (hat tip Jan B)
There was enormous tension Sunday morning on the Tel Aviv Stock Exchange, the first market to open worldwide after S&P announced that it was downgrading the US credit rating from AAA to AA+. The TASE was expected to fall sharply both because of the downgrading but also because of losses on global markets Friday when the Israeli exchange was closed. The Tel Aviv 25 Index was down 6.5 percent in the opening hour to 1079.13 points.
Markets braced for mayhem as US credit downgraded for first time The Independent (hat tip Daryl)
China and Russia with trillions of US debt react furiously to the news that America had lost its AAA credit rating By Margareta Pagano Sunday, 7 August 2011
World stock markets are braced for another bloodbath when they open in Asia tonight and across Europe tomorrow following the controversial decision by Standard & Poor's to downgrade the triple A credit rating of the United States.
Over the week, the FTSE 100 index lost 10 per cent with more than £148bn wiped off the value of leading shares, the third biggest amount in its 30-year history. In Japan, the Nikkei was down 5.4 per cent, in the US the S&P index was 7.2 per cent lower, and on Friday US treasuries showed their single biggest daily rise to 2.75 per cent since December, while gold reached a new peak of $1,683, up 10 per cent on the month.
UPDATE: American Power has more on the blame game.