President Putt was unavailable for comment ........fore!
S&P Downgrades Fannie Mae and Freddie Mac [10:28 a.m. ET] ABC News
AP: "A pledge from the European Central Bank to support the shaky bonds of Italy and Spain helped calm investor nerves in Europe Monday despite big losses in Asia following the downgrade of U.S. debt by Standard & Poor's. ... Europe's main markets in London, Paris, and Frankfurt were trading lower, albeit modestly." WSJ: "Markets in Japan, China and Hong Kong ended lower."
UPDATE: Thanks to Daryl
by Robert P. Murphy on August 8, 2011
Investors the world over are still reeling from last Thursday's massive plunge in the US equity markets, in which the major indices all gave up more than 4 percent. It was the worst day for the US stock market since December 2008.
None of this should surprise those conversant with Austrian economics. The "fundamentals" of the economy have been and remain awful because the government and Federal Reserve are consistently doing the wrong things. The apparent recovery, fueled by Bernanke's sheer money creation, has been bogus all along.