http://www.politicsplus.org/blog/?p=5571Wall Street had a terrible day. Stocks were off over six percent, giving the S&P 500 the worst day since December 2008, and pushing the price of gold over $1,700 per ounce. Republicans are blaming Obama, for the mess they caused. Treasuries are not weak. The market fled to them as a safe haven. What crashed the market is that the S&P downgrade brought it to international notice that the Republican Party is tanking our economy for political gain. Let’s go ever what happened and how in more detail.
Investors piled out of stocks and into a few "safe havens," such as gold and Treasury bonds. The appetite for Treasury bonds suggests that the Standard & Poor’s downgrade has not shaken investors’ faith in U.S. bonds.
Market experts said the Monday sell-off was sparked by the S&P announcement but was motivated more by growing concerns about the weakness of the global economy.