Obama's Speech on S&P Downgrade Stock Market Crash Continues Key Support Levels Broken!

Date: 8/8/2011

Obama's Speech on S&P Downgrade Stock Market Crash Continues Key Support Levels Broken! Stock Market Meltdown Black Monday 8/8/2011 Live: President Obama Speaks on Economy, Addresses S&P Downgrade. Standard & Poor's Ratings Services on Monday downgraded the credit ratings of Fannie Mae and Freddie Mac and other agencies linked to long-term U.S. debt. S&P Downgrades Fannie and Freddie, U.S.-Backed Debt.

All the downgrades were from AAA to AA+, reflecting the same downgrade S&P made of long-term U.S. government debt on Friday. Oil tumbles, gold tops $1,700. "I believe this is, without question, the tea party downgrade," Sen. John F. Kerry, Massachusetts Democrat, said on NBC's "Meet the Press" yesterday.

Former senior Obama advisor David Axelrod used the exact same phrase in blaming opponents of tax hikes for the debt downgrade. Fannie and Freddie own or guarantee about half of all U.S. mortgages, or nearly 31 million home loans worth more than $5 trillion. As part of a nationalized system, they account for nearly all new mortgage loans. Their downgrade might force anyone looking to buy a home to pay higher mortgage rates. However, the debt ceiling debate was nothing more than a complete distraction from the real cause of America's economic crisis.

The downgrade of long-term debt issued by the U.S. government affects the banking and lending industries because many interest rates are pegged to the yields on Treasury securities. In addition, many companies use the securities as collateral that they would surrender if their bets lost value. S&P Managing Director John Chambers said that the credit rating agency believes the dollar won't be weakened "under any plausible scenario."

He said it will remain the dominant international currency, and that will reduce interest rates for governments and the private sector. Ten of the country's 12 Federal Home Loan Banks also were downgraded from AAA to AA+. The banks of Chicago and Seattle had already been downgraded earlier to AA+.

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