Speaking of the euro, yikes. Greece's debt is now officially junk. The fear is that Portugal and I suspect Ireland are next up for a severe dose of insolvency issues. And let's not forget about crumpling Iceland. Iceland is part of the E.U.
I can't go near this Goldman testimony. Dog and pony crap show it is. The headlines alone are irritating - "we did nothing wrong." Screw you, take your Harvard and Wharton MBA's and place them up your derivative.
What a crock - we did nothing wrong. What do you do with that. Okay all we did was to cause a little systemic problem that caused millions to lose their jobs and just about everyone in the country to lose asset value. Look at the bright side - there are a whole new group of billionaires in the world and considering the amazing benefits of "trickle down", entire families of illegal immigrants can mow lawns, prune shrubs, scrub toilets, and provide master with nookie.
CNN: Greece could weigh on U.S. stocks
U.S. stocks fell sharply Tuesday after Standard & Poor's cut Greece's debt rating to junk and downgraded Portugal's rating.Reuters: Stock futures up ahead of Fed statement, after sell-off
Investors are fearful that Greece's problem is not being contained and that a European debt crisis will drag on the worldwide economic recovery.
Following its two-day meeting, the central bank will release its policy statement at 2:15 a.m. ET.
The Fed is expected to hold interest rates near zero and repeat its vow of an extended period of very low rates as the Federal Reserve Open Market Committee concludes a two-day policy meeting.
"If the Fed says something out of the band of expectation, given yesterday's behavior, we could be in store for greater volatility..."
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