The White House and GOP signed a debt-ceiling pact before the doomsday deadline and the traders on the US stock market was quick to react to the $2.4 trillion by cashing out profits for Big Money. The ticker tape responded with a downward trend and the day ended with the Dow Jones losing mo than 2% of it's value. In real money terms the losses amounted to nearly a trillion dollars or almost half the amount that the GOP want to cut from social services over the next decade.
A trillion dollars blown in an afternoon.
The descent came on the heels of an government announcement that consumer spending was down for the month of July. Millions of Americans are in debt drowning school and they have responded to the devastation of their income and savings by finally saying no to buying the crap offered by the retailers in the shopping malls. High gas prices haven't helped enthusiasm, but the main influence of the weakening spending spree is consumer weariness.
Americans have bought enough junk to last them the decade.
They have the cars, the TVs, the fancy clothing and realize that they don't really need anything else.
Exhaustion is how one economist termed the economic mood in America.
Too tired to shop until they drop.
Get ready to the tough times ahead.
99 cent store ae the future.
Everything is cheap there.
Even beer.
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