STOCK MARKET FINAL: Dow closes with 635 point loss; among worst trading days ever

Make that about 400 now.

Congratulations to rupert murdoch and all you teabaggers. You let the world know you are willing to not honor America's debts.

I figured when bush and the republicans screwed things up so bad that the country elected a black guy, which absolutely drives these morons nuts, it showed how out of touch these people are. But I have to say, these teabagger/republicans have out done themselves. A hand full of zealots have managed to shake the worlds confidence in America to the point of erasing the gains made in the last two years in only a matter of months.

If you don't vote, these are the fools you are trusting to run the country.

Hey @cambridge, morning!

It's not the tea party, republicans or democrats.

We need to reform government and regulate spending.

Politicians are all to blame. These idiots can't create a budget in how long? They can't ever cap or reduce spending. There are miles of porkjects that we shouldn't be paying for.

The reality is, our credit rating was LONG overdue to be downgraded.

Think in terms of your personal situation, if you kept borrowing money and paying interest only, what would happen?

For certain you'd have a credit rating in the 200's.

The US having a AAA rating or even an AA+ is way too high.

When are our lenders going to call in the chips and want paid all at once? Seems like that day will eventually happen.

Did you see S&P also just downgraded Freddie and Fannie Mac?

Breaking news:
White House says Obama will make statement at 1 PM Eastern

Here come the spin to try and steer the market. Sorry to say, but the spin is just going to cause people to get sick and vomit. Too late at this point to talk our way out of the credit opinion downgrade.

There are other credit agencies and other government entities likely going to downgrade the US in the coming quarter or two.

Ok, over 400 now.

Down 438 now, as Obama speaks.

Weird, and way late arrival/start to Obama's speech.

Was the treasury busy buying stuff? Expect an artificial positive uptick in next 2-3 sessions. That will be treasury / government monies.

Obama just stopped jabbering and saying nothing. I don't believe his speech is going to do anything but confirm we are screwed.

DJIA is moving downward quickly. Some fluctuations, but trending downhill.

Volume right now has to be high as tons of position changes are being made.

People shorting stocks had better to selling and get out.

Seeing 414 points down, but just within past two minutes was at 448.

Once the position changes settle this should continue to tank. Likely will be tomorrow as it's late in the day to to Obamatardy.

DJIA will close below 11000 today.

Did I see the DJIA go below 11k during Obama's speech? Yes I did.

First time since last fall we saw that range.

Democrats better find someone else to run.

"If you don't vote, these are the fools you are trusting to run the country." Really? How many people voted and elected the enemy in 2008?

I am very mad how Bush and the tea party made July such a hot, dry and miserable month in the Valley. They should all be arrested!!!

When my cc is maxed out, I too am going to get another cc, max it out, and expect someone else to pay it off. That's the current American way.

All incumbents should pretty much bet on being in toss up seats in 2012. Neither party is safe.

The implosion Traficant warned us about is beginning in earnest. Our political economy is a house of cards based upon a toxic waste dump of colossal debt caused by colossal military spending to maintain an immoral empire and colossal tax cuts to the rich to maintain an immoral social structure. The rich are getting richers, the poor are getting poorer, the middle class is getting thinner, and the fuse is getting shorter.

Make that a 634.76 loss. Ouch.....

Crimelander is right. There is no way the US can sustain a perfect credit rating when we are on the verge of bankruptcy.

Cambridge, you claim to be worth 1.6 million, and you can't understand a third party questioning the US credit rating? Seriously? I bet you believe the "math error" defense given by D.C.

The country is 14 TRILLION DOLLARS in debt. That may cause someone looking from afar to wonder if the US Can handle it's current debt load since 14 TRILLION is an almost unfathomable number unless you work in D.C.

Take your 1.6 million, and donate it to the CA state fund. They are only 200 BILLION in debt and maybe you can help.

ONLY IN AMERICA.

The United States will always meet its obligations as it has the ability to print money. This is a rating on the long term US dollar.

For the record, today's 635 point DJIA drop was the 6th largest ever.

Obama's buddy mentioned in today's speech, Warren Buffet, his own company was downgraded by Standard & Poor's today also - Berkshire Hathaway.

The US has ample income from taxes. Problem is we spend all over the place on non essential services and goods. It's like saying someone makes enough money working for all their bills, but squanders tons gambling and getting high on cocaine.

Government gambling is all these crazy porkjects along with money manipulation schemes and not issuing currency and credit directly (instead going to Federal Reserve which is a private foreign banking interest).

The getting high waste is continuing very expensive wars in places we ought to be long gone from.

We have bridges falling down in this country and our roads look like they endured aerial bombings. Why? Well shortage of money clearly is contributing. That money could be raised from fake wars.

Libya costs at least $2 billion a day.

Total Cost of Wars Since 2001
$1,234,878,206,112
(that's 1.2 TRILLION)

Cost of War in Iraq
$805,475,993,143

Cost of War in Afghanistan
$429,402,212,969

/ The United States will always meet its obligations as it has the ability to print money. This is a rating on the long term US dollar. /

The US can't print it's way out of trouble under the current way the printing press works.

When the US prints more money it is in effect a tax. It steals buying value out of all the money you have in saving or under the mattress.

Continuing to print more cash or credits just devalues the dollar, weakens everyone holding dollars.

In order to print such, our lenders such as sovereign funds and China have to per se approve such and/or approve more borrowing from them to us.

The game of money manipulation has reached an unsafe maximum. Our debt is nothing in dollar value compared to outstanding derivatives which are probably 1000x more (at least).