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The Dow Jones Industrial Average fell 413 points, a decrease of 3.7 percent, following morning trading Wednesday.
House Speaker John Boehner (R-Ohio) has tapped three top leaders with spending-cuts credentials within the Republican Party to join the new 12-member super committee.
Stock indexes went postal on Washington’s debt deal celebration. Last Thursday, the Dow Jones industrial average declined more than 500 points, its worst setback since the Crash of 2008. Then on Friday, Standard & Poor’s downgraded America’s debt from AAA to AA+. In response, the market suffered an even greater setback on Monday, with the Dow Jones industrial average falling 643 points. The sky is falling.
Former Massachusetts Governor Mitt Romney’s campaign has aimed its attacks solely on President Barack Obama since its inception, and that strategy seems to have paid off, in a way: Obama’s campaign is now focused on attacking Romney, although Romney has not received the GOP nod.
Former Vice President Al Gore spoke at an Aspen Institute media forum on Thursday, discussing a subject with which he has become synonymous: global warming. He gave a heated speech against corporations paying “pseudo-scientists” to muddy the waters in the climate change debate.
The meme of the week, that the Standard & Poor’s downgrade of the United States’ sovereign credit rating was caused by the Tea Party, is absurd. First, S&P and its rating system are irrelevant. This is the same ratings agency that gave A ratings to Lehman Brothers and other teetering banks right before they crashed and burned in 2008.
International markets were anxiously waiting to see what answers Chairman Ben Bernanke and the United States Federal Reserve’s Federal Open Market Committee would offer after their policy meeting Tuesday. The Fed has decided to keep interest rates low for two more years.
On Saturday, Texas Governor Rick Perry will give a speech from South Carolina, in which he will make clear his intention to seek the Republican nod for the 2012 Presidential nomination, CNN reported. The previously undeclared Perry has enjoyed high name recognition and favorability among Republicans and Republican-leaning Independents, according to Gallup.
A stalled U.S. economy and a plunging stock market may lead the Federal Reserve to react with the limited resources that it has left at its disposal.