Your 401k Might Look Ugly Today
Another massive dumping of stocks is taking place on Wall Street as I type this story.
At last check this afternoon the Dow was down over 400 points as people can't sell their stocks fast enough. The culprit is the downgrading of America's debt. To compound the agony even more there is a huge European debt crisis. Since the European union adopted the Euro and basically combined the economies of multiple nations to one type of currency when one or two, or in the most recent case 3 of those countries have debt isuues it kicks all countries tied to the Euro in the teeth. The US dollar keeps losing value too. The one piece of good news today is that oil has dropped to below $84 a barrel. We here in the US will not see a drop at the pumps though. Why? Because of America's drop in credit rating, and the fact that the dollar is worth less. That mean's we have to pay more in order for the oil giants to keep their profit margins healthy. Make sure you pur a nice stiff drink before you rip open your next 401k statement, you're going to need it!