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Despite the President’s pronouncement that the private sector is “doing fine”, the economic news emanating the airwaves in the past days, hours, is all but FINE.
The May housing sales numbers show a decline from prior months, despite the lowest mortgage interest rates in modern history.
The manufacturing sector showed signs of further contraction.
The stock market closed yesterday down nearly 300 points amid the banking turmoil, with Moody’s lowering the credit ratings of some of the Big Players.
With downgrades to the likes of Bank of America, Citigroup, and JP Morgan, the stories of the implosion of some of these “too big to fail” institutions are abounding.
But there is always the news that gas may be as low as $3.00/gallon by the Fall……………… we will just not have any $$$$ to buy it with!