Our pathetic do-nothing Congress and the soft walking on egg shells White House have managed to have the country’s credit rating downgraded. The change could result in higher interest rates for all Americans, especially members of the already demolished middle class. It also puts us in grave danger of a double dip recession as corporate investors have run for the hills crashing the stock market in their wake. In fact the stock market recorded its worst day since 2008 in reaction to the downgrade. Investors across the globe seemed rattled by the US credit rating drop from AAA to AA+. Investors also started to notice how bloated the US market is, due to the recent down marking of US companies’ growth expectations across the country. That combined with the gridlock in Washington has people everywhere liquidating their stock holdings in favor of government bonds. Which even though the US Government’s credit rating has just been downgraded, is still considered a fairly safe bet.

“The Dow Jones industrial average fell 634 points, or 5.6 percent, and the Standard & Poor’s 500- stock index dropped 6.7 percent, the biggest retreats since December 2008 in the midst of the financial crisis, accelerating a sell-off that began a couple of weeks ago. The S.& P. 500 is now down 18 percent from its April 29 peak and is nearing official bear market territory, defined as a fall of 20 percent.” [New York Times]

Banks were some of the hardest hit as Bank of America fell 20 percent. Citigroup fell 16 percent. Morgan Stanley dropped 14 percent. JP Morgan fell 9 percent. And Goldman Sachs fell 6 percent. To which we at the Chronicle say good! Those bloodsuckers where the same guys that got us into this mess in the first place. Then when America’s middle class bailed them out (because the middle class are the only people who pay taxes anymore). The board members of those companies still paid themselves multimillion dollar bonuses. So we at the Chronicle say let their stocks take an elevator ride to hell. Wall Street is the worst of the worst, and they deserve everything they get. To add insult to injury China has decided to use the incident to kick us while we’re down in the global media. Telling the US to get our sh*t together. Here is an excerpt you might enjoy from the country that owns over $1.1 trillion dollars in America’s debt.

“The U.S. government has to come to terms with the painful fact that the good old days when it could just borrow its way out of messes of its own making are finally gone,” read the commentary, which was published in Chinese newspapers.

The official statement from the Chinese also called for America to make significant cuts to its bloated military and social welfare programs. However even that is not as bad as, the grim realization that our Government no longer represents the majority of the American people. Having sold its soul to special interests and right-wing lunatics. Forcing us to stare down a long grim road of financial and economic turmoil with literally no help in sight. What happens when the government is so dysfunctional that they can no longer act in good faith? Unfortunately for American citizens this is a question we all must now ponder.