Busy Day at the Casino

All the major stock indices fell over 5%.

The term here is "Bloodbath".

The standard meme is that Standard & Poor's downgrade of US debt had investors fleeing the stock market and buying US debt.

So, standard wisdom is that because people are worried about the credit worthiness of the USA, they are buying debt from the the USA.

Me, I just think that they are realizing that we are heading to a double dip recession.