At its worst, the Dow was off 900 points today. The WSJ said: “Investors remained deeply worried Thursday about the unfolding drama of Europe’s efforts to prop up Greece’s finances.” But of course Greece is just the first (and one of the smallest) of several dominoes, as the chart below from the NYT illustrates:
Arithmetic doesn’t care who you are or what you think. The AAA credit rating of the US is not on firm ground, and the future deficits being foisted upon the American people by this government are literally unfinanceable — at any credit rating or interest rate, and from all available sources of capital, domestic and foreign. Perhaps the market was also thinking about this today.