The stock market continued its collapse today as it lost another 520 points in heavy volume.
Gold is currently at $1792 an ounce as our leaders continue their summer vacation or conduct meetings that produce no results. As shown below, the market has lost 11.03% in August as Congress and the president passed debt ceiling legislation that did not address our fiscal insolvency. Notice the increased volume as people and institutions abandon the last bastion of Capitalism.
Standard & Poor’s joined with Egan-Jones to reduce our credit rating and Moody’s has announced that they too are considering a downgrade. What is the impact on the average American citizen? It depends on whether the individual has any “skin in the game”. During a conversation this past weekend, I was told that the rich were the only ones getting hurt in this crash so he did not care since he had no stock. When asked to define the “rich”, I was told “they were the people whining because they could only take one vacation instead of two vacations this year”.
As our leaders are exposed and our economy collapses, it is time to reflect on what is really important: God, family and values. Where would the United States be right now if our leaders would have kept these in their hearts?
David DeGerolamo
