BULLETIN – DOW DROPS 634 POINTS – AT 4:23 P.M. ET:  The Dow Jones Industrial Average dropped about 634 points today (minor adjustments in the number might be made later), the first American market reaction to the downgrade.

We now await the opening of Asian markets, which occurs at 8 p.m. ET. 

The president spoke today, and basically called for an end to partisanship in Washington.  As usual, he had nothing of substance to say.

S&P has started to downgrade other financial products that are linked to the U.S. Government, such as loan guarantees to foreign nations.  This, too, will have a ripple effect.

The fool Barney Frank is blaming the American military for the downgrade.  The left already has its big eyes on the military budget, not understanding that, national security needs aside, the military budget is one of the great economic engines in this country.

Some concern has been raised that several states could be downgraded next.

August 8, 2011