Hello everyone! It’s been a while since we have chatted and I truly apologize. You see my other job has me working every day. No, seriously I am working every day until the foreseeable future. It’s all good though because I like all the overtime pay that comes along with it. With back to school right around the corner and next the holidays, every bit of extra cash can help. So with further ado, let’s get into what was what over the past week.
Unless you have been living under a rock, you know about this whole debt ceiling crisis. I hate the fact that I have to go into a political thing but at this point, it needs to be addressed. With hours to spare, the president and congress finally got their act together and raised the debt ceiling enough for the country to continue running for the next couple of years. We all knew this would get done but what it came down to was whose political agenda it would benefit. The jury is still out on that one because all three parties involved got a little of something but not much of anything. I’m not going to break down who got what; all we all need to know right now is there needs to be a serious change in Washington or this country is heading for a meltdown of epic proportions over the next 5 years. Mark your calendars on that one. If we thought the mortgage meltdown in 2008 was bad, we haven't seen a darn thing yet when the bottom falls out on this debacle. A very good friend of mine made a valid point the other day on this. If this country was a publically owned company with this much debt, it would have been shut down a long time ago.
Now we come to todays events concerning this debt ceiling issue. We raised the levels so we can owe more money and I guess paid our bills but still got kicked in the face by having the credit rating dropped from AAA to AA+. What does that matter, right? Well it mattered enough for Wall Street to take a dump of about 600+ points today. This was the 6 th biggest drop in the history of the market and is tied directly to the countries credit rating drop. Hard to keep investing in something when all signs point to limited return on investment. I’m not 100% sure where all this loss came from but I can guarantee most of it was from off shore investors. Russia and China hold a lot of the American debt and a move to sell securities in bunch will cause the market to move like this. Just saying. Let’s see what the rest of the week brings but unless the government can come up with a better plan than what they have been spewing for the past several months, I suggest you move your money elsewhere. The stock market looks like it’s going to be a bumpy ride for a bit.
Oh, and don’t think we are the only ones having issues. England is on fire right now, literally. For the past three days there have been riots in the streets over bad government and economics. What started out as a peaceful protest has turned into the worst rioting England has seen in decades. Most of this is tied into the people feeling the pressure of high unemployment and cut back on government programs. Another sign that the world leaders should do something to solve the problems, not find a way to just quell the uprising.
On a more positive note, the NFL is back in full swing. A ton of free agents have moved around and looks like we will be entering the preseason on schedule. The teams you expected to make moves did with the Eagles spending the most to fix a few holes in the defensive side. As we get closer to the beginning of the season, expect a more in-depth look into the league and the happenings. I’m looking forward to a very completive season with hopefully the Patriots coming out on top. I know I’m supposed to be impartial but it’s my blog so I can write what I want.
One last quick hit that hits more here in the northeast than elsewhere. About 45,000 Verizon workers have gone out on strike due to their union contract expiring on August 6 th . I personally have friend that do work for the company and are out on the lines walking and showing their support for their union and fighting for their jobs. I can respect that and appreciate that. I wish them luck in getting what they want from what is out in the media, both sides are far apart. With the economy in the shape it’s in, walking out on the job isn’t the smartest thing the union could do to its members. I hope someone in a position of authority realizes that this isn’t a numbers game; it’s a game with people’s livelihood. I’m sure if you ask most workers, they would make some concessions to keep income coming into the home. As for Verizon the company, we know you want the union gone but in order to do that, do you want to destroy 45,000 families in the process? Once again, it’s not a numbers game. It’s a relationship that has existed for years and to try and destroy it would be foolish. Take a step back guys and look at the big picture. A 50/ 50 meeting spot is possible and the winners would be everyone.