Investors are fleeing the U.S. stock market in droves, as the Dow Jones plunged 634 points today, in response to Standard and Poor's downgrading America's credit rating for the first time in history. This was not a good development for the nation and not something the government should ignore, as some in Washington are currently doing. For almost a century, America has enjoyed a great credit rating with the storied agency and this lack of confidence will have greater repercussions at home and abroad.
Barack Obama
As the Judiciary Report stated on August 5, 2011, Standard and Poor's reserves the right to downgrade America's credit rating even further (U.S. Credit Rating Downgraded For The First Time In History). Two days later, on Sunday, August 7, 2011, Standard and Poor's stated, another downgrade could occur in as soon as "six months." The Obama Administration needs to get to work, or said scenario is likely, if things remain on their current trajectory of trouble. This is truly a shame, as it didn't have to happen.
Debt Ceiling Increase Did Nothing To Allay Investor Fears
Barack Obama
As mentioned last night, the U.S. stock market is in a bad way. This morning things got worse, as it plunged 500 points, taking it back to the height of the 2008 financial crisis. The passage of the congressional bill, to raise the U.S. debt ceiling by $2.4 trillion dollars, did nothing to assuage the markets. It was a very risky political gamble for President Obama that has not paid off.
Rupert Murdoch and his concubine/executive Rebekah Brooks (EPA)
According to several websites, News Corp owner and CEO, Rupert Murdoch, is attempting to re-launch the recently closed, News of the World newspaper, as the "The Sun on Sunday" named after his top selling tabloid, the Sun UK.
Writers point to the fact, Murdoch has registered the domain names www.thesunonsunday.com and www.thesunonsunday.co.uk. This is quite ironic, as an overwhelming majority of Britons, a nation of 60,000,000 people, want him out of the broadcasting and newspaper business for good, in light of the terrible phone hacking and wiretapping scandal he orchestrated and executed.
It has been revealed, Murdoch criminally engaged dubious private investigators to wiretap 9,000 mobile phones and landlines (house/condo/flat/apartment phones) in Britain for illegal tips, scoops and exclusives for News Corp's newspapers, websites and channels. That's not even counting the mobile phones and landlines he criminally wiretapped in America and Australia.
Since the reemergence of this rebooted scandal, Murdoch's stock has lost $7 billion dollars in value, due to shares falling. As stated previously, the key to saving the 51,000 jobs connected to News Corp, is to arrest the culprits involved in the scandal, including Murdoch and three of his children, remove them from the company and replace the treacherous clan with competent, law abiding executives.
The family can be permitted to retain their stake in the company, but the inevitable lawsuits will flood in and partly at their expense. If Murdoch and family, along with certain executives at News Corp, who are actively breaking the law, are allowed to remain at the corporation, more scandals concerning their behavior are on the way and it is going to finish off the company if they do not leave. They have a choice - stay and the company is decimated - or leave and preserve thousands of jobs.
However, they do no deserve pity over the legal onslaught that is about to commence, for the simple fact, they knowingly and ruthlessly broke the law, via criminal invasion of privacy, threatened and blackmailed government officials and civilians alike, in their quest to illegally dominate the news industry. They brought this on themselves, as none of what transpired can be deemed necessary conduct. It was greed, lawlessness and arrogance and there is a price to pay for that.
The Sun On Sunday: websites now controlled by News International
12th July, 2011 - Two domain names - thesunonsunday.co.uk and sunonsunday.co.uk - which were registered days before the News of the World's closure was announced are now under the control of News International, hinting at plans for a Sun On Sunday to replace the defunct paper.
