OMG—Marketwatch just ran a banner: “Global Markets in Disarray.”
The volatility index—a measure of spikes and dips in stocks—is way up.
The DJIA opened down more than 200 points, and is bouncing around like a manic depressive on a bad acid trip.
Meanwhile, the 10-yr T-Bill is down 10 basis points (one-tenth of a percentage point), basically telling S&P where they can put their downgrade, at least for now.
In other words, everybody calm the eff down. Move along…nothing to see here…a credit-rating agency stepped out of line, and yes, we’ve got a lot of tough economic problems in the advanced economies. And yes, the politics is making it worse.
Hmmm, not sure how that last part fits into the “don’t panic” message…more to come.