The markets tanked today, but not by more than the high-frequency traders drive it up or down in a given day. Nobody on Wall Street expected Congress to do anything but kick the can down the road. The next Congress will be making the decisions. Either President Newt and Speaker Cantor will plunge us into the age of Charles Dickens, or Obama and Nancy Pelosi will do it instead (okay, I mean fix 30 years of Reaganomics, no really they might).
I'm not sure the Republicans want to be in power during the next four years. Things are likely to get ugly even with a Progressive government. We can get through this mess if enough people catch on to what is really going on.
Today's bad news is that the predator banks are going after France with their corrupt credit ratings agencies trying to work up a panic. France was supposed to be the only country besides Germany that could hold the line on the Euro. Given that the European Central Bank is either run by insane people or that they are in on the "big steal", the collapse of the Euro and probably Europe seems inevitable.
The other bad news is that a senior Chinese official came right out and said we are all screwed, the world economy is in for a long term "recession". He really means Depression, or perhaps the end of civilization, that's anybody's guess. China is looking to save itself and he basically said so out loud. Nobody is really trying to save us, in fact the real power around here wants to do us in. Knowledge is the only effective weapon we have, pick it up and use it.