Spain downgraded to one level above junk

[prepguide]

The European financial situation continues to deteriorate. Check out this article

http://www.bloomberg.com/news/2012-10-10/spain-downgraded-to-one-level-above-junk-by-s-p-on-risks.html

[realist]

They usually go around several times before they get to the bottom of the toilet. The real problem will be if there is a domino effect with others. Greece will be first, then Spain, probably followed by Italy. If that happens we will be affected. Well if nothing else we are all getting a lesson in econ...........

[prepguide]

agreed Realist and likely not a lesson we are wanting to have either. And just found this which help to prove your point.

Greek Unemployment tops 25%

http://hosted.ap.org/dynamic/stories/E/EU_GREECE_FINANCIAL_CRISIS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2012-10-11-05-33-47

[cwconnertx]

One level above junk is one (or more) level(s) too high for Spain's debt.

The rating agencies give me no comfort, they never saw that giving people loans for houses without verifying assets, income, job, or pulse was going to create issues.