RIP Confidence Fairy

by digby

I sure am glad they made that Big Deal because otherwise the markets might have tanked and then where would we be:

If you’re looking for a reason, you could listen to the “liberal network” MSNBC, where Dylan Ratigan and his favorite Randroid Bill Fleckenstein will explain that the reason the markets are tanking is because of entitlement spending, which we can’t afford and must be cut, cut, cut. The debt ceiling cuts were negligible — this “sovereign debt” problem must immediately be dealt with, and Washington must be so terrified that they will listen to Ron Paul, who tells them the truth.

Or you could look at the news from around the world and see that the Eurozone is blowing up and the US economy is moribund — and any number of other factors, including sheer animal panic that could explain this. It’s like they’re stuck on a feedback loop. But hey, that wouldn’t get the job done, would it?

Update: well, there’s this too:

Limbaugh Says Obama’s Economic “Role Model” Is Robert Mugabe, Who “Took The White People’s Farms”

Update II: Ok, I think we’ve found the culprits:

@badbanana: The Dow has lost nearly 1,000 points since the Smurfs rang the opening bell