Mr. Bernanke testified before the US Senate Banking Committee today. He warned of dire consequences if the debt is not brought under control soon referring to it as a near and present danger to the US economy. He warned in particular of the dangers that might attend should the world start to question Congress' ability/willingness to make the tough decisions required to deal with our fiscal situation. The financial markets took note.
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S&P 500 -20.89 1,306.33
NASDAQ -44.86 2,737.41
Oil +.68 $100.31
Gold +22.00 $1,434.20
Silver +.71 $34.71
Met Ephrem (Kyriakos): The Ladder to God
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