Dow plunges more than 634 points after downgrade

From - (AP) NEW YORK - Fear has taken over on Wall Street. The Dow Jones industrial average fell 634.76 points Monday, the first trading day since Standard & Poor’s downgraded American debt. It was the sixth-worst point decline for the Dow in the last 112 years and the worst drop since December 2008. Every stock in the S&P 500 index declined. But the S&P downgrade wasn’t the only catalyst Monday. Investors worried about the slowing U.S. economy, escalating debt problems threatening Europe and the prospect that fear in the markets would reinforce itself, as it did during the financial crisis in the fall of 2008. Read more


Just in time for the bear market

NewsNM - Swickard: who says newsmen do not have a sense of humor. Here is Rob's post on Capitol Report New Mexico.

From Capitol Report New - This has nothing to do with politics but it does have something to do with New Mexico. I came across this photo on Facebook from Cloudcroft, NM and just loved it. Feel free to write your own caption. Read more


PRC commissioner, Block Jr., suspect in stolen car case

From the Santa Fe New - Public Regulation Commissioner Jerome Block Jr., already accused of misusing campaign money and under investigation for questionable charges on his state-issued gas card, is now a suspect in a stolen vehicle case, according to Santa Fe police.Police told KOB-TV Monday that Block is accused of test driving a used Honda from Capitol City Auto and never returning it. Police say the car was missing for three weeks before it was found undamaged last week on the Plaza in downtown Santa Fe.Block did not immediately return a phone call seeking comment. Read more


Reid on Debt Downgrade: OK Now Let's Raise Taxes

Harry Reid
The Hill - Standard & Poor's decision to downgrade the nation's credit rating reinforces Democrats' call for increasing tax revenue, Senate Majority Leader Harry Reid (D-Nev.) said Friday. In a statement, Reid said:
"The action by S&P reaffirms the need for a balanced approach to deficit reduction that combines spending cuts with revenue-raising measures like closing taxpayer-funded giveaways to billionaires, oil companies and corporate jet owners. This makes the work of the joint committee all the more important, and shows why leaders should appoint members who will approach the committee’s work with an open mind - instead of hardliners who have already ruled out the balanced approach that the markets and rating agencies like S&P are demanding. The credit rating firm said the recent plan to raise the debt limit while reducing the debt "falls short" of its expectations, but S&P also offered broader condemnations of America's political process. Read full story here: News New Mexico

Pearce Comments on Debt Downgrade

Pearce (right) at Pearce Sponsored Job Fair
Las Cruces, NM (August 6, 2011) Today, Congressman Steve Pearce issued the following statement on Standard & Poor’s lowering of the nation’s long-term credit rating from AAA to AA+. “Americans understand the downgrade is serious and are concerned of the impact this will have on their lives,” said Pearce. “The consequences are clear. As the federal government is spending $3.5 trillion for every 2.2 trillion taken in and printing money to cover this out-of-control spending, inflation is driven higher, jobs are placed in danger, and the economy is weakened. This approach is placing us on a dangerous course.”
“With unemployment above 8 percent for the 30th straight month, the Administration's attempts to stimulate the economy by spending money we don't have are clearly not working, as further evidenced by the downgrade,” Pearce continued. “Americans have said they want a new approach; last week, they wanted us not to make a deal but find a solution. It is time to listen to the people and get to work on the real, common sense solutions, providing the accountability they deserve. Once Washington provides a plan that will work, reestablishing the credit rating of the country will require hard work on the part of the American people, but I am confident that each one of us will do our part to restore economic security to our nation and to our families.”


Murder of Larry Link Remains Unsolved

Larry Link
Capitol Report New Mexico - It’s been two months since a southwestern New Mexico man was shot and killed on his property near the Arizona border but his family still has no idea who did it or why. “Everybody in town loved my father,” Pamela Link, the daughter of Larry Link said by telephone Wednesday (Aug. 3). “We just don’t know what happened.” Back on June 7, Larry Link was found shot to death on the property he owned and shared with his wife, his son and his daughter and her family. He had been shot twice. State Police and the Border Patrol have been investigating the shooting but have not released much more than they did the day the 68-year-old was found near his pickup truck. A spokesman for the Department of Public Safety told Capitol Report New Mexico investigators may have some lab results gathered from the crime scene to release in the coming days but “unfortunately, no” there is nothing else to report. “We don’t know anymore than the day he passed,” Pamela Link said. Read full story here: News New Mexico