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Scott A. Johnson - End Times Current Events and Bible Study
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“This is a currency crisis that has the potential to blow up into a global financial crisis,” said Peter Kenny, managing director at Knight Capital Partners. “The only thing that’s going to turn this thing around is action.”
Fears on Wall Street that Greek's debt crisis will spread to other high-debt European nations like Portugal and Spain. These so-called contagion worries were bolstered by a new Moody's report.
“This is clearly concerning. The uptrend of the last year has clearly been broken with this move down," said Michael James, senior equities trader at Wedbush Morgan Securities.
What we are seeing is the profit taking after the bulk of the public was assured that the economy has stabilized... they took billions of your dollars last year, and then they needed to get one last sell off before the entire house of cards falls.