those rkets fell anywhere from 2% to 8% following the anxious sell-off on wall street. that s after the u.s. credit downgrade led to a panic. abc s scott goldberg begins our coverage. good morning, scott. rorter: good morning, daniel and tanya. president obama tried to reassure investors saying the s&p downgrade didn t tell us anything we didn t already know about the u.s. deficit. but that wasn t enough to stop another brutal day on wall street. the numbers have become numbingly bad. 12 days of drops from the dow. that s more than $2 trillion gone. the average 401(k) has lost $16,500. president obama tried to stop the bleeding. no matter what some agency may say, we ve always been and always will be a aaa country. reporter: he downplayed the standard & poor s downgrade which lowered the credit rating to a aa-plus. the dow kept falling and the fingers kept pointing. congress ultimately owns the credit rating of the united states. they have the power of the purse
including canada, france, germany, great britain. aa-plus, america joins new zealand and belgium. hello brussels! that puts us a notch above spain and slo vena s aa rating, china and japan, a aa-minus. you got that? a limit? alisyn: all of this is happening, of course, under the watch of treasury secretary tim geithner. so now critics say it s time for geithner to go. timothy geithner has failed the economy and failed this president and the president needs to have him walk the plank, if not for policy reasons he need to needs to do it for the political optics. frfs from mike huckabee. he s not pulling any punches about the treasury chief and is not the only one. many republicans are fired up and we re going to talk to one of them live, straight ahead. bill: what does this mean, consumers across the country trying to figure out how this downgrade will impact them. some experts say it may not be as bad as you think.
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mourning the deaths of 30 american soldiers in a helicopter crash over afghanistan. president obama got the news at camp david. it is the deadliest single combat incident of the afghan war. most of those killed were part of navy seals unit. and the copter, like the one seen here was shot down near kabul. the taliban claims responsibility. harsh criticism on the white house of the down grade of u.s. s credit rating. director of the national economic council called the decision, quote, breath taking and says it smacks of an institution shaping arguments to fit it. friday, the rating lowered from top down to aa plus. news,. judge jeanine: casey anthony has been getting death threats
we were aaa, now standard & poor s says we are aa-plus. while aa-plus sounds great, it s worse than aaa. more ahead with jerad bernstein, former chief economic advisor with vice president biden.