That rather ominous sounding pronouncement comes from Joseph Saluzzi, co-head of equity trading at Themis Trading LLC in Chatham, N.J., in a Bloomberg News report about what happened early this morning on Wall Street.
For the first time ever, the United States Postal Service has defaulted on a payment to the Treasury.
The USPS warned of a default in a statement on Monday. It it would not make the $5.5 billion payment due today and that it would also default on a $5.6 billion payment due Sept. 30. Both of those payments are federally mandated and go toward prefunding retiree health benefits.
The Olympics are a quest to be the best. But some Olympians are accused of purposely playing badly at badminton. The Badminton World Federation has launched disciplinary proceedings against four women's doubles pairs. First, the world champions, who are Chinese, faced off against opponents from South Korea. And spectators started booing when the players seemed to be making simple errors on purpose.
British cyclist Bradley Wiggins has won the gold medal in the men's individual time trial event, beating Germany's Tony Martin by 42 seconds. He took 50 minutes and 39 seconds to cover the course of 49 kilometers (just under 30.5 miles).
Martin took silver, and the bronze went to Britain's Chris Froome, who played a vital support role as Wiggins' teammate in his Tour de France victory last month.