Bank Bloodbath on Moody's Downgrade, China Much Worse Than Feared

It's a mess out there. This is one of those mornings where no amount of sensationalist headline or fear-inducing click bait will suffice. It's really that bad. First Moody's downgraded the credit rating on 10 different banks in a single not while simultaneously downgrading the outlook for 11 more banks. Shares of pretty much every bank in the world are selling off on the news. Meanwhile the economic data in China is even worse than many feared with exports and imports alike crashing double digits year over year. Now Country Garden, once the largest developer in the fastest growing economy on earth, has missed coupon payments on two of it's bonds. The company's debt is now trading at pennies on the dollar as the company struggles to survive. Grab your wake up juice, it's going to be a day.

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