"On one hand, there is a case to be made that the madness of the right has made America a fundamentally unsound nation. And yes, it is the madness of the right: if not for the extremism of anti-tax Republicans, we would have no trouble reaching an agreement that would ensure long-run solvency."
Bankers are ecstatic. In an economy where interest rates paid to customers are nearly non-existant and crdit card rates charged to customers are already well north of loan shark rates, the bankers will now raise the already high rates to stratospheric levels.
Doctor Doom is getting more and more bearish.
JohnGaltFLA (URL) on Aug 5, 10:36 PM said: @pokersensei: You can tell this was inserted for drama and 100% bull crap. This "analyst" has never bought a futures contract in his or her life much less understands how our markets work. 50% down mean that every bear with an outlier put is out having massive sex with entire strip clubs tonight and filming it while flipping off the camera saying "yo yo yo dog" to the BI crowd.
I only understand about 20% of that, but the visual made me chuckle
To bankers, a default, resulting in a downgrade, coupled with higher capital requirements is the "doomsday scenario" that banks said they were preparing for last month.
Then, she concluded:
So it sounds like banks are preparing to dump Treasuries in the event of a default, because ratings agencies have indicated that they will downgrade the U.S. if there is a default.
Now, other than the whole thing reading as if it were written by third grader (normal for "Business Insider"), the conclusion is not justified by the first statement.
Raising capital requirements is different from dumping Treasurys. Dumb article.
SKF
Most Republicans want to spend LESS. Most Democrats want to spend more. Anyone who blames Republicans is MAD.