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S&P downgrades 37 global banks
fxstreet.com ^ | 11/29/11 | FXstreet

Posted on 11/29/2011 2:21:33 PM PST by Typical_Whitey

FXstreet.com (Barcelona) - S&P rating agency has just downgraded 37 global banks. Goldman, BofA, Citigroup, Morgan Stanley, BNY Mellon are amongst the cuts based on a new methodology. Japanese and UK banks cut or outlook lowered as well.

(Excerpt) Read more at fxstreet.com ...


TOPICS: Breaking News; News/Current Events
KEYWORDS: bankdowngrades; banks; hysteria; obama; shtf; sp; teotwawki; theend
So it begins...
1 posted on 11/29/2011 2:21:44 PM PST by Typical_Whitey
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To: Typical_Whitey

Here is another link to the story...

http://www.fxstreet.com/fundamental/market-view/us-crisis/2011/11/29/02/


2 posted on 11/29/2011 2:23:36 PM PST by Typical_Whitey (Democrat socialist engineering of America is treason.)
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To: Typical_Whitey

Tomorrow will be a bloodbath.


3 posted on 11/29/2011 2:26:23 PM PST by tcrlaf (Election 2012: THE RAPTURE OF THE DEMOCRATS)
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To: Typical_Whitey

saw this as a flash on Drudge a few minutes ago. Any idea what the immediate repercussions will be?


4 posted on 11/29/2011 2:27:42 PM PST by pgkdan ("Make what Americans buy, Buy what Americans make, and sell it to the world" Perry 2012)
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To: pgkdan

DJIA up 500.


5 posted on 11/29/2011 2:32:18 PM PST by DuncanWaring (The Lord uses the good ones; the bad ones use the Lord.)
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To: Typical_Whitey

and that’s even before election season gets into full swing with politicians wailing away on them


6 posted on 11/29/2011 2:35:26 PM PST by Buckeye McFrog
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To: pgkdan
Any idea what the immediate repercussions will be?

Nothing terminal. Some of this is a change in the way the rating companies are doing math and not a change in the condition of the banks.

Most bank stocks are swirling the bowl already, so I don't think they'll be punished by the professional investors.

7 posted on 11/29/2011 2:39:02 PM PST by Glenn (iamtheresistance.org)
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To: Typical_Whitey

What are the names of the 37 banks? I’m having difficulty finding out where to look.


8 posted on 11/29/2011 2:39:11 PM PST by SatinDoll (NO FOREIGN NATIONALS AS U.S.A. PRESIDENT)
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To: Typical_Whitey

trying to figure out the bad guys here.

the rating services picking winners and losers or the banks.


9 posted on 11/29/2011 2:39:14 PM PST by longtermmemmory (VOTE! http://www.senate.gov and http://www.house.gov)
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To: Buckeye McFrog

DANGER DANGER DANGER.. and none of our candidates are even discussing it....If we don’t do something dramatic and radical not this debt committee crap that just picks around the edges but seriously radical change. Than the direction that we are headed and the trajectory of our debt means that we are toast. It doesn’t take an MBA to figure this stuff out just digest the data it’s all right at your fingertips..... http://www.usdebtclock.org


10 posted on 11/29/2011 2:41:30 PM PST by Typical_Whitey (Democrat socialist engineering of America is treason.)
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To: SatinDoll

The top banks are listed in the first sentance...


11 posted on 11/29/2011 2:43:28 PM PST by Typical_Whitey (Democrat socialist engineering of America is treason.)
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To: Typical_Whitey

Thanks, but I’m interested in ALL banks S&P has listed.


12 posted on 11/29/2011 2:47:04 PM PST by SatinDoll (NO FOREIGN NATIONALS AS U.S.A. PRESIDENT)
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To: tcrlaf

The media is not interested because news like this hurts their candidate. Obama will not even be asked to input on this and even if he did what could he say... This is ultimately a failure of Socialist programs that have been sucking the life blood out of capitalist economies for the last 100 years..... The decline is inevitable many will soon just take what they can get and leave. Ayn Rand prophecy is coming to fruition.


13 posted on 11/29/2011 2:47:47 PM PST by Typical_Whitey (Democrat socialist engineering of America is treason.)
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To: Glenn
Most bank stocks are swirling the bowl already, so I don't think they'll be punished by the professional investors.

Those stocks have been swirling the bowl since 2008. In the aftermath, several played with some fancy accounting tricks (reverse splits) to make their stock appear more worthwhile. The big problem is that traders an investors seem to have short memories, and are bound to repeat the same mistakes. Watch for the "dead-cat-bounce".

14 posted on 11/29/2011 3:02:24 PM PST by Sarajevo (Is it true that cannibals don't eat clowns because they taste funny?)
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To: SatinDoll

Found these in a USA Today article:

Bank of America
Citigroup
Goldman Sachs Group
JPMorgan Chase
Morgan Stanley
Wells Fargo
Barclays
HSBC Holdings
Lloyds Banking Group
The Royal Bank of Scotland


15 posted on 11/29/2011 3:05:36 PM PST by Pan_Yan
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To: SatinDoll
Here's the S&P report (PDF).
16 posted on 11/29/2011 3:10:15 PM PST by Pan_Yan
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To: DuncanWaring
"DJIA up 500."

Yup. Everything is okay.

No Longer Indicating Recession

17 posted on 11/29/2011 3:28:51 PM PST by blam
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To: Typical_Whitey
The Federal Reserve Did Everything In Its Power To Save Banks And Nothing To Save Jobs
18 posted on 11/29/2011 3:32:19 PM PST by blam
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To: Typical_Whitey

“and none of our candidates are even discussing it”

That is because most of them are part of the corrupt system. And the rest are not educated enough on the matter to say a word. I don’t feel sorry for these bankers. They did it to themselves. They did it to us. With all there get rich quick schemes that backfired as simple math would dictate. Even the bailouts which our children would theoretically pay for, Could not save them. But at least they had people well planted in justice so that they could not go to jail.


19 posted on 11/29/2011 3:43:48 PM PST by Revel
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To: blam

20 posted on 11/29/2011 3:47:37 PM PST by Kozak ("It's not an Election it's a Restraining Order" .....PJ O'Rourke)
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To: Revel

**** That is because most of them are part of the corrupt system. And the rest are not educated enough on the matter to say a word. I dont feel sorry for these bankers. They did it to themselves. They did it to us. With all there get rich quick schemes that backfired as simple math would dictate. Even the bailouts which our children would theoretically pay for, Could not save them. But at least they had people well planted in justice so that they could not go to jail.****

I call them plainly CON-Bonds, CON-CDOs, and anything else they use deception to call FALSE collateral.

The danger now is an attempt at SYSTEMIC monetisation, which will drive prices through the roof and/or shut many more businesses down...unemployment,

ALL to keep DISPROPORTUNED where their salaries and everyone connected to the govt., SELF-regulating their salaries ABOVE inflation which effects everyone else but them. The “game”.


21 posted on 11/29/2011 3:59:38 PM PST by Varsity Flight (2025, "On the Road to Recovery")
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To: Varsity Flight

**** That is because most of them are part of the corrupt system. And the rest are not educated enough on the matter to say a word. I dont feel sorry for these bankers. They did it to themselves. They did it to us. With all there get rich quick schemes that backfired as simple math would dictate. Even the bailouts which our children would theoretically pay for, Could not save them. But at least they had people well planted in justice so that they could not go to jail.****

I call them plainly CON-Bonds, CON-CDOs, and anything else they use deception to call FALSE collateral.

The danger now is an attempt at SYSTEMIC monetisation, which will drive prices through the roof and/or shut many more businesses down...unemployment,

ALL to keep DISPROPORTIONED where their salaries and everyone connected to the govt., SELF-regulating their salaries ABOVE inflation which effects everyone else but them. The “game”.


22 posted on 11/29/2011 4:03:37 PM PST by Varsity Flight (2025, "On the Road to Recovery")
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To: Typical_Whitey

It should never be difficult to prosecute corruption and an incompetent thief.

The banksters should have been bankrupted and the shareholders and bondholders taking the major hit. Instead Obama and his Federal Reserve and NYC Wall St shills like Geithner and his pal Barney made them and their campaign donor executives more than whole and allowed them to retain all ill-gotten gains, while we average taxpayers took the major hit.

I support and encourage public trials and hangings for political and financial corruption regardless of Party.


23 posted on 11/29/2011 4:21:56 PM PST by apoliticalone (Honest govt. that operates in the interest of US sovereignty and the people, not global $$$)
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To: Typical_Whitey

The only thing that investors and the public know about the banksters is that we know nothing about their real holdings. Their pals in the Fed Reserve allowed them to hold fantasy and whims rather than reality. They ripped us off and we will pay the price for decades.


24 posted on 11/29/2011 4:27:01 PM PST by apoliticalone (Honest govt. that operates in the interest of US sovereignty and the people, not global $$$)
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To: Typical_Whitey

The one to watch, in particular, is B of A. It has been hovering in the low fives and if it dips below five and stays down, a lot of institutional investors and mutual funds will have to sell it.


25 posted on 11/29/2011 4:44:11 PM PST by Truth29
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To: Buckeye McFrog

The failure face banksters deserve a hard time. What total amoral idiots.


26 posted on 11/29/2011 5:18:13 PM PST by SaraJohnson
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To: apoliticalone
trials and hangings for political and financial corruption...

Perhaps this is a lead to figuring out what really made Barney's Frank decide not to run.

27 posted on 11/29/2011 6:22:46 PM PST by C210N (zer0 - a Marxonist spreading the flames of obamunism wherever he goes.)
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To: Pan_Yan

Thank you.

This is not good. JP Morgan Chase has our mortgage and Wells Fargo the credit card. Our economy is sick, really sick.


28 posted on 11/29/2011 7:18:11 PM PST by SatinDoll (NO FOREIGN NATIONALS AS U.S.A. PRESIDENT)
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To: All; SatinDoll

DOW futures are only down 96. right now.


29 posted on 11/29/2011 11:49:57 PM PST by onyx (PLEASE SUPPORT FREE REPUBLIC:DONATE MONTHLY! Sarah's New Ping List - tell me if you want on it.)
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To: onyx

The central banksters put some gasoline in the woodstove to temporarily take care of the problem with the bank downgrade, and the fundamental problem of a dwindling supply of real economic firewood.


30 posted on 11/30/2011 6:48:58 AM PST by apoliticalone (Honest govt. that operates in the interest of US sovereignty and the people, not global $$$)
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To: onyx

DOW up 364.


31 posted on 11/30/2011 6:52:33 AM PST by johniegrad
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To: johniegrad

Make that 410 and, yes, I am aware of the central banks’ actions.


32 posted on 11/30/2011 7:09:23 AM PST by johniegrad
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To: DuncanWaring
DJIA up 500.

You might be right! Just checked and the DJIA is up 400.

33 posted on 11/30/2011 7:14:34 AM PST by pgkdan ("Make what Americans buy, Buy what Americans make, and sell it to the world" Perry 2012)
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To: johniegrad

INSANITY.


34 posted on 11/30/2011 7:17:33 AM PST by onyx (PLEASE SUPPORT FREE REPUBLIC:DONATE MONTHLY! Sarah's New Ping List - tell me if you want on it.)
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To: Typical_Whitey

Interesting comments on this thread.

My gut tells me this is a very positive signal for banks. Quick, somebody get Paulson in here, we need to give taxpayer money away ASAP!


35 posted on 11/30/2011 7:26:13 AM PST by Darth Reardon (No offense to drunken sailors)
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To: johniegrad

The real question is who knew what was coming between 4PM Tues and this morning, because those who had the inside info made tons of money? Make no mistake there were those who had the inside track and knew of the coming whipsaw of the S&P downgrades and subsequent central bank plans. Any thoughts about the potential of the alleged commercial trading arm of the US Fed having inside knowledge on this? Playing Wall St is like playing slot machines where the odds improve drastically when insiders put their card in the slot.


36 posted on 11/30/2011 7:28:34 AM PST by apoliticalone (Honest govt. that operates in the interest of US sovereignty and the people, not global $$$)
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To: pgkdan

It’s amazing when a rude, sarcastic comment comes true.


37 posted on 11/30/2011 7:38:04 AM PST by DuncanWaring (The Lord uses the good ones; the bad ones use the Lord.)
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To: DuncanWaring

LOL!


38 posted on 11/30/2011 7:41:40 AM PST by pgkdan ("Make what Americans buy, Buy what Americans make, and sell it to the world" Perry 2012)
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To: apoliticalone
Insider trading conspiracies? Could be, I dunno. I'm not that smart.

As a guy who six months ago cut back to half time and who will be retiring June 2012, I'm mostly concerned with the volatility. I don't think any of this will calm down until Obama is gone. I think his defeat would do more to help the economy than anything else, even if it is just because of perception and confidence.

39 posted on 11/30/2011 7:42:26 AM PST by johniegrad
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To: johniegrad
Indeed, he has to go. Dodd Frank has to be rescinded.

Printing more money is not the answer.

40 posted on 11/30/2011 7:53:56 AM PST by onyx (PLEASE SUPPORT FREE REPUBLIC:DONATE MONTHLY! Sarah's New Ping List - tell me if you want on it.)
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To: DuncanWaring
DJIA up 500.

WRONG!! Only finishes up 473. ;-)

41 posted on 11/30/2011 1:10:01 PM PST by johniegrad
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To: johniegrad

490 ;-)

I was off by 2% :-P


42 posted on 11/30/2011 3:12:02 PM PST by DuncanWaring (The Lord uses the good ones; the bad ones use the Lord.)
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To: DuncanWaring

At five hundred, you were closer than I was when I read the wire and it said four hundred seventy three.


43 posted on 11/30/2011 3:17:45 PM PST by johniegrad
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