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Keyword: aug82011

Brevity: Headers | « Text »
  • SEC Investigation of S&P: Could be Bad Move for Obama

    08/13/2011 3:01:20 PM PDT · by NoLibZone · 19 replies
    ibtimes.com ^ | Aug 12 2011 | John Talty
    The U.S. Securities and Exchange Commission (SEC ) is now looking into potential insider trading by Standard & Poor's employees before the rating agency's decision to downgrade the U.S.'s long-term debt, according to Financial Times. The SEC has asked S&P to disclose which employees knew of the downgrade decision before the public announcement, as part of a preliminary examination into potential insider trading. The examination staff will likely try to decipher whether any person's with knowledge of the decision shorted stocks, or in any way benefitted from the U.S.'s downgrade to AA+ from an AAA credit rating. The SEC may...
  • Asian stock markets stabilizing after deep dives [ following Dow's 6th worst decline in 112 years]

    08/09/2011 12:47:52 AM PDT · by NoLibZone · 6 replies
    seattlepi.com ^ | Aug 9 2011 | AP
    BANGKOK (AP) — Asian stocks markets are stabilizing after a day of dramatic plunges Tuesday as futures point to a measure of calm returning to Wall Street following the Dow's sixth worst decline in the last 112 years. South Korea's Kospi was off 3.6 percent at 1,801.35 after plummeting nearly 10 percent in the morning. Hong Kong's Hang Seng, which fell as much as 7 percent, was down 2.9 percent at 19,890.85 and Japan's Nikkei 225 stock average pulled back to a fall of 1.7 percent. Australia's S&P/ASX 200 index moved into positive territory — up 1.2 percent at 4,034.80...
  • Dow Plummets 634 With Heavy Drop Following Obama Speech

    08/08/2011 5:55:05 PM PDT · by NoLibZone · 16 replies
    christian post ^ | August 8 2011 | By Jessica Fowler | Christian Post Contributor
    he Dow fell more than 600 points Monday, and had one of its largest plunges immediately following President Obama’s speech in the afternoon regarding the downgrade on U.S. debt. In his first public statement following the S&P downgrade, President Obama attempted to encourage Americans that markets still regard the U.S. government debt as being the highest possible grade. President Obama said, "Markets will rise and fall. But this is the United States of America. No matter what some agency may say, we've always been and always will be a triple-A country." Obama said he hoped the downgrade would give U.S....
  • A Quick Theory About That Disastrous Obama Speech

    08/08/2011 5:03:06 PM PDT · by NoLibZone · 45 replies · 1+ views
    business insider.com ^ | August 8 2011 | Joe Weisenthal
    The verdict is in: That Obama speech (to which he arrived 53 minutes late) was a disaster, that totally failed to reassure anyone that the economy isn't imploding all over again. Why the wrong note? We wonder if Obama actually believes that he has to tiptoe around the bond vigilantes. See, if we were giving that speech, amid this market, we'd have said: "Congress, get back in session, and let's pas some tax cuts." Obviously that's what's need right now. Instead, Obama focused on deficit reduction! He talked about the super-committee, and the need for tax reform. WHAT? At best,...
  • Obama fails to reassure markets after S&P move (Obama can't fix what he broke)

    08/08/2011 3:47:45 PM PDT · by tobyhill · 23 replies
    reuters ^ | 8/8/2011 | Jeff Mason and Steve Holland
    What should a U.S. president say to stop stock markets from falling and reassure Americans that the country will be able to solve its debt and deficit problems? President Barack Obama's first public comment about Standard & Poor's downgrade of U.S. debt to AA-plus from the top-notch AAA was not enough to stop a market plunge of 600 points, with investors uncertain if Washington can overcome political gridlock. Here is a look at what Obama tried to achieve: * Reassurance. Obama wanted to underscore to Americans that the United States remains the economic envy of the world despite the credit...
  • President Obama talks S&P downgrade — finally

    08/08/2011 1:45:32 PM PDT · by NoLibZone · 9 replies
    Washington Post ^ | Aug 8 2011 | By Jena McGregor
    It was about time the president weighed in with a statement about the U.S. credit rating downgrade by Standard & Poor’s. And that’s not just because the reporters in the room were getting antsy after the president was 50 minutes late getting started. Rather, Obama’s press briefing Monday afternoon about the Standard & Poor’s downgrade came after a weekend in which the primary messaging strategy from the White House seemed to be excuses. Following a bizarre back and forth Friday evening in the news over whether the ratings agency got its math right—a “has it really come to this?” moment...
  • Nightmare on Wall Street; Dow takes 635-point tumble after S&P downgrades US credit

    08/08/2011 1:39:50 PM PDT · by NoLibZone · 32 replies
    msnbc.msn.com ^ | Aug 8 2011 | msnbc.msn.com
    Wall Street tumbled again Monday, with the Dow Jones industrial average dropping 635 points and chalking up its Worst day since November 2008, amid a rout in global stocks after rating agency S&P downgraded the U.S. credit rating for the first time. S&P cut the long-term debt rating for the U.S. by one notch to AA+ from AAA late Friday. The move wasn't unexpected, but it comes when investors are already feeling nervous about a weak U.S. economy, European debt problems and Japan's recovery from its March earthquake. The downgrade sparked a massive sell-off on stock markets around the world...
  • Dow Plunges 600, S&P and Nasdaq Sinks 6% [ -633 After Obama Speech ]

    08/08/2011 1:26:11 PM PDT · by NoLibZone · 26 replies
    CNBC ^ | 8-8-2011 | CNBC
    Stocks took a sharp nosedive in another choppy day Monday to finish at session lows as investors fled from risky assets following S&P's downgrade of U.S.'s credit rating last week in addition to ongoing economic jitters.
  • Dow Jones industrial average plunges 600 as market rout continues

    08/08/2011 1:19:58 PM PDT · by NoLibZone · 26 replies
    latimes.com ^ | Aug 8 2011 | LA Times
    The Dow Jones industrial average plunged as much as 600 points midday Monday as the market rout continued in the first day of trading after Standard & Poor's downgraded the United States' credit rating. Investors have piled out of stocks all day and into a few safe havens, such as gold and Treasury bonds. The appetite for Treasury bonds suggests that the Standard & Poor's downgrade of the U.S. has not shaken the faith of investors in U.S. bonds. Market experts said that the market selloff on Monday was sparked by the S&P announcement, but is more motivated by growing...
  • Cnn Sell Off Speeds Up

    08/08/2011 1:17:01 PM PDT · by NoLibZone · 9 replies
    http://money.cnn.com/ | 8-8-2011 | CNN
  • Stocks plunge following S&P downgrade [ Obama's- Its other people fault rejected by markets ]

    08/08/2011 1:11:00 PM PDT · by NoLibZone · 16 replies
    cnn.com ^ | Aug 8 2011 | Sweet
    U.S. stocks plunged deep into the red on Monday as fearful investors faced the news that the United States had lost its coveted "AAA" credit rating. All three major U.S. stock indexes were down between 4% and 5%, pushing the Dow below 11,000 for the first time since November. The stock market has now lost 14% during the past two weeks. Market observers tried to say the downgrade by itself shouldn't matter -- that it was expected and that the United States still has a strong credit rating. But the market wasn't buying it. "Investors are having one reaction to...
  • Sen. Paul Statement on Misplaced Blame for U.S. Downgrade

    08/08/2011 11:49:39 AM PDT · by markomalley · 24 replies
    Rand Paul ^ | Aug 8, 2011 | Rand Paul
    WASHINGTON, D.C. - Sen. Rand Paul today issued a statement regarding the current mud-slinging and finger-pointing toward the Tea Party for the U.S. credit downgrade. "Blaming the Tea Party for America's debt crisis and downgrade is like blaming the fireman for fires. "The Tea Party has been fighting for a serious solution that would rescue our finances through immediate spending cuts, spending caps and most importantly, a Balanced Budget Amendment to the Constitution. With the support of the Tea Party, I offered the only solution that could have prevented our downgrade with our Cut, Cap and Balance plan. "While Democrats...
  • WATCH LIVE: President Obama on the economy

    08/08/2011 11:09:57 AM PDT · by Nachum · 81 replies
    Politico ^ | 8/8/11 | The White House
    Live feed of the President's Speech on the Economy.
  • Dow Falls 300, BofA Sinks 15%; Gold Soars

    08/08/2011 10:15:40 AM PDT · by NoLibZone · 20 replies
    cnbc.com ^ | Aug 8 2011 | By: JeeYeon Park
    Stocks tumbled sharply in heavy volume Monday after Moody's said they are maintaining the U.S.'s AAA status, but the rating depends on how the budget deficit is handled in the future. This comes after rival S&P downgraded Fannie Mae, Freddie Mac and Federal Home Loan Bank in addition to cutting U.S.'s credit rating from triple-A for the first time in history last week. The S&P 500 and the tech-heavy Nasdaq were down over 3 percent. August is already on track to be the worst month for the S&P and Nasdaq since Feb. 2009 and Nov. 2008, respectively.
  • Recession 2011: Tokyo stocks fall 2.18% to near five-month low

    08/08/2011 2:10:17 AM PDT · by NoLibZone · 12 replies
    Financial Times London ^ | August 8 2011 | AFP
    TOKYO: Tokyo stocks lost 2.18 percent on Monday to end at the lowest point in nearly five months despite a G7 pledge to help stabilise markets in the wake of the first-ever cut in the US credit rating. The benchmark Nikkei-225 index of the Tokyo Stock Exchange fell 202.32 points to 9,097.56, the lowest finish since March 17, when Japan had just been hit by its huge quake, tsunami and nuclear disasters. The Topix index of all first-section issues sank 2.26 percent or 18.10 points to 782.86. The Nikkei opened down 1.40 percent after the G7 economic powers -- Britain,...
  • European, Asian markets slide on crises

    08/08/2011 1:56:31 AM PDT · by NoLibZone · 4 replies
    UPI ^ | August 8 2011 | UPI
    FRANKFURT, Germany, Aug. 8 (UPI) -- European and Asian stocks dropped Monday ahead of Wall Street's opening bell on Europe's runaway debt crisis and the U.S. government's first credit downgrade. British, German and French stock indexes fell more than 2 percent in early-morning trading following a daylong slide in Asian markets. In late-afternoon trading Tokyo's Nikkei 225 index was down nearly 3 percent, Hong Kong's Hang Seng index was down more than 4 percent and Australia's Standard & Poor's/ASX 200 index down more than 3 percent. Seoul's Korea Composite Stock Price Index plummeted more than 7 percent at one point,...
  • Asian stock markets fall after US credit downgrade

    08/07/2011 7:25:37 PM PDT · by Hojczyk · 14 replies
    Yahoo Finance ^ | August 7,2011 | AP
    Futures pointed to losses on Wall Street when it opens Monday. Dow futures were off 225 points, or 2 percent, at 11,177 and broader S&P 500 futures shed 23.6, or 2 percent, to 1,174.20. Standard & Poor's downgrade of the U.S. sovereign credit rating to AA+ from the top-notch AAA -- announced late Friday -- is another blow to confidence in the struggling U.S. economy, analysts said. Worries that the U.S. economy, the world's biggest, is heading back into recession have been compounded by signs that Europe's government debt crisis is threatening to engulf bigger economies such as Italy and...
  • As U.S. Stumbles, Companies Invest In Consumer Growth Overseas [No Confidence in Obama's U.S.]

    08/07/2011 7:15:31 PM PDT · by Steelfish · 17 replies
    LATimes ^ | August 07, 2011 | Don Lee
    As U.S. Stumbles, Companies Invest In Consumer Growth Overseas Many begin to give up on the ailing American shopper and make plans to chase growing demand in Asia and Latin America. Shoppers crowd a mall in Brazil, where a growing middle class with more money to spend is a strong incentive for U.S. companies to invest there instead of at home. (Adriano Machado, By Don Lee August 8, 2011 Reporting from Washington— Many major U.S. companies are making big plans to expand overseas even as some of them announce new layoffs at home, and there's a chilling reason why: They're...
  • Pre-Markets ( I don't think this looks good)

    08/07/2011 6:32:02 PM PDT · by Beckett08 · 46 replies
    CNBC ^ | 08/07/2011
    pre-market data.
  • Kerry blames the tea party for credit downgrade (The same John Kerry that was in Vietnam)

    08/07/2011 6:33:28 PM PDT · by tobyhill · 52 replies
    washington times ^ | 8/7/2011 | By Ben Wolfgang
    Sen. John Kerry on Sunday laid the blame for the recent downgrade of the nation’s credit rating at the feet of conservative House Republicans. “I believe this is, without question, the tea party downgrade,” Mr. Kerry, Massachusetts Democrat, said on NBC’s “Meet the Press.” Standard & Poor’s rating agency on Friday dropped the U.S. credit rating from AAA to “AA+, questioning the ability of leaders in Washington to deal seriously with the nation’s debt crisis.
  • Obama absent as China scolds U.S. for debt addiction

    08/07/2011 6:09:41 PM PDT · by Qbert · 35 replies
    AP via CBC News ^ | Aug 6, 2011 | AP
    U.S. President Barack Obama remained largely silent as China, the largest foreign holder of U.S. debt, demanded Saturday that America confront its "addiction to debts" in the wake of Standard & Poor's decision to downgrade the U.S. credit rating. The president, spending the weekend at Camp David, left it to press secretary Jay Carney to say it's clear Washington "must do better" in tackling soaring deficits and other economic woes. A statement from Carney said talks that produced Tuesday's $2 trillion US compromise on raising the country's borrowing limit had been too drawn-out and "divisive." But the statement didn't directly...
  • Dean: What's the tea party smoking?

    08/07/2011 5:58:18 PM PDT · by Free ThinkerNY · 42 replies
    Politico ^ | August 7, 2011 | Julie Mason
    Former Democratic National Committee Chairman Howard Dean says the tea party was "totally unreasonable" in the deficit-reduction debate and warns that Republicans are being held hostage. "This is a tea party problem," Dean said Sunday on CBS's "Face the Nation." "They are totally unreasonable and doctrinaire and not founded in reality. I think they've been smoking some of that tea, not just drinking it." "This is ridiculous what's going on here," he said. The firebrand Democrat and former Vermont governor said the Standard & Poor's downgrade of the nation's credit is "a good thing" because it underscores the need to...
  • How long until Hussein goes back in front of TV cameras to "address nation"?

    08/07/2011 5:53:43 PM PDT · by Recovering_Democrat · 87 replies
    FREEPers Opinions
    Taking a bit of a pool here...Hussein's one trick left, and it is one of diminishing returns, is to run in front of his sycophant press and pretend he is a problem solver. So when does he do it again? My guess is next Thursday.
  • Rating downgrade: Did S&P get it right?

    08/07/2011 5:33:43 PM PDT · by mlocher · 35 replies
    CNNMoney.com via Fidelity.com ^ | August 7, 2011 | Jeanne Sahadi
    A credit rating is an informed opinion. Nothing more. Nothing less. That helps explain why one major credit rating agency -- Standard & Poor's -- has downgraded the United States, while another -- Moody's (Symbol : MCO Loading... ) -- has chosen to affirm its credit rating with caveats. Both agencies had the same essential set of facts about U.S. debt: There's a lot of it now. There's a lot more of it to come. And there's very little in the way of actual policy today that looks likely to seriously change that outlook. Where the agencies differ, however, is...
  • Geithner-U.S. Treasuries still safe after downgrade (Administration in complete denial)

    08/07/2011 5:17:05 PM PDT · by tobyhill · 44 replies
    reuters ^ | 8/7/2011 | reuters
    U.S. Treasury debt is as safe as it was before a Standard & Poor's rating downgrade of the United States and Congress' "damaging" debate over raising the country's debt limit, Treasury Secretary Timothy Geithner said on Sunday. Geithner, in an interview with NBC/CNBC television, also called on European leaders to ensure that there is an "unequivocal financial backstop" for euro zone governments facing fiscal and debt problems. He added that a double-dip recession was unlikely if governments and central banks made good decisions. Asked whether Treasuries were as safe now as they were last week, Geithner replied: "Absolutely. And the...
  • Dow Jones Futures at -250...11,155 (vanity)

    08/07/2011 4:59:57 PM PDT · by Skeez · 51 replies
    I believe it will dip under 11,000, but I don't see it going much farther down than 10,500 next week. I expect it to bounce around a lot while margin calls and shorts covering add some turbulence. If you are on the sidelines, there should be some attractive bargains presenting themselves. If you are holding (as I am) trying to weather the storm may be difficult to do but may be better than letting your shares go too cheap.
  • Financial Obamageddon-Obama's Super Bowl of Economic Doom Live Thread

    08/07/2011 3:07:28 PM PDT · by tcrlaf · 91 replies
    TCRLAF, Various | 8-7-11 | TCRLAF
    Something tells me this is gonna be a rough night in the markets, despite the EU's Emergency Decision to monetize the debt of Italy AND GREECE. The market in Japan (Nikkei) will open first at 5PM PDT, follow by the Chinese market in Hong Kong (Hang Seng)at 6:30PM PDT. Not sure when Singapore opens. Fox Business will be going LIVE at 9pm.
  • DOW & SP futures down big.. Dow nearly down 300

    08/07/2011 3:45:50 PM PDT · by GreaterSwiss · 32 replies
    Market crash for Mon?
  • Axelrod: This is a "Tea Party downgrade"

    08/07/2011 3:39:48 PM PDT · by NoLibZone · 80 replies
    cbsnews.com ^ | August 7 2011 | By Lucy Madison
    (CBS News) Former White House adviser David Axelrod on Sunday pinned responsibility for the recent U.S. economic downgrade on the Tea Party movement, arguing that the group's political "brinksmanship" during debt ceiling negotiations "brought us to the brink of a default" -- and that, subsequently, "this is essentially a Tea Party downgrade." In an appearance on CBS' "Face the Nation," Axelrod, currently a campaign strategist for President Obama, said the U.S. economic downgrade was "largely a political analysis" and that "there's a broad consensus that [the U.S.] is still the safest place to invest your money." Nevertheless, he argued, the...
  • Tel Aviv Stock Exchange plunges on U.S. credit downgrade

    08/07/2011 2:24:48 PM PDT · by NoLibZone · 19 replies
    jta.org ^ | August 7 2011
    ERUSALEM (JTA) -- The Tel Aviv Stock Market experienced its largest one-day loss in nearly three years in reaction to the downgrade of the U.S. credit rating. The exchange's TA-25 benchmark index of 25 stocks fell 7 percent on Sunday to 1,074.27 -- the biggest drop since November 2008 at the beginning of the global economic crisis -- despite a delayed opening by nearly an hour to allow traders to react to the news on the U.S. downgrade without pressure. Standard & Poor's on Aug. 5 downgraded the U.S. credit rating from AAA, the top designation it had held since...
  • In The Wake Of One Of The U.S's Biggest Financial Setbacks - Obama Did Nothing To Calm investors.

    08/06/2011 8:49:24 PM PDT · by NoLibZone · 42 replies
    Free Republic ^ | August 6 2011 | No Lib Zone
    In the wake of one of the US's biggest financial setbacks, president Obama did nothing to calm investors down in advance of Monday's markets opening. After the S&P credit ratings downgrade on Friday, president Obama celebrated his 50th birthday party in Chicago. We had expected the nation’s leader to hold a press conference in an effort to calm investors and assure them that the US is safe and good investment. Or at least release a statement. There is a very real concern that come Monday, August 8th ,investors will drive the financial markets down. Assurances from the US president that...
  • China tells US to cut spending and avert turmoil [ Chicoms: don't raise taxes - Communists get it!]

    08/06/2011 6:48:15 PM PDT · by NoLibZone · 22 replies
    http://arabnews.com/economy/article484168.ece ^ | Aug 6 2011 | By KHALIL HANWARE | ARAB NEWS
    By KHALIL HANWARE | ARAB NEWS Published: Aug 7, 2011 01:02 Updated: Aug 7, 2011 01:05 JEDDAH: China bluntly criticized the United States on Saturday one day after the superpower's credit rating was downgraded, saying the "good old days" of borrowing were over. Standard & Poor's cut the US long-term credit rating from the top-tier AAA by a notch to AA+ on Friday over concerns about the nation's budget deficits and climbing debt burden. China — the United States' biggest creditor — said Washington only had itself to blame for its plight and called for a new stable global reserve...
  • China tells U.S. "good old days" of borrowing are over

    08/06/2011 7:44:52 AM PDT · by markomalley · 32 replies
    Reuters ^ | 8/6/11 | Walter Brandimarte and Melanie Lee
    China bluntly criticized the United States on Saturday one day after the superpower's credit rating was downgraded, saying the "good old days" of borrowing were over. Standard & Poor's cut the U.S. long-term credit rating from top-tier AAA by a notch to AA-plus on Friday over concerns about the nation's budget deficits and climbing debt burden. China -- the United States' biggest creditor -- said Washington only had itself to blame for its plight and called for a new stable global reserve currency. "The U.S. government has to come to terms with the painful fact that the good old days...
  • China demands U.S. 'live within its means' [ Not even the Commies call for more revenue AKA taxes! ]

    08/06/2011 5:43:45 PM PDT · by NoLibZone · 38 replies
    LA Times ^ | Aug 6 2011 | By David Pierson
    China, the largest foreign holder of United States debt, said Saturday that Washington needed to “cure its addiction to debts” and “live within its means,” just hours after the rating agency Standard & Poor’s downgraded America’s long-term debt. Though Beijing has few options other than to continue to buy United States Treasury bonds, Chinese officials are clearly concerned that the country’s substantial holdings of American debt, worth at least $1.1 trillion, are being devalued. “The U.S. government has to come to terms with the painful fact that the good old days when it could just borrow its way out of...
  • S&P statement on lowering US long-term debt to AA+

    08/05/2011 9:28:50 PM PDT · by freespirited · 33 replies
    Guardian ^ | 08/06/11 | Standard & Poor's
    • We have lowered our long-term sovereign credit rating on the United States of America to 'AA+' from 'AAA' and affirmed the 'A-1+' short-term rating. • We have also removed both the short- and long-term ratings from CreditWatch negative. • The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics. • More broadly, the downgrade reflects our view that the effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time...