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Keyword: downgrade

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  • Several Democrats wasting no time abusing their super committee appointments

    08/11/2011 8:47:49 PM PDT · by Nachum · 17 replies
    Daily Caller ^ | 8/11/11 | Amanda Carey
    Some Democratic members of the Joint Select Committee on Deficit Reduction, tasked with identifying $1.5 trillion in spending cuts, have become the subject of criticism, but their appointments were only finalized Thursday. Sen. Patty Murray of Washington, and Reps. James Clyburn of South Carolina and Xavier Becerra of California are already being targeted for circumstances that could compromise their abilities to negotiate. Becerra, for example, wasted no time before using his appointment as a fundraising tool for his own campaign.
  • (D-CA) Becerra fundraiser touts super committee nod

    08/12/2011 2:07:39 AM PDT · by markomalley · 2 replies
    POLITICO ^ | 8/11/11 | ANNA PALMER
    Rep. Xavier Becerra — or, to be more precise, lobbyists working on his behalf — wasted no time Thursday capitalizing on the California congressman’s appointment to the congressional super committee. A little over two hours after Becerra was named to the powerful panel, Investment Company Institute’s Jim Hart sent out an email encouraging attendance for the trade group’s upcoming $1,500 per person fundraiser based on Becerra’s new found status as one of the elite 12. “We will host an event for Congressman Xavier Becerra, not only Vice Chairman of the Democratic Caucus but also who has just been named to...
  • FACTBOX-Top campaign donors to U.S. super committee members

    08/11/2011 10:52:27 PM PDT · by Fred · 6 replies
    Reuters ^ | 081111 | Reuters
    WASHINGTON, Aug 11 (Reuters) - Here is a look at some of the top donors to election campaigns for the 12 members of the U.S. Congress named to a deficit-fighting "super committee." Known as the Joint Select Committee on Deficit Reduction, the panel is expected to be the most heavily lobbied body in Washington ahead of its Nov. 23 deadline for making recommendations on $1.5 trillion in additional budget savings. Unless specified, donations below combine members' campaign committees and leadership PACs (political action committees). Data is from SENATE DEMOCRATS Patty Murray of Washington state * Software giant Microsoft Corp...
  • America as less than No. 1 (Dan Henninger)

    08/11/2011 2:54:01 PM PDT · by chickadee · 5 replies
    WSJ ^ | August 11, 2011 | Daniel Henninger
    So this is a taste of what it will be like when the American superpower starts shrinking. Enjoying it yet? After the humiliation of the United States losing its AAA credit rating; after watching the American stock market descend into chaos; after living for two years in a $15 trillion economy unable to grow beyond 2%, with unemployment rates rarely experienced in the U.S., Americans have their first whiff of inhabiting an empire in decline.
  • Key Republican on New Deficit Panel, Rep. Dave Camp, Won't Rule Out Tax Increases

    08/11/2011 10:14:35 AM PDT · by GreaterSwiss · 101 replies
    CNBC.COM ^ | 8/11/2011
    Key Republican on New Deficit Panel, Rep. Dave Camp, Won't Rule Out Tax Increases breaking headline
  • Art Laffer: Obama Must Use Reaganomics to Save Economy ('It's not magic sauce, it's common sense')

    08/10/2011 5:40:26 PM PDT · by SeekAndFind · 30 replies
    Newsmax ^ | 08/10/2011 | Martin Gould and Kathleen Walter
    The only way President Barack Obama can solve the nation’s economic woes is to adopt “common-sense” Reaganomics, the policy’s architect Arthur Laffer claims in an exclusive Newsmax.TV interview. Laffer said the White House called him in the spring and asked him to speak to Obama’s former Council of Economic Advisors’ chairman Austen Goolsbee – and he had told him exactly the same thing. “Reaganomics would fix any economy that’s in the doldrums,” Laffer said. “It’s not a magic sauce, it’s common sense. “You’ve got to get rid of all federal taxes in the extreme and replace them with a low-rate...
  • Some REALLY Bad Ideas on How to Solve America’s Debt Problems

    08/10/2011 9:21:11 AM PDT · by LSUfan · 3 replies
    Shariah Finance Watch ^ | 9 August 2011 | Unknown
    Not surprisingly, the financial jihadists are promoting Shariah as the solution to America’s debt problems. We’ve seen this before. Back in 2008, in the wake of the subprime mortgage debacle and near-financial meltdown, the financial jihadists insisted that Shariah-compliant finance would have avoided the whole mess. Despite all this, we all know that unfortunately, the financial jihadists have plenty of useful idiots at their disposal in the Western financial services industry and the Western news media...
  • Dow plunges 400 points as Europe fears return [11:15 AM ET]

    08/10/2011 8:11:26 AM PDT · by AAABEST · 80 replies
    Cnn Money ^ | August 10, 2011 | By Hibah Yousuf
    NEW YORK (CNNMoney) -- U.S. stocks fell sharply in early trading Wednesday, following the previous session's huge rally, as fears about Europe's ongoing debt crisis resurfaced. The Dow Jones industrial average (INDU) dropped 325 points, or 2.9%. The index fell as much as 446 points, which exceeded the gain in Tuesday's massive advance. [SNIP] On Wednesday, shares of French bank Societe Generale, or SocGen, tumbled almost 20% on the Paris stock exchange amid speculation that France may be first to face a rating cut. [SNIP] The major indexes have been swinging between massive gains and losses during trading, and ending...
  • Dem official: Murray to be debt panel co-chair

    08/09/2011 6:50:04 PM PDT · by Free ThinkerNY · 39 replies · 1+ views
    Associated Press ^ | August 8, 2011 | ANDREW TAYLOR
    WASHINGTON (AP) -- Senate Majority Leader Harry Reid announced Tuesday he's naming Sen. Patty Murray to co-chair a powerful "super committee" charged with finding more than $1 trillion in deficit cuts this fall. Murray will be joined by Sens. John Kerry, D-Mass., and Max Baucus, D-Mont., on the panel, which was established last week by hard-fought legislation to increase the national debt.
  • CORRECT: Municipal Bonds Weaken As S&P Announces Widespread Downgrades(11,000+ muni bonds?)

    08/09/2011 8:35:21 PM PDT · by TigerLikesRooster · 9 replies
    WSJ ^ | 08/09/11 | Michael Aneiro
    CORRECT: Municipal Bonds Weaken As S&P Announces Widespread Downgrades By Michael Aneiro Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--The municipal bond market weakened Tuesday after Standard and Poor's downgraded more than 11,000 public finance issues to keep them in line with its newly lowered rating on federal government debt. S&P said it had lowered to double-A plus from triple-A the ratings on certain public finance debt issues linked to the federal government, matching the downgrade it applied to U.S. government debt last Friday. While the number of issues affected is large, it covers less than 1% of the estimated...
  • Debt Crisis In Europe, Not U.S., Is Real Risk To Global Recovery

    08/09/2011 4:11:42 PM PDT · by Kaslin · 5 replies
    IBD Editorials ^ | August 9, 2011 | ROBERT J. SAMUELSON
    Europe may no longer be able to save itself. Too many countries have too much debt. Its economic growth — which helps countries service their debts — is too feeble. And nervous financial markets seem increasingly prone to dump the bonds of vulnerable countries. This is the real risk to the global and U.S. economic recoveries, far overshadowing Standard & Poor's downgrade of U.S. Treasury debt and Monday's sharp stock market decline. Europe represents about one-fifth of the world economy and buys about a quarter of American exports. While Europe's debt crisis was confined to a few small countries, they...
  • Gallup: Obama loses three points overnight, economic confidence plunges to 2-year low

    08/09/2011 1:05:24 PM PDT · by SeekAndFind · 52 replies
    Hotair ^ | 08/09/2011 | Ed Morrisey
    Gallup delivers two blasts at the Obama administration today for its handling of the economy. The first comes in its daily tracking poll, which reacted rather badly to Barack Obama’s speech from the White House yesterday. His approval rating dropped three points to its previous low of 40% after only one cycle of polling. Disapproval rose back to 50%, up two points from the day before. That sharp drop could amplify over the next couple of days, especially considering the beating Obama is taking across the political spectrum for his ill-considered rehash of an address. It’s possible that we will...
  • Stocks End Sharply Higher, Dow Surges 400

    08/09/2011 1:23:01 PM PDT · by ilovesarah2012 · 44 replies ^ | August 9, 2011 | JeeYeon Park
    Stocks saw its biggest one-day gain since May 2010 Tuesday after a wild session as investors snapped up beaten-down stocks and following a Fed statement to keep interest rates near zero for at least two more years.
  • If Not For Tea Party Movement, US Would Be Rated BBB

    08/09/2011 12:38:12 PM PDT · by conservativeBC
    Conservative Blogs Central ^ | 8/09/2011 | Cyrus
    The godfather of the Tea Party Movement is CNBC Financial Editor Rick Santelli. The Tea Party Movement consist of Republicans, Democrats (smart ones), and Independents working together to create the narrative in American politics. Its orginal purpose was to pursue Rick Santelli mantra to stop wasteful government spending. Under Obama, the out-of-control spending is ruining America. It has gone over the cliff when Moody downgraded our credit rating. Hence, the Tea Party keeps Washington in check. Liberals and the GOP Establishment are unable to contain the The Tea Party Movement. The movement has spead to all corners of America. I...
  • The Best Defense is a Good Offense

    08/09/2011 12:21:48 PM PDT · by thefoundersrock
    The Average American Blog ^ | 08/09/2011 | averageamericanblogger
    Before the debt deal was even struck, many of us understood that without real changes in the way government does business, our credit rating was going to be downgraded. The house passed the Ryan budget in the spring, and the Cut, Cap, and Balance bill early this summer. Either of these bills, had they been passed by the Senate, would have prevented our country from being downgraded. But Senate Democrats did not pass either, and Harry Reid refused to allow the Cut, Cap, and Balance Bill to even come up for a vote. The Democrats may be many things, but...
  • Who Made Nearly a $1 Billion Bet on U.S. Debt Downgrade?

    08/09/2011 10:18:00 AM PDT · by Sopater · 14 replies
    The Blaze ^ | August 08,2011 | Christopher Santarelli
    In the first trading day following S&P’s announcement that the U.S. government credit rating would go from Triple-A down to AA+, U.S. stocks have sharply declined and investors are scrambling to rid themselves of risky assets. With Wall Street in disarray, one investor is smiling after having walked away from the crisis possibly 10 billion dollars richer. ETF Daily News reports that the investor bet on the downgrade, and is now heavily benefiting from it: “Someone dropped a bomb on the bond market Thursday – a $1 billion Armageddon trade betting the United States will lose its AAA credit rating....
  • Petty, Predictable, Partisan Presidential Politics.

    08/09/2011 10:02:55 AM PDT · by Lexluthor69
    The Silent Majority ^ | 08-09-11 | Southernman
    Alliteration aside… Given the recent downgrade of the United States credit rating by S&P one would have expected our exalted leader to use the bully pulpit to infuse some confidence into an already battered economy. Perhaps to speak directly to the problem, spending, and provide a coherent path forward. Of course this is President Obama and such a thing seems to be beyond his scope of expertise. What we got instead was the same old trite and tired finger pointing and hollow platitudes. The President scarcely made it through his first sentence before he abdicated his responsibility for the current...
  • Downgrade Damage Control at the White House

    08/09/2011 8:57:55 AM PDT · by lowbuck · 8 replies
    Wall Street Journal Online ^ | 8 August 2011 | PAUL A. GIGOT
    How politically damaging is the Standard & Poor's credit downgrade to President Obama? The answer can be found in the vociferous attempts by the administration to blame everyone else. You only do that if you're worried. snip . . . Mr. Obama knows that the public is unhappy with this blow to America's financial stature, and presidents get the blame when such humiliations happen on their watch.
  • Larry Kudlow: Don't Panic, This Isn't Remotely Like 2008

    08/09/2011 7:56:16 AM PDT · by SeekAndFind · 41 replies
    Real Clear Markets ^ | 08/09/2011 | Larry Kudlow
    During a period like this, with stocks plunging almost on a daily basis, it's clear that fear and shock are ruling the roost. But fear can be overdone. As someone who has been around awhile and has seen many sell-offs, let me offer some advice: Do not panic. Market corrections come and go. They are not the end of the world. Most times they are actually healthy. The S&P downgrade is a fiscal warning, not an economic event. And the growing fear of U.S. recession may not pan out. There are still plusses out there, believe it or not. Our...
  • Obama Reassures Us, Dow Immediately Plunges

    08/09/2011 6:05:07 AM PDT · by Stoutcat · 9 replies
    Grand Rants ^ | 08-09-11 | Gerry Ashley
    There’s an old expression that goes, “It’s better to keep your mouth shut and have people think you’re a fool than to open it and remove all doubt.” In what has to be seen as a defining moment in Barack Obama’s failed presidency, the POTUS Ignoramus took to the airwaves today to “reassure the American people” that America is still doing well under his leadership, and that Standard & Poor’s downgrade of America’s credit rating was obviously a mistake. The telling moment: Just after Obama suggested that the way to restore our credit rating and to overcome our debt problems...
  • Who will rescue the rescuers?

    08/08/2011 8:45:34 PM PDT · by bruinbirdman · 5 replies
    Presseurop ^ | 8/8/2011
    “Is the world going bankrupt?" headlines Der Spiegel, wondering about the implications of US public debt, the euro crisis and chaos on the markets. The Hamburg-based magazine paints a bleak picture in which policy in Europe and the United States is struggling to keep up with financial markets, which are increasingly unstable and destabilised by initiatives that aim to restore order. Ever since governments took on extensive debts to save banks three years ago, no one has provided a satisfactory answer to the question of who will rescue the rescuers, warns Spiegel. To date, "European bailouts are mainly defined by...
  • Asian Markets Extend U.S. Rout as Traders Flee Equities (DOW Futures Down 204+ Right Now!)

    08/08/2011 9:24:41 PM PDT · by tcrlaf · 60 replies
    Fox Business ^ | 8-8-11 | Adam Samson
    Asian markets plunged on Tuesday following a massive selloff in the United States that sent the Dow spiraling below the 11,000-mark for the first time since 2010. In mid-day trading in Asia, the Japanese Nikkei 225 tumbled 4.4% to 8,694, while the Chinese Hang Seng nose dived 7.3% to 19,005. Meanwhile, U.S. stock futures were deep in the red in electronic trading. Dow Jones Industrial Average futures plummeted 271 points to 10,455, S&P 500 futures dipped 28.3 points to 1,083 and Nasdaq 100 futures slid 56.5 points to 1,982.
  • LIMBAUGH: Barackalypse Now. Obama Is The “Debt Man Walking”

    08/08/2011 8:17:22 PM PDT · by lbryce · 21 replies
    Daily Rushbo ^ | August 8, 2011 | Rush Limbaugh
  • Surprise: Senate Banking Committee to probe S&P’s decision to downgrade

    08/08/2011 8:08:43 PM PDT · by SeekAndFind · 21 replies
    Hotair ^ | 08/08/2011 | Allahpundit
    Alternate headline: “Feds leave dead fish on S&P’s doorstep.” And if you think this is shady, check out how Italy handled its own threat of a downgrade from S&P. Good lord. What happens if they downgrade Egypt? Does David Beers end up in the cage with Mubarak?Note to Fitch from the Senate Banking Committee: Choose wisely. Following S&P’s Friday night decision to reduce the nation’s credit standing from AAA to AA+, the panel has begun gathering information about the downgrade, according to a committee aide. Reuters first reported the committee’s interest in the downgrade.The unprecedented downgrade of the nation’s debt...
  • Ron and Rand Paul say downgrade is fault of Washington, not Tea Party

    08/08/2011 7:02:27 PM PDT · by dragnet2 · 75 replies
    CBS ^ | Lucy Madison
    Rep. Ron Paul, R-Tex., and his son, Sen. Rand Paul, R-Ky., both blasted Tea Party critics on Monday for suggesting that the conservative movement with which they're both linked may have had something to do with America's recent credit downgrade by the ratings agency Standard & Poor's. The elder Paul, a longtime lawmaker, staunch libertarian, and presidential candidate, decried the allegations as an "attempt to scapegoat" Tea Party lawmakers. He pinned the downgrade on the Washington establishment. "This attempt to scapegoat folks who recognize that our debt is out of control and that we must change course should not be...
  • Freddie Mac seeks $1.5 billion from taxpayers (as they were getting downgraded)

    08/08/2011 7:45:24 PM PDT · by tobyhill · 10 replies
    reuters ^ | 8/8/2011 | re
    Mortgage finance giant Freddie Mac FMCC.OB said on Monday it would need to ask for an additional $1.5 billion from taxpayers due to losses stemming from weak housing markets. The company reported a comprehensive loss in the second quarter of $1.1 billion. Despite income of $1 billion, the company registered a net worth deficit of $1.5 billion. That is in part because it was required to pay dividends worth $1.6 billion to the Treasury. As a result, the cost to taxpayers of its rescue declined by $100 million this quarter. Freddie Mac has drawn $65.2 billion from the government since...
  • The most powerful man on Earth? (Libs unloading on Barry)

    08/08/2011 6:44:50 PM PDT · by milwguy · 24 replies · 1+ views
    wash post ^ | 08/08/2011 | dana milbank
    A familiar air of indecision preceded President Obama’s pep talk to the nation. The first draft of his schedule for Monday contained no plans to comment on the downgrading of the U.S. credit rating by Standard & Poor’s. Then the White House announced that he would speak at 1 p.m. A second update changed that to 1:30. At 1:52, Obama walked into the State Dining Room to read his statement. Judging from the market reaction, he should have stuck with his original instinct. “No matter what some agency may say, we’ve always been and always will be a AAA country,”...
  • Obama main attraction at fundraisers Monday night

    08/08/2011 7:12:04 PM PDT · by newzjunkey · 13 replies
    CNN ^ | August 8th, 2011 02:38 PM ET | Deputy Political Director Paul Steinhauser
    Washington (CNN) – President Barack Obama turns his attention to campaign politics Monday night, as he headlines two events for the Democratic National Committee and his re-election campaign. According to the White House schedule, the president first attends a gathering of approximately 140 guests at a private residence in the nation's capital. A DNC official says proceeds from the $15,000 per family gathering ...
  • 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....
  • Those Colossal, Recklessly Irresponsible $2 Trillion Errors

    08/08/2011 5:31:50 PM PDT · by Qbert · 7 replies
    National Review ^ | August 8, 2011 | Andrew C. McCarthy
    It’s laugh-out-loud funny to hear the Obama administration’s all out assault on S&P’s math skills. According to the administration, if the downgrade in America’s credit rating is not the fault of the Tea Party (apparently for demanding the very spending cuts the political class’s refusal to make prompted the downgrade), it must be due to what the administration calls S&P’s “colossal” $2 trillion error — indicative, Treasury’s Turbo Tim Geithner told NBC News, of the rating agency’s “stunning lack of knowledge about basic U.S. fiscal budget math.” It couldn’t possibly be President Obama’s outer-worldly spending spree, right? It couldn’t possibly...
  • Berkshire, Other Insurers Get ‘Negative’ Tag from S&P.

    08/08/2011 5:24:50 PM PDT · by STARWISE · 6 replies
    Wall Street Journal ^ | 8-8-11 | Shira Ovide
    <p>After Standard & Poor’s bit an appendage from the U.S.’s credit rating, the credit-rating firm is smelling blood in the water at Warren Buffett’s Berkshire Hathaway.</p> <p>Berkshire, which make big chunks of money from its insurance and reinsurance businesses, is spared the loss of its AA+ rating for now. But S&P marked Berkshire’s outlook down to “negative” from stable.” UPDATE: Buffett told Fox Business Network he isn’t surprised about S&P’s move. S&P had telegraphed plans to knock down insurers if the U.S. were downgraded.</p>
  • White House: Downgrade Doesn’t Matter, Unless It’s The Tea Party’s Fault

    08/08/2011 2:45:22 PM PDT · by NoLibZone · 18 replies
    Fox News ^ | August 8 2011 | By Chris Stirewalt
    Power Play White House: Downgrade Doesn’t Matter, Unless It’s The Tea Party’s Fault By Chris Stirewalt Published August 08, 2011 | * Print * Email * Share * Comments * * * * Text Size Team Obama Downplays Downgrade, But Blames Tea Party Too “Look at the history of this – the fact of the matter is that this is essentially a Tea Party downgrade. The Tea Party brought us to the brink of a default.” -- David Axelrod, top political consultant to President Obama, in an appearance on “Face the Nation.” The decision by Standard and Poor’s to...
  • Freddie Mac reports 2Q loss, asks gov't for $1.5B

    08/08/2011 2:46:09 PM PDT · by Justaham · 14 replies
    WASHINGTON (AP) - Government-controlled Freddie Mac is asking for $1.5 billion in additional federal aid after posting a loss this spring. The mortgage giant says it lost $4.69 billion, or $1.44 cents per share, in April-June quarter. That takes into account $1.6 billion in dividends paid to the Treasury Department. It compares with a loss of $6 billion, or $1.85 per share, during the same quarter in 2010. The government rescued McLean, Va.-based Freddie Mac and sibling company Fannie Mae in September 2008 after massive losses on risky mortgages threatened to topple them. Standard & Poor's cited the link to...
  • Why didn't Obama call Congress back to work?

    08/08/2011 4:36:08 PM PDT · by rawhide · 19 replies
    newsinc,con ^ | 8-8-11
    CBS News Chief White House Correspondent Norah O'Donnell asked White House Press Secretary Jay Carney if President is lacking urgency after U.S. debt was downgraded.
  • Nervous investors unload stocks, drive Dow down over 600 points

    08/08/2011 4:34:00 PM PDT · by Jean S · 30 replies
    Milwaukee Journal-Sentinal ^ | 8/8/11 | Thomas Content
    Investors spooked by both the downgrade of the U.S. debt late Friday and the direction of the economy continued to sell stocks Monday, sending market indexes down 5% to 6%. The Dow Jones industrial average fell by more than 600 points, dropping below 11,000 for the first time since November. The Dow fell more than 633 points, to 10,810.83. The Standard & Poor's 500 index was off 6.66%, closing at 1,119.46, and the Nasdaq Composite index fell by 6.9%, closing down nearly 175 points at 2,357.69. Another down day on Wall Street followed declines in overseas markets earlier in the...
  • Best in Blogs: Meet the Man Who Downgraded America

    08/08/2011 4:23:59 PM PDT · by JimWayne · 2 replies
    WSJ ^ | AUGUST 8, 2011 | Christopher John Farley
    The promotion of Sharma, who was born in India 55 years ago, was taken as an indication that S&P would continue to emphasize growing its business outside the U.S.
  • Sarah Palin: Conquering the Storm

    08/08/2011 4:20:47 PM PDT · by Lou Budvis · 154 replies
    Facebook ^ | 8/8/11 | Sarah Palin
    In the coming days we’ll sort through the repercussions of S&P’s downgrade of our credit rating, including concerns about the impact a potential interest rate increase would have on our ability to service our suffocating $14.5 trillion debt. I’m surprised that so many people seem surprised by S&P’s decision. Weren’t people paying attention over the last year or so when we were getting warning after warning from various credit rating agencies that this was coming? I’ve been writing and speaking about it myself for quite some time.
  • Obama calls US AAA nation despite AA+ Rating

    08/08/2011 4:01:19 PM PDT · by Windflier · 40 replies
    Yahoo News ^ | 8 August 2011 | Ben Feller
    WASHINGTON (AP) — President Barack Obama on Monday essentially dismissed the first-ever downgrade of the U.S. credit rating, trying to reassure investors and the public that the nation's leaders need only show more "common sense and compromise" to tame a staggering accumulation of debt. Seeking to demonstrate command in a volatile economic climate, Obama said he hoped the decision by Standard & Poor's would at least give Congress a renewed sense of urgency to tackle debt problems. He said that must be done mainly by taking on the politically difficult issues of reforming taxes and entitlement programs in the coming...
  • Who 'made $10bn on 10/1 bet that U.S. credit rating would be downgraded'?

    08/08/2011 3:45:19 PM PDT · by KeyLargo · 22 replies
    The Daily Mail ^ | Aug 8, 2011 | Mark Duell
    Who 'made $10bn on 10/1 bet that U.S. credit rating would be downgraded'? Unknown investor or hedge fund 'made $850million bet' Bet in futures market reportedly done at odds of 10/1 George Soros made similar bet on currency in 1992 But source says he wasn't involved in rumoured trade By Mark Duell Last updated at 10:57 PM on 8th August 2011
  • Why is nobody asking this? (Vanity_

    08/08/2011 3:36:13 PM PDT · by ProudFossil · 49 replies
    Why is nobody asking the following question? Since when is a loosely connected bunch of (in their words) white trailer trash, soccer moms, out of work people, idiots, etc., known as the Tea Party so much more powerful than the 600+ Dims, Repugs, and Osama in TPTB in Washington? How could they cause such a crisis over the brave thinking of the EXPERTS??? in Washington.? How could they override the thinking and knowledge of those wondrous beings sitting in Congress? How could they possibly have more influence then all the think tanks, the economists, the Fed, etc., etc. And to...
  • Turn-Around Tuesday for Markets? How Do They Know?

    08/08/2011 2:00:16 PM PDT · by NormsRevenge · 57 replies
    Yahoo ^ | 8/8/11 | Troy Onink - Forbes
    Market watchers and technical analysts have often pointed out that financial markets often turn-around, in one direction or the other, on Tuesdays, specifically at about 10:15am. So, if history repeats itself and the pattern holds true, perhaps we will see a bounce tomorrow and a rally to a lower high in the stock market (a short-term high that is lower than the high in stock prices set back in July, hence a lower high). Technical analysts look at the cycles, trends and movement of markets in price and time, which is different from fundamental analysis which focuses on the underlying...
  • S&P Seen Surrendering to Tea Party -(Tea Party Hit Piece on Bloomberg Terminals)

    08/08/2011 2:48:02 PM PDT · by GreaterSwiss · 51 replies
    Bloomberg Terminal
    Makes me want to puke..
  • The 2 trillion 'error' - Turns out Turbo Tax Timmy lied again

    08/08/2011 1:44:29 PM PDT · by JosephSmithNAW · 12 replies
    NRO ^ | Andrew C. McCarthy
    .....Yet, as S&P has explained, unlike the administration and the CBO, it focuses on a three-to-five year window. S&P finds that this timeframe, which is more in the control of the current Congress and president, is a more reliable predictor of financial health than illusory ten-year forecasts....
  • Santelli: If it wasn’t for the Tea Party we’d be rated BBB

    08/08/2011 2:29:22 PM PDT · by combat_boots · 17 replies
    The Right Scoop ^ | 8 Aug 2011 | Rick Santelli et al
    Santelli slams the Obama administration for playing the blame game over the downgrade to our credit rating, noting that even if you think it’s a bad call, you don’t beat up the other coach or take the umpire out behind the barn. And he also points out that without Tea Party, we would’ve had a clean debt ceiling increase and our credit rating would have likely been dropped even lower to BBB. Listen to the end to hear his great analogy why we have a spending problem:
  • Even with an extra 50 minutes to think, Obama still couldn’t come up with something new to say

    08/08/2011 2:25:58 PM PDT · by SeekAndFind · 25 replies
    Hotair ^ | 08/08/2011 | Tina Korbe
    The scant 15 or so minutes the president stood at the podium today did little to ameliorate the sense of abandonment that festered this weekend when the president for nearly three full days “bunkered down” after news of the S&P credit downgrade. It certainly didn’t help that BHO arrived at that podium more than 48 minutes late. Before he even opened his mouth, Obama’s tardiness touched off a Twitterstorm. A small sample of my favorite tweets: Obama’s handlers need to start doing what I do with my late girlfriend: Tell him the presser is at 12. Then, he’ll be on...
  • 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.
  • Obamageddon, Barackalypse Now! Bam is "Debt Man Walking" in 2012

    08/08/2011 1:43:36 PM PDT · by Evil Slayer · 18 replies ^ | 8/8/11 | Rush Limbaugh
    BEGIN TRANSCRIPT RUSH: Does anybody now doubt that this is on purpose? I mean, after all, Barack Obama inherits a AAA credit rating from George W. Bush, and look what he does to it. Obama is always running around complaining and whining and moaning about all that he inherited from George W. Bush. Well, he inherited a AAA credit rating, an unemployment rate of 5.7%. Does anybody doubt that this is on purpose? Well, look, my credit rating doesn't suck. There are a lot of individual Americans whose credit ratings aren't in trouble. The United States has never been in...
  • China's Debt Problem Worse than Portugal

    08/08/2011 1:49:25 PM PDT · by papasmurf · 22 replies ^ | 8/8/2001 | papasmurf
    China’s own system is jammed with rotten debt held in off-balance sheet state enterprises. Its countryside is littered with eerie, empty ghost towns. And Moody’s Investors Service says last month that China’s local debt was understated by hundreds of billions of dollars. Read more:
  • 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 ^ | Aug 8 2011 |
    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...