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LQD - "Black Thursday"

by ATinNM Fri Aug 5th, 2011 at 03:11:26 PM EST

Credit for the find goes to ceebs!  

Black Thursday.

Teaser Quote:

As I write, it is four in the morning and I am watching the Asian stock markets falling. Yesterday both the FTSE100 and the Dow Jones crashed, and further falls are expected today. No-one seems to have any real idea why stock markets are collapsing around the world. But on one thing everyone is agreed - we have a worldwide financial crisis.

Another sign a devastating systematic critique of Neo-Classical Economics, and policies based thereon, is forming.


Display:
Faisal Islam on Economics - The Berlusconi Bounce. Bunganomics to the rescue

So it has come to this. America's trading reassured by a few tens of thousands of payrolls and the presence of Super-Silvio at an urgently convened press conference in Rome. And at the time of writing it seems to have worked, with American traders sending New York stock markets higher courtesy of the "Berlusconi Bounce".

A correspondent suggested to me yesterday that the rise of the robot traders had led to the lay-offs of financial experts who have the capacity to trade political risk. The Berlusconi  Bounce is surely evidence of that.

Here's what the Italian PM said:



Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Fri Aug 5th, 2011 at 03:32:40 PM EST
Faisal Islam on Economics - The Berlusconi Bounce. Bunganomics to the rescue
Suggestions coming out of Italy are that the Budget measure is the blood sacrifice that Italy is paying for one thing and one thing alone - persuading the divided European Central Bank to buy its bonds, bring down the interest rate and quasi-monetise Italy's massive debt. The biggest Bunga  Bunga of all. And precisely the nightmare that German voters were promised would never occur.


Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Fri Aug 5th, 2011 at 03:33:28 PM EST
[ Parent ]
Galactic-Scale Energy | Do the Math
Since the beginning of the Industrial Revolution, we have seen an impressive and sustained growth in the scale of energy consumption by human civilization. Plotting data from the Energy Information Agency on U.S. energy use since 1650 (1635-1945, 1949-2009, including wood, biomass, fossil fuels, hydro, nuclear, etc.) shows a remarkably steady growth trajectory, characterized by an annual growth rate of 2.9% (see figure). It is important to understand the future trajectory of energy growth because governments and organizations everywhere make assumptions based on the expectation that the growth trend will continue as it has for centuries--and a look at the figure suggests that this is a perfectly reasonable assumption.  (See this update for nuances.)


Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Fri Aug 5th, 2011 at 05:40:45 PM EST
Can Economic Growth Last? | Do the Math
As we saw in the previous post, the U.S. has expanded its use of energy at a typical rate of 2.9% per year since 1650. We learned that continuation of this energy growth rate in any form of technology leads to a thermal reckoning in just a few hundred years (not the tepid global warming, but boiling skin!). What does this say about the long-term prospects for economic growth, if anything?


Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Fri Aug 5th, 2011 at 05:41:06 PM EST
[ Parent ]
The BBC analysis (this time on credit ratings) is wrong again | Dr Shibley Rahman : His Labour blog and much else

he journalist within the last hour (it is currently 10.21 on Saturday 6th August 2011),  providing the analysis on the credit ratings for the BBC News 24, is wrong in my personal opinion, I'm afraid.

 

 

 

The inference from what he was saying that Britain's credit-rating might be downgraded if the deficit reduction is not fast enough. It is misleading to have presented this as fact. The issue is in fact as Chuka Umunna clearly described it. If growth is too slow, and the UK does have a poor strategy for economic growth, it is widely believed as an expert opinion, the deficit could get worse, this poses problems for our credit rating.



Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Sat Aug 6th, 2011 at 07:02:49 AM EST
They're both wrong. The Credit Rating is like the water in the bathtub where they intend to drown the state. It doesn't matter which fiscal policy you choose.

Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Sun Aug 7th, 2011 at 01:46:41 AM EST
[ Parent ]
Gordon Brown: Europe's Missed Opportunity

LONDON -- It was said of one nineteenth century British politician that he never missed a chance to let slip an opportunity.

European leaders were quick to define last month's Euro summit of 2011 as the day European leaders seized the moment and faced the crisis down.

Instead it will be seen as a huge missed opportunity, the turning point at which history failed to turn. And, in my judgment, the Euro leaders will soon be back in crisis sessions.

Last month I warned that, although Chancellor Merkel and President Sarkozy had brokered a deal which kept Greece liquid, their four political 'no go areas' -- no bailout, no default, no devaluation and no more money -- represented the capitulation of economic necessity to political expediency. I argued that the wrong conclusions arose from a wrong analysis.

Over too long a period it has suited European leaders to believe that theirs is a fiscal crisis in the weaker states, and so they have analyzed their problem in just one dimension: profligacy in the periphery demanding tougher and tougher austerity.



Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Sat Aug 6th, 2011 at 07:10:46 AM EST
The ECB throws Italy and Spain to the wolves   Ambrose Evans-Pritchard  

Its refusal to act in the face of an existential threat to monetary union has set off violent tremors across the global financial system, raising the risk that the crisis will spiral out of control.

Bank shares crashed in Madrid and Milan, with Intesa Sanpaolo down 10pc and Italy's MIB index reduced to its knees with a one-day fall of 5.2pc. Share trading was suspended at a string of bourses across Europe.

....

Professor Willem Buiter, Citigroup's chief economist, said the apparent ECB action was pointless. "The warped logic of intervening in two countries that don't need it is as strange as it gets."

Mr Buiter said Europe risks a disastrous chain of events and the worst financial collapse since the onset of the Great Depression unless Europe's central bank steps in with sufficient muscle to back-stop the system.

"The ECB has yet so show it understands that it is the only institution that can save Italy and Spain from fundamentally unwarranted defaults. Everybody is afraid and real money investors are dumping their holdings. The ECB must step in to cap the yields at 6pc or 6.5pc and put a floor under the market," he said.

....

"As long as the ECB stays on the sidelines, a speculative, fear-driven withdrawal of market funding can feed a self-fulfilling insolvency. Any number of banks and insurance companies would take huge hits. The ECB will have to come in, or accept the biggest banking crisis since 1931," Mr Buiter said.

 

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sat Aug 6th, 2011 at 12:58:01 PM EST
The ur problem is the people running the EU have yet to cognize reality.  Second, there's no mechanism for the EU to force the people running the ECB to deal with reality instead of the NCE La-La Land they've constructed in their heads.  The feedback loop is the people running the EU are also basing their Decision Making on the NCE La-La Land.    

At least that's what I take from Migeru's numerous posts and comments on the subject.  

The only way to break the cycle is Throw the Bums Out ... and there's no mechanism - that I know of - to do it.

Skepticism is the first step on the road to truth. -- Denis Diderot

by ATinNM on Sat Aug 6th, 2011 at 01:14:02 PM EST
[ Parent ]
And there is the danger that, if the bums are thrown out without popular realization of what went wrong, they will be replaced with other bums who do the same things or worse things.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sat Aug 6th, 2011 at 02:17:37 PM EST
[ Parent ]
Big TEN-FOUR on that, good buddy.

(Showing our age.  :-)


Skepticism is the first step on the road to truth. -- Denis Diderot

by ATinNM on Sat Aug 6th, 2011 at 02:34:33 PM EST
[ Parent ]
That's what's going to happen in Spain within three months.

Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Sat Aug 6th, 2011 at 04:57:37 PM EST
[ Parent ]
how can popular realization occur when all the finance reporters are reporting things through the medium of NCE?

Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Sat Aug 6th, 2011 at 05:48:15 PM EST
[ Parent ]
When the reporters become thoroughly discredited.

- Jake

Austerity can only be implemented in the shadow of a concentration camp.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sat Aug 6th, 2011 at 05:49:54 PM EST
[ Parent ]
It is time to start seeding the idea that there are many alternative economic theories, some of them much better than NCE, and that the reason we are stuck with NCE is because it suits the interests of billionaires, including those with media empires, and that most of the existing politicians, in effect, work for those billionaires, regardless of party affiliation. My own experience in one on one conversations is that this is not a hard sell.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sat Aug 6th, 2011 at 05:59:05 PM EST
[ Parent ]
We need a professional looking film up on youtube, explaining such things

Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Sat Aug 6th, 2011 at 06:37:43 PM EST
[ Parent ]


Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Sun Aug 7th, 2011 at 01:50:27 AM EST
[ Parent ]


You can't be me, I'm taken
by Sven Triloqvist on Sun Aug 7th, 2011 at 02:53:31 AM EST
[ Parent ]
LOL

Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Sun Aug 7th, 2011 at 04:46:24 AM EST
[ Parent ]
Stooooory Confereeeeeeence!!!!

Skepticism is the first step on the road to truth. -- Denis Diderot
by ATinNM on Sun Aug 7th, 2011 at 12:05:37 PM EST
[ Parent ]
Making a film is the easy part.  The hard part is marketing it.  99% of YouTube videos are lost in the clutter.  Of the 1% gaining an audience only a handful, if that, go beyond feel-good fluff.

Skepticism is the first step on the road to truth. -- Denis Diderot
by ATinNM on Sun Aug 7th, 2011 at 12:49:01 PM EST
[ Parent ]
If you added all our networks together (with some overlap), including facebook, forums, email, twitter et al, it might be a sufficient viral start for a stand-out video that is widely understood and appreciated.

Bill Nighy made a superb appearance in a short web movie about the Robin Hood Tax - you must have seen it?.

Expensive? Not necessarily. There are a lot of movie professionals who will give a couple of free days of work for something in which they share a passion or belief. It happens all the time in Finland. Equipment companies rent stuff out free for a good cause, and everyone (citation needed) can edit and master at home these days.

But it has to be something that all contributors are passionate about. Svennish aphorism: Logic only goes so far, facts still have to be presented with passion.

You can't be me, I'm taken

by Sven Triloqvist on Sun Aug 7th, 2011 at 01:33:50 PM EST
[ Parent ]
I have now.  :-)

But look at the share: 542,112 for "The Banker,"  "The Most IMPORTANT Video You'll Ever See" - the 8 part lecture on Exponential Growth I posted a year (or so) ago - started out strong with 2,873,746 views for Part One dropping to 449,340 for Part Eight.  

These are excellent numbers, as such things go.

Now compare to the 30,812,823 for "Dramatic Chipmunk" or the numbers Top 10 as of August 2011 with #1 at 598,457,143 views.  

The average YouTube user watches 5 hours a day for a total, as of May 25, 2011, 3 billion daily views.  Which sounds like a lot.  It IS a lot.  

However, to capture those eyeballs 48 hours of video is uploaded to YouTube every minute!

It's a rough, tough, world out there in YouTube land and while I have no intention of disparaging or belittling the production side it is nevertheless true compared to successfully marketing the product, cutting through the clutter, having people watch the video versus watching Lady Gaga, making the thing is a Slam Dunk.  

Now, if you can grab someone on this list or - better - THIS list ... then we're cooking and you can ignore everything above because Good Ol' name recognition will cut through.

The other way is the rotten grubby slog of Building an Audience.  You put up a YouTube, market the FUCK outta of it ... and it bombs.  Put up another on, ditto, raspberries.  Put up another and another and another and another and another and hope like hell enough people start finding them, like them, start looking at the old ones, and start saying, "Please, sir.  Give us more!  Give us more!"  

Or, in a one to a gazillion chance, one of them hits the jackpot for Teh Win! and goes viral.  

OK, so much for Marketing.

On the content side ... IMO ... narrative trumps message, "commercials" trumps lectures; "Grab 'em by their limbic system and their frontal cortex will follow."   Story has to be the text, dialectic the sub-text.  

Beats the heck outta me how to do that.  Or, rather, there are several ways to do that and durned if I know which is the best.

Skepticism is the first step on the road to truth. -- Denis Diderot

by ATinNM on Sun Aug 7th, 2011 at 03:50:05 PM EST
[ Parent ]
Will there be a ace card played on Sunday or will Monday be another "thrill ride"? I think more Italy (EU) than US, BTW.
by cagatacos on Sat Aug 6th, 2011 at 07:04:26 PM EST
In October 1929 there were three "black" days in the space of a week.

Paraphrasing J K Galbraith's little book on the Crash, I'd say that last Thursday after Trichet's press conference was when the market finally realised there would be no "organised support".

Economics is politics by other means

by Migeru (migeru at eurotrib dot com) on Sun Aug 7th, 2011 at 01:53:18 AM EST
[ Parent ]
I was even thinking on a spillover to "Main street". Like the need to close banks temporarily or so.

It seems to my untrained eye that things are, er, volatile.

by cagatacos on Sun Aug 7th, 2011 at 07:52:36 AM EST
[ Parent ]
Highlights From G-7 Statement Which Basically Says That The Plunge Protection Team Just Went Global
Tyler Durden  Zero Hedge

Highlights from the just released G-7 statement:

   * G7 Says Will Take Every Action to Stabilize Financial Markets
   * G7 says it will commit to secure liquidity in market
   * G7 will cooperate closely on currency market actions
   * G7 says it will be in close contact next few weeks
   * G7 says disorderly moves in markets hurt economy
   * G7 says currency rates should be decided by markets

But the winning bullet point of the year is...

    G7 says currency rates should be decided by markets

As the G7 commences the biggest market intervention in history to prevent the final Ponzi unwind...

Sigh


Irony at its finest. Pay no attention to the man behind the curtain.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sun Aug 7th, 2011 at 08:04:23 PM EST
[ Parent ]
The fact is
  • currency rates should be decided by markets; and
  • there should be intervention to stabilize financial markets
  • there should be intervention to secure liquidity

are mutually compatible, and are basically what JakeS proposed a Central Bank should be doing:

  • Intervene in the ForEx markets to prevent the currency from appreciating by more than N % pr. month, in terms of the real exchange rate against a trade-weighted basket of currencies, where N is a publicly announced number somewhere between 1/3 and 1. Additionally, offer private firms and foreign central banks currency swaps out of foreign currency at currently prevailing exchange rates.
  • Irrespective of the above, procure sufficient hard currency reserves and/or currency swaps with appropriate central banks to cover the gross total domestic hard currency liabilities.
  • Do not defend the lower bound of the exchange rate, but do act as market maker for currency swaps into foreign currency between private firms and other central banks (this can be done cheaply, since a currency swap with a central bank carries no default risk). Do not charge for this service (the other central bank can, however).
Only under market-fundamentalistic interpretations of the markets should determine currenct rates is there a contradiction. Do not defend the lower bound of your exchange rate is a way of letting the market determine rates, but accumulating foreign currencies to cover domestic liabilities in foreign currency counts as market-making and stabilizing intervention.

Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Sun Aug 7th, 2011 at 08:14:01 PM EST
[ Parent ]
What you are saying is quite honest: currency rates should be decided by the markets, given the coordinated interested  party intervention by the central banks in the interests of orderly and continuous markets. Just saying "currency rates should be decided by markets" is misleading, possibly deliberately. And, given the market fundamentalism that has been spread over the world hip deep, the statement of the G8 stands as highly ironic.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sun Aug 7th, 2011 at 10:05:28 PM EST
[ Parent ]
If currency rates are not determined by the market you get a fixed exchange rate regime which, as we have found at least 3 times in the last 100 years, is toxic.

Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Mon Aug 8th, 2011 at 01:09:12 AM EST
[ Parent ]
Technically, Thou Shalt Not Defend The Lower Bound Of Thine Exchange Rate (Unless Thou Is Very Certain That Thou Canst Cut The Balls Off The Attacker) does not require that "the market" decides the exchange rate. Other central banks are perfectly free to decide to defend your overvalued currency if they want to.

Following the commandments on accumulating ForEx reserves to tide you over a currency crash for the 12-18 months it takes to shake out will probably make it prohibitively expensive for the foreign central bank to attack your currency. But nothing in my rules prohibits them from doing it anyway. Partly because you can't prohibit them from doing it without sending gunboats. And partly because if they really want to subsidise your consumers even though you're not handing them your heavy industry... well I'm not really convinced that that is a problem for you. Their citizens may want to have a little chat with their central bank about it, though.

- Jake

Austerity can only be implemented in the shadow of a concentration camp.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Mon Aug 8th, 2011 at 01:39:44 AM EST
[ Parent ]
Other central banks are perfectly free to decide to defend your overvalued currency if they want to.

Yeah, but we saw how Bretton Woods, the ERM, and the Euro, did.

Economics is politics by other means

by Migeru (migeru at eurotrib dot com) on Mon Aug 8th, 2011 at 01:46:02 AM EST
[ Parent ]
Well, if every country on the planet followed my rules for central banking, you would have a fixed rate regime (or the next best thing, at least - a dirty float system with fairly narrow bands). But it would be a sustainable fixed-rate regime, because it would be a regime defended by the currencies under upwards pressure rather than by those under downwards pressure. If the currency that is under upwards exchange rate pressure does not want a fixed-rate system enough to want to pay the cost of defending the exchange rate, then it does not want a fixed-rate system.

But the point of the rules I proposed was not to decide between fixed or floating exchange rates, it was to provide rules for CB policy that would (a) prevent unsustainable ForEx imbalances from building up, (b) allow you to dictate domestic nominal interest rates and (c) not prevent other central banks from implementing the same policy, nor seriously inconvenience them if they refuse to implement it.

I think I succeeded pretty well on those counts.

- Jake

Austerity can only be implemented in the shadow of a concentration camp.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Mon Aug 8th, 2011 at 02:11:56 AM EST
[ Parent ]
Well, if every country on the planet followed my rules for central banking, you would have a fixed rate regime (or the next best thing, at least - a dirty float system with fairly narrow bands).

...presuming that there is no "World Reserve Currency" and, hence, no Triffin's Paradox at play.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Mon Aug 8th, 2011 at 08:38:17 AM EST
[ Parent ]
No, they are all allowed to peg to the same currency. That's an advantage, not a problem, for a country that displays a modicum of intelligence in its industrial policy. It's only an issue if the currency being pegged to mistakenly takes the peg as a license to stop making real stuff and begins relying on other people propping it up indefinitely.

- Jake

Austerity can only be implemented in the shadow of a concentration camp.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Mon Aug 8th, 2011 at 09:22:02 AM EST
[ Parent ]
I think Triffin's dilemma is only a problem under a gold standard.
This dilemma was first identified by Belgian-American economist Robert Triffin in the 1960s, who pointed out that the country whose currency foreign nations wish to hold (the global reserve currency) must be willing to supply the world with an extra supply of its currency to fulfil world demand for this 'reserve' currency (foreign exchange reserves) and thus cause a trade deficit.
The very existence of a world's reserve currency, namely one that everyone wants to hold, is predicated on there being a "one true standard of value" ("gold") that most people will want to hold. Maybe there always is, but in general people should want to hold assets to match expected future liabilities in a variety of currencies.
By the fall of 1960, an ounce of gold could be exchanged for $40 in London, even though the price in the U.S. was $35. This difference showed that investors knew the dollar was overvalued and that time was running out.

There was a solution to the Triffin dilemma for the U.S.: reduce the number of dollars in circulation by cutting the deficit and raising interest rates to attract dollars back into the country.

Both these tactics, however, would drag the U.S. economy into recession, a prospect new President John F. Kennedy found intolerable, although he did sign an executive order allowing the US Treasury "to issue silver certificates against any silver bullion, silver, or standard silver dollars in the Treasury." This would create competition to the overvalued Federal Reserve Notes (dollars).

Another solution might have been to devalue the dollar with respect to gold. This would have made investors want to hold fewer dollars. Which brings us back to the question of why should everyone want to hold any given "world's reserve asset"?

Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Mon Aug 8th, 2011 at 10:01:50 AM EST
[ Parent ]
Triffin's conclusion does not follow from his premise: You can use the capital account rather than the current account to balance the reserve currency requirements.

All that this requires is that the central bank that issues the reserve currency accumulates foreign currency reserves commensurate to the desire of foreigners to stuff its currency into their pillows. In fact, this is precisely the result of obeying the first commandment: Thou Shalt Defend A Soft Upper Bound On Thine Exchange Rate.

Under a commodity standard, the first commandment makes you vulnerable to a run on your currency by unfriendly foreign interests. But a commodity standard will fuck over your domestic economy without any foreign help, so in my book that problem comes under the heading of "fry, bigger fish to."

- Jake

Austerity can only be implemented in the shadow of a concentration camp.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Mon Aug 8th, 2011 at 10:18:06 AM EST
[ Parent ]
What to expect tomorrow?

http://en.wikipedia.org/wiki/Wall_Street_Crash_of_1929

The Roaring Twenties, the decade that led up to the Crash,[4] was a time of wealth and excess.

The crash signaled the beginning of the 12-year Great Depression that affected all Western industrialized countries[2] and that did not end in the United States until the onset of American mobilization for World War II at the end of 1941.

Stock prices plummeted on that day, and continued to fall at an unprecedented rate for a full month.[6]

...The October 1929 crash came during a period of declining real estate values in the United States (which peaked in 1925)

...Anyone who bought stocks in mid-1929 and held onto them saw most of his or her adult life pass by before getting back to even.     "

--Richard M. Salsman[
 


Looks like LONG agony in front of us...

Science without religion is lame, religion without science is blind...Albert Einstein
by vbo on Sun Aug 7th, 2011 at 05:36:51 AM EST
Standard and Poor's Downgrades US Long Term Sovereign Debt From AAA to AA+  Jesse's Café Américain


   "And remember, where you have a concentration of power in a few hands, all too frequently men with the mentality of gangsters get control. History has proven that."

    Lord Acton

It appears that my suspicions about a hidden agenda and undercurrent in today's trade were correct. There were prints of something significant but undisclosed all over the tape, yesterday and today.

....

It appears that this information known earlier on by at least some market participants, as the "government prepared for the downgrade" as reported to ABC news. S&P delayed the release this afternoon as the Treasury found 'a 2 trillion mathematical error' in S&P's figures.

Are you kidding me?

The US rating remains unchanged at Fitch and Moody's. This may ameliorate the effects of the downgrade.

There are no coincidences in politics, and international financial ratings. Watch and see how they never 'waste a crisis.'



As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sun Aug 7th, 2011 at 09:07:53 AM EST
Twitter / @TheBillWalton: Standard & Poor is run by ...
Standard & Poor is run by McGraw-Hill Co. Harold McGraw III is CEO. He supports Romney. This is easier than a Scooby Doo mystery, folks.


Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Sun Aug 7th, 2011 at 09:18:51 AM EST
[ Parent ]
Twitter / @TheBillWalton: After their owner's party ...
After their owner's party affiliation was questioned, 'Standard & Poor' has changed their name to the more appropriate 'Fair & Balanced'.


Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Sun Aug 7th, 2011 at 09:20:02 AM EST
[ Parent ]
Twitter / @REUTERSFLASH: S&P's managing director Ch ...
S&P's managing director Chambers tells ABC it would take more political consensus than seen so far to upgrade U.S. rating


Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Sun Aug 7th, 2011 at 09:59:24 AM EST
[ Parent ]
I can't wait for a reporter or opponent to ask Romney is he thinks a downgrade by S&P of the sovereign debt of the USA has helped his candidacy.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sun Aug 7th, 2011 at 11:56:10 AM EST
[ Parent ]
Mr. Chambers can go fornicate himself up the ass with a porcupine.

In my humble opinion.

Skepticism is the first step on the road to truth. -- Denis Diderot

by ATinNM on Mon Aug 8th, 2011 at 02:28:48 AM EST
[ Parent ]
What has the poor porcupine done to you?

Here's a video to improve your empathy for the little things:



Economics is politics by other means

by Migeru (migeru at eurotrib dot com) on Mon Aug 8th, 2011 at 02:32:44 AM EST
[ Parent ]
(American Society for the Protection of Porcupines)

Has issued this press release:

After careful investigation of ATinNM's comment, above, we have determined no porcupines were harmed during the production of his comment.

Mr. ATinNM has apologized to the ASPP, porcupines, and those who he has offended by his comment.

While deploring Mr. ATinNM's comment the ASPP finds itself in agreement with the general thrust of his comment.  In view of this agreement the ASPP wishes to make public their desire, wish, and hope Mr. Chambers and those currently employed by the Standard and Poor's Corporation will soon be beaten to death with a rabid lemur.



Skepticism is the first step on the road to truth. -- Denis Diderot
by ATinNM on Mon Aug 8th, 2011 at 02:49:57 AM EST
[ Parent ]
So far "Slightly Mauve Monday" (I like designer colors) is a bit of a yawner.

ASX200 down 2.7%.  Nikkei down 2.18%

Israel is down 7% ... and Who Cares.

Can't find any info on the Helsinki OMX 25 who should be trading right about now.

Dow looks to drop about 200 points at the opening.

As I said, a yawner.


Skepticism is the first step on the road to truth. -- Denis Diderot

by ATinNM on Mon Aug 8th, 2011 at 02:19:05 AM EST
Based on futures trading the DAX 30 looks to drop 2.1% at the opening and the FTSE 100 2.3%.

Too boring.

Off to bed.

Skepticism is the first step on the road to truth. -- Denis Diderot

by ATinNM on Mon Aug 8th, 2011 at 02:56:00 AM EST
[ Parent ]
OMXH is up half a % at mid morning!

You can't be me, I'm taken
by Sven Triloqvist on Mon Aug 8th, 2011 at 03:42:35 AM EST
[ Parent ]
Headline idea:

Treasury yields fall as markets decide S&P can't math.


Be nice to America. Or we'll bring democracy to your country.
by Drew J Jones (pedobear@pennstatefootball.com) on Mon Aug 8th, 2011 at 07:58:55 AM EST
[ Parent ]


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