Live Blogging The S&P Conference Call

Tyler Durden's picture

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TruthInSunshine's picture
Fisher just basically stated Bernanke perjured himself (which we all knew, anyways).
LULZ.  On an EPIC scale.
cougar_w's picture

The Bernank is part of this setup. His immunity is already assured, unless someone else needs a patsy, in which case he'll go down as a temporary diversion.

The chopper is on the roof. Whoever is destinted to be the last one out is already dead.

j0nx's picture

Who cares. Not like anyone is going to call his ass on it and arrest him. Not even everyone's beloved Ron Paul...

TruthInSunshine's picture

The following is video footage of Bernanke from June 3rd, 2009 testifying before Congress that the Federal Reserve would not monetize the debt....

 

http://theeconomiccollapseblog.com/archives/caught-in-a-lie-bernanke-pro...

http://www.youtube.com/watch?v=n6qo2S84r5w&feature=player_embedded

 

Ray1968's picture

Here is what the S&P executives have waiting if Obama and Turbo Timmy have their way:

http://www.youtube.com/watch?v=RbwSwvUaRqc

 

Mongo's picture

I'd give it a one in one that US will go broke within 2 yrs.

SheepDog-One's picture

You win. US already broke, 1,000 times over at least.

BORT's picture

Only difference between Madoff and US is Madoff couldn't print money.  Probably thought about it, but couldn't get a deal with North Korea in time.

Mongo's picture

Printing money is simple. Start a bank...

gkm's picture

Actually that would have worked for Madoff too.  All he had to do was sell calls and buy puts since the most likely case for him to have any redemptions was if the market fell.  If people believed the market would always keep going up, redemptions weren`t likely.  In fact there have probably been other ponzi schemes that worked this way and paid off.  You wouldn`t hear about those ones however because they were deemed a success.  

SheepDog-One's picture

I hear theres nothing to fear here, confidence is quite high among Wall St "Gods own chosen' that our rat bastard payolla crazed political puppets will now 'see the light' and get right to work to curb the mathematically impossible debt immediately.

AHH HA HA HAAAA HA HA HAAA!!

knukles's picture

A lot of must needs to be done by 2013, including the comment that there is still ample scope for deficits of this magnitude in the near term.

First question (chosen by S&P) has the US even had a rating other than AAA? 
Flag raised, lots of wiggle room.

Exactly as would be expected.  Don't want to attract the SEC and or black helicopters.

andilinks's picture

Volatility is instability, it will happen faster than you can imagine. I'll be bored until it takes my breath away.

cougar_w's picture

 If Congress and President do not succeed in coming to an agreement to consolidate fiscally by 2013, which S&P views as credible

33% credible? What's this guy smoking? I'd put the chance of that statement becoming true at closer to 75%, meaning all but certain. The budget will become a complete football for the election crowd, and SS/Def/Medi* will remain the lethal third-rail.

There is just about no way short of a "road to Damascus" style moment to turn this Titanic around. Nothing will happen until the second half of the Presidency of whoever inherits this radioactive shit storm in '12

Now I have a headache. Never mix metaphors like that before your first cup of coffee.

traderjoe's picture

Not that I believe in profligate spending, useless foreign wars, etc., etc. - but any attempt at austerity at this point is actually the final noose of the bankers to collect and repossess. We should not be attempting to repay the debt. The debt is fraudulent. The US Government should not be borrowing its own currency from private corporations (the fractional reserve banks and the Fed). Lending money created out of thin air - at interest to a sovereign - is the biggest scam possible. 

We should not repay, we should repudiate...

mt paul's picture

AAA

aardvark anus anyone...

King_of_simpletons's picture

When people keep saying "Shit will hit the fan" soon, I remind them "Shit has already hit the fan, you will smell the stink soon".  For those who are still in the stockmarket, good luck.

TomJoad's picture

Wait! What is that sound? Why is that chubby gal warming up her vocal cords?

 

Jump! You Bankster Fuckers!

fuu's picture

JPM $43.90/share

Silver: $43.92/oz spot

 

That is just making my day right now.

Josh Randall's picture

Roger that -- Monday is starting off with a flippin' BANG

Josh Randall's picture

Roger that -- Monday is starting off with a flippin' BANG

knukles's picture

Silver: $48.83  -0.15
PSLV:  $20.17 +0.56

Gotta love that unencumbered, allocated vaulting arrangement premium.
O-la-la.

fuu's picture

Little typo there. Should have read $42.92 on spot.

 

now though we are even closer:

 

JPM: $43.81/share

Silver: $43.25/oz spot

kaiten's picture

Dont worry, Bennie will buy Treasuries even if US is downgraded to Z-

slaughterer's picture

US should prepare for Europeanization... what better President to lead the overconsuming, overspending, overleveraged Americans into the grey world of social democracy...

knukles's picture

social justice, not social democracy... there is no functional democracy whilst the elites order society about

social justice

IdioTsincracY's picture

Europe is a big place ... I would not mind systems like the ones in place in northern European countries. they are constantly rated best countries in terms of quality of life.

If you're talking Countries with lots of debt and huge social inequalities, then we are already there ... look at our GINI coefficient.

Dr. No's picture

11:45: US has been slowest of all developed countries to implement a fiscal credibility plan: compares US to UK and France, which are shown as better countries;

How can they say that?  No one has implemented credible fiscal plan.  Therefore it is wrong to conclude the US is the slowest.

Dreadker's picture

11:45: US has been slowest of all developed countries to implement a fiscally uncredible plan: compares US to UK and France, which are shown as faster countries;

 

*Fixed

Dr. No's picture

Thank you.  Unless by "fiscally credible", they mean a fiscal plan which will allow the continuation of issuing credit to the country..... well then the US is the fastest since we got the FED.

Alex Kintner's picture

 Did anyone suggest we stop conducting pointless wars we cannot afford?

 

Answer: Of course not. Firing more teachers is the answer to everything.

uno's picture

pslv is holding 3% positive today (around 20% premium) regardless of spot silver price, what a tell

digalert's picture

My buddy Santelli said it best:

"S&P looked at Ryans 2040 plan and Barama's 2030-2060 plan and said 'NO' that aint gonna cut it, 2013 or else."

Really, let's get serious here, 2020/30/40/60 is all nonsense. We've got to do something now.

Alex Kintner's picture

Yes, let's get serious.
1) Stop all the pointless wars.
2) Cut Military spending in half (at least).
3) Claw back all the people's money that was given away to Wall St.
4) Start prosecuting all the malfeasance that led up to the 2008 crash.
5) Reinstitute public hangings. Then Prosecute Gietner and Bernanke for treason.

That's my short list.

DUNTHAT's picture

A  50% reduction would take us back to 2001 defense levels in today's dollars.  Very feasible.

IdioTsincracY's picture

All we need ito balance the budget is to cut defense in half and bring tax levels for the top 1% to pre George W level.

Doable ... but who is going to do it? The 1% who controls the Country ... not likely.

Alex Kintner's picture

Oh right. I forgot. Start taxing the Morbidly Rich at a fair rate. Good catch!

Alex Kintner's picture

We spend 6X what China spends on military -- the second biggest spender on MIC. So yes, very serious, quite doable.

 

Source:

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

knukles's picture

What!?!?!?!?!?!?!
And let them commie, Islamo fascist, socialist, European, foreigner, Jesus Snake Tent hating tools of Satan breach our borders, rape our children, hook our families on drugs, spread bestiality and perversions across the land, limit our freedom of speech, taint our love for and halt our bestowal of freedom, peace and civilization forcibly upon other sovereign countries?
God will punish us of we do that.

mynhair's picture

Q&A critical to what or whom?

Pumpapalooza time?

slaughterer's picture

Anybody care to intone on this twisty-turny "answer"? 

6. What does credit risk mean when the borrower can monetize its own debt? Answer: In the US, or any other central bank country, S&P has always thought that it is very short sighted to say government can not default if US can print its way out. Counterintuitively, US should never have to levy any taxes and just monetize all deficits. That is not a credible or realistic alternative to levying taxation. The short answers is that in longer term, if deficits continue to rise, this impairs the credit standing of a gov't including the US.

It is as if S&P thought the Q meant: If Ben can print, why does anybody need to pay taxes?  When the real question is: how can you downgrade a country with a gigantic printing press and a Chairsatan extremely willing to use it?  This is the key question...

Dreadker's picture

Maybe Chairsatan is going long on paper... did he purchase any large rainforests recently??  Damn i shouldn't have said that... UN campaign in brazil next to secure the trees! lol

mynhair's picture

So, has anybody read ODummer's new budget?

Oh wait, there isn't one.

"Words, just words."