• Sprott Money
    05/05/2016 - 06:02
    Why is a Deutsche Bank mouthpiece suggesting “negative retail deposit rates or perhaps wealth taxes”? The answer is to (supposedly) stimulate our economies.

California Runs Out Of Money Again, Comes Begging To Wall Street As Moody's Threatens To Go Nuclear On Muni Market

Tyler Durden's picture

Your rating: None

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Thu, 07/14/2011 - 08:59 | 1455554 NuckingFuts
NuckingFuts's picture

Golden State


Thu, 07/14/2011 - 09:01 | 1455558 UGrev
UGrev's picture

More like "Gold Plated" state.

Thu, 07/14/2011 - 09:01 | 1455563 snowball777
snowball777's picture

The iron pyrite state.

Thu, 07/14/2011 - 09:02 | 1455569 66Sexy
66Sexy's picture

Silver just broke out of its trading range.

Look out above.

Thu, 07/14/2011 - 09:19 | 1455635 Cognitive Dissonance
Cognitive Dissonance's picture

Now that's a Silver Woodie if ever I saw one.

Thu, 07/14/2011 - 09:37 | 1455717 snowball777
snowball777's picture

Ben giveth. JPM taketh away.

Thu, 07/14/2011 - 09:51 | 1455741 cranky-old-geezer
cranky-old-geezer's picture

Yes, heading up thru 39.13 as I write this.

However I rather doubt TPTB will let the paper market go much higher. I fully expect another huge smack-down as it gets up around 40 or crosses 40.

They're just not going to let the paper silver market break out into a full natural runup.

...which is fine with me, more opportunity to buy it cheap ...physical that is.

Thu, 07/14/2011 - 10:05 | 1455799 Dr. Richard Head
Dr. Richard Head's picture

Considering JPM is sitting at 40.78, you could be right. That is if JPM indeed did collateralize their stock for their naked short position on the paper silver markets.

Thu, 07/14/2011 - 10:34 | 1455900 66Sexy
66Sexy's picture

Not sure about that. They have bigger fish to fry, than attempting to suppress silver in the face of massive asian and domestic buying... all to protect an institutional perception that is collapsing?

Once we get to 'abbandon ship, bankers and financiers first', and the suits and pig men trample over their grandmothers to get to the lifeboats, this whole menagerie could drop...

"TPTB" may have to prioritize their resources.

Thu, 07/14/2011 - 13:16 | 1456634 Hugh_Jorgan
Hugh_Jorgan's picture

The clock is definitely ticking on "buying it cheap" my friend. Local brokers are already scalping the physical Ag and many larger brokers are raising premiums as well.

Thu, 07/14/2011 - 09:29 | 1455678 NuckingFuts
NuckingFuts's picture

Nice, well done!

Thu, 07/14/2011 - 09:31 | 1455681 NuckingFuts
NuckingFuts's picture


Thu, 07/14/2011 - 09:17 | 1455619 Clamdigger
Clamdigger's picture

...or the Golden Shower state.

Thu, 07/14/2011 - 11:24 | 1456146 Animal Cracker
Animal Cracker's picture

"It's time to eat our pee."


Thu, 07/14/2011 - 09:36 | 1455708 Clamdigger
Clamdigger's picture

<double post, no additional charge>

Thu, 07/14/2011 - 09:16 | 1455613 hugovanderbubble
hugovanderbubble's picture

Please anyone could share a list of


ETF´s related to Munibonds, and tickers of Most Tradeable Equity;Funds, Munibonds?...


TO get short



Thu, 07/14/2011 - 09:17 | 1455623 The Rock
The Rock's picture

The Golden State is so desperate for money that they stopped issuing 60 day notices for vehicle registration so they can collect on late fees.

Thu, 07/14/2011 - 09:25 | 1455659 Sudden Debt
Sudden Debt's picture

so you had a late fee...

why not blame the mailman?


Thu, 07/14/2011 - 09:18 | 1455628 The Rock
The Rock's picture

The Golden State is so desperate for money that they stopped issuing 60 day notices for vehicle registration so they can collect on late fees.

Thu, 07/14/2011 - 11:20 | 1456135 ThoughtCriminal
ThoughtCriminal's picture

time to make it state number 32 - for Mexico

Thu, 07/14/2011 - 11:47 | 1456261 caconhma
caconhma's picture

California situation is very easy to fix

  • First, declare a bankruptcy
  • Lay off 15-20% of all state employees
  • Cut all state employees pay by 10-15%
  • Stop paying all state benefits to illegals
  • Redo the state retirement law for its employees (make it similar to the private sector)
    • Early retirement age at 62.5 yrs
    • No pension benefit above 35% of the last 3 years base pay

In 1-2 years, CA will have a large state budget surplus

Thu, 07/14/2011 - 16:34 | 1457424 dolly madison
dolly madison's picture

Additionally, California is working to set up its own bank, so that it won't have to pay so much interest when it borrows.  Cut the banks out, and we all have more.

Thu, 07/14/2011 - 11:59 | 1456320 carbonmutant
carbonmutant's picture

Paging Meridith Whitney...

Thu, 07/14/2011 - 09:00 | 1455555 QuantumCat
QuantumCat's picture

More please...

Thu, 07/14/2011 - 09:01 | 1455561 snowball777
snowball777's picture

Don't worry, Bill...I've got your back. Is 10% good for you?

Thu, 07/14/2011 - 09:02 | 1455567 bonddude
bonddude's picture

Gotta love that Meredith and her macro calls. Like duh! Very bifurcated market. The good shit is

getting major bids while the rest hangs fire.

Thu, 07/14/2011 - 09:52 | 1455764 Cow
Cow's picture

It's all Meredith's fault

Thu, 07/14/2011 - 09:03 | 1455570 Blagio
Blagio's picture

JPM posted better than expected earnings. No worries.

Thu, 07/14/2011 - 09:08 | 1455581 SheepDog-One
SheepDog-One's picture

Rockin! Wheres the need for QE?

Thu, 07/14/2011 - 09:11 | 1455590 WestVillageIdiot
WestVillageIdiot's picture

Just decrease your loan loss allowances and, bingo, earnings look great.  Bonuses all around, bitches. 

Thu, 07/14/2011 - 11:17 | 1456115 karzai_luver
karzai_luver's picture

bridge to nowhere , bitchezzzz!



Thu, 07/14/2011 - 09:03 | 1455571 lolmao500
lolmao500's picture

While in the real news... SP : miss any payment on anything and you get downgraded.


Standard & Poor's has privately told U.S. lawmakers and top business groups that it might cut the U.S. credit rating if the government fails to make any of its expected payments -- including Social Security checks -- even if it makes all its debt payments, the Wall Street Journal reported citing people familiar with the matter.

Thu, 07/14/2011 - 09:07 | 1455580 SheepDog-One
SheepDog-One's picture

OH, checkmate to petulant Obama, 'You miss any payments, we downgrade you'.

I am glad to see the sleepy ratings agencies suddenly alert and frisky like a pitbull now downgrading everything in sight after completely MISSING everything up to this point.

Thu, 07/14/2011 - 09:13 | 1455608 The Rock
The Rock's picture


Thu, 07/14/2011 - 09:33 | 1455699 WestVillageIdiot
WestVillageIdiot's picture

There is better acting in porn.

That is what I hear.

Thu, 07/14/2011 - 10:46 | 1455816 hedgeless_horseman
hedgeless_horseman's picture

[Doorbell rings, girl opens door]

Moody Steel:  Hello, miss, did you order a ratings downgrade?

Pet Chulent:  Why yes I did.  Come on in.

Moody Steel:  Do you want a long downgrade?

Pet Chulent: Ooooh!  Really, I just want a little one until my sugar daddy comes back with another big stimulus package.

Moody Steel:  Well, all I have is this AA.

Pet Chulent: Wow...it's so big and threatening.  It's perfect!

Moody Steel: I thought you might like it.

Pet Chulent: Can you just wave it around without actually..you know...finishing the job?

Moody Steel: Well, we run the risk of making a mess of things, but I can give it a shot.

Pet Chulent: Let me open the curtains...I want everyone to see it.

Moody Steel: Well, aren't you a naughty little bitch?

[Cue music http://www.youtube.com/watch?v=4fYfdlKIon4 ]


Thu, 07/14/2011 - 15:49 | 1457289 MsCreant
MsCreant's picture

Good work here! It ends up a bondage flick, doesn't it?

Thu, 07/14/2011 - 09:09 | 1455586 Urban Redneck
Urban Redneck's picture

That is SHOCKING coming from S&P.

Thu, 07/14/2011 - 09:17 | 1455624 nodhannum
nodhannum's picture

Looks like the rating agencies have come to Jesus!

Thu, 07/14/2011 - 09:37 | 1455714 WestVillageIdiot
WestVillageIdiot's picture

I would love to know what their ulterior motive is.  There has to be one.  There always is.  There is no way they are doing this to actually be honest ratings agencies.  As we all know, honesty doesn't pay very well in the world of the financial mafia.

Thu, 07/14/2011 - 10:02 | 1455791 cranky-old-geezer
cranky-old-geezer's picture

It's simple.  Wall Street wants to push Obummer over his reluctance to start looting 401k and other pension assets, so they have their (completely owned) rating agencies turn up the heat. 

Thu, 07/14/2011 - 11:19 | 1456126 karzai_luver
karzai_luver's picture

yep them and the banksters want it ALL NOW.

Never let a good cry go to waste.


Thu, 07/14/2011 - 09:18 | 1455627 lolmao500
lolmao500's picture

Indeed it is. Maybe the elite has finally decided to destroy it all.

Thu, 07/14/2011 - 09:03 | 1455572 Cognitive Dissonance
Cognitive Dissonance's picture

Don't send money, just more of the Governator.

Thu, 07/14/2011 - 09:31 | 1455693 MK ultra
MK ultra's picture

Hey.. isn't that Mickey Rourke ??

Thu, 07/14/2011 - 09:34 | 1455704 SheepDog-One
SheepDog-One's picture

Looks like Mickey Rourke, except not bizarre enough lookin. Like an 80's Harley Davidson and Marlboro Man Rourke.

Thu, 07/14/2011 - 11:21 | 1456132 karzai_luver
karzai_luver's picture

Next SecofTreas???


Thu, 07/14/2011 - 10:33 | 1455910 Tuco Benedicto ...
Tuco Benedicto Pacifico Juan Maria Ramirez's picture

Is that Harrison Ford?  The sign now makes sense!


Tuco Benedicto Pacifico Juan Maria Ramirez

Thu, 07/14/2011 - 16:41 | 1457460 carbonmutant
carbonmutant's picture

He's probaly just going to spend it fuel...

Thu, 07/14/2011 - 09:04 | 1455574 SheepDog-One
SheepDog-One's picture

Are we at the point where the pirates turn on themselves and start killing and stealing each others loot because theres no one else left to plunder?

'We'll pay you back when we plunder the taxpayer more later in the year', yea right.

Do NOT follow this link or you will be banned from the site!