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Centrist Think Tank Conducts Study, Finds US Default "Could" Push Country Into Recession
And for today's second most surreal piece of news (the first being that Osama was a fan of RedTube and Adult Friend Finder, whose stock tumbled 25% after its IPO on news that such a loyal customer is now dead), we turn to Reuters which brings us news of a "report" by centrist think tank Third Wave, due out on Monday, which finds that "the United States
could plunge back into recession if inaction in Washington forced a debt
default, according to a new analysis that arrives as the country
reaches the legal limits of its borrowing authority....Some 640,000 U.S. jobs would vanish, the housing
market's woes would deepen, stocks would fall and lending activity would
tighten if the country were unable to pay its bills, according to a
report by the centrist think tank Third Way due out on Monday." And yes, first Dow Jones and now Reuters confirms what we have been warning all this week, namely that "the Treasury Department is expected to hit its
$14.3 trillion borrowing limit on Monday, making it unable to access the
bond markets again. Lawmakers from both parties say they won't approve a
further increase in borrowing authority without steps to keep debt
under control." Yet back to the topic at hand: which is that someone actually paid money to discover what will happen to America when it filed for bankruptcy. If this was a paper out of the San Fran Fed we understand, but private industry? If there is one margin hike we approve of it is for the CME to hike the margin to 1000% cash in trivial common sense BS.
And for those who don't have blood shooting out of their eye sockets at this point, here are the details of what the debtors prison circle of hell would look like for the US.
- Treasury bonds would lose their aura of safety, leading to a half-point increase in their interest rates. That would push up the U.S. government borrowing cost once lending activity resumed, leading to a $10 billion increase in annual budget deficits over the short term.
- The higher interest rates would ripple through the economy, causing gross domestic product to decrease by 1 percent and employers to shed 640,000 jobs.
- Banks would curtail lending. Small businesses would have a harder time expanding and credit-card interest rates would rise. Student loans and car loans would become more expensive.
- The S&P 500 stock index would lose 6.3 percent in value over three months, causing retirement portfolios to shrink, the report said, citing research by financial services firm Janney Montgomery Scott.
- The U.S. dollar's status as the world's reserve currency could be threatened as investors move cash to Swiss francs, Japanese yen, or Euros. That could boost U.S. exports but raise the cost of consumer goods like gasoline and electronics.
- Home mortgage rates, which are tied to U.S. Treasury rates, would rise. Homebuyers taking out an average mortgage for a new home, currently $221,900, would pay an extra $24,738 over the life of the loan, dealing another blow to an already struggling housing market.
"Defaulting on our debt is not an abstract idea that might affect a few institutions on Wall Street; it would harm tens of millions of Americans in profound and lasting ways," the report says.
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when did they get out of depression?
www.silvergoldsilver.blogspot.com
Is this a joke? The stock mkt would gingerly lose 6% over a three month period if the US defaulted? Uh, yeah, I'll take the under on that.
In the 90s the stock market went up when the U.S. defaulted. Stupid, eh? You just gotta love arbitrary numbers pulled out of a hat too: 6%, 640,000 jobs plus 1, etc.
But, sure, why not? No one is going to be afraid to EVER own stocks again since 1% declines are not allowed, 6% is off the fucking table.
What a circus show.
I don't believe the U.S. Treasury ever defaulted. If you mean the government shutdown yes. However during that time all debts were paid. New debt was issued. The debt ceiling has never failed to be raised.
So...I'm trying to understand the think tank's position... If we stop borrowing from ourselves, we're in danger of running out of play-money. Did I get that right?
+1
Most people are forgetting the money the government saved in killling Bin Laden; His $25 million bounty.
He was killed by an American soldier so there is no pay off. The governmnet has an extra $25 million.
With saving like these the defishit will be gone in no time.
Happy daze.
Spend billions, to find a guy, to kill him to save $25 million. Looking back, even $100 million bounty would have been a bargain.
Still, it begs the question, as to why nobody ever came to knocking on OBL's door to collect?
1 US soldier in Afghanistan for 1 year =$1.2 million in US expense ($300-400,000 in costs associated with energy to get soldier there, move around, feed and eat). How many soldiers, how many years? That doesn't include the fake 9/11 response in Iraq.
like the 6% decline, the 50 basis point yield backup seems "conservative".
Agreed, the U.S. didn't default in the 90's. If you want to see what happens to an equity market when a sovereign defaults, look at Russia in 1998.
http://en.wikipedia.org/wiki/1998_Russian_financial_crisis
I think the US market would be down more like 60%-80% than 6%.
"Centrist" think tank is bullshit. This is a neo liberal goof ball organization that thinks offshoring is great and the war in iraq/afghan/libya, etc... is great. It is not 'Centrist' unless you think the Fed is fantastic. Screw this report.
And Russia is a great example of how *not* fucked a country can be after defaulting. A couple years later they were kicking ass.
By chance is the author's name Henney Penney?? Milestones
This is bullish then right? Should i buy Netflix now?
AMZN puts up the ying yang over here.
DEPRESSION? TO HELL WITH THAT READ >>>>>>>THIS<<<<<<<<<<
"Overturning a common law dating back to the English Magna Carta of 1215, the Indiana Supreme Court ruled Thursday that Hoosiers have no right to resist unlawful police entry into their homes."
OHHH SHIIIIT! TPTB have lost control!!!
http://www.infowars.com/court-no-right-to-resist-illegal-cop-entry-into-...
Damn. I knew I should have kept those Claymores hanging around for a rainy day!
There are some nice "perimeter defense" items for sale on the net using trip wires and 12 gauge rounds. They send you a blank with the device. I guess you can reload with sabot or ooBK.
You gotta link for that?
I purchased a couple of these back in the mid-'90's. They are simple, yet highly effective devices.
http://www.defensedevices.com/shotgun-alarm-signal1.html
http://hitechammotogo.com/html/perimeter_alarm_systems___acce.html
Thank you.
Equipment check.. The time to lock & load draws nearer by the day..
The ruling is a consistent extension of the 20th century erosion of the Fourth Amendment (cf. the faux "War on Drugs"), but it clearly violates the Fourth Amendment proper. It will be overturned, if appealed, on the dissent's basis.
imo you are an optimist; i hope you're right.
Another reason to "Vote for Mitch in 2012". Little sawed-off shithead.
The legislature can return the right to the people, bitch slap the justices, and corner the governor in a single move. Will the people demand action by their legislators?
this is odd because the SCOTUS has ruled that there is a right to resist unlawful arrest, even by deadly force. Several state courts have so ruled as well.
This notion that you can just arbitrate all this crap post-facto through the courts is bullshit. The police will fucking lie their asses clean off
a right to resist an unlawful police entry into a home is against public policy and is incompatible with modern Fourth Amendment jurisprudence
The cop is breaking the law ergo "unlawful"
When is a cop not a cop? When he/she breaks the law.
Your actions to defend are against public policy; POLICY has no place in a court. Courts only look at written law and maybe regulations. Policy is not passed by governments.
Actually this is more of a statement against cops and their past practice of planting evidence to support their actions.
Or I watch too much TV.
Just one more little nitpicking, back of the neck hair tweaking, grab you by the left nut and give a quick squeeze just to make sure you know who's really in charge, infringement of personal property rights.
One puff of wind on a smoldering fire.
It is little events like this that are going to result in this entire country going up in flames. Someday, the wrong fucking guy is going to get pushed just a little too far, and a city block or two is going to look like Beirut.
Keep fucking pushing.
Only when that guy has nothing left to lose except his life. There may be quite a few of these people already.
BTW, I recommend a high-power/magnum rifle for such endeavors. Virtually all body armor is useless against such muzzle velocity.
i think this was written by timmy
Could push the US into a recession?? what is this nonsense hah, we are already in a depression!
http://ericsprott.blogspot.com/
So that means we should celebrate because our situation would IMPROVE!
Go ahead and default then woooooo!!!
TO BOLDLY GO WHERE.... so many others have gone before....
THIS SHOW IS CANCELLED!!
There is only one rule, to default first is to default best.
(Motto on the new Drachma Notes)
statement during the Titanic sinking process: If the Titanic sinks, the clothes of some passengers could get wet.
This could very close to the sinking of 1912.
You either came out of it a bit wet, or drowned.
Please restrain from wearing wool. Prewashed cotton only.
I bet rocket surgeons don't come cheap.
What tens of millions are we talking about here ... ? Tens of millions of Americans are already in the shitter....
If the disease won't kill you, the cure probably will.
The other tens of millions...
WTF,I thought we were already in Recession???
No, no, no. Blinder told us last year he "ended the recession," and that is why we need QE3 right away.
http://www.zerohedge.com/article/alan-blinder-fires-first-shot-across-qe...
And the world will blow up and we all will be dead.
ha - raise the debt ceiling or we'll start bombing
We could nuke ourselves. That could be bullish.
Yea - that's a tad more subtle that "Raise the debt limit or we start skinning puppies on live network television", but same sentiment, really.
redtube? he was getting that kind of bandwidth in a cave in Pakistan?
Fiber optic is hot these days. Granted I can't get verizon to send that shit my way...
I like your avatar, but at first glance it looks like hamy wanger's. Was Laden in a cave?? Wasn't that Hussein (Saddam, not Barack)?
They told us he had no phone or internet at the compound. Now they tell us he had gigs of porn on the computers and was spamming out terrorist directives daily. Does anyone belive a word they say? Was there an adult video store down the street? Was he going to the local Fedex Kinkos to rent the internet ready computers?
next up, his profile at some dating site turns up like Julian Assange's
He had 5 wives, played Nintindo Wii fit while wearing a snuggie, now we find out he time warner triple play where he downloaded milf scenes all day while drinking coke and pepsi..Dude was living like hugh hefner at the playboy mansion..
hahahah s&p lose 6.3% over 3 months. try 3 hours.
Junked for telling the truth huh. Thx for your comments Liz, always appreciate your insights.
You just gotta love lizzie.
My favorite bar used to be a smoky, dark, tiny shithole, full of cribbage boards, 1 pound burgers and cold ass beer. They have since rebuilt, made it shiny and flashy, and serve JagerBombs out of a machine while Lady GaGa ass type shit spews out of a juke, and yuppie office fucks try to hook up.
They still have the burgers and the cold beer, but the rest is "junk".
3 hours? I would bet a nice flash crash could take it down farther than that in 3 minutes..no wait.. what am i saying ...more like 3 seconds
http://www.youtube.com/watch?v=pPHDQLuZaGo
I do love the MSM description though.. "AND he watched PORN!! That's how BAD he was!"
There is no truth to the rumor that he was a contractor for the SEC.
pods
Bwwwwaaaaahhhhh!!!! Bin Laden was assigned all of the sh*tty deals from Goldman Sachs to evaluate!
And had herbal Viagra, multiple wives, probably a few of those small butt boys, killed people, didn't pay back debts, kept a journal that would indicate substantial meglomania, paranioia, delusions of grandeur and plain downrightbatfuckingcrazy as a popp bug.
Woulda been safer as a Senator, blend right in.
LOL whats next - he wasted energy, he violated michelles lunch guidelines, he didnt recycle, he smoked (oh wait - scratch that)
He didn't recycle and used incandescent lightbulbs.
He drove a Hummer.
The HOA stayed on his ass all the time for burning his trash in the yard..
didn't use toilet paper
Insightful observations as:
If price drops, you pay less
If debt isn't repaid, creditors dont recevie the payments
If spent nuclear fuel rods are exposed to air radiation will leak
If you pay less, you save
If you save, you dont need credit
If you dont need credit, you are unpatriotic, yet,
"If spent nuclear fuel rods are exposed to air, radiation will leak"
The Third Way think-tank, "centrist"?!?!?! What a joke, thanks. This group is just another attempt by progressives to obfuscate who they really are.
I hope the progressives dont save you and your kind from me and my kind!
and thats realer than PM's, BITCH!
Wait a moment!
One of my progressive (far left even by CA standards and BTW now call themselves optimists) buddies tells me that they're going to save the whole bloody lot of us from ourselves whether we like it or not. A Utopian society based upon openness, friendship, tolerance, love, freedom from want, kindness.... and if you don't like it, even if you just speak out about it, you'll be punished.
What's wrong with that?
This sounds like a Star Trek episode
Probably had "Something something Soros" in the title
Tried once before.
Branch Davidians. Janet Reno did the punishing.
Something like this?
http://www.thevenusproject.com/
try the grape juice
The fear mongering threats are slowly migrating to the surface.
FACTBOX-U.S. Treasury's tools to delay hitting debt limit
http://www.reuters.com/article/2011/05/11/usa-debt-limit-idUSN0926640220110511?feedType=RSS
Maybe if our .gov keeps sending up all these trial balloons, then there won't be any airspace for black swans?
one can always hope...but again, no need to look for black swans...white will do....everyone knows the endgame by now...except the blind leading the blind crowd...but they can't see anyhow...
in other words, no real effect since higher rates, another leg down in housing and job losses are already accelerating.
Payshock
The national debt has increased 5 trillion or so under Obama.
Where has it gotten us?
-1 in 7 are on food stamps
-Labor rate is stuck at a 25 year LOW
-Housing has double dipped
-The U6 underemployment rate stands @ 15.7%
-Inflation is ridiculous
-Foreign countries & banks were bailed out (to oddly include ones we're at war with)
I find it quixotic at best to suggest borrowing another $2 trillion is going to do a fucking thing but put us in a ever more precarious and outright laughable level of debt.
If this is what 5 trillion buys than it's time to pull the plug.
I'm told by my Keynsian friends that there are two possibilities for what that 5trillion accomplished:
1. It wasn't enough spending. ie: we need to spend a whole lot more and then it'll work!
2. It did work, and without that 5 trillion we would be looking at 30% unemployment, everyone on food stamps, etc.
Neither one seems particularly compelling.
You can tell your Keynesian friends that their line of thinking got us in this position to begin with.
I'm still waiting for the helicopters. Will they dump $100 bills from the sky before or after the riots start here?
They would never do that. It would risk some of that money reaching the hands of people who don't work for the TBTF banks.
The notion of "sterilized" monetary injections directly implies that they must remain within the confines of the TBTF banks and out of the hands of the dirty peasants, otherwise inflation wouldn't be "transitory."
Helicopters will only offload where there is a landing pad.
+1 They have a target.
We will soon find out as the federal stimulus dollars are gone and as the states cant print money, the teachers, cops, firefighters, nurses, municipal employees et al will soon be "unemployed".......30% here we come.....most state budgets are due May/June..........its game on.......
http://nakedempire2.blogspot.com/
It would happen sooner or later, just much worse later as more become reliant on government support.
If we have to borrow trillions and print trillions to maintain those jobs, than that is a paradigm that is unsustainable and destined to implode. It has in EVERY instance it has ever been tried in history and it will be no different in this experiment.
You can't borrow and print your way to prosperity.
Maybe they'll swap out pensions for 401k's and get rid of some of the wasteful spending.
When my little brother was preparing for his second tour in Iraq, I told him that the principal difference between Washington and Baghdad was about 35 points in the unemployment rate, due to the utterly counter-productive counter-insurgency thinking of the clown acting as circus ring master. Since time immemorial leaders have understood the importance of keeping the masses fed and occupied as a key to preventing rebellion. Long before Adam Smith was scribing the first dogma of what was to become the (pseudo) social science of economics, the guardians of social order preached in chorus that idle hands make the devil's work. When he returned from Iraq my brother had seen what I meant, but as sibling rivalry also dates to time immemorial, he couldn't quite muster the words, "You were right and I was wrong."
Absolutely amazing how deeply so many have been absorbed into the far propagandized wings of the Hegelian Dialect.
Looks like we're going to find out if Hegel was right.
u forgot its not about jobs created but "saved" like in banks, unions and detroit
The claim is that if they hadn't done it, it would be "much worse." Even though they never say "if we hadn't done it, it would be worse now, better later"
I will state without a doubt that the unemployment would be much much higher without all of that government spending. There are ALOT of gov jobs and a lot of contract jobs at stake with that money. All of those people would be gone, and those who had it in private hands would more than likely NOT have used it to pay for much much more extra labor in a time that doesn't seem prudent to do so.
It would have been worse but for a short period of time. If the bad debt was written off and repudiated there would have been a larger deflationary episode. However, the recovery would have been much swifter and organic in nature as the responsible people took over from the irresponsible people...irresponsible lenders would have been wiped out and lending would have been picked up by those more prudent.
Also, deflation isn't the evil monster it is made out to be. Filling up your tank at $1 didn't make you cry, lower food/clothing costs didn't hurt you, the price of homes falling to affordable levels would certainly be appealing to those who could afford them. Instead what do we have? What's the level of people not paying their mortgages that ZH just did an article on? Gas is becoming unaffordable to the less affluent as is food/clothing. People still can't afford to purchase homes because the idea that keeping prices high will spurn more buyers. The level of servicing our debt is becoming atrocious and the enabling of municipalities has not only done nothing but it has become another episode of throwing good money after bad (BABS) and kicking the snowball down the mountain.
One of the primary drivers of this is mess is the behmoth our government has become and the notion they can centrally plan and manage every aspect of our lives. This has also been propogated and enabled by the FRB which is unconstitutional for the very reason that Central Banks create the very problems we are currently facing.
+1
Build America Bonds. Ug. Should be called "And Using Crack is a Good Idea Too Bonds."
US GDP grew 10.8% in 1934, 8.9% in 1935, 13% in 1936, 5.1% in 1937.
Total US GDP was in 1936 equaled the 1929 peak.
All the rest you've heard is propaganda. Bottom line: creative destruction opened the door to new entrants, new ideas and new companies with meaningful competition. The New Deal avoided the worst of human suffering (and fascism or communism) during the time it took. It set the stage for the greatest expansion in US (and world) history. It was well underway before 1942
In 2008 the choice was made to take the easy way out which turned out to be the hard way in the long run. A Republican administration bailed out Wall Street and a Democratic one continued the work. Two heads of the same monster
It takes 5 trillion to make our gdp grow 3 or 4 percent? Thanks but no thanks.
As per the politic innuendo, I feel like large numbers Repubs/Dems both made massive mistakes but instead of correcting the mistakes I feel like we have really poured gas on the fire.
TO them it wasn't a mistake because they lined their own pockets directly and indirectly by keeping the Wall Street casino open and their banker overlords were able to keep their yachts painted and shiny
If a good fraction of that $5 Trillion actually reached Main Street America, instead of going to prop up insolvent banksters all over the planet, our economy would look much different today.
Trickle down is a totally de-bunked economic theory sold by a bunch of wack-jobs to a nit-wit Congress. Percolate up is the only real way to sustained growth. A rising tide may lift all boats in an ocean of water, but not an ocean of FRN's. I am not an economist, but I do know you can't build anything that requires a foundation from the top down.
You painted on a broad canvas with that brush stroke.
If you study the history of Wall Street from it's inception (under a Buttonwood tree) you would know that Wall Street was a good place for small companies to raise capital and become bigger companies. However, now Wall Street is a different animal. I'm sorry but I don't see how buying 10,000 shares of TZA helps a small company become a big company.
You're completely right though. You need to have fundamentally strong small to mid-size business to have a strong and sustainable economy. It seems as though now we have a predatory plutocracy enabled by our government that is sucking the lifeblood out of the very people it is supposed to be helping.
I could go on, and on about this topic but I'll just leave it there.
Don't be too hard on em. They did pretty good, for a bunch of idots that don't even know where Main Street is.
Breaking windows is not economic stimulus.
Stimulus implies a loss of faith in the economy itself. It implies that without it everything would just shut down. Failed Businesses should have been allowed to fail. And new ones would have replaced the old immediately like new trees after a forest fire. With better growth.
The New Deal was like swimming in a pool. You have the illusion of moving forward, but you aren't going anywhere.
There was explosive growth after the process of creative destruction ran its course. The numbers show it
That growth was stolen from the future...which is now.
Yea...except no. The only thing that got us out of the depression was WWII. What FDR did with his socialistic policies was spurn the idea for the government run nanny state. Don't even get me started on the destruction of our society at the hands of Lyndon Johnson, whom rates right up there in the contender position for the most terrible job ever done by a US president.
The reason this is the case because the entire industrial world was destroyed. Funny because we then had a monopoly on products.... For decades.
I'm not arguing you point. We had the only infrastructure left to rebuild the world. There was also something else though and I did a lengthy post on it the other day.
We also had the most concentrated pool of brilliance that has ever been coagulated behind the same flag. The brilliance that emigrated out of Europe, and into the United States during that time period was MIND BOGGLING. You had people like Einstein, Oppenheimer, Edward Teller, and entrepreneurs from all walks of life and industry flooding America. The technological and innovative genius that swamped America gave us an incredible edge in creating new industry and making existing industry more efficient in almost every facet of American life.
The thing that should be noted however, is that the relative hands off approach and freedom America once represented attracted those types of minds. It's a completely different ball game now. If you want an example, look at CERN. CERN is the modern day equivalent of the technology that was created at Area 51, which was built where it was and for it's purpose in the footprint of Oppenheimer. Yes, Oppenheimer chose that location for Area 51 with the explicit permission from General Graves, for the purpose of advancing the power of nuclear energy. Have you ever wondered why CERN wasn't built in America, like Area 51 once was?
America is no longer the epicenter for this type of magnificence because of the envrioment our government has created, which in all frankness is quite repressive and toatalitarinistic.
Wow, I obviously missed your previous post. What was the topic thread? I would like to check it out. Good point.
+10
Well said.
"people like Einstein, Oppenheimer, Edward Teller"
Funny all the people you call brilliant are nuclear fuck jobs that should mine the lead and throw the fucking uranium back into the goddamn ground.
I'd stab you with a fork but you'd give me Oneida peace prize.
I'm not really sure what your full argument is, but at least on the surface I'll say, It is pretty ridiculous to criticize nuclear scientists considering nuclear has (in my opinion) changed the word significantly better than the remote ounce of making it "worse."
Nuclear no questions asked is one of the most political over exagerated things in modern society. "The worst thing that could happen to the US is a terrorist with a suit case nuke." (I'm not saying you believe that but its a common statement). Which is absolute and total bullshit.
Then you won't mind if we start the 'creative' destruction at your house?
when you start seeing guillitines being built then you know the corner has been turned.
what about smashing cars like in cash for clunkers
Especially if the windows you broke weren't paid for yet.
"The New Deal avoided the worst of human suffering (and fascism or communism) during the time it took."
What?
The New Deal was two heads of the same monster---fascism and communism. The New Deal was a massive theft and transfer of wealth from the people (communism) to the banks (facism). That is not good, and that does not "avoid human suffering."
yeah right
That is your response?
Good, I won't blame you for not defending it.
Your conclusion is 100% correct, but your leading premise is stupid and partisan-motivated. Obama sucks, AND spending is insane, but spending isn't insane because Obama sucks.
The single biggest reason the national debt has increased so much under Obama is because mandatory spending has increased significantly over the past few years. Obama isn't the President, for example, who made sure the Feds would start paying for geezers' prescriptions.
http://www.washingtonpost.com/wp-srv/special/politics/budget-2010/
If you look at the chart, it's not easy to find a good way to blame our current debt situation on Obama. If McCain had been elected (or Barr, or Ron Paul, or whoever), what would have been different? Would he have found a way to cut taxes, thus decreasing revenue? Would he have dramatically cut back on discretionary defense spending? Would he have stopped paying interest and defaulted in early '09? Would he have cut Medicare, or given up his own SS checks?
Obama's a lousy President, but if you're informed, you should be able to explain why. The burgeoning national debt is pretty much completely out of his control.
Hate him for the right reasons, at least...
The junkie is really starting to cry for his debt fix.
6.3% loss on the S&P over the next 3 months. Wonder what computer model they used to get a forcast that accurate? Why don't they use it to enrich themselves instead of writing garbage like this.
DEFAULT = FREEDOM
Here's a thought: what if Timmy suddenly could NOT issue more Treasury paper?
Supply constrained => Upward pressure on Treasury prices
Hmmm.....
But there's more: investors losing confidence (due to the debt limit scare) could react in their usual way---selling risk (stocks, high yield, etc.) and rush to buy......Treasuries.
Demand spikes => Upward pressure on Treasury prices
It's counter-intuitive, but it's exactly what Gundlach (DoubleLine) and Minerd (Guggenheim) predicted could happen.
But wait, there's more -
Timmay can't issue more T's til ceiling is lifted...but Fed's POMO will continue buying up another approx. $200B in T's now til end of June regardless.
Constrained supply + big, dumb Gov. buyer = yields dropping through the floor? Hmmm, wonder if that's how Gross saw this going???
does Pimco have a ZH account?
Only thing I can guess is Gross is preparing for the restart of Treasury's issuance after debt ceiling raised at nearly the same moment QE ends...will be quite a rush of issuance without many Fed as buyer and at yields that could start awfully low...<KABOOM>...and finish at QE3 inducing heights
QE3 is absolutely in the bag. The clincher was CPI and PPI: the Fed's cover is "There is no inflation"
That will let them deflect all criticism. And they can print till they drop
Yup, but Gross is simply way to early to get flat, nevermind short.
I can't wait to short Treasuries, but that's going to happen right AFTER Bernanke formally releases hints of QE3.
Phew--good thing the Greenspan-Guidotti rule doesn't apply to the world "reserve" currency.
What makes a man turn centrist? Lust for gold? Power? Or were you just born with a heart full of centrality?
I am indifferent on this.
If I don't make it, tell my wife "Hello".
Let's just hope the Fed doesn't try to cut the ribbon on QE3 with the ship's laser.
you obviously have talent
1. T-Bonds would lose their aura of safety. Check
2.Cause High Unemployment. Check
3.Banks would curtail lending. Check
4. Stocks would go down 6% OMG
5.US reserve status threatened. Check
6. Housing would falter. Check
And this is supposed to instill fear How? Its what it is now morons. These guys are going to have to get more creative than that for crying out loud we only have about 45 days left before the end of the world.
45 days sounds about right.
"Comet" ELEnin (brown dwarf star) is expected to achieve perihelion between Earth and the Sun in September. Pole reversal/pole shift should be complete by then.
The elites are very close to moving to their underground shelters.
Billboards along freeways in Northern California proclaim May 21st as Judgement Day.
Yeah, May 21st, 2011 is when The Rapture (thank you, L. Ron Hubbard) is expected to occur. There's quite a bit of money to be made wrt this date. The "Rapture pet rescue" scam is particularly amusing.
As to ELEnin, it may seem like total moonbat nonsense to many, and yet NASA is acknowledging the projected orbital path. Perhaps I am reading too much into this celestial event, but one doesn't have to dig too deeply to discover compelling scientific data that concludes of an ominous effect on the Earth. The recent theory that the Mayan "long-count" calendar was not translated properly due to the chronological error produced when Leap Years are not factored in is interesting.
A 3,600 year cyclical event is about to occur, whether we like it or not.
There are no coincidences.
Wall Street, TBTF Banks, K Street, & Washington DC are the beneficiaries QE2 & the Federal Reserve's exploitation of the US Taxpayers' wealth - I mean WHO ELSE received RECORD BONUSES - SCREW THEM ALL - BUFFET, MUNGER, BLANKFEIN, DIMON - IF THEY WANT THE DEBT CEILING RAISED LET THEM PAY FOR IT - ENACT A SPECIAL TAX FOR THESE SECTORS! End the PONZI - LET IT BURN!
Yep I agree. They put the fear of god in everyone for tarp and qe and all the bailouts they do. I say let it go. We used to have capitalism, the best survive, the weak fail.
If they can't survive without government money they shouldn't exist