The End of Sovereign AAA?

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Wed, 12/23/2009 - 10:24 | 172544 bugs_
bugs_'s picture

Unpleasant Fiscal Arithmetic is hard.

Wed, 12/23/2009 - 10:36 | 172556 Cognitive Dissonance
Cognitive Dissonance's picture

It's called maintaining plausibility. Gotta keep up the appearances for the holiday's, don't we?

It's not a matter of telling truths, just telling plausible lies. Mix in just enough truth with the lie and it suddenly becomes edible, like a package of 20 year old Twinkies might be to someone hungry enough to not care.

Wed, 12/23/2009 - 10:41 | 172563 Edna R. Rider
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I love the NPR quotes from Turbotax Timmy.  The Administration will not allow any similar fiscal crisis to occur like it did last year.  They have the tools to defeat us!  Yipeeeeeeee!

Wed, 12/23/2009 - 11:38 | 172594 MaldelBot
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"We are not going to have a second wave of financial crisis," Geithner said in an interview with National Public Radio. "We cannot afford to let the country live again with a risk that we are going to have another series of events like we had last year. That is not something that is acceptable."

Is someone working on a You Tube Mash up yet? 

Wed, 12/23/2009 - 11:45 | 172600 Cognitive Dissonance
Cognitive Dissonance's picture

This man couldn't control his own tax return (it was Turbo Tax, really, it was) and yet he's going to control the known economic universe next year?

I would say that sooner or later the law of unintended consequences has some overdue accounts to settle with old Turbo Tax Timmy.

Wed, 12/23/2009 - 10:53 | 172567 Daedal
Daedal's picture

The presentation of risk via a series of letters that follow an ambiguous scale of risk is about as useful as a stressball.

Wed, 12/23/2009 - 11:39 | 172596 Anonymous
Anonymous's picture

When do they start to review the fiscal viability of states such as California, New York or Florida? Until then, this ratings game will be seen as a tool to manipulate the USD higher. The bigger question IMO is what will be the retaliation from the rest of the world. Will this be the last straw?

Wed, 12/23/2009 - 11:53 | 172605 Cheeky Bastard
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Major ‘AAA’ sovereign governments need to articulate more credible and stronger fiscal consolidation plans during the course of 2010 to underpin confidence in the sustainability of public finances over the medium term and the commitment to low and stable inflation



Merry Christmas folks .... 

Wed, 12/23/2009 - 11:57 | 172607 A Man without Q...
A Man without Qualities's picture

Kingdom of Norway, Bitches!

Wed, 12/23/2009 - 12:02 | 172612 Cheeky Bastard
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Wed, 12/23/2009 - 11:57 | 172608 Anonymous
Anonymous's picture

Jimmy Hoffa vs Blankfein is coming soon to a theatre near you....

Wed, 12/23/2009 - 12:15 | 172620 Anonymous
Anonymous's picture

It should have been over in 2007 and 2008....

If the Rating Agencies were REAL....

This would have already been the case....

Wed, 12/23/2009 - 12:25 | 172637 RobotTrader
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Worst of the Worst broken down hookers are getting dryhumped today....


Wed, 12/23/2009 - 13:11 | 172696 BorisTheBlade
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The capacity to finance large budget deficits over a prolonged period without financing stress is not in itself sufficient to preserve ‘AAA’ status.

Ok fine guys, you have your AAA, use it by 2010:

Wed, 12/23/2009 - 13:38 | 172756 Anonymous
Anonymous's picture

The defaults are moving up the pyramid. The little fellows have been taking all the heat up until now.

Wed, 12/23/2009 - 14:28 | 172812 Anonymous
Anonymous's picture

What's the future hold. It holds worldwide downgrades..defaults..corporate downsizing...profits from paper disappearing at a fast rate from the world populance to the economic black hole which is 'the finance industry' and friends.

The whole thing is a bunch of shenanigans of epic proportion.

Our great grandchildren will talk about us in hushed tones.


Wed, 12/23/2009 - 16:46 | 172999 MarketTruth
MarketTruth's picture

Got gold?... Bitches!

Wed, 12/23/2009 - 18:10 | 173109 trav777
trav777's picture

anybody notice that the US is bankrupt?

Wed, 12/23/2009 - 18:14 | 173118 WaterWings
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In the Kübler-Ross Grief Cycle, the seventh and final stage is one of positive acceptance. In order, the stages are: Shock, Denial, Anger, Bargaining, Depression, Testing, Acceptance.

Just skip to step 7; ignorance is bliss and Totino's pizza is actually quite good.

Wed, 12/23/2009 - 18:15 | 173119 WaterWings
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