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I reckon that this is no more than the rating agencies looking all tough now so that later they can avoid calling the french-proposed greek debt consolidation a default
Take out your Fado recordings. A french naval vessel is already on it's way to plunder the portu-geese gold.
We are witnessing the chronicles of an announced european armed conflict.
NOT A PROBLEM!!!!!
They'll just cranck up that industrial base and produce TWICE as much of... euuuhhh... mmmmm.... dddaaaaa........
YEAH!!! FIXED!!! MONEY IN THE BANK BITCHEZ!!
WE'LL SEE THAT GREEK 120 AND RAISE YOU 200!!
stupid rating agencies brought me flat for day.... so they couldnt downgrade the banks in 2008 but here they are downgrading countries
Wait ... are you really here looking for sympathy that your bullish bets aren't playing out?
He was here for the ruler chart, apparently
yea.... that's exactly why i'm here for....
I dont feel sorry for anyone losing on their bullish bets, but good point about the rating agencies focused like a laser beam on Europe banks, however NEVER saw a bit of trouble at all before the big US bank collapse of '08.
My sympathies. I'm slightly down as well for the day. They really managed to sneak it on the wires down to the minute where the S&P500 was trying to make a new high. We'll get there some day soon.
Well, if the S&P500 wants to make a new high it's gonna make a new high. Rating agencies be damned. And yeah, I don't understand why anybody at all listens to those idiots. They have about as much chance as correctly predicting things as a monkey. However, they have one advantage in that they can create a self-fulfilling prophecy, which of course needs to be faded. Subprime and CDO were a self-fulfilling prophecy temporarily until the idea that they were safe burst and the PIIGS are also a self-fulfilling prophecy temporarily until the idea that they are very very dangerous is going to pop.
Oh hey look, seems like the spooz are trying to a new day high b4 the futures close :D :D
Edit: Well there you have it, new day high print at 1337 (and 4 wk high) into the close. Wouldn't want all those noobs actually trading stocks to get in on the goodness I guess. :/
So far "Mr Market" is not impressed!
"Mr. Market" is the one that told Moody's to downgrade Portugal, then will tell the public "we have a strong dollar policy" as the USD rallies slightly, all in the name of setting the stage for QE3.
No, just fascism.
The only way you can make the dollar look good is by making everything else look bad.
Bernanke wouldn't be able to convince anyone to go along with QE3 with the DXY around 74. But if we have a bump up over 80+ and the stock market crashing, QE3 passage will be easy.
OK so how long does that technique work for, make everyone else look bad and us good when we want to, then making us look bad and everyone else bad when desired such as for a QE. When do other countries in the world band together and say 'enough of your mukstering USA'
The agreement has already been forged in general terms... the dollar appreciates for a little while and everyone gets a share of the funny money/power/seat at the central table the next time around/in the end. Think of it like two kids on a hand car, barrelling down a dead end track.
Moody's and S & P are officially on my cool list. Never thought I would see the day.
too bad everyone's at the beach.
The Euro has no business being in business. Such a face but credit t the agencies for rejected more bribes.
So how's the dollar, pound, yen, etc any better?
All fiat has class, integrity and financial equality issues. Just pointing out the biggest lynch pin for our current fiasco in world markets.
You can still buy silver with every single one of them.
Filhos das putas!
they can really tell the difference between Ba2 and Ba1?
It can change the margin requirements for the asset and some funds may not be allowed to hold it for regulatory and/or rules, so yes in financial la-la-land it alters reality
Its like the difference between a turd sandwich, and a turd sandwich with BBQ sauce.
How bad does it gotta be before these inbred rating agencies bite those that feed them?
We are headed for a Depression and they can't stop it. I guess as we get closer to the Depression, The Bernack will pump the market up higher and higher........100 pts to 170 pts every day even before a long weekend!!!!!! yiiiiiipppppppeeeeeeee here we go biggest bubble of all bubbles...................
Oil moving back up to 97, AGU POT on fire. Gold, silver up a bunch. Now, all we need is for interest rates to continue to spike up and they will finally indict The Bernank for being a Russian plant. Patience, as always.
Because the printing press will start again!!
How can it not? Unless Timmy's big plan, now that QE2 is more or less over, is to leave all his treasury issues under his pillow each night and hope that the Debt Fairy will have bought them all while he slept and left a huge pile of dollars there instead. Seriously, WTF has the readies to soak up $10 Trillion in debt over the next few years - and even that figure is based on a heavy dose of Hopium vis-a-vis future economic growth??
Next theyll grab $4 trillion worth of publics 401K's and pensions, book it.
That's a 4 notch downgrade - absolutely brutal, must have been some harsh words spoken between S&P and the Germans...
oh, I find it hard to believe that this market is going to let a little thing like insolvent nations, banks or businesses keep it from reaching it's goal of DOW 36K. Just look at BIDU. Heading back into triple digit PE land with no end in sight. After all, who wouldn't want to chase a Chinese internet company with a triple digit PE and about as much transparency as a glory hole? What can possibly go wrong?
diffinetly a concern.. your mind is telling you your down some girls wet throat but in reality your probabaly up in some man's hiv infected ass ew.
funny how this vicious cycle of imf- world bank brutality and heavy-handedness has finally been cast off the shores of south america only to make its way back to europe. who would have thought that the south american nations, finally free of the shackles of these leech organizations, would be better off today than many countries in the "indomitable" eu, who now find themselves slaves to the monsters they helped create.
There is no POMO today, the PPT has to invent something new to make the rally permanent.
Pretty hard to make enough rumors to replace $6 billion free money crack hits to the bubble markets.
It's not liquidation to cover Casey Anthony InTrade bets gone wrong?
In other news:
Portugal claims it's winning the drug war, number of addicts down 50%...
No reference to cash dependent banks...
Do you believe Moody's would downgrade any country's debt without first getting OK from the
Wake me up when US defaults and the entire country wakes up. Till then who fcuking cares correct.
i want at least a two week heads up alarm.
Portugal and Greece are the least of the worries now, how about Brazil, big consumer debt bust underway:
The Brazil miracle is in general is tied in as a supplier to the China economic story. The saving grace so far has been elevated commodity prices, but that hasn't staved off one the biggest consumer bubbles in the emerging markets. This FT.com article covers the basics, debt service in Brazil has exploded to 28% of disposable income (compared to 16% in the US) , and delinquencies are spiking as well, from 7.8% at the end of 2010, to 9.1% in May. This one will blow up fast at the first blush of a commodity downturn.
I used to vacation in Brazil when the dollar was stronger 4 to 1 stronger....almost bought something down there...at that time interest rates were 26%...no one had a loan..and everything was cash...you put money into condos as that was better than what a bank paid you...vs inflation....so now they have lowered interest rates and they too have a real estate bubble....probably a car loan too...yes when or if China slows....it will hurt the new emerging countries...I live in Colombia..and they are spending too...a new middleclass....or so they think...time will tell....but the Chinese have some assets to dump before they have to many problems...the USA has none..only loans...and a printing press.
This downgrade is meant to support the dollar/treasuries and take down commodities. Just like all the other Euro downgrades before it. Moody's, Fitch, S&P are extensions of UK/U.S. TBTFs and governments.
Here's a cool chart that shows public debt by country and some more not so cool information. Looks like Australia is doing OK.
Looks like Italy's bonds are due for review...
The US govt is saving that one for when they are really in a pickle...
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