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The Reason For Geithner's Weekend Media Whirlwind Tour: White House Learned About S&P Downgrade On Friday

Tyler Durden's picture




 

And for the most unsurprising news of the day, Reuters reports that the White House has admitted it knew about the S&P rating action on Friday. Which means that all the key bond buyers (or sellers are the case may be, Pimco), knew at roughly the same time what the key market catalyst on Monday would be (we can't wait to get a declassified glimpse of Larry Meyer's phone log over the weekend one day in the future). Which also means that today's action was a strawman in which the big boys merely waited for an opportunity to buy bonds are lower prices, which the ongoing European collapse merely facilitated. Most importantly, it is now all too clear why over the weekend, Tim Geithner's face, instead of being hard at work at finalizing his tax filing, would grace each and every TV screen. Advance damage control, TurboTax style.

 

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Mon, 04/18/2011 - 13:21 | 1180988 mynhair
mynhair's picture

Hammer those long end yields!

Mon, 04/18/2011 - 13:29 | 1181019 redpill
redpill's picture

10 year derivative puts, bitches!

Mon, 04/18/2011 - 13:39 | 1181032 What does it al...
What does it all mean's picture

 

I posted the following earlier in the gold "explosion" thread...  All of this is political... and the only thing is clear is that Fed won't be able to have a QE3 and is ready for a necessary hike... just like the Chinese did.  (What?  You don't think we spoke to our biggest debtor before we gives the S&P okay to outlook differently?)

 

Just wondering if Goldman Commodities desk got the first heads up?

------------------------------------------------------

Could it be the Chinese?  Raising their reserve for the 4th time, this year?  Or that the Fed effective has a license to hike rates (channel through S&P... there is just NO WAY that the treasury/Fed/White House did not know about this "outlook" in advance.)

 

Pretty smart though, getting the beated stepchild (S&P, Moody and even Goldman) to do the dirty job for them.

 

It is all politics, if gasoline is above 4.5 over the summer, Obama won't get elected in 2012 and it's not like anybody from Republican party and/or Tea Party really wants the job...

 

By the way, where is the news on Citigroup earning drop by 32%?

 

Mon, 04/18/2011 - 13:51 | 1181103 Verstehen
Verstehen's picture

They are QEasing since 1914. It will never stop. Who cares about lets say a 1% hike when inflation is 10%. The dollar is dropping like a stone and with him all pegged currencies. Theres only one conclusion: THEY ALL ARE PRINTING.

Qatar, Kuwait and Vietnam depegged recently.

I do not know if the swiss franc and aussie dollar are pegged but both have risen 30%.

Mon, 04/18/2011 - 13:55 | 1181120 What does it al...
What does it all mean's picture

True, since 1914, the founding of the Fed, they have been printing... But a 1% hike will be significant, like it or not.

I agree that it is moot, given another 90+ years from now, but like what the tagline says.. Over a long enough time line, it is all meaningless.  What matters is the here and now.  (plus/minus 2 years.  That is long enough for me.)

Mon, 04/18/2011 - 14:00 | 1181143 Verstehen
Verstehen's picture

From the Bernanke 0 to the Greenspan 1 is an improvement. lol

Mon, 04/18/2011 - 15:09 | 1181401 Bicycle Repairman
Bicycle Repairman's picture

The FED will hike rates slowly, and will stay well behind inflation.  Real interest rates will remain negative for a decade or more.  Gold may react negatively at first, but BTFD as gold will continue to rise.  This is the 1970s scenario all over again.  However this time it will last much longer.

Mon, 04/18/2011 - 22:27 | 1182610 Bringin It
Bringin It's picture

Re. However this time it will last much longer.

Agreed.  This time there is no Volker solution.

Mon, 04/18/2011 - 14:14 | 1181186 redpill
redpill's picture

"QEasing"

Appropriately pronounced "queasing" I assume.  Sure as hell makes me queasy!

Mon, 04/18/2011 - 13:23 | 1180991 nedwardkelly
nedwardkelly's picture

The market drop today just seems more of the same circus...

Who actually looks at the S&P rating as anything of any value? Didn't they prove with all the CDS/CDO/TLA ratings that generally their ratings were only good for something after the fact?

Mon, 04/18/2011 - 13:26 | 1181001 whatsinaname
whatsinaname's picture

I did not know that he filed his taxes.

Mon, 04/18/2011 - 13:36 | 1181044 What does it al...
What does it all mean's picture

He runs IRS, talk about irony...  It's sad... at least Paulson (Hank) had managerial experience... if you watch the Meet-the-Press interview, Tim G. is probably not going to be there next term...  Maybe he will run BofA or Citi, it would be funny if he runs AIG... 

 

Mon, 04/18/2011 - 13:41 | 1181058 Cole Younger
Cole Younger's picture

"only good for something after the fact?" so in other words, they should have down graded the U.S. future some months ago, and actually lowered its credit today?

Mon, 04/18/2011 - 13:51 | 1181114 nedwardkelly
nedwardkelly's picture

No, sorry poorly worded.What's their use when their ratings are lagging indicators. Does the rating change today tell you anything you haven't already known for some time?

Mon, 04/18/2011 - 13:22 | 1180995 SheepDog-One
SheepDog-One's picture

Fair and unfettered market efficiency on display. Everything is known by the top .01% a few days ahead of release. Yea, you retail can really outsmart them.

Mon, 04/18/2011 - 13:28 | 1181014 Matxeu
Matxeu's picture

And a nice expiration date to boot.

Mon, 04/18/2011 - 13:38 | 1181049 Mike2756
Mike2756's picture

You got it! The fix is in!

Mon, 04/18/2011 - 13:30 | 1180997 Hard1
Hard1's picture

That's the reason the market was slightly lower on Friday's close....Turbo Timmay and friends front-running the news on their PA's.

TG: Shorting treasuries?  No that's a bad idea, Ben will take care of that....yeah and the dollar too, just short the S&P and go long VIX on your online account.  Of course it is not in my name, It's in the name of GoldenElf666.

Mon, 04/18/2011 - 14:06 | 1181167 NOTW777
NOTW777's picture

institutionalized crime and fraud. its ok if they do it.

Mon, 04/18/2011 - 13:25 | 1180998 MaxVernon
MaxVernon's picture

and how is this not insider trading?

Mon, 04/18/2011 - 13:27 | 1181008 Dr. Richard Head
Dr. Richard Head's picture

Because insider trading is for the INSIDERS.  We are on the outside looking in. 

Mon, 04/18/2011 - 13:28 | 1181023 carbonmutant
carbonmutant's picture

It's only insider trading if the SEC enforces it...

Mon, 04/18/2011 - 14:00 | 1181135 alexanderstollznow
alexanderstollznow's picture

"and how is this not insider trading?"

that would be because there is no evident trading. all you know is the White House was informed on friday.  the bit about anyone trading on the knowledge is more ZH rabble rousing. 

Mon, 04/18/2011 - 15:59 | 1181568 Financial_Guard...
Financial_Guardian_Angel's picture

Guaranteed that this info got out Friday and was used to trade. Hundreds of conversations and they all started like this:

"Good afternoon, Goldman Sachs how can I direct your call?"

"Jim at the commodities desk please."

"This is Jim."

"Jim, it Rich at the White House. You owe me big-time!"

"Why?" says Jim.

"You didn't hear this from me, but I just learned S&P is downgrading future US credit rating."

"Wow, thanks for the heads-up! Right, I do owe you big time! Gotta go, need to meet with Lloyd asap. I smell a big bonus coming..."

Mon, 04/18/2011 - 13:26 | 1181002 Forgiven
Forgiven's picture

Scum sucking dirtbags.  The only way to deal with them is the one two punch of the gold and silver bullets, killing vampire squids for centuries.  Buy and hold bitches!

Mon, 04/18/2011 - 13:49 | 1181092 earlthepearl
earlthepearl's picture

Bingo

Mon, 04/18/2011 - 13:24 | 1181004 slaughterer
slaughterer's picture

I told Timmy to call me if this happened.  Now I missed a great short opportunity.  Thief!

Mon, 04/18/2011 - 13:26 | 1181015 bigdumbnugly
bigdumbnugly's picture

yeah, he'll probably use that lame "i was in a bad cell area" excuse again on that one.

does timmah twitter?

Mon, 04/18/2011 - 13:28 | 1181026 slaughterer
slaughterer's picture

Tyler, get Timmy to twitter to ZH. We need his "tips."

Mon, 04/18/2011 - 13:28 | 1181024 gordengeko
gordengeko's picture

Lol, what makes you think this will be a btfd?

Mon, 04/18/2011 - 13:24 | 1181006 DavidC
DavidC's picture

I'm a very stable minded man but I do sometimes feel the urge, if it were available, to want to hit Timmah in the face.

DavidC

Mon, 04/18/2011 - 13:30 | 1181030 countryboy42
countryboy42's picture

I'd like to see him have his head smashed in by a lemon peel wrapped around a large gold brick.

Mon, 04/18/2011 - 13:38 | 1181056 topcallingtroll
topcallingtroll's picture

Just stop your medicines for a while. Slip into the warm embrace of a psychotic death wish. Or at least consider it....okey?

Mon, 04/18/2011 - 14:57 | 1181359 wisefool
wisefool's picture

I know this is fightclub. But we do have some rules. If a guy taps out. the fight is over. And only two guys to a fight.

Right now timmy is fighting with how his legacy is going to be written in the history books. So knock off the physical manchurian encouragement and get back to the shiny metal physical encouragement. Again, even trolls like you have to follow the rules.

Mon, 04/18/2011 - 13:25 | 1181009 XenoFrog
XenoFrog's picture

It's only insider trading when you don't have friends in the executive branch.

Mon, 04/18/2011 - 13:37 | 1181046 Urban Redneck
Urban Redneck's picture

Ken Lay might have a different opinion on that one, bit it's still Bush's fault.

Mon, 04/18/2011 - 13:27 | 1181010 lolmao500
lolmao500's picture

And insider trading is LEGAL for congress! Not kidding. It's an actual law.

Mon, 04/18/2011 - 14:11 | 1181182 RichardENixon
RichardENixon's picture

No one thought you were kidding.

Mon, 04/18/2011 - 14:21 | 1181221 lolmao500
lolmao500's picture

Sorry, I'm used to talk to the sheeple.

Mon, 04/18/2011 - 13:25 | 1181011 glenlloyd
glenlloyd's picture

geithner is just one of this ship of fools

Mon, 04/18/2011 - 13:37 | 1181048 topcallingtroll
topcallingtroll's picture

How did a.guy with asperger's disorder ever get to such a position. He must be able to carry a lot of water and later be willing to fall on his sword instantly to have earned that much respect from his handlers.

Mon, 04/18/2011 - 14:09 | 1181179 Whoa Dammit
Whoa Dammit's picture

 

Geithner is one of the GMOs specifically created for elite governmental and/or financial service positions. Said GMOs are produced by splicing the DNA of a hyperactive Miniature Doberman lap dog into that of a human. The pointy ears are always a dead give a way.

<sarcasm/conspiracy theory humor>

 

Mon, 04/18/2011 - 15:17 | 1181444 Bicycle Repairman
Bicycle Repairman's picture

I believe Geithner's father hired Barry Soertoro early in Mr. Soertoro's career..

Mon, 04/18/2011 - 16:14 | 1181636 DR
DR's picture

His wife is Jewish.

 

don't junk--I'm just funnin...

Mon, 04/18/2011 - 13:27 | 1181016 101 years and c...
101 years and counting's picture

i think they have it backwards:  The White House notified S&P of the downgrade on Friday......after GS and JPM told the White on Thursday.

Mon, 04/18/2011 - 13:34 | 1181035 topcallingtroll
topcallingtroll's picture

Good one!

Mon, 04/18/2011 - 13:46 | 1181073 What does it al...
What does it all mean's picture

I agree, and the Chinese approved our scheme and decided to tighten over the weekend...

Mon, 04/18/2011 - 13:58 | 1181124 disabledvet
disabledvet's picture

this is nonsense that actually makes sense to me.  i mean "S&P's has said nothing we don't know already" but "in fact IT'S A BIG DEAL."  This is has "front-running" from market particpants all over it "while Uncle Sam runs around like a chicken with his head cut off."  Still--"the market really doesn't care" because "we already know prices are rising and we're getting zero on our savings."  Why not "start a rumor that the sun rises in the East then sets in the West"?  Of course then "you might be accused of something...."--you know "saying something with your words" kinda of thing.

Mon, 04/18/2011 - 13:29 | 1181017 Arius
Arius's picture

timmy can always turbo tax...if he makes another mistake...the worst thing it could happened it would be to become Vice president...look what happened last time he made a mistake...

Mon, 04/18/2011 - 13:35 | 1181040 I am Jobe
I am Jobe's picture

Sure it works for him. How about the common man who went to State School?

Why pay taxes wehn one can print. Not sure why do we pay taxes anymore.

Mon, 04/18/2011 - 14:10 | 1181175 wisefool
wisefool's picture

I went to a state school. Back then we did not really have MSM talking heads. We had technical societies who published journals and newsletters. Some of the most important assertions from the editorial types I remember were

1) If computing can reach the teraflop level, we will be able to completely and acurately model the entire weather system for the planet earth.

2) In the near future, it will be more expensive to do the accounting/billing for electrical power than to just generate it and give it away.

Timmy is a shoe-in for the president of G.E. and Al Gore can be the VP again.

 

 

 

Mon, 04/18/2011 - 13:31 | 1181031 topcallingtroll
topcallingtroll's picture

I think somebody put geithner on the top ten most wanted list for the crazies to mull over and consider their options.

When timmah leaves the gov for his cozy board position, consulting job, or sham book deal hopefully that will drive one of the crazies to the point of action.

Just stop your pills for a while. I am talking to you. You know who you are.

Mon, 04/18/2011 - 13:34 | 1181037 RobotTrader
RobotTrader's picture

Unreal how Treasuries are rocketing straight up today.

35-year bull market in "Paper" continues unabated.

Mon, 04/18/2011 - 13:50 | 1181101 Robot Traders Mom
Robot Traders Mom's picture

tell your business teacher to come up with something better. geek.

Mon, 04/18/2011 - 14:18 | 1181196 the mad hatter
the mad hatter's picture

It's called sell the news. If you've been trading long enough then you should know that by the time anything is considered "news" it is too late to be actionable.

j/k we love you RobotTrader

Mon, 04/18/2011 - 14:21 | 1181213 Boston
Boston's picture

Nothing unreal about it.

This was fully expected:  big risk-off days will support Treasuries.  It's THAT simple.  At least for now.  

And let's not forget that Japan was fully downgraded years ago.  And what is their 10 year govvie yielding?

 

Mon, 04/18/2011 - 14:23 | 1181217 lieutenantjohnchard
lieutenantjohnchard's picture

unreal (actually not unreal) how gold and particularly silver are rocketing up today. the ten year rally continues apace.

poor robottrader, all his positions are down today. but fear not he tells us. we're in a consumer lead bull market even as the poor soul can't buy a job, and budgets $10 per day for food.

Mon, 04/18/2011 - 16:20 | 1181672 DR
DR's picture

Safe haven from Euro Crisis...

With S&P downgrade no way Bernanke is going to have  political backing for QE3--risk off.

 UK style of austerity is coming to the US--how can that not be deflationary for world GDP?

 

 

Mon, 04/18/2011 - 13:33 | 1181041 ml8ml8
ml8ml8's picture

Really, the S&P should take a public relations lesson from GS.  Doesn't the S&P know they're supposed to bury bad news announcements by issuing them late Friday?

Or perhaps Jan Hatzius got windage of the S&P downgrade and that was the last straw to reduce his GDP forecast?

Mon, 04/18/2011 - 13:54 | 1181117 NotApplicable
NotApplicable's picture

Since it's almost 2012, the time to bury bad news is over. Instead, now is the time to maximize its fear value.

In this case it's all about the debt limit showdown political theater.

Mon, 04/18/2011 - 13:38 | 1181045 Bartanist
Bartanist's picture

I watched a few minutes of Timmy the Weasel on one of the shows. He was talking about how he would not say whether he would stay for another term as Secretary of the Treasury. He said nothing about Obama and how it would be up to the President.

The clear implication is that the Teleprompter Reader in Chief has no say as to which bankers are running him.

Mon, 04/18/2011 - 13:37 | 1181055 Muir
Muir's picture

"I'm SHOCKED, I tell you, SHOCKED...!"

Mon, 04/18/2011 - 14:00 | 1181141 bigdumbnugly
bigdumbnugly's picture

well, you shouldn't be touching those two things together then...

Mon, 04/18/2011 - 14:46 | 1181302 Zero Govt
Zero Govt's picture

just caught a bit of the Gitner interview... he sped through his oily words like a muffled machne gun fast as he could like he couldn't hold himself together if he delivered it slowly ...

"the debt ceiling must be raised to mainatin Americas credability"

how does maxing out on other peoples credit cards make a great 'solution' to drowning in debt... seriously how does this total retard still exist???

Mon, 04/18/2011 - 14:51 | 1181324 bigdumbnugly
bigdumbnugly's picture

oily words and muffled machine gun.

u got a way with words there, zero

Mon, 04/18/2011 - 17:26 | 1181867 RichardP
RichardP's picture

... how does this total retard still exist???

When was the last time the debt ceiling was not raised?  Was it during a democrat or republican Administration?  Was Mr. Geithner the Treasury Secretary during all of this time?  Or were there others?  From both parties?

Mon, 04/18/2011 - 13:40 | 1181062 AldoHux_IV
AldoHux_IV's picture

When policymakers say: 'the worst is behind us' it actually means that they realized that controlling the data and the subsequent newsflow is far more effective than actually solving the problems.  Thus, no surprising news is good news or put another way: bad news is bullish.

Mon, 04/18/2011 - 13:46 | 1181081 What does it al...
What does it all mean's picture

Another best all-time quote on Wall Street:  "It is priced in...".

Heck, if it is all priced in, why do we even need data feeds?

Mon, 04/18/2011 - 13:42 | 1181063 apeakunderthehood
apeakunderthehood's picture

http://apeakunderthehood.blogspot.com/2011/04/prelude.html

Prelude

Check out the latest post on a subject most do not appreciate

Mon, 04/18/2011 - 13:44 | 1181070 Catherine007
Catherine007's picture

that is it - enough with this corrupt system - downgrade and bonds up - i sell ALL the paper sh&t now! Lost complete confidence. 

Anyone did some research on potential systemic risk of ETFs in general?

 

Mon, 04/18/2011 - 13:58 | 1181128 Muir
Muir's picture

Mrs. 007

Yes, many people here have posted on counter party risks, and of course, systemic failure is systemic.

Many here could probably guide you to info, but you would have to be somewhat more specific.

 

p.s. It's ok to substitute "shit" for "sh&t" (I have it on good word that the club [which we can not mention] gave permission)

-

p.s.s.

unlike many, I would say that one can front run the system (but that's just me)

 

Mon, 04/18/2011 - 14:13 | 1181187 Catherine007
Catherine007's picture

Mr. Muir,

The ETF discussion is with respect to the following:

1. several ETFs in the USA which have physical representation have often short interest higher than the number of shares outstanding as it is assumed one can always create the shares. In case there would be a huge redemption, who would be left holding the sh&t bag as there are not enough underlying shares?

 

2. about 50% of the ETF in Europe are synthetic and collateral is posted. There are questions with respect to collateral etc .  See http://www.financialstabilityboard.org/publications/r_110412b.pdf . Especially page 4-5.

Mon, 04/18/2011 - 16:05 | 1181596 Muir
Muir's picture

Definitely, there are many here infinitely better qualified to answer/opinion.

The publication (www.financialstabilityboard.org/publications/r_110412b.pdf) is quite a good one and you should post at zero hedge again with some tasty quotes.

Your fears (counter party risk) are valid and many here have posted on the subject.

A quick google search "zh + synthetic etfs" got some hits including this: 

"ETFs have become the new worry of investors obsessed with hunting for the next big derivative explosion. ZeroHedge has said they are "ETF = Synthetic CDO. Soooo complicated," and FT Alphaville posted a research piece this past weekend highlighting how many investors may not have access to the underlying in the event of a run on an ETF."

-

I myself, bought GSC versus the DBC and shied away from ETNs because of  counter party fears (warranted or not)

-

Mrs 007 I would repost your question / fears with quotes from the publication as an early post on a timely issue

Mon, 04/18/2011 - 13:44 | 1181072 New American Re...
New American Revolution's picture

To find gambling in... Corruption DC and,... NYC???

Mon, 04/18/2011 - 13:42 | 1181074 wawawiwaa
wawawiwaa's picture

Treasuries are up accross the CURVE.... get with the program peops. Up pct wise almost as much as gold today.... and I didn't see gold get a downgrade from S&P... oh I forgot. Gold doesn't even get an S&P rating.

 

 

Mon, 04/18/2011 - 13:46 | 1181090 sbenard
sbenard's picture

Meanwhile, grain prices are leaping higher today. One reason I'm hearing is a drought in N China.

Got food?

Mon, 04/18/2011 - 13:49 | 1181093 slaughterer
slaughterer's picture

What is the deal with Treasuries today?  This makes absolutely no sense...  Can anyone here explain this to me... I have never seen anything like this in my life...

Mon, 04/18/2011 - 15:31 | 1181496 fellatio is not...
fellatio is not fattening's picture

I agree, see my post 3" above yours

Mon, 04/18/2011 - 13:50 | 1181098 Kurtieboy
Kurtieboy's picture

Speechless!

Mon, 04/18/2011 - 13:51 | 1181104 earlthepearl
earlthepearl's picture

Shouldnt the market actually go up on this news

-Donwgrad US, Dollar Down, Bonds down, Stocks up?

Maybe i deserve a junk but stocks would increase in 'value' as dollar plummets, which we have been seeing

Mon, 04/18/2011 - 14:01 | 1181146 mynhair
mynhair's picture

Liquidity issues.  Weak hands ran out of Pepto and Chucks.

Mon, 04/18/2011 - 14:04 | 1181159 earlthepearl
earlthepearl's picture

Fucking bizzaro World

S&P downgrades US debt, bonds up in price,

Mon, 04/18/2011 - 15:31 | 1181491 fellatio is not...
fellatio is not fattening's picture

I was so sure my TBT Sept. 40 calls would gap up this a.m., guess the flip side is I doubled up.  I don't see how the 30yr bond cannot drop in price (yield up) by Sept.  But I have been wrong b4

Mon, 04/18/2011 - 14:07 | 1181160 ivars
ivars's picture

Stocks down. Its not the dollar that will sink, but treasuries. Relative to what USD could sink? All major currencies have the same path, so the ratios between them will not change much.

Mon, 04/18/2011 - 13:51 | 1181105 max2205
max2205's picture

I WANT MY FRIDAY PUT LOSSES NOW MOTHERFUCKERS...Class Action

Mon, 04/18/2011 - 13:51 | 1181107 velobabe
velobabe's picture

it's complicated, babe.

Mon, 04/18/2011 - 13:53 | 1181118 Raymond K Hassel
Raymond K Hassel's picture

I saw the quotes from Timmay this morning, stating that Boehner had privately agreed to raise the ceiling even without acceptable compromise from the W.H., and for him to say that, you knew something big was up.

 

Mon, 04/18/2011 - 13:56 | 1181121 slaughterer
slaughterer's picture

Profit through downgrades.    End game coming.

Mon, 04/18/2011 - 14:01 | 1181148 ivars
ivars's picture

Silver does not seem to be as buyoyant as gold in the wake of S&P downgrade:

http://saposjoint.net/Forum/viewtopic.php?f=14&t=2626&start=120#p31855

Mon, 04/18/2011 - 14:08 | 1181168 DUNTHAT
DUNTHAT's picture

Would someone who is contemplating becoming the next serial killer please leave the hookers alone for a change?  They provide a valuable service and add positively to the economy not to mention soothing some poor bastard's tortured soul.  May I suggest instead,  taking out the top 25 Financial Bigwigs from the Federal Reserve and the top 10 Banking Institutions?

Let's see: Timmah, Bennie, Jamie, Brian, ........

Mon, 04/18/2011 - 21:42 | 1182511 web bot
web bot's picture

#uck... this is funny.

Mon, 04/18/2011 - 14:20 | 1181207 ivars
ivars's picture

In our macroeconomic forecast’s optimistic scenario (assuming near 4% annual real growth), the fiscal deficit would fall to 4.6% of GDP by 2013, but the U.S.’s net general government debt would still rise to almost 80% of GDP by 2013. In our pessimistic scenario (a mild, one-year double-dip recession in 2012), the deficit would be 9.1%, while net debt would surpass 90% by 2013.

S&P pessimistic scenario is optimistic compared to but close to my scenario from February 6th:

I think recession will last 2012 and into 2013 and will be by no means too mild ( -2-4% contraction of GDP).

http://saposjoint.net/Forum/viewtopic.php?f=14&t=2626&start=0#p30485

 

Mon, 04/18/2011 - 14:50 | 1181220 Miles Kendig
Miles Kendig's picture

We MUST, and WILL pass a debt limit increase since to fail to do so would cause markets to lose faith in our ability to properly address our debt sustainability issues.

- Paraphrasing Tim Geithner, Ben Bernanke, Janet Yellen, Bill DUDly, John Boehner, Mitch McConnell, Nancy Pelosi, Harry Reid, Mohamed El-Erian, BlackStone, GETCO, JPM, GS, MS, BAC, C, Krugman, Koo and just about every other macroeconomic fluffer out there

Mon, 04/18/2011 - 14:24 | 1181227 KingdomKum
KingdomKum's picture

but no mention anywhere in the MSM about GoldmanSux defaulting on their $3.3 billion lease in Tokyo last Friday?

Mon, 04/18/2011 - 14:31 | 1181252 redpill
redpill's picture

I believe that was Morgue-in-Stanley not GoldmanSux

Mon, 04/18/2011 - 14:32 | 1181261 KingdomKum
KingdomKum's picture

thanks for the correction !  

 

Mon, 04/18/2011 - 14:37 | 1181274 Chuck Yeager
Chuck Yeager's picture

Now that is the funniest thing I have heard today!

Mon, 04/18/2011 - 14:53 | 1181334 Joe Martins Ghost
Joe Martins Ghost's picture

Ah the transparency!

Mon, 04/18/2011 - 14:56 | 1181355 Lost Generation
Lost Generation's picture

Bill Gross shorts treasuries how many days before S&P downgrade?  He must be really smart.

Mon, 04/18/2011 - 17:29 | 1181878 Smokey1
Smokey1's picture

+ 100.

LOL. Go figure.

Mon, 04/18/2011 - 21:27 | 1182465 Bob Sacamano
Bob Sacamano's picture

He is getting killed today on his short Treasuries which are rallying big time.

Mon, 04/18/2011 - 15:35 | 1181503 equity_momo
equity_momo's picture

Karma is bitch. Karma has a huge rolodex. Before most of these crony capitalists can make off with their completely ill gotten gains , the karma of markets will have the last laugh.  You can fight the fed but you cant fight natural markets forces.  Reap it bitches.you sewed it.

Mon, 04/18/2011 - 15:51 | 1181547 lsbumblebee
lsbumblebee's picture

S&P is a division of McGraw-Hill Companies, whose CEO is Harold McGraw III. McGraw is also a chairman of the Business Roundtable. No doubt he could provide some details about the downgrade.

http://www.globalgiants.com/archives/2010/02/world_economic_14.html

Mon, 04/18/2011 - 16:05 | 1181608 Alcoholic Nativ...
Alcoholic Native American's picture

Ahhh I hate those bastards they rape school children and college students.  And change a few chapters around and require a new edition, and now they are doing the key codes for the bullshit online content in txt books.

I hope the kindle wipes those fuckers out, but as I mentioned you have to buy key codes now for the online content.

Man fuck this corporate rape.  This country and the corporations it defends fucken suck.

God Damn America.

Mon, 04/18/2011 - 16:04 | 1181591 Alcoholic Nativ...
Alcoholic Native American's picture

This market "crash" is fucken stupid. It's just going to be back up tomorrow.

 

BUY THE FUCKEN DIPS.

Mon, 04/18/2011 - 17:23 | 1181866 Smokey1
Smokey1's picture

Geithner eats shit. The little fag should be doing time for tax evasion.

Mon, 04/18/2011 - 18:49 | 1182080 Buck Johnson
Buck Johnson's picture

That explains why he did what he did.  Can you imagine the people who made money when they found out Friday what was going to happen.

Mon, 04/18/2011 - 20:11 | 1182271 vainamoinen
vainamoinen's picture

IMO the S&P downgrade is just more oligarch "advertising".

Of course the White House "knew" - and many more besides them.

Question is, as always, "Who benefits"?

Tyler, anyone? 

Tue, 04/19/2011 - 00:46 | 1182954 Grand Supercycle
Tue, 04/19/2011 - 01:36 | 1183022 FlyPaper
FlyPaper's picture

Can the author provide a link to the Reuters article?

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