Wednesday, August 10, 2011
Cliffs: Slams both Democrats & Republicans over fiscal insanity dealing with '70 trillion dollar debt. Massive amounts of debt extraction (theft) ongoing with no end in sight. Political parties can kicking in attempt to get re-elected. etc.
Tuesday, August 9, 2011
Monday, August 8, 2011
In the face of a historic credit downgrading of the world's largest economy for the first time in history and an 10%+ correction in the equity markets, it would appear the sheeple have been paying attention (Despite: NFL strike closing out and Jersey Shore Season 4 Italy Premiering)
It smelling a lot like 2008 all over again. Recent weeks with a major sell-off in the markets, financials getting (BofA, Chase, Morgan Stanley, Citi, etc) whacked by 5% or more, treasuries selling hard... the only difference would be gold is now a flight to safety. Will Bank of America, now being recognized as the insolvent zombie that it is, set off Great Depression 2.0?
Bank of America, the nation’s biggest bank, can’t seem to shake off the legacy of its mortgage-related sins, namely the purchase of Countrywide Financial, the poster-boy of reckless subprime lending.Investors pushed down Bank of America’s stock by more than 13% on Monday morning, marking the third straight trading day that the bank has suffered a major share drop. The stock has now tumbled by 47% in 2011.
"The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default" said Greenspan on NBC's Meet the Press"What I think the S&P thing did was to hit a nerve that there's something basically bad going on, and it's hit the self-esteem of the United States, the psyche" said Greenspan