Aug 8th, 2011
How did we get here? Reich has an analogy:
"Imagine your house is burning. You call the fire department but your call isn’t answered because every fire fighter in town is debating whether there will be enough water to fight fires over the next ten years, even though water is plentiful right now. (Yes, there’s a long-term problem.) One faction won’t even allow the fire trucks out of the garage unless everyone agrees to cut water use. An agency that rates fire departments has just issued a downgrade, causing everyone to hoard water."
Showing posts with label downgrade. Show all posts
Showing posts with label downgrade. Show all posts
Monday, August 8, 2011
Another Black Monday? ctd...
Aug 8th, 2011
Well... we've been following the international signs (HERE, HERE and HERE) since 3am CST. If this turns out not to be a Black Monday... it's gonna be really lucky.
From AP:
"The Dow Jones industrial average fell 151 points in morning trading, or 1.3 percent, to 11,300. The S&P 500 index fell 19 points, or 1.6 percent, to 1,180. The Nasdaq composite index fell 51 points, or 2 percent, to 2,481."
The NY market has been open for 54 minutes. Ironically, in spite of all the hand-wringing the over the dollar, sales of T-bills continue to make gains. (BTW, I know Dagong Global is a ridiculous tool of the Yuan's artificial propagandists... save the angry e-mails)
Just remember... there is only one safe investment in this world.
Well... we've been following the international signs (HERE, HERE and HERE) since 3am CST. If this turns out not to be a Black Monday... it's gonna be really lucky.
From AP:
"The Dow Jones industrial average fell 151 points in morning trading, or 1.3 percent, to 11,300. The S&P 500 index fell 19 points, or 1.6 percent, to 1,180. The Nasdaq composite index fell 51 points, or 2 percent, to 2,481."
The NY market has been open for 54 minutes. Ironically, in spite of all the hand-wringing the over the dollar, sales of T-bills continue to make gains. (BTW, I know Dagong Global is a ridiculous tool of the Yuan's artificial propagandists... save the angry e-mails)
Just remember... there is only one safe investment in this world.
Another Black Monday?
August 8th, 2011
Following Friday's dramatic S&P downgrade of the United States' credit rating,
the virtues of which I'll get into later today, it appears that Asian markets are reacting badly. Again, I think everyone who wants to participate in the discussion ought to read the entire actual S&P statement before continuing to trade in competing analyses.
From ABC:
"Tokyo's Nikkei stock market opened down 1.4 percent and then made slight gains, but Japan's finance minister reportedly said the country has not lost faith in the dollar or U.S. Treasury bonds even after the U.S. credit rating was downgraded for the first time in history.
The news in other Asian markets was not so promising. Hong Kong's Hang Seng fell 4 percent to 20,100.20 and South Korea's Kospi slipped 6.7 percent to 1,814.100.
Australia's S&P/ASX-200 index lost almost 2 percent in early trading and indexes in New Zealand fell more than 3 percent.
The mixed reports likely won't do much to quell growing concerns that Standard & Poor's downgrade of the U.S. credit rating from AAA to AA+could rock global financial markets."
the virtues of which I'll get into later today, it appears that Asian markets are reacting badly. Again, I think everyone who wants to participate in the discussion ought to read the entire actual S&P statement before continuing to trade in competing analyses.
From ABC:
"Tokyo's Nikkei stock market opened down 1.4 percent and then made slight gains, but Japan's finance minister reportedly said the country has not lost faith in the dollar or U.S. Treasury bonds even after the U.S. credit rating was downgraded for the first time in history.
The news in other Asian markets was not so promising. Hong Kong's Hang Seng fell 4 percent to 20,100.20 and South Korea's Kospi slipped 6.7 percent to 1,814.100.
Australia's S&P/ASX-200 index lost almost 2 percent in early trading and indexes in New Zealand fell more than 3 percent.
The mixed reports likely won't do much to quell growing concerns that Standard & Poor's downgrade of the U.S. credit rating from AAA to AA+could rock global financial markets."
Video via RT:
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