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McConnell: 'Very Close' to Debt Deal

 

 

Moody's Chief Economist Says Proposed Deal Will Avoid US Downgrade

And there you have it. Mark Zandi, better known for predicting at least 18 occurrences of a US recovery in the past 4 quarters, and being as wrong on the shape of the US growth curve as everyone else on Wall Street (although being Moody's head economist that is a perfectly normal track record), just told CNN's State of the Union that the deal is substantive enough to where Moody's will not move to downgrade the US' AAA rating. Naturally, the fact that this is merely another massive can kicking exercise which will see the US debt ceiling raised by $3 trillion with actual cumulative cuts of about $100 billion tops by November 2012 at which point yet another debt ceiling hike will have to be planned is irrelevant. All that matters is to get the S&P back to the year's highs, 120% debt/GDP (same as Greece) be damned.

 

Adam Smith Would Neither Recognize Nor Approve Of Our Financial, Monetary, Economic Or Legal Systems

Posted by : George Washington

Post date: 07/31/2011 - 00:33

Got gold? 

'By every metric' gold is cheap, Rickards tells King World News

 

 

You might get a great chance to Buy The F!@#ing Dip...

Gene Arensberg: Market signals turning against gold

Submitted by cpowell on Sun, 2011-07-31 03:52. Section: Daily Dispatches 11:53p ET Saturday, July 30, 2011
Dear Friend of GATA and Gold:
The Got Gold Report's Gene Arensberg finds market signals turning against gold even as he acknowledges that geopolitical events could explode everything. His advice is caution. You can find it here:
http://www.gotgoldreport.com/2011/07/gold-and-silver-disaggregated-cot-r...

Haynes, Norcini review precious metals' week

 

 

Items from www.survivalblog.com

Economics and Investing:

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In his latest subscribers-only newsletter, veteran market analyst Porter Stansberry describes a U.S. sovereign debt downgrade as "inevitable". JWR's comments: Make your plans with the assumption that there will be a rating downgrade by all of the credit ratings agencies. The current AAA rating for U.S. paper is just a convenient fiction. Obviously a debt downgrade will mean higher interest rates. This will in turn ratchet down the U.S. economy in general and the residential and commercial real estate markets in particular. This will delay any recovery for many years. Plan on a riding through a depression that could last for decades!

John R. recommended this commentary by Jim Quinn: This Country Defaulted Long Ago

U.S. Economic Data Disappoints Immensely, QE3 Readies

KAF sent this: Downgrade Day: What It Will Look Like

US Army proposes new retirement plan. (Would "save" $400 Billion, by breaking promises made for generations.)

The Debt-Ceiling-Debacle: The Surprising Way a Default or Downgrade Could Crush the Global Economy

G.G. sent this: U.S. regulators close three small banks, bringing total bank closures this year to 61

Items from The Economatrix:

US Debt Deadlock Hits World Shares

Citi's Top Economist Says The Water Market Will Soon Eclipse Oil

Job Listings Say Unemployed Need Not Apply

Gold Breaches $1,625, US Credit Ratings Downgrade Now Almost Certain

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