Tottenham Burning - Live Feed

Watch the Skynews webcast from Tottenham whose mains street is currently up in flames not due to a victory over Man U, but after rioting and looting broke out earlier to supposedly express anger over the accidental shooting of a man on Tuesday, although nobody is really sure for the reasons.

 

 

Bread and Circus Put... (Nothing to see here...American Midol is on)...

Food Stamps and The Government’s Last Put 

Posted by: ilene

Post date: 08/06/2011 - 21:30

The market may be beginning to reflect not only a financial crash, but an economic one that has been under way since May. 

S&P Downgrades US to AA+ - Tied With Belgium!

Posted by : ilene

Post date: 08/06/2011 - 20:24

Even today, the price of insurance on a government default has been higher than that for Colgate Palmolive, the global toothpaste giant, which has a rating two notches below AAA.

 

 

Guest Post: Equities In Dallas And Sovereign Debt Ratings

“Equities in Dallas” was the worst job a trainee at Salomon brothers could get. I have to believe that the G-20 sovereign debt rating group was the equivalent at the rating agencies. It wasn’t volatile and sexy like Emerging Markets. It had nothing to do with the core business of rating corporate debt. It had even less to do with the fast growing structured product business. It must have been a pretty dull place to work. I think that is important because it means, certainly at this stage that all the decisions on sovereign debt are being made at a very high level within the rating agencies. Someone isn’t running some numbers and coming up with a rating proposal. Some people are sitting around in a room, trying to figure out what rating they want to give, or need to give, or can get away with giving. Knowing that these decisions are being made at the highest levels of the firm and have nothing to do with what any analyst in the area says or does is important in trying to figure out where the ratings go next.

 

 

 

Citizen Warrior Video of Washington AG Rob McKenna's Press Conference Aug 5, 2010, Announcing Lawsuit Against Recontrust (BofA) 

Posted by: 4closureFraud

Post date: 08/06/2011 - 21:45

Thank you to Citizen Warrior, Karen P, for recording this historic event and for making it happen! McKenna starts out with "We are suing ReconTrust a subsidiary of Bank of America, for conducting...

 

 

Speaking Of "Credibility", Here Is The CBO's 2001 Forecast Which Predicted Negative $2.5 Trillion Net Debt In 2011

While we reserve judgment for S&P's effectiveness at being accurate in anything they do (they are, after all a rating agency and as such they goal seek results to comply with what their paying groupthink seeking customers demand), we would like to redirect to the modest topic of CBO predictive efficiency (the organization that is at the basis of the current credibility spat between Treasury and S&P, and which, incidentally has created the baseline forecast against which the debt ceiling compromise plan is supposed to cut $2.1 trillion over the next decade), by pointing out according to the same CBO in 2001, net US indebtedness in 2011 would be negative $2,436 trillion, the ratio of debt held by the public to GDP would be 4.8%, total budget surplus would be $889 billion, and GDP would be $16.9 trillion. We won't comment on the error interval in CBO forecasts when compared to actual 2011 results, and we most certainly won't comment on the idiocy of the Treasury chastising someone, anyone, for erring, or disputing, forecasts.

 

As many as 20 owners for each bullion bank gold bar, Rickards tells King World News

 

As Treasury Continues Childish Sniping At S&P While Losing Credibility, Investors Lose Sleep

Today at about 4 pm, the Treasury's John Bellows issued a hastily written statement, in which he explained why in his view, a day after a historic downgrade of its debt, the $2 trillion mistake that S&P made "raises fundamental questions about the credibility and integrity of S&P’s ratings action." What is ironic is that in the explanation, it is the Treasury's own credibility that is put at stake. Supposedly the reason for the mix up is as follows: "S&P incorrectly added that same $2.1 trillion in deficit reduction to an entirely different “baseline” where discretionary funding levels grow with nominal GDP over the next 10 years. Relative to this alternative “baseline,” the Budget Control Act will save more than $4 trillion over ten years – or over $2 trillion more than S&P calculated. (The baseline in which discretionary spending grows with nominal GDP is substantially higher because CBO assumes that nominal GDP grows by just under 5 percent a year on average, while inflation is around 2.5 percent a year on average." So let's get this straight: the Treasury department is kicking and screaming at S&P for daring to downgrade the US, when it is using as its baseline a forecast prepared by the same CBO which back in 2001 predicted a net negative debt balance by 2008 (!), and which in the same year expected 2011 US GDP to be $16.9 trillion, and a budget surplus of about $1 trillion, putting any S&P forecast from the peak of the credit bubble, to shame, but far more importantly, Bellows, and his plethora of bosses, is pissed that the S&P did not use a baseline that assumes a 5% GDP annual growth, when current annualized GDP, 2 years after the end of the recession, is under 2%? And this is what is supposed to make S&P less than credible? This is like the pot and the kettle having commenced global thermonuclear warfare.







Must See Video...Caution Bad Language.




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Food stamp use rises to record 45.8 million




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International Forecaster August 2011 (#2) - Gold, Silver, Economy + More
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EU Urges Bailout Changes As Stocks, Euro Tumble




Euro Faces Meltdown In August Heat




China Downgrades America 





Wall Street Warns Geithner US Dollar Starting To Lose Reserve Status




Economy Close To Stall Speed May Signal New Recession

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