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Egan-Jones downgrades its U.S. debt rating to AA- from AA. "Some market observers contend that a...
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Friday, September 14, 2012, 3:27 PM ETEgan-Jones downgrades its U.S. debt rating to AA- from AA. "Some market observers contend that a country issuing debt in its own currency can never default since it can simply print," but Reinhart and Rogoff show 70 out of 320 defaults since 1800 have been on local currency public debt.
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This news story has 22 comments:
Have you submitted your bank collateral blog post to SA?
Ne'O
I didn't submit it, just put it in as an instablog.
I didn't put a lot of time into it, just a few comments based on a quick reading of the Bloomberg article that I linked to.
If at some time in the future I develop something with more substance and original content directed at the big banks, I would plan to put it in as an article.
We're a small fund, and they give us infinitely more leverage than I can sanely use. We don't, but for every fund like us there are certainly two or three that do use the leverage.
Ne'O
but unlike the big 3,
Egan doesn't take fees from the issuers that he rates,
rather he gets his fees from investors willing to pay for them.
Not crooked as hell like S&P and Moody.
I haven't heard anything about him rating toxic mortgage stuff AAA
If he did rate that stuff, I'd like to hear what rating, if any he did give.
Sean Egan is saying what needs to be said with regard to the total abdication of the moral and virtue that Bubble Blowin' Ben swore to uphold!
Bernanke is no longer working for the best interests of the working man / woman who is being KILLED with his perverted policies!
A downgrade might just jar him back into reality!
Romney in a landslide!
Rand Paul replaces Bubble blowin' Ben and
Ron Paul replaces Tax Cheat Timmy!
The republic does not stand much more of this debauchery.
Our embassies worldwide are under attack and Obama and Clinton prove to the world their total lack of any adult leadership or comprehension of the magnitude of the problem!
God help us!
Check it out on foxbuisness,
go to their site shortly,
it should be up soon!
Bernanke is the biggest detriment to our economy, next to the Obummer foreign policy!
not a good move
Nothing to see here. Seriously, really nothing.
Please, if you could explain " the collateralization tricks ranging from Euro debt tossed under the bedding of US subsidiaries to something like the banks as go between on junk collateral for large deriv instrument bets" - in layman's terms? Would greatly appreciate because this sounds most instructive.
Regards, rs
I'm still looking for the specific article, as I cannot find the link I thought I'd saved. Should have copied it to my local drive. It was reporting on Deutsche Bank and certain activity with their (Teutonic Funds?), or other name referencing a Germanic mountain range.
Ne'O
Oh wait a moment....the malls are packed, people are spending, stocks are making new all time highs......
When is the apocalypse starting? Hahahaaha....