29/11/2011

Chinese Aircraft Carrier starts second round of Sea Trials

By John Galt November 29, 2011 – 23:15 ET This time however, it is different as the schedule accelerates and includes flight deck testing and exercises which means the Chinese communists are getting serious about deploying this sucker soon enough. From the People’s Daily Online November 30th edition: Aircraft carrier sails from port for new test By  Li Xiaokun and Hu Yinan  (China Daily) BEIJING – China’s aircraft carrier left port on Tuesday for a second round of sea trials, which are likely to include test flights from the refitted vessel. “Carrier-borne aircraft will possibly…


11.29 The European Nightmare Worsens at it reaches Terminal Velocity

By John Galt November 29, 2011 – 22:40 ET As someone who once enjoyed the sport of skydiving in my youth the phrase “terminal velocity” was often misinterpreted by many of my friends to believe it was a term regarding the endangerment of one’s life when jumping out of a perfectly good airplane. However once you achieved the maximum speed during free fall, it was easy enough to control and enjoy the descent unless of course the parachute fails to open. Welcome to the European nightmare as the primary and emergency…


The AMR Bankruptcy is causing a Mini-Municide as AMR backed Municipal Issues Hit

By John Galt November 29, 2011 – 17:40 ET Just when everyone thought the Jefferson County, AL Chapter 9 Bankruptcy filing  would be the last Municide of the year, here comes American Airlines’ parent company, AMR Inc., and their filing  for Chapter 11 bankruptcy protection this morning. From Bloomberg: AMR-Backed Municipal Airport Debt Falls on American Air Parent Bankruptcy By Darrell Preston and Martin Z. Braun – Nov 29, 2011 5:01 PM ET <Excerpted> AMR and American sold tax-exempt securities called special- facilities bonds through airports and municipal authorities to pay…


All but 7 of the NY Fed’s Primary Dealers were downgraded by S&P tonight

By John Galt November 29, 2011 – 17:20 ET All but 7 of the Primary Dealers from the NY Federal Reserve list were downgraded today. Gee, maybe holding AAA crap paper from the U.S. Government isn’t enough to insulate the banksters from even more hurt. Or maybe all parties involved just need to print more money, more bonds, more equities, and call it the largest crap issue in history. All banks in bold and italicized were downgraded today. Bank of Nova Scotia, New York Agency BMO Capital Markets Corp. BNP Paribas…


S&P starts a Ratings Cut Blodobath for the Banks just after the market close

By John Galt November 29, 2011 – 16:55 ET Goldman Sachs HSBC Bank of America Citigroup Merrill Lynch unit of BoA Wells Fargo plus 31 others. More info after the press release is issued in detail via the Standard & Poor’s website. Well, still no press release as of 17:50 but here is Reuter’s version of the story at the link below: S&P criteria change reduces ratings on big banks


11.29.11 V of Galt Doomer Tuesday Edition: Part 1 of 4-Shoelaces

By John Galt November 29, 2011 – 16:50 ET Time to start tying everything together in the first of a four part year end series, which if we are lucky, will complete without the prospects outlined in the show coming true early. The world is about to tilt on its axis and few people, as in less than 3%, are prepared worldwide for the changes about to occur. Pray for more time, but it is running short. Tune into DOOMER TUESDAY at 7 p.m. ET tonight to find out more… NO…


One word for today’s Italian Bond Auctions: Brutal

By John Galt November 29, 2011 – 05:25 ET This is just nasty. Brutal. Horrid. The auction for the 2022 bonds came in with at 7.56% yield and the 2014 auction at 7.89%, both of which are Euro era highs since Italy joined the Union. For Italy and the European Union this is not sustainable and oh, by the way; that’s how the Greek tragedy started. The Italian stock market was not thrilled: This could get interesting as the markets adjust to the new higher borrowing costs in the PIIGS and…


11/29 U.S. Market Preview: After the Window Dressing comes Curtains

By John Galt November 29, 2011 – 05:30 ET The news this morning is simple: The EFSF is hollow and will not work. There is no grand bailout plan for the PIIGS or other European nations. France and Germany still hate each other. Poland has offered to surrender to Germany again this morning. And the United States is being led by cartoon characters. This means the S&P 500 should make another run at 1194, then 1200, and finally 1220 before capitulating once again due to the flow of news from the…


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