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Daily Archives: 05/08/2011
8/5 21:31 ET – Federal Reserve Statement JUST RELEASED
By John Galt August 5, 2011 21:31 ET For immediate release August 5, 2011 Agencies Issue Guidance on Federal Debt Earlier today, Standard & Poor’s rating agency lowered the long-term rating of the U.S. government and federal agencies from AAA to AA . With regard to this action, the federal banking agencies are providing the following guidance to banks, savings associations, credit unions, and bank and savings and loan holding companies (collectively, banking organizations). For risk-based capital purposes, the risk weights for Treasury securities and…
BREAKING 8/5 2101 ET: Barry Ritholtz calls S&P’s action “Political Opportunism”
By John Galt August 5, 2011 21:01 ET Barry Ritholtz just said on Bloomberg Television just called the action by S&P “political opportunism” and not justified. Do I smell a Democrat in the room? Wow, just wow, this is going to get nasty. EDIT TO ADD UPDATE 21:13 ET: Now if the politicians proceed on their current course, this will be a “Tea Party Recession” and repeat of 1937. Do you get the idea that old Barry has his lip imprints on the Messiah’s ass?…
S&P Downgrades United States of America from AAA to AA+ with a Negative Outlook
By John Galt August 5, 2011 20:21 ET Will link the S&P story when it is available as their webpage has blown up. Headline only for now. FULL TEXT OF STATEMENT FROM STANDARD & POORS: United States of America Long-Term Rating Lowered To ‘AA+’ On Political Risks And Rising Debt Burden; Outlook Negative We have lowered our long-term sovereign credit rating on the United States of America to ‘AA+’ from ‘AAA’ and affirmed the ‘A-1+’ short-term rating. We have also removed both the short- and…
Where did CNBC’s Dow 20,000 Guy go this week?
By John Galt August 5, 2011 I think I may have found him doing a Broadway show in the USO for our soldiers. As he has been GONZO for this week as the Dow corrected over 7%. Coincidence? Hmmmm……
8/5 1626 ET: Per CNBC Breaking news US Government bracing for S&P Downgrade today
By John Galt August 5, 2011 Just a news flash, no details, no validated facts yet. Got FAZ?
8/5 15:10 ET: IS there an EPIC FAIL building in the markets?
By John Galt August 5, 2011 It would appear so. Once again, follow Satan’s lead: If GS rolls over, which it is at this posting, it is game over for the week and quite possibly a weekend of meetings at the FRBNY (Federal Reserve Bank of NY).
I haven’t seen this much action since the Clinton Administration
By John Galt August 5, 2011 If that chart isn’t the definition of insanity, I do not know what is. And it is not just in the United States. With just under 2 hours to go, all I can say is grab an intern, a cigar, and a Scotch for the end of this ride. Just wow.
8/5 Hunch: Massive Central Bank intervention between 0730-0820 ET
By John Galt August 5, 2011 The efforts by the JCB and SNB appear to have started to flail wildly and the lack of follow through by the ECB to save the markets was noticed around the world yesterday prompting and accelerating the currency and solvency awareness crisis worldwide. Watch the chart of the EUR/CHF after 7:30 a.m. ET and if it turns up sharply odds are the Fed, ECB, and SNB decided on a coordinated intervention on behalf of the European banking system by…
BREAKING 8/5 1931 ET: S&P intimidated by .GOV..OOOPS! You made a mistake and best shut up!
By John Galt August 5, 2011 19:31 ET Breaking as I’m on the air…. per CNBS: S&P advised that they made “trillions of dollars in miscalculations” by the U.S. Government with their GDP calculations and the error must be on their part. Hence S&P has said they may revise or drop the case from a downgrade. Per CNBS: S&P Calculations in Possible US Downgrade Were Off by ‘Trillions’: Source (Story developing) Finally a wire story: Aug. 5, 2011, 8:03 p.m. EDT from Marketwatch.com: S&P said…
8/5 Employment Situation Preview and Prediction
By John Galt August 5, 2011 Yesterday’s weekly report on unemployment claims from the U.S. Department of Labor reflected another decline after the huge spike of two weeks over 470,000 in early July as non-seasonally adjusted claims fell to 339,348. The pattern seems to suggest that today’s computer generated fantasy to be released at 8:30 a.m. ET might well provide an upside surprise for the markets and give an excuse to the equity bulls to bid the markets up sharply, although it would be a…
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