Daily Archives: 31/07/2011

0.0014%

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By John Galt July 31, 2011 0.0014% That’s it boys and girls. That is the first payment as proposed tonight against total U.S. debt obligations the new improved revised top secret political deal created on Sunday provided of course the U.S. government stops spending and actually cuts programs and the wildly absurd G.D.P. calculations of the C.B.O. come true. There really isn’t much commentary necessary because as of the time this is written there is no definitive final legislation to tear apart in detail on…

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7/31 6 p.m. ET: Let’s Chow Down on some Deathburgers

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By John Galt July 31, 2011 If we are all going to die due to going bankrupt, we might as well consume as much of the earth’s resources and beef on the way down to oblivion as it appears the administration and our morons in the House and Senate are still wrangling before the Asian and U.S. futures markets open. Gee, wonder how that will work out since the House is now in recess until Monday. Meanwhile back in the markets…. (Chart snap shots from…

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7/31 20:35 ET-Obama to Make Statement Soon, Again, Again, Again….AND probably again tomorrow

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By John Galt July 31, 2011 Just ugh. But I’ll cover it. In the mean time, enjoy the parody…. 7/31 20:43 – So far all I can say is he has said nothing. More of the usual idiocy we are used to hearing from him but I must say he looks rough. An alleged “framework”  which he is urging voters to contact their lawmakers even though there is nothing in print for voters to review.

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7/31 1934 ET: Boehner confirms he is a Cheese Eating Surrender Monkey

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By John Galt July 31, 2011 From the Wall Street Journal’s Washington Wire Blog (Click here to read the entire thread at the source)…. Gee, it doesn’t take long for me to change headlines now does it: UPDATE FROM THE SAME BLOG 7/31 19:14 ET: 7:14 pm GOP Leaders Sign on To Tentative Debt Deal by Corey Boles House Republican leaders have agreed to a “tentative deal” to lift the U.S. debt ceiling and cut the deficit by roughly $2.4 trillion in a series of…

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Just a warning to the Market Obamambulls: Progressives are PISSED

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By John Galt July 31, 2011 The equity futures are soaring. Gold is being sold. The dollar? Still sucking wind, once again proving currency traders are smarter than equity morons. Meanwhile breaking just a minute ago on Fox News was the fact that the head of the Congressional Progressive Caucus, aka Americommies, and the only honest enough to admit it Socialist in the Senate, Bernie Sanders (S-VT), have come out somewhat pissed off about the proposed “debt deal” and this fiasco may go even deeper…

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7/31 AEP: America is merely wounded, Europe risks death

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By John Galt July 31, 2011 Tonight old Ambrose Evans-Pritchard hits a home run. A definite must read. Click on the title to read the entire editorial from the UK Telegraph: America is merely wounded, Europe risks death We have a glimmer of hope. The key indicators of the US money supply are at last firing on all cylinders, a dramatic turn for the better that would normally signal recovery or even a mini-boom within the next six to 12 months. Needless to say, these…

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Tropical Season Heats Up: Invest 91L 100% chance of development

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By John Galt July 30, 2011 It would appear that July might mew out like a kitten with a very weak storm named Don, but with the activity picking up in the Atlantic basin August could be roaring in like 2005. I personally hope not because who wants to go through that again. From the National Hurricane Center in Miami: (CLICK ON THE IMAGE TO ENLARGE or REDUCE SIZE) This will probably be the last satellite photo for this thread we’ll see today before I…

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Middle East Stock Markets React to news of a Debt Deal: Yawn

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By John Galt July 31, 2011 I don’t think they are buying the hoopla either. This could be a very interesting day if the futures open up huge then fall dramatically if it turns out that this is another lemon from the D.C. lemonade stand. Here’s a quick snapshot as of 09:00 ET:

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BREAKING 7/31 0758 ET: Another Tentative Debt Deal per ABC news

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By John Galt July 31, 2011 And here are the quick and dirty details from the ABC News story per Johnathan Karl: The current framework would give the president the authority to raise the debt ceiling in two parts: roughly half of it now and the balance at the end of the year. Each increase would be subject to a Congressional resolution of disapproval. If Congress voted to disapprove that increase, however, the President could veto their disapproval. This is borrowed from a proposal made…

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