By John Galt August 6, 2011 16:44 ET Just out within the past hour from the U.S. Treasury website: Just the Facts: S&P’s $2 Trillion Mistake By: John Bellows 8/6/2011 In a document provided to Treasury on Friday afternoon, Standard and Poor’s (S&P) presented a judgment about the credit rating of the U.S. that was based on a $2 trillion mistake. After Treasury pointed out this error – a basic math error of significant consequence – S&P still chose to proceed with their flawed judgment…
By John Galt August 6, 2011 I wouldn’t get too excited about today’s 5.46% drop in the TASI (Tadawul Stock Exchange) in Saudi Arabia as they are the largest holder of US Treasuries in the region. Sunday, when many of the markets who have been closed due to Ramadan, will re-open and that will be the true measure of the reaction to the S&P ratings action. In the mean time, here are some pretty charts now that the Saudi markets are closed including a wild…
By John Galt August 6, 2011 Just dang. I hate it when the commies are right. From Xinhua today: U.S. debt problem remains unsettled BEIJING, Aug. 6 (Xinhua) — Far from an end to the U.S. debt problem, the last-minute congressional approval of an increase in the debt limit is merely a technical time-out. President Barack Obama on Wednesday signed legislation to increase the U.S. debt ceiling, after Congress voted in favor of a compromised bipartisan deal. As for the details, the debt deal calls…
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