S&P to make annoucement at 3PM EST

Saw that on Fox News....

Will they downgrade the US? Say to congress that they've got 24 hours left before downgrade?

Shall be interesting.

Might be this...
S&P Says Likelihood US Is Downgraded To AA As Soon As Early August Is 50-50

Or might be something else.

reply to post by Vitchilo


didn't Congress get that same kind of strongarm tactic to pass the emergency TARP

it seems the elite banker-finance cartel is threatning another sea-change to the USA...
let's enfore the Patriot Act & declare these financial Terrorists.......just that -> Terrorists

reply to post by Vitchilo


Is it like S&P to announce something like this? I am guessing either a deadline before a downgrade, or a downgrade itself even if temporary. Either way it doesn't sound good.

hummm, i hope they down grade us. it needs to be done to wake some people up!

Well it's past 3pm EST, what's the word?

reply to post by Wookiep

Yeah, I am wondering the same thing. I have the news on and searching for information, but apparently nothing yet.

The annoucement was this apparently :
S&P Officials To Brief House GOP Freshmen On Consequences Of Default

Officials from Standard and Poors will brief House Republican freshmen on the consequences of default if the debt limit isn't raised.

Rep. Nan Hayworth (R-NY) is hosting the meeting at 3 p.m. Thursday, according to her office.

The first-term congresswoman is among the House's most conservative members, and like many fellow freshmen, was backed by the "tea party" in 2010.

Many GOP freshmen are members of the so-called "default caucus" of members unwilling to raise the debt limit under any circumstances.

More like a meeting between SP and congress people to scare them into voting to raise the debt ceiling.

I have said it before, and I will say it again, there is NO chance that the debt ceiling will not be raised.

This meeting is just a heads-up to the politicians, who perhaps aren't aware yet, as to who really runs the show... the bankers.

Not raising the debt ceiling would cause the international banking cabal to lose boat loads of money, something which is totally unacceptable.

Cue the "world as we know it will come to an end if you don't give us your money" speech that they can recycle from the pre-bailout threats, and once again the tax-payer's dollars can continue to be siphoned into their already bulging bank accounts.

"No soup for you!"

the Billmeister

reply to post by Billmeister


and raising it is just prolonging the inevitable. allowing someone who has too much debt, with no means of paying it off in the near future, to take on more debt is just poor business.

the only real means of escaping this is by forcing inflation. Not saying it's a good thing but it's the only solution that seems to help

Originally posted by Billmeister
I have said it before, and I will say it again, there is NO chance that the debt ceiling will not be raised.

This meeting is just a heads-up to the politicians, who perhaps aren't aware yet, as to who really runs the show... the bankers.

Not raising the debt ceiling would cause the international banking cabal to lose boat loads of money, something which is totally unacceptable.

Cue the "world as we know it will come to an end if you don't give us your money" speech that they can recycle from the pre-bailout threats, and once again the tax-payer's dollars can continue to be siphoned into their already bulging bank accounts.

"No soup for you!"

the Billmeister

I’m imagining a room full of congress men and woman sitting down while a Italian mafia style banker giving them the good’ol “this is what you’re going to do for me talk or else”

reply to post by Vitchilo


these new freshmen members of Congress aka the tea party have a "cult" mentality. in other words I doubt they are capable of thinking for themselves. even the power grid of the spineless GOP seems to be at the mercy of the t/p ers. maybe this R leadership should bring in someone trained in breaking a cult mentality. remember when people like Patty Hearst were kidnapped and indoctrinated? they had to be kidnapped back and deprogrammed. maybe this is what the poor lost tea party members of congress need. hopefully, whoever deals with this bunch does so with kid gloves. IMHO they are already a mentally weak & fragile bunch. .......... PS~ for what it's worth; ~ I'll take 20 Obamas over this God forsaken monstrosity called the Tea party.

Originally posted by Crakeur
reply to post by Billmeister

 

and raising it is just prolonging the inevitable. allowing someone who has too much debt, with no means of paying it off in the near future, to take on more debt is just poor business.

the only real means of escaping this is by forcing inflation. Not saying it's a good thing but it's the only solution that seems to help

Yep. Consider this a strong-arming session. Get all the freshmen members in a room, and do their best to scare the pants off of them. Then they will be faced with doom on the one side and political suicide by Tea Party on the other side. It is rough to be a freshman, LOL!

I hope they stick to their guns. Raising the debt ceiling is an extremely poor business decision, and it only seems convenient in the short-term. It can only make things worse.

reply to post by Crakeur


I'm definitely not claiming that this is the best (or even a good) solution (or even a solution at all for that matter!).

I'm just saying that, if we are to look at past decisions, the good of the country and its people ALWAYS come second to those of the banking cabal. Even if they are only looking to their next quarterly profits and not at long term potential risk.

the Billmeister

reply to post by LooksLikeWeMadeIt


There are plenty of communist countries in the world that would gladly fulfill your wish. Cuba is close by, has wonderful beaches, great mojitos, and a great market for classic car enthusiasts. Try them out.

But, don't mortgage my children's future, and the future of this country with a blank check to spendaholics that have proven how poorly they can handle finances. Be glad the Tea Party seems to be the first party willing to stick to their campaign promises no matter how much it hurts.

congress knows by now that bankers run things.

the INTERESTING thing is this....DOES GLOBALISM benefit in any way shape or form ...going forward from a USA debt down grade? (or better yet do financial markets from the continued threat of one overhanging) because banks and multi nationals run the show. lock stock and barrell.

multi nationals benefit from a weak dollar as most of there sales are over-seas. S&P stellar earnings bear that out. Now it is INTERESTING what is going on with EUROPE as a DEFAULT of some sort is likely for the PIGS...(which would crush the euro and by extentsion the euro/usd rate and stock markets with it) ... the EUR/USD is a great measure to track the stock and commodity markets and inflation (of sorts) in some way. . when the Eur/usd threaten to break down lower the chineese steped in and were using their forex reserves to buy euro's hand over foot. A break down would equal a deflation in asset prices like stocks. commodities. and increase the pressure on defaults as deflationary pressures make debts larger in comparsion and the break down in stock's would hurt global corporations and confidence of consumers globally.

I wonder if to prevent a temporary deflationary episode from occuring via a EURO default from a PIGS country which looks likely.....(at a time when fed can't really step in W QE 3 w/o shooting commodites to the moon and getting humongous political back lash) .....which would send the euro crashing toward more parity with the dollar. wether the PTB decided that a US debt downgrade....* OR THE CONTINOUS LOOMING THREAT *(as they WILL increase the debt ceiling) is a way to keep the EURO/USD from breaking down and tanking equity markets and GLOBAL confidence with it. I mean it is cheaper to do this kabuki theatre then pick up the pieces from a TEMP. deflationary episode and bailout all your banker buddies again (bc we know they won't bankrupt them all). Anyone that follows finance knows that MANAGEABLE inflation is the key zone that the Fed and Central banks try to stay within....it keeps THERE GAME GOING .

and with the ratings agency's being USA based they will do NOTHING without the OKAY from big finance and MULTI nationals.

I mean otherwise what is the purpose......otherwise how do multi nationals / Big finance /globalism benefit from this down grade threat?

reply to post by Billmeister


I don't disagree but the concept of borrowing more when you can't pay what you owe is throwing good money after bad and the banking cabal, as you call them, will suffer more if we push this off, allowing it to get worse.

Originally posted by Crakeur
the only real means of escaping this is by forcing inflation. Not saying it's a good thing but it's the only solution that seems to help

Tarring and Feathering Bankers and running them out of town seemed to work really well for a long time. The only real solution is to give the power of printing money back to congress like the constitution dictates, of course the last guy that tried to do that got his brains shot out of his head in Dallas.

reply to post by twitchy


it's been a while since I tarred and feathered anyone.

printing more money would reduce the value of the dollar and make the debt smaller. that's the solution. it'll be painful but the alternatives will be devastating.

reply to post by Crakeur


Perhaps, but, in most cases, the debtor puts up real, tangible goods as collateral to a loan, so, in the event of failed payment, the banks come away with an item of actual, real-world value.

Take the housing bubble for instance, yes, the debtors often took out loans they could not afford, however, the banks charged higher interest for higher risk (as is normal market practice... higher potential risk should lead to higher potential profits) as the contract dictated.

Upon breaking the contract however, the debtor lost their house, an item with real intrinsic value, and it became the property of the bank. Now, not only did the bank now own a house, but it also managed to turn around and convince the government that it should give them tax-payer's money to hedge the losses they incurred due to their higher risk investment!?!

What I'm getting at is that, perhaps they are really just short-sighted and only care about the next bonus season so they can get that third house in the Hamptons, or perhaps they know, that either way the cookie crumbles, they will be left with the cash or the keys to the houses, cars, businesses etc...

the Billmeister

Originally posted by Crakeur
reply to post by twitchy

 

it's been a while since I tarred and feathered anyone.

printing more money would reduce the value of the dollar and make the debt smaller. that's the solution. it'll be painful but the alternatives will be devastating.

Just start buying your bread now. Might wanna get a cow and a chicken too! It will be rough to pay $20 for a carton of eggs, and $200 for a tank of gas to get to the store.

Personally, I think we can minimize the inflationary aspect by also regulating the banks at the same time. If we force the banks to go back to a minimal reserve for their leverage. Say 5 to 1 or 4 to 1. Then the hyperinflation by either forgiving our T-bill debt to the Fed, or printing more money via QE, either way, we can offset that by limiting the power of the banks to create new money through leverage.

Ideally, I think we use Ron Paul's plan to forgive our own debt to ourselves, it gets us off the debt ceiling, and it pumps $2.4 trillion new money into circulation. Then, to counteract that inflation, we tell the banks, they are now required to hold more in reserve. They will be forced to loan less, and pay more on deposits to attract new business.

It still hurts, but it hurts for a reason. We solve a few problems. We reward savings in banks, and we limit high-risk lending practices. We don't need a debt ceiling increase, and we minimize the effects of inflation as much as possible.