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Title: Will S&P Downgrade Be Another Y2K Scare?
Source: Naked Capitalism
URL Source: http://www.nakedcapitalism.com/2011 ... rade-be-another-y2k-scare.html
Published: Aug 6, 2011
Author: Yves Smith
Post Date: 2011-08-06 09:49:29 by lucysmom
Keywords: Chicken Little, Obama Did It, Pot, Kettle
Views: 41438
Comments: 76

It isn’t yet clear what the impact of the S&P downgrade of the US to AA+ will have. There are good reasons to believe, despite the media hyperventilating, that it won’t add up to much, and may perversely hit wobbly stock markets more than Treasury yields.

But there is a much bigger issue, namely S&P’s highly questionable conduct, the lack of any analytical process behind this ratings action, and the political implications.

Will the S&P Downgrade Have Much Immediate Impact?

Although I run the risk of being proven wrong, there are lots of reasons to think that the reaction in the Treasury market to the news will be underwhelming. We might see some reactions Monday as some investors who managed to be blindsided and aren’t happy with the downgrade exit but conversely, I know of investors who see any price softening as a buying opportunity.

Treasury yields fell 50 basis points last week despite the risk of a downgrade being very well telegraphed. S&P had asked for $4 trillion in deficit reductions (it tried disavowing that number) and made it clear it was going off to brood and might take action. And this market response took place with S&P leaking like a sieve.

Click for Full Text!


Poster Comment:

What was the S&Ps role in the mortgage crisis?

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#1. To: Badeye, A K A Stone, hondo68, Fred Mertz, Godwinson, go65, war, no gnu taxes, Skip Intro, ferret mike, jwpegler, brian s, mcgowanjm, Capitalist Eric, Mininggold (#0)

A country that controls its currency can always satisfy the IOUs it creates. The risk is inflation, not default. But ratings agencies assess credit ratings, not interest rate risk.

"...all of the equations in neoclassical economics are rubbish. The differential equations describe nothing. Economics is not about mathematics, it is about the human being." Sandeep Jaitly

lucysmom  posted on  2011-08-06   9:55:55 ET  Reply   Trace   Private Reply  


#2. To: lucysmom (#1)

The risk is inflation, not default. But ratings agencies assess credit ratings, not interest rate risk.

Inflation is over.

From Nixon's Gold Default to May 2005....that was inflation.

It's Deflation now, as everyone goes to cash...;}

mcgowanjm  posted on  2011-08-06   10:51:03 ET  Reply   Trace   Private Reply  


#3. To: All (#2) (Edited)

Think $100 per acre for Prime Farmland.

mcgowanjm  posted on  2011-08-06   10:51:21 ET  Reply   Trace   Private Reply  


#4. To: All (#3)

And then $50.

mcgowanjm  posted on  2011-08-06   10:51:50 ET  Reply   Trace   Private Reply  


#5. To: mcgowanjm (#4)

Think $100 per acre for Prime Farmland.

And then $50.

I suppose that translates into a 50% cut in food prices as well.

Thunderbird  posted on  2011-08-06   11:00:44 ET  Reply   Trace   Private Reply  


#6. To: Thunderbird (#5)

I suppose that translates into a 50% cut in food prices as well.

Remember gasoline for a $1?

It'll be a $ again.

Except that the avg yearly salary will be $7500.

And you'll be growing your own food, btw....;}

mcgowanjm  posted on  2011-08-06   11:03:42 ET  Reply   Trace   Private Reply  


#7. To: mcgowanjm (#6)

And you'll be growing your own food, btw....;}

Why?

Why should deflation remove the capitalist impulse to provide for oneself by providing for others?

Thunderbird  posted on  2011-08-06   11:29:08 ET  Reply   Trace   Private Reply  


#8. To: lucysmom (#0)

But there is a much bigger issue, namely S&P’s highly questionable conduct

Phhhfffttt.

socalv8  posted on  2011-08-06   11:33:46 ET  Reply   Trace   Private Reply  


#9. To: Thunderbird (#7)

Why should deflation remove the capitalist impulse to provide for oneself by providing for others?

The impulse may persist but not the money to make the impulse profitable. The capitalist impulse to provide for others does not include providing without being paid.

"...all of the equations in neoclassical economics are rubbish. The differential equations describe nothing. Economics is not about mathematics, it is about the human being." Sandeep Jaitly

lucysmom  posted on  2011-08-06   11:39:18 ET  Reply   Trace   Private Reply  


#10. To: lucysmom (#9)

The impulse may persist but not the money to make the impulse profitable.

Deflation doesn't cause everyone to go broke and stop working. The grasshoppers might have a problem but not the squirrels.

Thunderbird  posted on  2011-08-06   12:04:47 ET  Reply   Trace   Private Reply  


#11. To: Thunderbird (#10)

The grasshoppers might have a problem but not the squirrels.

As a squirrel, deflation would actually be good for me, however for most people who live paycheck to paycheck - not so much.

"...all of the equations in neoclassical economics are rubbish. The differential equations describe nothing. Economics is not about mathematics, it is about the human being." Sandeep Jaitly

lucysmom  posted on  2011-08-06   12:10:02 ET  Reply   Trace   Private Reply  


#12. To: lucysmom, Badeye, A K A Stone, hondo68, Fred Mertz, Godwinson, go65, war, no gnu taxes, Skip Intro, ferret mike, jwpegler, brian s, mcgowanjm, Capitalist Eric, Mininggold (#0)

But there is a much bigger issue, namely S&P’s highly questionable conduct, the lack of any analytical process behind this ratings action, and the political implications.

Bullshit. S&P is acting honestly (at least, they're more honest than the rest of the Wall St. firms... And so the truth comes out.

I've WARNED you that there would be consequences of the profligate spending by our government... and now we're starting to see REAL results.

The "political consequences" of this, is that the truth will continue to become more noticeable in everyday life... Mainly in the form of INFLATION.

mctoejam: "deflation..." blah blah blah....

WISHFUL THINKING. The government is already defaulting, in the form of inflation. There is NO stopping it.

You lefties think this is gonna' be another Y2K?

Shit.

You're DREAMING.

Look up Ferfal, or "Surviving in Argentina," on google... to get a glimpse of what's coming HERE.

You better stock up on food, weapons, silver and/or gold, while your dollars can still buy something... because there's a storm coming... and your dollars will revert to their intrinsic value... namely, "toilet paper."

BELIEVE IT.

It used to be the leftists that had bumper-stickers that said things like "Question Authority.' Today they follow slogans from 1984:

War is peace.
Freedom is slavery.
Ignorance is strength.

They blindly LOVE Big Brother. They believe competition, pride & profiting from ones labor, are evil things to be banished.

Stephen King observed, "The beauty of religion mania is that it has the power to explain everything... [so] logic can be happily tossed out the window.

This describes socialists. They will ignore logic and "common sense." They will ignore REALITY. Because THEY are religious zealots...

THEIR God... is the STATE.

Capitalist Eric  posted on  2011-08-06   13:39:38 ET  Reply   Trace   Private Reply  


#13. To: mcgowanjm (#3)

Think $100 per acre for Prime Farmland

Let me know when that happens. I'll shut down my business and become a farmer.

A K A Stone  posted on  2011-08-06   15:00:15 ET  Reply   Trace   Private Reply  


#14. To: mcgowanjm (#6)

Remember gasoline for a $1?

It'll be a $ again.

Except that the avg yearly salary will be $7500.

And you'll be growing your own food, btw....;}

Can you tell me when they are going to evacuate Florida?

Because my father took my son to the Gulf at the beginning of summer. They caught some fish and ate them.

They have some in the freezer too and are going to have a fish fry soon.

My aunt lives down there too, Fort Walton Beach area. They say the area and fish are fine. Her and her husband were both democrats by the way. They despise Obama.

A K A Stone  posted on  2011-08-06   15:03:02 ET  Reply   Trace   Private Reply  


#15. To: Capitalist Eric (#12)

Look up Ferfal, or "Surviving in Argentina,"

Exactly right. Argentina was one of the 10 richest countries in the world 90 years ago. Then the leftist took charge, ran up a huge debt, started printing money which gave them 50% inflation, and turned Argentina into a basket case.

The left needs to be completely purged from public life. Completely.


This small group of terrorists [Tea Party members] have made it impossible to spend any money. -- Mike Doyle (D-PA)

jwpegler  posted on  2011-08-06   19:16:47 ET  Reply   Trace   Private Reply  


#16. To: A K A Stone (#14)

Can you tell me when they are going to evacuate Florida?

Can you explain why you have faith in the State?

Why you believe that the State and bp not evacuating the GoM means that the GoM is now Safe?

Of course not.

Sweet baby hesus. Wait for it...;}

The USSA is on the defensive, and in survival mode. Big bets and grand gestures have no place in this endgame.

There will be no evacs anymore. Quarantine in place. While refusing World Aid.

Tea Party Evangelicals will be ridden like borrwoed mules until they drop. War...is the Health of the State now.

Good Citizen....;}

mcgowanjm  posted on  2011-08-06   22:28:34 ET  Reply   Trace   Private Reply  


#17. To: A K A Stone (#14)

They say the area and fish are fine.

Then by all means, go right ahead and believe them.

I have two nieces who just got back from Pensacola. On a Deep Sea Charter they caught Two fish. And only then because the Charter went into restricted waters...

There's 3 VLCC's + 1 MMB of Antifreeze out there and on the Bottom.

The Next Cat 3 will bring it ashore.

Do what the fuck you want. Believe the State and bp...

Go ahead. 8D I ain't eating a fucking thing out of the Gom until whenever....a long time I'm sure...;}

mcgowanjm  posted on  2011-08-06   22:32:26 ET  Reply   Trace   Private Reply  


#18. To: A K A Stone (#13)

Let me know when that happens.

Fuck.

When that happens, I'll be elsewhere enjoying life.

Good Luck to you. You and the others who believe that the Wealthy Top 50 000 have your best interests in mind.

And by all means keep your faith. That your god will realize that we're more than yeast.... cause I don't see the difference...;}

mcgowanjm  posted on  2011-08-06   22:35:35 ET  Reply   Trace   Private Reply  


#19. To: A K A Stone (#13)

I'll shut down my business and become a farmer.

BUWAHAHAHAHAHAHA

Like you can just do that....

BUWAHAHAHAHAHA

Sweet baby Hesus.

Tell me how long it takes to grow a tomato.

Or a chicken. Go ahead...Do it...;}

mcgowanjm  posted on  2011-08-06   22:37:27 ET  Reply   Trace   Private Reply  


#20. To: Capitalist Eric (#12)

$100 the acre.

Oil at $1 a gallon....

And you have no idea what default is.

There's a difference between 'Can't' and Won't.

But you keep believing the FedRes has something left.

First AAA to the USSA....1917....WE'RE GOING TO WAR. Loss of AAA with New Deal....NO WAR. Second AAA awarded....wait for it.....1941...WE'Re GOING BACK TO WAR...

Se a Pattern? Of course not....;}

back in February 2008:

I don't know what will come next. I don't know if the United States can crawl out of the filthy pit of empire and tyranny over the next few decades and claw its way toward some new manifestation of democracy -- or if it will just keep sinking, raging, rotting, mutating further into a war-and-torture state that must feed constantly on human flesh to survive. Of course, I hope for -- and will work toward -- the former, the new manifestation, although I honestly don't expect to see such a thing in my own lifetime. But whatever will be, one thing is certain now: the constitutional republic of the United States is a dead letter, a relic of history."

LMFAO

mcgowanjm  posted on  2011-08-06   22:40:58 ET  Reply   Trace   Private Reply  


#21. To: All (#20) (Edited)

BTW, anyone here heard from Japan, China, or Russia lately?

August 6, 2011 US Loses AAA Rating, China Demands Real Reforms

The US was a creditor nation for 150 years. The greatest thing George Washington did was pay off the revolution debts and he set the course for fiscal prudence.

Amerikans are clueless as Sunday PM approaches and the Sun rises on Asia.

mcgowanjm  posted on  2011-08-06   22:42:44 ET  Reply   Trace   Private Reply  


#22. To: Thunderbird (#7)

Why should deflation remove the capitalist impulse to provide for oneself by providing for others?

It takes money.

Will you have it? Not credit. And definitely No Debt. Actual Linen Dead Presidents. Or you're a slave.

And the Capitalist 'Impulse' is to Oligarchy/Monopoly/ Kleptocracy/Plutarchy....the Top 50 000 owning the Top 60%.

mcgowanjm  posted on  2011-08-06   22:48:29 ET  Reply   Trace   Private Reply  


#23. To: mcgowanjm (#19)

Tell me how long it takes to grow a tomato.

Here in Ohio if you get your starts out on May 15, which is a good date because frost is most likely gone. You will have ripe tomatos around the fourth of July.

A K A Stone  posted on  2011-08-06   22:59:54 ET  Reply   Trace   Private Reply  


#24. To: mcgowanjm (#18)

who believe that the Wealthy Top 50 000 have your best interests in mind.

Who told you that I think that?

Haven't you heard that it is harder for a rich man to enter the kingdom of Heaven then for a camel to pass through the eye of the needle. (Which was/is a narrow passage that you would have to unload your camel to pass through.

A K A Stone  posted on  2011-08-06   23:02:03 ET  Reply   Trace   Private Reply  


#25. To: mcgowanjm (#17)

I have two nieces who just got back from Pensacola. On a Deep Sea Charter they caught Two fish. And only then because the Charter went into restricted waters...

They caught their limit in an hour if I recall what they said. Red snappers. I have never eaten red snapper myself. Last time I was there Tropical Storm Bill was in the area and our trip was cut to about 30 min. I was disappointed.

A K A Stone  posted on  2011-08-06   23:03:51 ET  Reply   Trace   Private Reply  


#26. To: A K A Stone (#24)

You have a camel?

Fred Mertz  posted on  2011-08-06   23:04:02 ET  Reply   Trace   Private Reply  


#27. To: mcgowanjm (#17)

Then by all means, go right ahead and believe them.

Why shouldn't I believe them. They have never lied to me.

On the other hand you said they were going to evacuate Florida and all kinds of people were going to die.

Do you still think they are going to evacuate Florida or are you ready to admit you were wrong on that one?

A K A Stone  posted on  2011-08-06   23:05:36 ET  Reply   Trace   Private Reply  


#28. To: Fred Mertz (#26)

You have a camel?

No. Why you horny?

A K A Stone  posted on  2011-08-06   23:06:08 ET  Reply   Trace   Private Reply  


#29. To: A K A Stone (#27)

Why shouldn't I believe them. They have never lied to me.

And why would they?

They know you'll find our soon enough anyway.

How about this:

They're lying to themselves. How can they tell you something else.

This is Quantum Science.

We all know what Petroleum does to life. They spray diesel on fence lines to kill the grass for god's sakes...;}

100 000 bbls per day fountained up from 5 miles deep. A Natural Refinery column all the way to the top with Nature's Best Fossil Fuel.

Combined with All of the Natural Goodness of Antifreeze that bp could produce and spray.

All of that is still there, unlike all of the whales dolphins and sea turtles.

I won't be goin g back and definitely not until I see what a Cat 3+ does to the area.

But you go on down and have a great time....;}

mcgowanjm  posted on  2011-08-07   8:16:13 ET  Reply   Trace   Private Reply  


#30. To: A K A Stone (#25)

They caught their limit in an hour if I recall what they said. Red snappers. I have never eaten red snapper myself. Last time I was there Tropical Storm Bill was in the area and our trip was cut to about 30 min. I was disappointed.

Go for it, Dude.

Eat your fill.

Swim until you can't.

Have all the fun possible...;}

And good luck...

mcgowanjm  posted on  2011-08-07   8:17:59 ET  Reply   Trace   Private Reply  


#31. To: All (#30)

Now where were we....Oh YEAH...I rememeber now:

Title: Will S&P Downgrade Be Another Y2K Scare? Source: Naked Capitalism

Hilarious. Poppy Harlow (gotta love that name, sooo anti panicky;}

http://edition.cnn.com/video/#/video/bestoftv/2011/08/06/exp.nr.harlow.why.not.to.panic.cnn?hpt=hp_t2

harlow.why.not.to.panic.cnn?

BUWHAHAHAHAHAHAHAHAHAHA

I guess the Saudi's and Israeli's don't watch Poppy and CNN Int'l....

Or DOn't Care.....I'm going with that one...but it;s just me....8D

TASE plunges after S&P cuts US credit rating The opening on the TASE was delayed after the Tel Aviv 25 fell 6% in pre-market trading.

AFTER the SAUDIS:

First Response To Downgraded “Non-Event”: Saudi Tadawul Down 5.5%

Those seeking a harbinger of what may be in store for global capital markets come Sunday 5 pm should look to Saudi Arabia where the Tadawul just dropped by over 5% today.

And so expect Spontaneous Combustion Events Like this:

"Who knows, perhaps the rioting(TOTTENHAM last nite....still underway) broke out just because. The same reason it will when prime time US TV stations run out of frontal lobotomy replacements and the people actually wake up to the complete socio-economic collapse that is currently raging throughout the "developed" world. h/t @CrownThomas

mcgowanjm  posted on  2011-08-07   8:23:16 ET  Reply   Trace   Private Reply  


#32. To: lucysmom (#0)

What was the S&Ps role in the mortgage crisis?
Italy raids Moody’s and Standard and Poor’s

The Milan offices of credit rating agencies Moody's and Standard and Poor's were raided by Italian police on Wednesday as part of an investigation into their role in the ongoing financial crisis

Why are hObama's SWAT teams confiscating mangos from a health cooperative in Venice CA, instead of raiding S&P for evidence?

He's in bed with the banksters and global corporations.


"We (government) need to do a lot less, a lot sooner" ~Ron Paul

Obama's watch stopped on 24 May 2008, but he's been too busy smoking crack to notice.

Hondo68  posted on  2011-08-07   10:47:02 ET  Reply   Trace   Private Reply  


#33. To: mcgowanjm (#22)

It takes money.

No kidding McGoo...why do you assume no one besides yourself has any?

Thunderbird  posted on  2011-08-07   10:58:57 ET  Reply   Trace   Private Reply  


#34. To: mcgowanjm (#20)

$100 the acre.

Oil at $1 a gallon....

Wish in one hand, shit in the other, and tell me which one fills up faster.

And you have no idea what default is. There's a difference between 'Can't' and Won't. But you keep believing the FedRes has something left.

I know exactly what default is. Further, I know a great deal more than you, about economics. When combined with an understanding about how politicians work, how they'll do anything to stay in power, even if it means throwing their own MOTHERS under the proverbial bus, they'll be only too happy to do so.... And THAT is why the stealth-default will continue...

HOW, you may ask, is the USA doing a stealth-default? Simple. The Fed is now printing money (or more accurately, *digitally* creating it) from nothing. They control the printing presses... THAT'S what they have left....

For all your talk, and your bluster, the fact is that you don't know SHIT.

Please, HOLD all of your savings in cash... If nothing else, you'll never have to worry about toilet paper.

It used to be the leftists that had bumper-stickers that said things like "Question Authority.' Today they follow slogans from 1984:

War is peace.
Freedom is slavery.
Ignorance is strength.

They blindly LOVE Big Brother. They believe competition, pride & profiting from ones labor, are evil things to be banished.

Stephen King observed, "The beauty of religion mania is that it has the power to explain everything... [so] logic can be happily tossed out the window.

This describes socialists. They will ignore logic and "common sense." They will ignore REALITY. Because THEY are religious zealots...

THEIR God... is the STATE.

Capitalist Eric  posted on  2011-08-07   14:04:00 ET  Reply   Trace   Private Reply  


#35. To: Capitalist Eric (#34)

Wrong's a Religion for you, eh CE?

LMFAO

Re: DOOM Investing

Post Mon Aug 08, 2011 8:14 am by mcgowanjm $83.49

We're almost closer to $40 than $120.

And I think I saw a $77 print somewhere.... :twisted:

"Mr Margin calling on Lines 1,2, and 3 now, sir"

Line 4:

"How much for my JPMorgan tanker of oil sitting offshore?"

BUWAHAHAHAHAHA :twisted: :shock: :? 8-)

mcgowanjm  posted on  2011-08-08   9:03:37 ET  Reply   Trace   Private Reply  


#36. To: Capitalist Eric (#34)

And Sweet babi Hesus that Cramer's a short lil fucker.

If you're shorter than a Japanese Lady, you must be less than 5 ft tall....LMFAO

mcgowanjm  posted on  2011-08-08   9:30:56 ET  Reply   Trace   Private Reply  


#37. To: Thunderbird (#33)

It takes money.

No kidding McGoo...why do you assume no one besides yourself has any?

Yeah Shitbird weighs in.

Don't call me names....just sayin...;}

Becuase it's NOT an Assumption.

The Bottom 90% are tapped out!

What part of Since Nixon & 1974 and then Reagan Stagnant wages, $1.5 Quadrillion in Debt derivatives are you NOT getting?

8D

mcgowanjm  posted on  2011-08-08   9:44:45 ET  Reply   Trace   Private Reply  


#38. To: mcgowanjm, Thunderbird (#37)

Yeah Shitbird weighs in.

Don't tell me yukon has himself another screen name?

Guess it's obvious by the juvenile posting style.

“America is at that awkward stage; it's too late to work within the system, but too early to shoot the bastards.”---Claire Wolfe

Bill D Berger  posted on  2011-08-08   10:15:06 ET  Reply   Trace   Private Reply  


#39. To: Bill D Berger (#38)

Thunderbird

Yeah Shitbird weighs in.

Don't tell me yukon has himself another screen name?

Guess it's obvious by the juvenile posting style.

The more things change, the more they remain the same...;}

" Of course it will be expected that at some point some other archaic form of quantitative easing part three will be brought to the table but the Federal Reserve is a faith based system. Suddenly people are having less and less faith from a central bank that has sat idly by for the working and middle class while allowing the wealthiest in this country to become even wealthier simply by gaming the current financial system. The markets are not pleased with raising the debt ceiling without actually looking for new revenue streams. This is like getting a credit card line increase without your income rising."

Come on, Obama.

Talk about cutting Social Security again...;}

mcgowanjm  posted on  2011-08-08   10:20:13 ET  Reply   Trace   Private Reply  


#40. To: mcgowanjm (#35)

Wrong's a Religion for you, eh CE?

LMFAO

I've been right, all along.

I'll be sure to tell you "TOLD YA SO," as hyperinflation sets in.

The rest of your replies (since you can't keep to just ONE reply, EVER)- just a long string of mindless rantings.

You're the forums' Tourettes Boy.

It used to be the leftists that had bumper-stickers that said things like "Question Authority.' Today they follow slogans from 1984:

War is peace.
Freedom is slavery.
Ignorance is strength.

They blindly LOVE Big Brother. They believe competition, pride & profiting from ones labor, are evil things to be banished.

Stephen King observed, "The beauty of religion mania is that it has the power to explain everything... [so] logic can be happily tossed out the window.

This describes socialists. They will ignore logic and "common sense." They will ignore REALITY. Because THEY are religious zealots...

THEIR God... is the STATE.

Capitalist Eric  posted on  2011-08-08   11:36:12 ET  Reply   Trace   Private Reply  


#41. To: mcgowanjm (#37)

What part of Since Nixon & 1974 and then Reagan Stagnant wages, $1.5 Quadrillion in Debt derivatives are you NOT getting?

Maybe you should focus a little harder on the plain fact that not everyone has spent the last 40 years engaged in irrational exurberance.

Thunderbird  posted on  2011-08-08   12:00:18 ET  Reply   Trace   Private Reply  



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