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FourthAxis (85.48)

U.S. May lose AAA Credit Rating + Paulson Waffles and more

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November 12, 2008 – Comments (8)

Word on the streets is: U.S. May lose AAA Credit Rating.  Also in the news, bloomberg is suing the U.S. under the freedom of information act to get fed to disclose who is getting the bailout cash.  As if that wasn't enough, the courts ruled against the good ole boys in the case of the missing white house emails.  Well....2 out of 3 aint bad.  Lastly, if you need help paying for your home and want some government help....follow my instructions.  Stop paying your mortgage for at least three months, then you'll qualify.  Morons.

BREAKING: Paulson is shifting focus to consumer lending.  If you didn't already know, this guys is a F*CKING IDIOT not qualified to drive a school bus!  He begs us for the cash and says if he doesn't get it, the world will end.  Now, he's not even going to use it for that purpos!?!?!.  (will now sit here waiting for the world to end, rolls eyes, tries to fend off nausea).

8 Comments – Post Your Own

#1) On November 12, 2008 at 3:07 PM, kdakota630 (99.96) wrote:

He begs us for the cash and says if he doesn't get it, the world will end.  Now, he's not even going to use it for that purpose!?!?!

Excellent point!

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#2) On November 12, 2008 at 3:55 PM, jgseattle (96.28) wrote:

The US will NEVER default on the debt.  It is AAA in that regards. 

It is junk when you look at what the US will pay the debt back with.  Dollars that are worth pennies.

The only way to pay it back is to inflate the dollar. 

So after an intial deflationary period where gold hits $500/oz look for gold to double really really quickly.

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#3) On November 12, 2008 at 3:59 PM, milpo (99.36) wrote:

Way too much attention is being focused on the investment banks. 
Furthermore, since Hank was/is one of the worst offenders of the credit derivative\credit default swap scam during his reign at
GoldmanSachs, he is probably actually concerned that he might be prosecuted.

Therefore, start acting like you are flexible enough to act in the best interests of the taxpayor, and everything should be forgiven. Maybe.  Unfortunately, the onion will continue peeling and Hank will be the mole at the center.

Concerning AAA ratings: Do you really still believe in that crap?

The U.S. will default. The only question is when.  As far as the Moody's, the Sleazies, and the Lazy's of the world- they are all going to be looking for a  9 - 5 job like the rest of us shepeople suckers.

Heartfelt best,

Milpo

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#4) On November 12, 2008 at 4:24 PM, milpo (99.36) wrote:

Looking for a bottom to get into physical gold is like bargaining over pennies at a flea market when the dollars are flying out your wallet.  Poor Ben has  little seizures when he watches the price of Gold go up. And his only weapon, the only arrow left in his quiver is dropping the federal interbank lending rate of ZERO.

Gold will drop further in this historic broad based commodity slide.  Realize, however, that the price of gold will skyrocket and will do it very quickly when the banksters have made sure that they own ALL of it.  Getting in at $200 an ounce or $500 an ounce is really petty when it rises to $7000 an ounce.  Just ask Marc Faber.     

Go with your gut.  Forget fundamentals in the 5  year term.  Even responsible, qualified, and prudent CEO's are bewildered right now.  Do you think they are worried about fundamentals?  Not really. They already know  that their fundamentals are and have always been fine.  Their concerns are much more existential.  They are interested in survival.

Heartfelt best,

Milpo

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#5) On November 12, 2008 at 5:02 PM, abitare (99.51) wrote:

Sorry I posted this on Bent blog, but Kunstler says it best in East Hampton Burning:

So, a large and looming question is: who will be appointed the next attorney general of the US (to replace the human sash-weight currently occupying the office), and how soon will the federal marshals be scouring the wainscoted hallways of Goldman Sachs, JP Morgan Chase, not to mention a thousand Greenwich, Connecticut, hedge fund boiler rooms, with man-sized nets?

A story-line is already emerging to the effect that these birds really didn't quite know what they were doing in grinding out that multi-trillion dollar basket of alphabet securities sausage (a theme on Sunday's "60-Minutes" broadcast). Nobody will buy that line of bullshit, though -- and certainly not in the courtroom where, for instance, Mr. Hank Paulson will have to answer why his own firm of Goldman Sachs set up a special unit to short its own issues. It will be edifying to see how they answer.

In the meantime, however, millions of Joe-the-Plumber types will have gotten their pink slips, slipped helplessly into foreclosure, watched the repo men hot-wire their Ford pickups, and eaten down the kitchen cupboard to a single box of Kellogg's All-Bran (which had been sitting there for eleven years infested with weevils). They will be watching the official proceedings in the federal courtrooms with jaundiced eyes as they hunch in their tent cities, in the rain, sipping amateur-brand raisin wine bartered for a few snared rock doves. How long before the hardier ones among them venture out to Easthampton with long knives and matches?

 

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#6) On November 12, 2008 at 5:19 PM, QualityPicks (95.28) wrote:

Not to worry. The government will bail itself out. I'm sure they are already working on the bailout for themselves. So...tax payers get ready :) Obama to the rescue :) Of course, I'm being sarcastic.

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#7) On November 12, 2008 at 7:14 PM, jgseattle (96.28) wrote:

We have heard a lot of comparisons to Japan.  I do not see inflation there and it has been almost 20 years of deflation.  So all I was trying to say about gold is wait a little and make sure you see signs of the dollar going away.

International trader in Euros

Oil priced in Euros

central bank selling of dollars

something

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#8) On November 13, 2008 at 9:03 AM, Gemini846 (92.29) wrote:

Kunstler is right on. When there is no hope, hope takes its own hands.  I wrote my congressmen yesterday and asked them to support the arrest of Paulson and Co.

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