~ File this under "Too Funny.." -- we mentioned earlier in the weekend that Fitch's credit rating agency promised France it would not lower its undeserved AAA pristine credit rating until at least 2013. And markets rejoiced, and the snotty, snooty French became more smug...
Well it turns out there isn't just one credit rating agency that determines how nations are to be rated, but three- Fitch, Moody's and S&P which today announced they will cut the credit ratings of France along with Austria and two notches cut for Italy, Spain and Portugal. S&P would spare Germany, the Netherlands, Finland and Luxembourg the axe this go-round.
The official announcement will come at around 4:30 pm ET, after the US stock market has closed, (though the roaches who profit on Wall St. aren't taking it well so far) so there's always a chance things can be altered, but if sources are correct...
~ Next topic: Greece... Here's the quickest, most concise summary I can give as to where things are at moment: Greece is virtually bankrupt. It needs another 130bill Euro to survive. Its running out of bare necessities like aspirin. Parents literally putting children on streets with notes saying they can't take care of them anymore....
Germany says "Greece, you must negotiate with bondholders and banks to come to an agreement First. Bondholders and banks say: Fuck you & your problems Greece- we're not taking any more cuts--give us our money! So Stalemate for now. IMF- US owned & run finance arm doesn't want to keep helping Greece; looks horrible for Obama in election year. No one wants to prop Greece anymore but everyone scared of consequences if they don't...
Will more billions upon billions be poured into Greece's caverns? And what about Ireland, Hungary, Portugal, etc... Stay tuned folks and keep a clean pair of panties or undies nearby.
~ The NY Times wrote a good article today entitled, Inside the Fed in 2006: A Coming Crisis, and Banter. Its a long article which you can read in its entirety by clicking the link below via Yahoo! Finance:
http://finance.yahoo.com/news/inside-fed-2006-coming-crisis-124207691.html
Here are a couple of my favorite nuggets:
"“We think the fundamentals of the expansion going forward still look good,” Timothy F. Geithner, then president of the Federal Reserve Bank of New York, told his colleagues when they gathered in Washington in December 2006. Some officials, including Susan Bies, a Fed governor, suggested that a housing downturn actually could bolster the economy by redirecting money to other kinds of investments."
"And there was general acclaim for Alan Greenspan, who stepped down as chairman at the beginning of the year, for presiding over one of the longest economic expansions in the nation’s history. Mr. Geithner suggested that Mr. Greenspan’s greatness still was not fully appreciated... "I’d like the record to show that I think you’re pretty terrific, too,” Mr. Geithner said in adding his voice to the chorus of tributes at that final meeting (of Greenspan's- Jan '06). “And thinking in terms of probabilities, I think the risk that we decide in the future that you’re even better than we think is higher than the alternative.”
And lastly.. "“It’s fitting for Chairman Greenspan to leave office with the economy in such solid shape. The situation you’re handing off to your successor is a lot like a tennis racquet with a gigantic sweet spot.”" -- Janet Yellen, then president of the Federal Reserve Bank of San Francisco
Is it any wonder this nation, and the entire global economy is in such dire straits with such soulless incompetents like Greenspan running things then, and in the case of Golden Boy Timmy Geithner, running things still today?
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