Did The Bond Vigilantes Attack?
So Standard & Poors issued its warning about the risk of US bonds and the interest rate on 10-year bonds goes down.
A news flash for Standard & Poors: no one believes you any more. Go away and take Moody’s with you. The melt-down pulled back the curtain and we know you are frauds, ventriloquist dummies for your clients.
Not that it matters, obviously, but Standard & Poors basic claim that the Republicans are going to screw up the debt limit process, like everything else they do, is accurate. The real players already knew it, and have made their adjustments.
The media will play up the sturm und drang, unless there is a white woman missing somewhere, but the Constitution requires that the debts be paid, and Congress has already appropriated the money until October 1st, so the “debt limit” is a device so bad it should only appear in a opera.
8 comments
I was about to make a pun on Standard & Poor, but I see Krugman beat me to it. Who am I to complain… great minds, etc. 🙂
And comic opera at that! 😉
You’re right Steve… Krugman’s been on a role (I’m slowly catching up on events)! I actually feel sorry for him. He obviously is very annoyed by all this garbage from both ignorant self-opinionated pundits, and the likes of S&P who simply want to manipulate the system to enable even more greed. These people would eat their own young if there was a few bucks in it.
It was an Irish comedian who said that the two ratings companies would merge and become Moody & Poor.
Oops, Kryten, I’m replying from the Admin area and it doesn’t update worth a damn, so I missed your comment.
The annoying part is that most of the problems have been thoroughly described by different people before there was even a field called “economics”. The “paradox of thrift” has been talked about for centuries at least. Many of these problems were the reason that banks were actually “allowed” by the Catholic Church [well, some of the people involved did have armies, but that’s a separate issue].
Japan is a bloody case study of what is going on in the US, and people are still screwing up. It is so frustrating to know what the problem is, and how you should deal with it, but the people with the power to act won’t do anything reasonable for political reasons, and most of what they do instead makes matters worse.
No problem Bryan. I know how it is. 😉 Agree with you about Japan etc. I see a similar stupid trend towards the same idiocy here. Thankfully, most people here are better informed and not used to being stupid sheeple (though, for some irrational reason, given decades of voter evidence, it seems that in spite of her narrow hold on Government, Gillard seems to think we are just ignorant sheeple who will *Do what you are damned well told!!!*). She has a big nasty surprise coming. 😉
BTW, I see on the news here that Donald Trump is now one of two GOP front runners for Prez Candidate. 😆 That just strikes me as insanely funny!! The guy is either way too clever by half and will steal the Treasury blind within a week, or is actually as extreme tea-party stupid as he sounds lately (really!!)
I can’t figure her out. She should be rolling in popularity and good-will based on all of the disaster response efforts, and she seems to almost intentionally piss people off as soon as they start to like her a little bit. It is as if she really hates her job and want to be “fired”.
Surely the Labor Party has someone who isn’t as annoying as Gillard?
Oh, yeah, sure, turn the country over to a guy with three personal bankruptcies on his CV. That would be such a great idea. Trump is the Shrubbery with a New York Accent. He blew through the fortune his father left him, and them started wasting other people’s money.
The Republicants are really in trouble for a national leader.
Surely the Labor Party has someone who isn’t as annoying as Gillard?
Yeah, Kevin Rudd!! Seriously… People I talk too here now realise we definitely went from the frying pan into the firepit when we allowed Gillard & crew throw Rudd under the bus. I guarantee he’s laughing his head off, and I don’t blame him a bit. Rudd’s biggest mistake was choosing Gillard as deputy PM (though he didn’t have a choice, the power brokers demanded it as part of their backing him in caucus, now Rudd knows why!) Many of the debacles that Rudd has been blamed for, were in fact Gillard’s fault. She couldn’t manage petty cash let alone multi-million $ projects!
Trump is the Shrubbery with a New York Accent.
😆 You know… I think you are right! Though, to be honest, I think Trump would be worse because he I think he truly believes he knows everything and is God’s gift! He is far more arrogant than Bushmoron ever was. Bush is stupid and a fool, but he could have been a lot worse than he was! Trump would be worse.
On the bright side… The moron from Alaska with an IQ smaller than her shoe size is slipping down the ranks and seems to be loosing favor with the rightwing lunatics. 😉 Also…
AND… the best news so far this year, the totally insane conman, Glen Beck has been *CANCELLED* (sadly, not *EXTERMINATED*, only sacked) by FAUX! 😈 😈
Jon did a truly hilarious sketch here (you know you all need a laugh!):
The Daily Show April 07, 2011 – Jamie Oliver
The interview with Jamie Oliver was good too. Apparently, LA Schools don’t want anyone to know what absolute garbage they are feeding the kids (that they are supposed to be caring for!)
Feeding garbage to kids – I guess they have forgotten when Reagan declared catsup [spelling very optional] a vegetable to balance his school lunch program? Prisoners, children, and the military are always at the bottom of the list when it comes to food.
Trump believes his own PR, but his recent “birther” nonsense is nothing but pandering. He wants publicity and doesn’t care how he gets it.
I realize that Rudd is better, but from a political standpoint, a new face with no baggage is really what they need. I have a feeling of a “changing of the guard” in progress, but the old guys aren’t willing to move over as power is too addictive.