Players Focusing On Debt Ceiling Miss The Point

Russ Winter of Winter Watch joins the Wall Street Examiner’s Lee Adler as they continue their regular brief updates on the markets and economic/financial scene. Today, they say that the debt ceiling is a misdirection play taking the market’s focus off the real issue. This will lead to major problems in the short run.

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2 comments for “Players Focusing On Debt Ceiling Miss The Point

  1. Russ Winter
    July 15, 2011 at 9:16 pm

    from Washington Post:

    S&P managing director John Chambers said in an interview … even if the parties agree to raise the debt ceiling, it may not be enough to avert a downgrade.

    Chambers said the country must implement a plan to reduce the annual budget deficit by roughly $4 trillion over 10 years, which makes the debt manageable over the long term.

    The White House and Congress have discussed a plan that big, but negotiations have more recently centered on a smaller deal, at $2 trillion or less.

    “That could still lead to a downgrade,” Chambers said.

  2. Russ Winter
    July 15, 2011 at 9:19 pm

    I think can read and understand English, but it looks the European stress tests isn’t operating in real time but in some time warp. Under the “adverse scenario”, Greek debt is haircut 26%, which I interpret as the end of 2011, Ireland and Portugal are hit 13%, and Spain and Italy 3%. Moody’s predicted 26 failures, Eurostat says only 8: 5 Spanish, 2 Greek, 1 Austrian Bank fail as of April 30; says 7 Spanish, 2 German, 2 Greek, 2 Portuguese barely pass. EBA says only 16 of 90 banks had core capital of 5% to 6% and will have to take action to improve capital buffers. This is what the end of European bank bailouts looks like, declare that everything is Ok in Wonderland.

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