Debtmaggeddon – Link Corrected

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, Russ explains in clear terms the impossible situation facing the US government that the markets have yet to face.

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4 comments for “Debtmaggeddon – Link Corrected

  1. Russ Winter
    July 20, 2011 at 10:52 am

    Looks like McConnell is going team up with Obama to obstruct the gang of six proposal saying not enough time (to make sure fats cats and special interests are not hurt). The House Republicans are still spoiling for fireworks. The situation is in great flux, but looking more and more like another fat cat loot, kick the can down the road scenario.

    If so the austerity would be diminished, but the FY 2012 would spiral out of control bringing on a series of downgrades. The agencies should weigh in quickly.

  2. Chauncey Gardiner
    July 20, 2011 at 10:56 am

    Hi Lee and Russ,

    Now that the curtain appears to be coming down on Act II of the kabuki and we have seen them run the table in the “Most progressive state” (Minnesota), do you know anyone who is running a “Privatization” (Looting) watch?

    I believe their targeted assets will include federal, state and municipal assets and services. Everything from public lands, forests, and mining rights to public utilities, bridges, highways, prisons, public transport, and private “security” contracts to state liquor stores.

  3. Russ Winter
    July 20, 2011 at 11:31 am

    In the Huff Post story the Gang6 measure would impose an estimated $111 billion in immediate spending cuts next year and would cap overall spending at levels called for in the House’s April budget plan, backed up by the threat of automatic spending cuts.

    This is some austerity, but all the supposedly scheduled issues that have covered in my posts and the second half (starting at 8:30) of my podcast would be critical to watch. If those are not renewed then this would constitute serious austerity combined with somewhat neglectful fiscal measures (in effect a $1 trillion deficit, more likely $1.3 trillion since I don’t think they can collect $2.5 trillion next year).

    * in the podcast I referred to the Medicare doctor reimbursement cut as 50%, it is 30%

  4. Mike Montchalin
    July 22, 2011 at 2:14 am

    This was another exceptional podcast. Nobody has assessed this risk of reality seriously. Everybody is expecting another kick of the can.

    The GangOf6 gets it. But what about the rest? It is very possible that the rest of congress & the Prez won’t comprehend what a credit downgrade means.

    What the GangOf6 ‘gets’ is that a credit write-down would result in higher interest rates to finance US existing debt and existing government. How will the interest rates move? In basis points? Or in panic where there is no lending to the US at any rate?

    It is not really safe to think in terms of smooth curves and basis points when a debtor is not getting their budget under control.

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