ISEQ crash deepens - down over 70%

[constitutionus]

on the OP.

ISEQ is storming ahead to 3048 today for.....


... well no reason i or any of the stockbroking firms can figure out. which screams bull market based on what i reckon they think is gonna come from the EU summit next week and the greek negotiaions with their banks.

even BOI is over 12c now.

this is dodgy stuff and IMO if youve a brain you'll take profit from this and await the inevitable drop when the jan 30th summit results in a damp squib.

is it possible this is the start of some big rise. yeah it is.

but to my mind theres simplty TOO much likely to go wrong for it to be that yet.

still its worth noting it is the highest its got over 3000 in ages.

[Neutron]

Cant start a thread so Ill add this latest info in here.



Egan Jones Downgrades USA From AA+ To AA, Outlook Negative

A few weeks ago when discussing the imminent debt ceiling breach, and the progression of US debt/GDP into the 100%+ ballpark, we reminded readers that in February S&P said it could downgrade the US again in as soon as 6 months if there was no budget plan. Not only is there no budget plan, but the US is about to have its debt ceiling fiasco repeat all over as soon in as September. Which means another downgrade from S&P is imminent, and continuing the theme of deja vu 2011, the late summer is shaping up for a major market sell off. Minutes ago, Egan Jones just reminded us of all of this, after the only rating agency that matters, just downgraded the US from AA+ to AA, with a negative outlook.

Inflection point - when debt to GDP exceeds 100%, a country's financial flexibility becomes increasingly strained. For the first time since WWII, US debt exceeds 100%. From 2008 to 2010, debt rose a total of 23.6% while GDP rose a total of 1.6%. Unfortunately, with an annual federal budget deficit in the area of $1.4T, debt is likely to reach $16.7T as of the end of 2012 while assuming GDP grows 2.5%, total GDP is likely to reach $15.7T. Therefore, as of the end of 2012, debt to GDP is likely to be in the area of 106%. Assuming the federal deficit for 2013 remains at $1.4T and GDP growth is 2.5%, the total debt will rise to $18.1T and GDP will rise to $16.1T, resulting in debt to GDP of 112%. In comparison, France's and Italy's debt to GDP are 81% and 117% respectively. Regarding efforts to address budget problems, the Super Committee was seeking spending cuts of $1.5T over 10 years or merely $150B per year, and was a failure. Obviously, the current course is not enhancing credit quality.

Egan Jones Downgrades USA From AA+ To AA, Outlook Negative | ZeroHedge


Not much mainstream media talk about this.

[Jack Maher]

Cant start a thread so Ill add this latest info in here.



Egan Jones Downgrades USA From AA+ To AA, Outlook Negative







Egan Jones Downgrades USA From AA+ To AA, Outlook Negative | ZeroHedge


Not much mainstream media talk about this.

David McWilliams had a piece on it which was well discussed on P.ie during the past few days.

It's well known that the levels of US debt are absolutely astronomical and that most of the newly issued debt is being bought by the Fed, as the treasury dealers don't want it. Most of these newly printed $'s have ended up in the stock market, which is the only thing boosting share prices at the moment. If interest rates were set where they should be (5% or so) to counter inflation, the US would be paying most of its tax intake just servicing this debt. Bernanke has enough in the coffers to see him through to the Nov. elections; after that, the proverbial will hit the fan and it will be very ugly for all of us.
Savillles reported a rise in house sales yesterday which is just another indication of the wealthy putting their cash into tangible assets, which will at least have some value if paper money becomes toilet paper.
I'm not a doomsayer, but over the past 5 years, I've taken steps to safeguard my family's interests and have been very successful so far. The next 24 months are going to very "interesting".

[Larry McDonald Democrat]

Well it sure looks like crunch time now. The trillions of printing and stimulus have been to little avail. Printing now just worsens the fate of the euro and the dollar and borrowing in the euro zone is out of the question and the US is rapidly heading to the raised debt ceiling number from last year which was expected to take us through the election. Deflation is back with a very big bang and US Treasuries are again at obscene high prices as everyone wants them. 3 weeks ago yesterday I watched CNBC fora day which I rarely do. It was like 1929 before the crash. Some of the large priced stocks were down 30 dollars a share. They all recovered in the days that followed but it was a clear warning sign. Now they are reeling again but I see little recovery here. Hang on to your hats and enjoy the ride

[Larry McDonald Democrat]

We are now 500 points lower and the only thing preventing a rout is the IPO of Facebook in 3 minutes time. A historic amount of fools will be separated from their money in a matter of seconds. Bono however is going to coin a billion and a half dollars.

Facebook stock makes Bono world's richest musician - NYPOST.com

What a day.

[Kev408]

Nice one Bono! I won't be buying Facebook shares. I suspect they will increase in the short-term and become a loser afdter about 3 months. General Motors pulled their advertisements the other day saying it had little or no impact.

[irish_bob]

Nice one Bono! I won't be buying Facebook shares. I suspect they will increase in the short-term and become a loser afdter about 3 months. General Motors pulled their advertisements the other day saying it had little or no impact.

after three months , more like three days , thier will be a huge wave of hysteria driving the stock today , by mid next week , the sharks will have gotten a quick kill and will withdraw to the sidelines while the event buyers see thier $80 purchase drop 30% within a few days , facebook will be a great buy once the bandwagon jumpers get bored , dissilusioned and burned , il buy at the end of may

[Larry McDonald Democrat]

How about after 3 minutes. We are still waiting to see a trade at about 42 expected, at least on yahoo finance anyway.

[Larry McDonald Democrat]

See it now, 42 and a half.

Dump them baby dump them, vol 90 million

[irish_bob]

facebook only up 6% , i guess the market cramped its style , it appears to have peformed well below expectations