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But that didn't stop financial markets worldwide from tanking. The Dow plummeted 250 points before closing down 140. It must have been because this wasn't a run of the mill warning. It was a "blunt" warning. It's all in the delivery. Hutton, when credit rating firm Standard Poor's speaks, everyone listens. Let's not forget though, these were the same geniuses that gave AAA ratings to myriad subprime CDOs. And when paraded up to Capitol Hill to explain themselves, they in essence told Congress that their ratings are not intended to be used as an investment guide.
And talk about being ahead of the curve. The folks at S are true financial visionaries. You can take it to the bank that by the time S issues a rating, no more than six months will have passed since the corner hot dog vendor could have told you the same thing. Treasury securities from "stable" to Air Max Motion 2016
Bernanke has made the right decisions. Mostly, I think he has.
As much as I believe that management at the ratings agencies should be locked up for their culpability in the financial collapse, they are right about our current situation. is among Italy, Ireland, Nike Air Max Vachetta
This Wednesday marks an historic occasion for the Federal Reserve, as Chairman Bernanke will give the first ever press conference following a Fed meeting. The ECB and Japan have been doing this for years but the Fed particularly under Alan Greenspan has chosen to remain aloof.
Debt report is no surprise
In any case, Saudi Arabia the world's largest oil exporter cut its daily output from 9.1 million barrels in February to 8.3 million in March. I'm sure prices will be coming down any time now.
In reaction, bond prices initially fell, then rebounded amidst optimism that the report could act as a catalyst to compromise in Washington.
The economic community's view of the chairman is no better. A January Wall Street Journal survey of economists gave the Fed chair a "C" for his efforts to date. Personally, I would be more worried if economists thought he was doing a good job.
I give Mr. Bernanke credit for moving the Federal Reserve into the 21st century. Press conferences can be dicey, but the times call for better communication.
Gallup surveys have showed a general lack of faith in Mr. Bernanke doing the right thing. Over the last two years his confidence numbers have steadily declined. In April, that confidence hit an all time low with 42 percent of those surveyed saying that they had little or no faith in Bernanke.
Washington didn't actually do anything?
Ali Naimi blamed speculation in oil futures for the elevated price levels. Obviously, Mr. Naimi has a thing or two to learn about the oil markets.
"negative." Golly gee; maybe we should move all our money into hedge funds. Mind you, S didn't change its AAA bond rating on treasuries. It just changed it to a negative AAA rating. If that strikes you as an oxymoron, consider the morons issuing the rating.
China with its AA rating currently has a percentage of gross debt to GDP of 17, which is projected to decline to 9.7 by 2016. I guess that's why they're only rated AA. And the two countries with the lowest bond ratings Pakistan and Argentina are both projected to reduce their debt over the next five years. had the largest 2010 budget deficit as a percentage of GDP. has similar debt characteristics, but heck, they have a Royal wedding to fall back on.
Say what? Being $14 trillion in debt isn't sufficient? Amassing new debt at an historic pace is irrelevant? Facing a gaping hole in entitlement obligations is too nebulous to grasp? We need the thieving rating agencies to bring awareness to our dilemma? If that's what it takes so be it.
As we know, speculators no longer impact prices. Washington took care of that problem right after we experienced that $150 super spike a couple of years ago.
Stop the presses! Lindsay Lohan has been arrested, Capitol Hill is gridlocked, and George W. Bush is still stupid. Not exactly news? Well, neither was Standard Poor's warning to America that it has accumulated too much debt.
Greece, and Japan as countries projected to Nike Air Max Sneakers be most out of balance.
Bernanke has done a credible job using his bully pulpit, although it doesn't appear his efforts have yielded the desired results.
Turning to more positive news, you'll be happy to know that Saudi Arabia's oil minister believes that the current high oil prices are unjustified.
It's ironic that Greenspan, who rarely offered public information (and when he did, was unintelligible) was considered a genius. Subsequent events have taken the bloom off that rose. Let's hope that despite his lack of popularity, Mr. Air Max 2016 Blue Green
I remember a parade of politicians mugging for the cameras and beating their chest about the issue. Treasuries.
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