Submitted by: Francis Soyer
Good morning, however if you are watching the tape you will probably notice this morning is anything but good. Here is what we have cooking for today.
S&P Downgrades US To AA+, Outlook Negative
China Says "Has Every Right To Demand US Address Its Debt Problem", Asks For New Global Reserve Currency
Indiana State Treasurer Richard Mourdock demands: "President Obama should fire U.S. Secretary of the Treasury Tim Geithner over the debt downgrade. If Obama won't remove him, then the US Senate should withdraw its consent of Geithner's appointment to U.S. Treasury because someone in the White House needs to be held responsible for this disaster."
Deputy finance ministers from the Group of 20 leading economic powers will hold a conference call on Saturday to discuss the crises in Europe and the United States, a Brazilian finance ministry official said.
Bank Of America Implodes, At $6.87, BAC CDS Up 20% To 260 bps As Bankruptcy Contemplated
GREEK SECURITIES REGULATOR BANS SHORT SELLING FOR 2 MONTHS
S&P To About Commence Cutting Corporates
NYSE invokes Rule 48 (market crisis mode for those not familiar)
The Market Indexed For Dollar Devaluation Is Now Back To Jackson Hole Levels
Former Obama Budget Chief Orszag Says Official Economic Projections "Too Optimistic"
Former PBOC Member:"The Situation Is Unsustainable. The Longer It Continues, The More Violent And Destructive The Final Adjustment Will Be."
Germany Says Italy Is Too Big For EFSF To Save, Refuses To Carry Euro Bailout Burden
Given the above, anyone who thinks gold and silver are in a bubble is fucking brain dead.
