Today's House Financial Services subcommittee oversight hearing featuring representatives from credit rating agencies (during the second panel, 90 minutes in) makes one thing abundantly clear in the matter of circus surrounding the Treasury debt ceiling charade presently consuming Washington: Standard & Poor's rightly should be regarded an enemy combatant of the people of the United States, several orders of magnitude more dangerous than al Qaida, and begging to be shut down immediately. This agency's past misdeeds already widely acknowledged, its present fraud in assuming authority over the financial wherewithal of the U.S. Treasury is nothing short an act of treason and should be dealt with swiftly and harshly. That half of the second panel not among Team Fraud are our allies in this sense about villains we otherwise all know. These others are heroes, and should be cited in pressing the Senate Banking Committee to come down hard on any firm acting as enemy of the United States of America, much as the big three still prove themselves to be.
I will not elaborate any further here tonight and instead let you reach your own conclusion once you have watched today's hearing. (You might just skip the first 90 minutes, as this featured representatives of the "see no evil" fantasy lands at the Fed, the SEC and the OCC.) Again, let me reiterate: the stock market is doomed, no matter if by Glass-Steagall or hyperinflationary breakdown (the latter being an outcome Team Fraud through its rating agency tools ventures to further in a manufactured debt ceiling swindle extending bailout of hopelessly insolvent financial institutions). There's no harm pressing your representative jellyfish in Congress as hard as you possibly can, then.
And if you're not out of stocks, well, days when you, too, might be thought well-qualified for Congress are running short. Yet if you are still thinking about politics, ask Dave Goldman if he can hook you up with some jackboots, because if companies like Standard & Poor's continue being tolerated, you will need them if you are going to fit in...
Today's gassing rather suggests wave ii of 5 of (c) did not complete last Monday. Rather wave c of ii of 5 of (c) — specifically, its third wave — apparently unfolded today. Duly note momentum's trend continues rising (bottom panel, red line). Call it a measure of an irrational debt ceiling hysteria being manufactured by a President, no less.
In other words, Mr. President, your backers are not buying your panic. They're busy catching bait while you stock the Treasury pond with the big fish. The hopelessly bankrupt pricks you otherwise claim must be saved (lest we suffer depression) are readying another take. Only a hopeless romantic could not see the hammer about to smash the herd and take a whole lot of bull with it...
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