lol, Dow Jones closes up 430 points, best day in 2 years if you care
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Swiffness!
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The Dow Jones Industrial Average closed up 430.30 points, or 3.98 percent, at 11,240.15. The S&P 500 was up 53.18, or 4.75 percent; Nasdaq was up 124.83 percent, or 5.29 percent, in the best day for stock in two years.
http://www.bloomberg.com/news/2011-08-09/asian-stocks-drop-as-yen-treasuries-gain-on-recovery-concern-gold-climbs.html
Buffett told CNBC that he disagrees with Standard & Poor's decision to downgrade long-term U.S. debt. The credit ratings agency on Friday cut the U.S. credit rating one notch from AAA to AA+ with a negative outlook.
Buffett's Omaha-based company is one of the biggest shareholders in S&P's main competitor Moody's Corp. with about 28 million shares. But the billionaire has long urged people to make their own decisions about an investment's prospects without relying on credit rating agencies.
Buffett said S&P's action doesn't change his view on the security of U.S. Treasury bills. Buffett said at least $40 billion of Berkshire Hathaway's roughly $48 billion cash and equivalents is in U.S. Treasury bills, and he wouldn't consider parking it anywhere else.
"If anything, it may change my opinion on S&P," said Buffett, who is chairman and CEO of Berkshire.
"Our currency is not AAA, and in recent months the performance of our government has not been AAA, but our debt is AAA," Buffett said to CNBC.
http://www.businessweek.com/ap/financialnews/D9P001100.htm
How ironic that after the US credit rating was reduced to AA+ last Friday, leading to expectation that our government would have to pay higher interest rates to borrow, the Treasury Bill rates have actually declined, as global investers vote with their feet, when the risk of a financial collapse confronts them.
Another, poignant observation, is that China was lecturing the US earlier in the week about our credit rating when our AA+ rating is still higher than theirs.
http://www.dailykos.com/story/2011/08/09/1005081/-Dow-Closes-Up-398,-SP-500-Up-475,-As-Federal-Reserve-Promises-Low-Interest-Rates-For-Two-Years-?via=siderecent
lol ohhh nooo the U.S debt has been downgraded, QUICK LEMMIE BUY MORE U.S DEBT!!!!
That's funny, it doesn't look like Fallout 3 outside my window....
http://www.bloomberg.com/news/2011-08-09/asian-stocks-drop-as-yen-treasuries-gain-on-recovery-concern-gold-climbs.html
Buffett told CNBC that he disagrees with Standard & Poor's decision to downgrade long-term U.S. debt. The credit ratings agency on Friday cut the U.S. credit rating one notch from AAA to AA+ with a negative outlook.
Buffett's Omaha-based company is one of the biggest shareholders in S&P's main competitor Moody's Corp. with about 28 million shares. But the billionaire has long urged people to make their own decisions about an investment's prospects without relying on credit rating agencies.
Buffett said S&P's action doesn't change his view on the security of U.S. Treasury bills. Buffett said at least $40 billion of Berkshire Hathaway's roughly $48 billion cash and equivalents is in U.S. Treasury bills, and he wouldn't consider parking it anywhere else.
"If anything, it may change my opinion on S&P," said Buffett, who is chairman and CEO of Berkshire.
"Our currency is not AAA, and in recent months the performance of our government has not been AAA, but our debt is AAA," Buffett said to CNBC.
http://www.businessweek.com/ap/financialnews/D9P001100.htm
How ironic that after the US credit rating was reduced to AA+ last Friday, leading to expectation that our government would have to pay higher interest rates to borrow, the Treasury Bill rates have actually declined, as global investers vote with their feet, when the risk of a financial collapse confronts them.
Another, poignant observation, is that China was lecturing the US earlier in the week about our credit rating when our AA+ rating is still higher than theirs.
http://www.dailykos.com/story/2011/08/09/1005081/-Dow-Closes-Up-398,-SP-500-Up-475,-As-Federal-Reserve-Promises-Low-Interest-Rates-For-Two-Years-?via=siderecent
lol ohhh nooo the U.S debt has been downgraded, QUICK LEMMIE BUY MORE U.S DEBT!!!!
That's funny, it doesn't look like Fallout 3 outside my window....
Comments
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..........ha!
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The credit downgrade doesn't really matter as far as treasury investment, it is still the safest and the only pool big enough to absorb the giant reserves that investors and other states need to keep somewhere.
But it has been a disastrous couple of weeks in the market, not because of the credit downgrade either. They did have a little rally today thank the market gods because ? is getting intense, but I wouldn't go celebrating yet. -
Wonder if Obama will get blamed for this just like he'll get blamed for the loss....
Yeah, poor poor rich business men. SMH -
whats this demonry? dont you know we only care when ? gets really really bad, not when it improves.
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Well if you lost 500 points a day before and have been losing many points for years now than a 'win' like this really doesn't mean ? ......I mean lets relativize: if you owe me 1000 euros, and each day I get 50 euro % for one week untill you repay me, when you win 700 euros, are u gonna scream and celebrate? you are still in debt.
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just the market realizing it overreacted
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lol warren buffet will never say that the US should lose its triple A status cause that would mean his cash is worth less. When the moon is about the fall down on the states that brotha is still gonna say that the dollar is solid lol
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Yet he lost half his net worth in 2008 & his co. lost half its value in securities......
? 's been saying since the 90s that the U.S. dollar will be worth less than it was in the 70s & 80s due to its massive size & inability to churn out huge returns like it used to as a result of being a 14 trillion dollar economy.....
That is called inflation.. It's a very nasty word in the U.S economic system..It's really a main factor that causes a currency to lose value..The government prints money faster than the economy is growing, making the dollars currently in circulation worth less... More like toilet paper.
This is a great temptation for a government, because if it owes money, it's cheaper to pay it back with inflated currency. Lets say the government owes $10 trillion. (which it does) and If it prints twice as much money, each dollar is worth only half what it was before. So the government would pay off the debt in dollars worth only $5 trillion.
That's great news for the government, but really bad news for the people who loaned the government money in the form of T-bills, savings bonds, etc. because they're only getting back dollars worth half as much as what they loaned. It's also bad for consumers because the money they saved last year isn't worth as much as before.
