Moody’s, a prominent international credit rating firm, has
indicated it may cut the credit ratings of several major U.S. banks, citing
reduced chances that the government will fully bail out bond investors if the
companies run into financial distress. Under
consideration are J.P. Morgan, Goldman Sachs, Wells Fargo, Bank of America and
Morgan Stanley. Ratings downgrades can
increase a bank's borrowing costs and force it to post more collateral in
derivative trades, weighing on its profitability and draining its cash.
COMMENTS:
This announcement supports my position, held over many
months, that our economy is fragile and could sink into oblivion on any given
moment of any given day. Yes, things are
that serious, regardless of what the “Omnipotent One” in the White House keeps
saying. We are NOT on the road to
financial recovery of any significance and we are perilously close to
disaster.
TODAY’S QUERIES & ANSWERS:
Q. Why doesn’t Obama accept responsibility for any of the bad
things he is responsible for? Now he’s
blaming Limbaugh for the Washington gridlock.
(Leticia ~ San Martin, CA)
A. In his mind, he is perfect and therefore incapable of
making mistakes or causing gridlock. I’m
quite serious when I say these things.
He exists in his own reality, which does not include us. Famous people who had the same psychosis are
Stalin, Mao, Hussein, Hitler and Mussolini.
Q. A recent poll shows that House Speaker John Boehner is
disfavored by 53% of the American people.
How do you rate him? (Lonnie ~ Coalinga,
CA)
A. Far worse. I am
disappointed in that he talks good but buckles under pressure. It’s almost as if everything that has been
going bad in Washington has been choreographed and that he’s part of the
plot. The country needs someone who is
strong and principled in all major positions of the government, and we are
sorely lacking everywhere.
Q. How do you visualize the Saudi position over Iran, Syria
and Egypt? (Kerry ~ Jerome, ID)
A. They may emerge as being the new leader in the Middle
East. They are more than concerned with
the “Arab Spring” and with what is going on around them. They are disappointed in the United States
and the lack of leadership we have displayed in the region over the last four
years.
TODAY’S QUOTE:
“The only difference between a white rapist and a black
rapist is that the black rapist proceeds to beat his victim to death and then
to claim racism when he is arrested.” ~
The Unknown Scribbler.
TODAY’S VIDEO:
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