Well, give Mr. Dimon credit, he did admit he was wrong about crypto. Though when/if it falls into triple or double-digits, maybe he'll reverse his statements yet again!
Anyone on this forum who admits they were wrong about crypto is thrown into the sewer. Chastised. Why is Dimon different? Why does he get a pass? Because he is trading OPM?
%% LOL WELL he was right about rat poison\ crypto cr*p, right on buying Bear Stearns , during a bear trend [panic sell]; nobody is right all the time.
False. Maybe you should spend less time watching Fox News. Holder's DOJ did sue Standard and Poors. But it had nothing to do with S&P's downgrading of Treasury Securities. The DOJ sued because of S&P's incompetent grading of 4 trillion of mortgage backed securities and collateralized debt obligations causing more than 4 billion in investor losses. The S&P won previous suits brought by scammed investors by claiming that they were merely incompetent, but not negligent. The DOJ, however, brought their suit on different grounds, and they won. No one, however, is disputing, outside of court, that the S&P was both incompetent and negligent! Incidentally, S&P's downgrade of Treasuries from its AAA to AA+ (in 2011 I think) was ridiculous! Congress squabbles every year over increasing the total amount of U.S. Dollars that can be created, but insists they are squabbling over debt. Its hard to know if this is intentional subterfuge for political gain or if Congress, overall, is incredibly misinformed. Regardless of the actual state of Congress's intellect, there is zero chance of a default on interest or principal owed on Treasury securities. The only risk these securities carry is inflation risk. There is no risk of default. The sovereign can always pay any nominal amount denominated in its own currency, regardless of the currency's buying power. What's interesting to me is the absurdity of calling the object of this squabbling "debt". Although all money issued by a sovereign is a liability of the Sovereign, just as real debt would be, the money issued by the sovereign, whether in the form of Bank Reserves, Reserve Notes or Treasuries, can never be debt, because there is no expenditure of productivity needed to eliminate the liability represented. Instead, sovereign money liability is instantly relieved via the power to tax. It is also interesting to note that were the U.S. to issue bonds representing actual debt, i.e., borrowed money denominated in another sovereign's currency, it would violate Constitutional law for the U.S. to default on them.
%% OK. YOU saying it should have been more of a downgrade?? So many times in business there is reason that sounds good + then there is the real reason. Mr Holder was 1st AG to be held in contempt of Congress [ATF Gunwalking Scandal] He was right, on execution of Osama ben Laden; + appointed to DC judge by Pres Ronald Reagan
I am saying, any downgrade of U.S. Treasuries should have had no other criterion than the risk of inflation, as that is the only risk U.S. Treasuries represent to the holder. However S&P down rated Treasuries, they say, because of Congress's annual threat to not approve the budget -- or in Congress's lingo, not raise the "debt" ceiling. Of course, this is ridiculous and the U.S. will never default on Treasuries. Apparently S&P and Moody don't have a clue how to rate sovereign bonds issued in the Sovereigns own currency. They still treat these as if they represented real debt and therefore could be defaulted on. They should stick to rating real debt which would be corporate bonds or bonds issued by a sovereign but denominated in another nations currency. The misunderstanding of the true nature of sovereign bonds denominated in the issuers own currency runs deep and pervades world bond markets. For example, if you currently own Russian Bonds denominated in Rubles there is zero risk of Russia defaulting on them, unless they just don't like you!. All the risk you bear has to do with the future buying power of the Ruble relative to other sovereign currencies. On the other hand Russia has also borrowed in dollars. Those bonds do bear a risk of default. Instead of being paid in dollars, you could be paid in Rubles at some trumped up artificial exchange rate relative to the dollar. That would be a default.
Info Wars? Isn't that from the guy who maintains the Sandy Hook children massacre was a hoax from the Left, is being sued for it by the families of the deceased children, and is calling it woke reaction to his freedom of expression? Got to admit, America is a funny place.
https://www.elitetrader.com/et/threads/alex-jones-was-right.363256/page-15 He's got a great voice tho...here's an indie hit song...
Whoop! Mendocino California dreaming! P.S. I saw a report about this gas station this morning, they are now up to something like $9.95 for regular 87. This is gouging the likes of which we have not seen in any lifetime.