Sign Of The Times of the Day: “Midwestern mom” Lucy Nobbe, a VP at private equities and investment firm Wedbush Morgan Securities, paid an aerial advertising company ~$1,200 to fly over Wall Street today with a banner that reads “THANKS FOR THE DOWNGRADE. YOU SHOULD ALL BE FIRED.”
“I originally wanted to fly it over Washington, D.C., but learned that you can’t do that,” Nobbe told Fortune‘s Dan Primack. “So I chose Wall Street instead, but didn’t specifically intend it to fly over S&P. I’m just a mother from St. Louis who feels the only reason we got downgraded was people in politics.” A friend of Nobbe told the New York Observer the message was directed at both Republicans and Democrats.
Nobbe asked The Daily to make it clear that her views did not reflect those of her employer.
Well, good thing I didn’t book my trip to the US in the hopes that the opposite of this would happen, I guess.
All the other currencies from rich countries that basically depend on digging stuff up or cutting stuff down and shipping it out (eg the Australian dollar, the NZ dollar, the Norwegian krone) are doing really well right now. The Canadian dollar isn’t, because all it’s basically used for (outside Canada) is to let Americans buy things (eg crude oil, unprocessed logs, bulk wheat), and right now investors are really dubious of the Americans’ ability to continue to buy things (because everyone thinks they’re heading for a recession).
So that’s hugely suboptimal. Unless you’re an American in Canada I guess.
The United States lost its top-notch AAA credit rating from Standard & Poor’s on Friday, in a dramatic reversal of fortune for the world’s largest economy.
In case you want to read it from a source that doesn’t have a robot with a smiley face and fedora as its avatar.
- Hong Kong: $121.9 billion (0.9 percent)
- Caribbean banking centers: $148.3 (1 percent)
- Taiwan: $153.4 billion (1.1 percent)
- Brazil: $211.4 billion (1.5 percent)
- Oil exporting countries: $229.8 billion (1.6 percent)
- Mutual funds: $300.5 billion (2…
Ezra Klein gives us a brief glimpse of history:
"There was one short-lived incident in the spring of 1979 that offers a glimpse of some of the problems and costs that might arise if the stalemate on Capitol Hill continues. Then, as now, Congress had been playing a game of chicken with the debt limit, raising it to $830 billion - compared with today’s $14.3 trillion - only after Treasury Secretary W. Michael Blumenthal warned that the country was hours away from the first default in its history. That last-minute approval, combined with a flood of investor demand for Treasury bills and a series of technical glitches in processing the backlog of paperwork, resulted in thousands of late payments to holders of Treasury bills that were maturing that April and May…’That the series of defaults resulted in a permanent increase in interest rates’ of more than half a percent, which over time translated into billions of dollars in increased interest payments on the nation’s debt.”
- “We are announcing today that we have reverted back to our prior legal terms, which contain no mention of arbitration.”—
A statement from General Mills...
- “The necessity of political philosophy arises because most policies are good for some people and bad for others.”—
That’s Harvard economist N. Gregory...