Geithner: U.S. Will 'Never' Lose AAA Debt Rating
In BureauSpeak, "never" means "imminent". Current Treasury Secretary Tiny Tim Geithner claimed the U.S. is in no danger of losing its AAA debt rating. “Absolutely not,” Geithner said, when asked in an ABC News interview broadcast in early February whether a downgrade is a concern. “That will never happen to this country.”
"Never"? Really, Timmy? Let me guess, you'll also "pull-out" and respect us in the morning, too.
The bloomberg write-up is here www.bloomberg.com/apps/news?pid=20601068&sid=aDYv97KxyEtU
If you'd like to hear this bull-schmidt with your own ears, the exchange is at the 6:00 mark, here.
(what's it say when a person can't look you straight on?)
Maybe Timmy is onto something, though. The folks over at seeking-alpha writing about the same statement included a chart of Enron which shows that by the time its stock was downgraded, there wasn't much left to lose. Perhaps the take-away message is that the smart money won't wait for someone to ring a bell. http://seekingalpha.com/article/187410-famous-last-words-u-s-will-never-lose-aaa-debt-rating
Meanwhile, back in reality, Marc Faber (an investor who has actually gotten a thing or two right in his life) just about ran the talking heads out of the TOUT-TV studio. There's a small segment you may have to replay a couple times to hear what each person says as everyone scrambles to try to discount his comment.
Marc Faber talks Greece Bailouts 2/10/10 - CNBC
You can almost feel the censor-button guy updating his resume.
The sole Geithner vid had embedding AND comments disabled, while the Faber vid has several copies uploaded (just look for the title) and open to comments. Hmmmm.