 | Did ya hear the new news? The USSA is broke…again! Well, the USSA is always broke because it spends more than it receives in revenue, but the president just asked for the debt ceiling to be raised – AGAIN. In 2006, then Senator Obama said this of raising the debt ceiling…“The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. … Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘the buck stops here. Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.” Correct Senator…pardon, president – it is bad indeed. Aint it funny how stuff changes when you’re not just spouting off hyperbolic statements. Hopium & Changium is a little difficult when you have to actually “do something.” Today president Obama sent another letter to the Clown Posse in Congress asking them to raise the debt ceiling yet again. President Obama wants another $1.1 trillion or so to throw away on useless spending, which will put the USSA on par with your garden variety banana republic with a debt-to-GDP ratio of 107%. Boo-ya baby! Hopium & Changium is Awesium! In the same vein of this thought we read the following from Charles Hugh Smith from Of Two Minds Dear U.S.A.--your overdraft protection is about to be pulled.Dear United States of America: We regret to inform you that your withdrawals exceeded your deposits last year by $1,600,000,000,000 ($1.6 trillion), including your "supplemental appropriations" spending.Your account does have an overdraft protection, and so bonds were sold to cover your $1.6 trillion overdraft. While we value your business, we feel obligated to remind you that this is the third year that your overdraft protection exceeded 10% of your gross national product (GDP), and it seems your account is on course to register yet another $1.6 trillion overdraft in fiscal year 2012.Currently, your overdraft account exceeds your GDP of $15 trillion.Quite frankly, we are worried that you have become dependent on extensive overdraft protection--a feature designed to tide the account holder over for a short period of time in near-term expectation of higher deposits or lower withdrawals--and that relying on large-scale overdraft borrowing to cover your basic expenses is now your standard operating procedure.This violates the intent of the overdraft feature, and as a result we must seriously consider modifying the terms of the overdraft protection on your account. Current conditions enable us to provide this overdraft, but the feature was not designed to be permanent nor on this scale.In order to give you sufficient time to bring your deposits and withdrawals back into alignment, we will maintain the current low-interest overdraft protection on your account through fiscal year 2012. Beyond that, however, please be aware that to maintain the integrity of the system, we will have to raise the rate of interest on your overdraft and scale back the size of the overdraft line of credit.
We regret informing you of these modifications, but the overdraft protection was not intended to be permanent nor near-infinite in scale.
Yours truly,
The Global Bond Market
Trade well and follow the trend, not the so-called “experts.”
Behold the age of infinite moral hazard! On April 2nd, 2009 CONgress forced FASB to suspend rule 157 in favor of deceitful accounting for the TBTF banksters.
larrylevin@tradingadvantage.com
Trading Advantage
(888) 755-3846 | 
 Larry Levin's Trading Advantage is a leading investment education firm that empowers traders to achieve and surpass their financial goals. More than 50,000 students have used Larry Levin's proven techniques for powerful results. | |
Trading Signals from the Electronic (ES) mini-SP 500
- OTF sell @ 10:24 at 1284.25 = -0.75 & -0.75 (2 lots)
- VA sell @ 11:36 at 1287.25 = b/e & b/e (2 lots)
- Algorithm positions (4)
- “Reading the Tape” positions (4) …combined Secret’s, Algo, & “Reading the Tape” total… -2.75
Click Here to see the results of our signals | ES 1290.75 / 1283.25
POC... 1288.50
YM 12407 / 12347
NQ 2378.00 / 2362.00
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