In yesterday's missive I wrote "If someone were to say that this market is rigged; would you think he is a crack pot? There are many examples to be sure but this is a beauty: (paraphrased) Wall Street was open and we sure can't allow reality to ever affect to market. No sir - just LIE!
"I wonder how "serious" the upcoming situation will be regarding the US debt ceiling. I wonder if Tax-Cheatin-Timmy will lie as well. Surely the lil-ole stock market will be open and equities may fall, so be prepared for an avalanche of lies from everyone."
As it turns out, Tax-Cheatin-Timmy may already be lying about the exact subject mentioned above. Not all debt is subject to the debt ceiling, which is convenient for Congress and the Treasury; however, that which is subject to the limit is at the maximum and the Treasury sold another $32 billion in IOUs this afternoon.
According to the Treasury's own website the current staggering debt was only $20 billion shy of the ceiling. Check Table III in the lower right hand corner of the pdf page.
Question: Is $32 billion more than $20 billion and wouldn't that put the debt over the ceiling? Oh, and there are more IOU sales Wednesday and Thursday.
What was it again that people with immense power do when things get "serious?" Oh yeah...they LIE.
It is the largest Ponzi scheme any corrupt thief, company, or nation has ever run. It makes Bernie Madoff look like a two-bit pickpocket. Perhaps a recent scathing epistle from Bill Gross on the subject is in order for tomorrow.
Trade Date: 5/10/11
E-Mini S&P Trades*
(before fees and commissions):
E-Mini S&P Trades*
(before fees and commissions):
- No “Secrets” trades filled.
- Algorithm positions (1)
- “Reading the Tape” positions (4) …combined Secret’s, Algo, & “Reading the Tape” total… +5.50
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