I hope HL not having a nervous breakdown with

[Islandman]

the US stock market falling like a rock. Down over 400 points today alone.

Not a pretty sight at all.

[Islandman]

Jim Rogers: Don't See How US Can Ever Pay Off Debts

The U.S. doesn't deserve a AA-plus credit rating, much less triple-A, commodity bull and noted investor Jim Rogers told CNBC on Monday.
Rogers said the country was unlikely to be able to pay off its debt and Standard and Poor's rating cut had come too late and should have happened long ago.

"It seems to me it's physically, humanly impossible for the U.S. to ever pay off its debt ," Rogers said. "They can roll it over and continue to play the charade, but the U.S. is bankrupt."

Rogers’ comments came during a CNBC interview with the head of sovereign ratings at Standard and Poor's, David Beers.

Beers said that according to S&P's calculations, total U.S. public debt, which includes local, state and federal government debt, will be $11 trillion this year, and will rise to $14 trillion in 2015 and to $20 trillion by 2021.

To put those numbers into perspective, according to the U.S. government's Bureau of Economic Analysis, U.S. annual gross domestic product (GDP) totaled $15 trillion in the second quarter of 2011.

Rogers, who has been critical of the U.S. economic policies for some time, said he remains short 30-year Treasurys , emerging markets and U.S. technology stocks but was long safe havens such as the Swiss franc, the yen and the dollar.

Rogers said he was also long commodities, especially gold and agriculture, and accepted that some of his long commodity positions may suffer in a selloff. Still, he won’t be selling.

"You should nearly always buy into panic just like you should sell hysteria," Rogers said. "I own gold, I'm worried about gold, it's going so up so much, I'm not going to sell it but it looks like it's setting itself up for a nice correction. I hope so then I can buy more"

[HL]

WTF!!!!!!!!!!!

The irony of this who fiasco is that there are a few extremely rich folks (who pay little income tax)...are getting even richer!!!!

[Islandman]

True, and its not just in the US. There is a super-rich elite class that live in their own secluded world. Try to touch thier money and they move it somewhere else at the speed of light.

[Assasin]

Obama want borrow Audley????? LOL.

[Assasin]

I am waiting to see Bill Gates, Warren Buffet, Ted Turner and them to make a stand. They say they are willing to pay more so get them more vocal in the political arena. They also have a lot to lose on the market.

[Scaly Spurs]

the US stock market falling like a rock. Down over 400 points today alone.

Not a pretty sight at all.

Warren Buffett says that he is not selling govt bvonds and he still believes this is a tripe A country..............he is my god right now....When he moves I move.

Rememeber Moodys and Fitch still has a AAA rating on us.

[Assasin]

Obama need fi go itch up and take two photo with him, tell him and afew others fi give back their Bush tax cut and embarrass the republicans and we will be alright.

[Scaly Spurs]

the US stock market falling like a rock. Down over 400 points today alone.

Not a pretty sight at all.

Plus those Mo Foes at S&P just got some much free PR and now they will sell more ratings than ever before...more money more money more money as they use to say on In Living Color.

Sit tight the ride will be rough but we will coast upward sooner than you think.

[Islandman]

By still triple A he means that the US govt will pay its debt even if it means printing money till 1 US $ = 1 JA $. I wonder how the Chinese will feel about that. Unfortunately for them they can't do anything about it right now but rest assured they trying to figure it out.

BTW respect due to Warren Buffet but him don't like gold either and its the best investment I have made in a decade.

Gold to $2000 US an ounce me say, then I will sell and decide what currency to hold while all hell breaks loose.

[MdmeX]

@ Scaly Spurs - right now a Bob Marley a mi GOD

"Don't worry about a thing,
'Cause every little thing gonna be all right.
Singin': "Don't worry about a thing,
'Cause every little thing gonna be all right!"

[Hortical]

Asian stock markets nosedived on Tuesday, as investors dumped riskier assets in a global rout triggered by fears that political leaders are failing to tackle debt crises in Europe and the United States.