Saturday, July 30, 2011

Yes I do work 24/7…

House passes GOP debt limit plan

Twenty-four hours later than planned — and only after a change to mollify conservative Republicans — House Speaker John Boehner, R-Ohio, put together enough votes to rescue his debt limit fix Friday. The 218-210 vote, along party lines, came four days before President Obama says he'll run out of the borrowed money that keeps the federal government from paying its bills. The House vote kicks the issue once again to the slower-moving Senate, where rules make it all but impossible to vote out a plan before Monday. Big surprise.

Posted by khards @ 12:33 AM (3050 views)
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8 thoughts on “Yes I do work 24/7…

  • financial planner says:

    There was in fact NO CHANGE. There ws merely a checking of the arithmetic.

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  • The BBC website 5 minutes ago said:

    “The House of Representatives passed a Republican bill proposed by Speaker John Boehner, but that was quickly killed by the Democratic-led Senate”.

    I assume the issue will run on and on with more grandstanding, as predicted.

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  • China seems to be losing patience:
    “China, the world’s biggest owner of US Treasuries, turned up the pressure on the US to sort out its sovereign debt woes yesterday as its official news agency labelled American politicians “dangerously irresponsible” for failing to resolve the crisis. As nervous investors dumped short-term Treasury bills, China’s state-controlled Xinhua news agency said US politicians had “kidnapped” the rest of the world in a “game of chicken” by wrangling over a deal to raise America’s $14.3 trillion (£8.7trn) debt ceiling”. says Saturdays Independent website.
    .http://www.independent.co.uk/news/business/news/china-loses-patience-with-us-leaders-who-kidnapped-world-finance-2328692.html

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  • US politicians had “kidnapped” the rest of the world

    They did that over sixty years ago and have maintained it ever since. It would be more to the benefit of the rest of the world if time was called on them.

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  • The little story that has failed to gain attention, is that amidst all this eurozone and federal debt limit drama, investors have been quietly piling into UK Gilts – our 10yr yield is now below 3% – close to record lows..

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  • Materialistc Weasle says:

    UT & TC

    At risk of sounding thick – what does that mean ?

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  • I’m intrigued as to why the long dated UK gilts are showing yields of no more than 4.02%, yet the undated War Loan stock is yielding 4.35% – if the government’s Debt Management Office was to buy back that stock, cancel it, and then issue dated stock to replace it, they’d show a tidy profit..

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  • TC,

    The undated element of the UK govt. debt portfolio is pretty small in the overall scheme of things – about £2bn in total – and I struggle to identify a longer game plan here. Some small fragments of it also have extremely ancient roots – remnants of the 19th century ‘Consols’ – themselves going back to the Crimean wars, and possibly the Napoleonic wars as well..

    As much of this stock was originally offered on a ‘bearer bond’ basis, there must be a significant lost quantity whose ownership is unknown and coupons long unclaimed..

    However, I can understand it being seen as a non-conformist line of stock that doesn’t fit the asset profiling systems of today’s big funds – so it might be time for all this stock to be the subject of a grand conversion offer…

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