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08-11-2011, 11:54 PM #1
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Fannie / Freddie Downgraded, France Will Be, 5 States Next
BREAKING NEWS: Fannie and Freddie Downgraded, France Will Be Downgraded, Munis Getting Hammered ... States Will Be Next
by Washington's Blog
Global Research, August 8, 2011
As I noted yesterday, munis will get hammered by the credit downgrade, and France may soon lose its AAA credit. http://www.washingtonsblog.com/2011/08/ ... s-and.html
Munis Pounded
Less than 12 hours later, munis are getting pounded by downgrades. http://www.businessinsider.com/sp-downg ... ies-2011-8
France In Trouble
French credit default swaps are soaring.
Here's a summary courtesy of Business Insider: http://www.businessinsider.com/chart-of ... cds-2011-8
For background on the importance of credit default swaps as an economic indicator, see this. http://www.washingtonsblog.com/2008/10/ ... s-are.html
Fannie, Freddie and Clearinghouses Hit
S&P just downgraded Fannie and Freddie. http://www.businessinsider.com/sp-downg ... day-2011-8
In addition, S&P downgraded major clearinghouses including Options Clearing, National Securities Clearing and DTCC. http://www.zerohedge.com/news/sp-downgr ... ath-begins
All 3 companies are major clearinghouses for over-the-counter derivatives, as well as other types of financial instruments.
Next Up ... States?
As I reported last month, the real danger is entire states getting downgraded. http://www.washingtonsblog.com/2011/07/ ... 77-us.html
Moody's has warned against 5 states in particular:
Maryland
New Mexico
South Carolina
Tennessee
Virginia
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