Treasury Sec. Tim Geithner
Geithner April 2011: “Is there a risk that the United States could lose its AAA credit rating? Yes or no?” – Tim Geithner: “No risk of that.”
Geithner April 2012: “If we don’t deal with these debt problems we are going to be Greece in two years” – Tim Geithner: “No risk of that.”
…the absolute kicker, and here we flashback to April 2011 when Timmy said there was “No risk” of a US downgrade, was Geithner using his favorite catchphrase, this time in response to whether the US may become Greece in two years: “No risk.” Full Report →
The center’s report echoes a warning from Treasury Secretary Timothy Geithner last week. | Reuters
The federal government could hit the debt ceiling sooner than expected — and possibly around the November election — according to a report out Friday.
Standard & Poor’s on Friday downgraded the debt of nine European countries, including France and Austria, two large economies which until recently were thought to be strong.
Germany, by far the strongest economy in Europe, was not included in the downgrades.
The move by S&P, rumored for weeks, is being viewed as the latest troubling development in the long-running European sovereign debt crisis.
Standard & Poor’s ratings agency has downgraded France’s credit rating, French television channels reported on Friday, citing a government source.
From Business Insider…
In an analyst note, Bofa/ML Ethan S. Harris drops a bit of a bombshell prediction: