Financial Apocalypse by Bert Dohmen Dohmen Capital


By Bert Dohmen
Monday, August 1st, 2011

 A “Deal” in Washington on the debt debate was announced Sunday night. On Monday morning we got some details. Conclusion:  there is no “deal,” at least as defined in the private sector.  

This is similar to you going to  buy a car, you come out of the little room with the sales manager, and your wife asks, “did you buy the car?” And you answer, “We have a deal. We agree that I want to buy the car and they want to sell the car. Now we just have to agree on the price.” 

 Only in Washington “speak” can this be called a “deal.”  

The markets realized this quickly. The Dow Jones was up 100 point on the news but within 15 minutes was in negative territory.   

The talk of a US debt downgrade by the rating agencies is unrealistic and should be classified as “fear mongering.” This will not happen, at least not this year. The rating agencies still have a lot to answer for in their part involving the last financial crisis. They have a proverbial sword over their heads. 

Financial Apocalypse
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