Weekly News Wrap-Up 6.22.12

By Greg Hunter’s USAWatchdog.com

Moody’s dropped a bomb on global banks this week. It handed out credit rating cuts to 15 of the biggest banks in the western world. JP Morgan Chase, Bank of America and Citi were all cut two notches and Credit Suisse three notches. Since the 2008 financial crisis, it’s really been all about propping up the banks and nothing else. That’s why there has been growing talk of a world-wide money printing drop for weeks now, and one is coming soon.

Italian Prime Minister Mario Monti says there is “only a week to save the Eurozone.” Remember, Mr. Monti is an un-elected technocrat banker, and this is all about saving the banks and not the people. Congress wants documents in the failed “Fast and Furious” gun sting operation where a border patrol agent was killed with guns given to a Mexican drug cartel by undercover federal agents. The White House is invoking “Executive privilege” in order to not comply with Congress. This is turning ugly and may set off a Constitutional battle. Congress and the Executive Branch are supposed to be equal. There was another meeting this week concerning Iran’s nuclear program. The U.S., Russia, China, Germany, UK, France and, of course, Iran were all present. The only thing agreed upon was they would meet again. How long will Israel wait is the only question to me. Greg Hunter gives his analysis of these stories and more in the Weekly News wrap-Up.

Comments
  1. George Too

    “There is no cover up here. There is no 20 minutes of missing tape” No, there is just a string of dead bodies in Mexico and the USA. Nothing to see here folks, our government has a “Kill List” and kills US citizens without judicial review. Do you think the President really cares if US citizens or Mexicans are murdered by drug cartels using guns illegally given to them by Federal Agents if he can make guns look bad and make an end run on the Second Amendment?
    Mr. Obama said he would bring a new level of transparency to the Presidency. Compared to Mr. Obama’s administration, Mr. Bush’s administration did its work naked, in full view of the public. “New level of transparency” my a$$. It is easier to get into a nuclear missile silo than to get documents from Mr. Obama’s office.

  2. George Too

    In addition, I am not a fan of Mr. Bush’s administration by any measure. I am merely pointing out the fact that while Mr. Obama keeps blaming Mr. Bush for this or that; in reality, Mr. Obama is “out Bushing” Mr. Bush by any metric that one sees fit to use, be it financial, transparency, or rule of law.

  3. Dan

    Greg, Just a point of clarification on the comments you made on Operation Fast & Furious. You stated “undercover federal agents gave firearms, semi-automatic weapons to Mexican drug cartels”. The way you stated this makes it sound as if the agents were the one’s giving the guns to the cartels. I think “gave” is not correct. The agents, some of whom became whistle blowers, were instructed by superiors to allow retail gun shop owners to sell to straw purchasers, or middle men, who took them over the border to the cartels. The gun shops would not have done it and the agents would not have done it if they weren’t being instructed to let the guns walk.

    • Greg

      Dan,
      Fair enough point. Thank you for the clarification. I should have said gave the green light to sell them to the cartels.
      Greg

  4. Shawn

    Hello Greg…after checking out your weekly wrap-up I went over to Bloomberg to see the effects of bank downgrades by Moody’s. The top story reads “Bank Investors Dismiss Moody’s Cuts as Years Too Late.”

    In the article one analyst states: “‘American banks are stronger today than they were three years ago,” said Gerard Cassidy, a bank equity analyst with RBC Capital Markets, adding that market prices have long reflected concerns raised by Moody’s.'”

    Are these guys for real? Banks stronger today than 3 years ago…really? We seem on the brink of another global financial collapse and the banks are stronger than ever? I can barely bring myself to even watch Bloomberg these days.

    Also, I grew up in Greensboro, NC watching you on Channel 2 so have been a fan for a long time. So glad to find your site…

    Thanks,
    Shawn

    • Greg

      Shawn,
      These folks are in deep, deep denile. Can you remember when this many big banks, in so many countries, were downgraded? I can’t. This comes on the heels of many bank downgrades in Spain and Italy. As I have repeatedly said this is a bank solvency crisis and the downgrades are another sign on the road to perdition. Thank you for your kind words and support. I still love Gboro!!!
      greg

  5. mike gunther

    Another great report. Guess we will see what Ben does today. Wall Street is awaiting QE 3 like a crack addict looking for the dealer to show up on the street corner. Get things ready “down on the farm”, I know I am. God Bless!

  6. Cathy

    Thank you for the great coverage of the daily “real” news! I really like the video’s daily, very, very informative. Great job keeping us up-to-date.

    • Greg

      Thank you Cathy for watching and commenting.
      Greg

  7. ONTIME

    Hooray for Germany for refusing to give the PIIGS another chance to stay drunk on their money, this of course has raised the ire of the PIIGS and they are now name calling the staunch Germans in typical communist rhetoric….PIIGS, your house is built on sand and you had better learn about self reliance.
    F&F is going to blow up big time in the faces of the socialism seekers, another name for communism. By the looks of things the shameless, treasonus actions of the DOJ/WH and their disregard for human life and rule of law is going to net them a political hit that is going to make the hard left squeal with pain and outrage. Seeing their leadership being exposed for the callous self seeking gang they are is not going to be easy to take…still no apology from any of the left to the families of those they harmed in their quest to committ treason against this country by violating the law and smuggling arms across our border.

  8. Ambrose

    Greg,

    It is refreshing to see you reporting in front of a farm. There is nothing better than breathing fresh air in countryside. What’s next? Reporting while riding on a horse? That’ll be cool.

    I think there is another news that is worthwhile to mention.

    “Drone Industry Becomes A Booming Business” (http://rt.com/usa/news/drone-business-defense-million-422/) By 2020, there may be up to 30,000 drones flying in the U.S. skies. In addition to losing privacy, there is always a danger that the drones will cause loss of life and property damages if someone jams the signal, hacks the computerized controller, or simply an electronic or mechanical malfunction of the drone. Also, it is just a matter of time for the terrorists and drug lords to procure the drone technology and use it against us.

    Ambrose

    • Greg

      Ambrose,
      Thank you for the comment and for adding to the content of this post. The drone story is an important one!!!
      Greg

  9. mark hagen

    I cannot believe anyone even pays attention to Moody’s. The rating agencies are bought and paid for by those they rate and they are never ahead of the curve but always behind. With all of the derivatives these big banks are holding, they were down graded by me, in my mind, several years ago. Where was Moody’s then?

  10. Mitch Bupp

    I guess the only real question we all want answered is, “When is the other shoe going to hit the floor” and the crap hits the fan.

    can the FED plug the hole in the assett bubble before it ballon drops from the sky and how much paper will they have to throw in the hole to plug it since most of the QE paper is blowing out a hole too big to plug!

    for the continuing saga of Bankrupt Ben tune in next week!

    Thanks Greg on spot as usual

    PS: Brad and Britt moving south to the border…. WBT afternoon drive 3-6 on July 2

    • Greg

      Mitch,
      I don’t know exactly when it will “hit the fan” but it is coming, and everyday it takes to hit is another day for folks to try and prepare.
      Greg

  11. BigTom

    “When will they proscute Wall St. wrong doers?” That would be a good start. A better place to start would be with Congressional oversight stepping in and charging the SEC & CFTC with malfeasance and dereliction of duty. Blatant naked short selling in this market not only goes unapposed, but nary a word from government agencies responsible for overseeing this abuse. Even mistakenly leaked Goldman Sachs documents into a courtroom explaining just how this naked short selling is occuring still brings not even a frown from SEC and other agencies responsible for market oversight. Yo, but not a word from our congressional representatives, those bastions of the rights of working class Americans! Congress, and thus those noble representatives who slink within those hallowed walls of liberty, is responsible for seeing these agencies overseeing financial misdeeds do their job. Where is our individual congressionan demanding oversight?

    • Sean S

      Naked short selling or not, those short trades ultimately have to be closed out with a buy.

      • BigTom

        Sean S., Yeah Right! That is like saying the guy who just robbed a store by gunpoint is stimulating the economy when he goes out and freely spends the money. Come on Sean S, I have read your comments before and I know you can do better than this….

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