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In Response to T-Bill Rates Surge Amid Budget Impasse:
T-Bill Rates Surge as Auction Demand Falls Amid Budget Impasse
By Cordell Eddings - Oct 15, 2013 4:51 PM CT
Rates on Treasury bills due in October soared and the U.S. attracted the least demand at weekly bill auctions since 2009 as Senate attempts to end the fiscal impasse were put on hold, increasing speculation of a default.
The $35 billion in three-month bills were sold at the lowest bid-to-cover ratio, which gauges demand by comparing the amount bid with the amount offered, since July 2009. The ratio for $30 billion six-month bills was the lowest since October 2009. Rates on bills due Oct. 24 jumped to the highest level since the securities were sold in April. Fitch Ratings placed the U.S. AAA on rating watch negative, citing the failure to raise the debt ceiling in a timely manner before the Treasury exhausts extraordinary measures.
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The Congressional impasse appears to be a good thing for those who have money to invest.
Posted by WernerS2
Here's the sad truth about Regressives and "fiscal conservatism" - The ECONOMY has always done much better under Democratic control than when Repugs get to be in charge.
One would think this would make business leaders (aka the Uberrich) solidly Democratic, but unlike the vast majority of GOPer-dupes, the Uberrich only act in their own self interest. While the COUNTRY goes into the toilet every time Repugs are in charge, wealthy INDIVIDUALS make out like the bandits they are.
GOPer-dupes revere Reagan who raised taxes 16 times and TRIPLED the National Debt. Virtually every tax increase increased the burden on the middle class while his elimination of the top dozen tax brackets cut Uberrich taxes by more than 50%. Reagan's deregulation and gutting of the regulating agencies he could not eliminate was responsible for the S&L crisis that put millions of Seniors into bankruptcy, but not a single Uberrich wound up with a serious life-style change - including the 200 or so who had to serve time in Federal Prison.
GOPers also think jrbush was a great President despite his lying us into two disastrous wars and giving the Uberrich another huge tax cut - mostly in unearned income - acts that DOUBLED the National Debt and pushed a couple million middle class families out of their homes. Thanks to jr's bailout, the banksters and hedge fund manglers who caused the disaster had no lifestyle change, and not a single one of them served time.
So, what I'm saying is the fact Repugs do things that ALWAYS benefit their Uberrich owners and ALWAYS devastate the 99%, including 98% of the fools who vote Repug, should come as no surprise to anyone - it's what they've been doing with a vengeance since 1980.