China Rating Agency Downgrades U.S. Debt, Pelosi Says VAT Tax Is 'On The Table', Rand Paul Says Budget Will NEVER Balance, Faber Says New Bear Market Has Begun (LINKS)

Stories from around the web tonight.

• NASDAQ Turns Negative For The Year
• US Stocks: Dow Logs 8-Day Loss, S&P Negative For Year - Bloomberg
• Corrupt Revolving Door at S.E.C. Is Hurdle to Crisis Cleanup - Andrew Sorkin
• China Rating Agency Downgrades US Debt
• Pelosi says new VAT tax is 'on the table' - The Hill
• Europe on Brink of 'Major Financial Collapse': Guggenheim CIO
• Rand Paul Tells Kudlow - This Budget Will NEVER Balance
• New Wave of Layoffs Suggests Friday's Jobs Report Will Disappoint Markets
• Silent Bank Run Shows Never Before Seen Panic In Greece
• Moody's Keeps AAA, Slaps U.S. With Negative Outlook
• Bank of Korea buys over US$1bn in gold reserves
• Stocks: 'The Bear Market Is Starting', Says Marc Faber - CNBC
• House Roll Call: How EVERYONE voted on debt-limit bill
• US Is 'Not a AAA Credit Anymore': David Stockman
• PHOTOS - New Jersey's Homeless Head To The Woods
• A 96-Year-Old's Mortgage Fraud Nightmare - Mother Jones

Comments

[DailyBail]

Opponents Of Debt Hike to be Barred From “Super Congress”

Fiscal conservatives like Rand Paul will be omitted to ensure unconstitutional body can fast track tax increases

http://www.prisonplanet.com/opponents-of-debt-hike-to-be-barred-from-super-congress.html

[DailyBail]

U.S. consumer spending unexpectedly dropped in June for the first time in almost two years and savings climbed, adding to evidence that the slump in hiring is hurting household confidence.

http://www.bloomberg.com/news/2011-08-02/consumer-spending-in-u-s-unexpectedly-falls-for-first-time-in-two-years.html

[DailyBail]

HSBC Holdings Plc (HSBA), which plans to eliminate 30,000 jobs globally by the end of 2013 to curtail surging salary costs, said a “war for talent” in Asia will drive up compensation for bankers in region.

http://www.bloomberg.com/news/2011-08-01/hsbc-to-cut-25-000-more-jobs-by-2013.html

[DailyBail]

California Hotel Foreclosures Jump 91% as Lenders Seek to Sell Properties

http://www.bloomberg.com/news/2011-08-02/california-hotel-foreclosures-jump-91-as-lenders-seek-to-sell-properties.html

[john]

Time bombs still ticking in Washington

http://news.xinhuanet.com/english2010/indepth/2011-08/03/c_131025779.htm

[snip]

The months-long tug of war between Democrats and Republicans, however, failed to defuse Washington's debt bomb for good, only delaying an immediate detonation by making the fuse an inch longer.


http://tinyurl.com/42xfern

[DailyBail]

Nice one John. The Geithner pic was an excellent touch.

[DailyBail]

Spain could be too big to bailout

http://marketplace.publicradio.org/display/web/2011/06/28/am-spain-could-be-too-big-to-bailout/

[DailyBail]

Italy Is Too Big To Bail, Even For France And Germany

http://blogs.forbes.com/afontevecchia/2011/07/12/italy-is-too-big-to-bail-even-for-france-and-germany/

[TR]

NAZI Montana. Now I understand "HOMELAND" Security.

http://www.talk2action.org/story/2011/8/2/93028/83510/Front_Page/Yielding_To_Censorship_Mo_School_Board_Bans_Books_That_Are_Contrary_To_The_Bible_

[TR]

HEY! BIG BROTHER

http://www.syracuse.com/newsflash/index.ssf/story/senate-panel-votes-to-extend-surveillance-law/a8e634f0f45f44918bf683c97eb5dbea

[LiberatedCitizen]

DB about Italy & Spain Plunge Protection Team?

They Only Come Out At Night

I don't know who this is, but it's a government.

http://market-ticker.org/akcs-www?post=191289

It's going to blow maybe not today but it is and the contagion on the CD's well you know the drill

Red Alert

http://www.zerohedge.com/contributed/red-alert

Surprised you don't have up this story...

Rep. Paul introduces bill to cancel $1.6T in debt held by Federal Reserve

http://thehill.com/blogs/floor-action/house/174953-rep-paul-introduces-bill-to-cancel-public-debt-held-by-the-fed

[LiberatedCitizen]

Europe's money markets freeze as crisis escalates in Italy and Spain

http://www.telegraph.co.uk/finance/financialcrisis/8677989/Europes-money-markets-freeze-as-crisis-escalates-in-Italy-and-Spain.html

Swiss National Bank Intervention Epic Fail #2

http://www.zerohedge.com/news/swiss-national-bank-intervention-epic-fail-2

[DailyBail]

Thanks LC.