Detroit Files Chapter 9 Bankruptcy As Moody's Raises US Outlook
Change you can believe in with Detroit filing Chapter 9. But, really, adjusted for AFS, one-time items and a stock buyback which was pending but never fully effected, it is only a Chapter 11 and thus bullish.
City of Detroit files for Chapter 9 bankruptcy
— Detroit Free Press (@freep) July 18, 2013
Wait, wait, we know: it's the weather's fault. Also, soaring gas prices mean much more weather is coming.
And in an example of absolutely sublime timing, Uncle Warren's Moody's just hiked its oulook on the US from negative to stable. It is unclear if the opinion included the following line: "AAA+++ utopia; would gladly accept more bribes from any time", but it contained the following piece de resistance:
- MOODY'S: U.S. Aaa SUPPORTED BY SECURE STATUS OF U.S. DOLLARS
One can't make this shit up.