by Ags Nightmare–
Nov. 27 (Stool Pigeons Wire)
Dick Bovine is out pumping already. Dubai default is good for USA.
Veteran analyst Richard Bove of Rochdale Securities said on Friday the effects of Dubai debt woes might benefit the United States. The following is an outline of some of his key points on the unfolding situation:-
- (U.S. Treasury Secretary) Timothy Geithner benefits because it makes his Cassandra calls more believable.
- The U.S. dollar benefits because it remains a safe haven.
- The U.S. budget benefits because the demand for Treasuries will grow.
- The U.S. banking system may actually benefit also as money seeks a safehaven in highly regulated institutions.