July 30, 2011

SO WHERE’S THE MONEY GOING? Treasury Cash Drops By $15 Billion Overnight. “At this burn rate there is precisely 3 days or so of cash, although this naturally does not include the bulk payment due to SSTN discussed previously. It is now officially time to panic, although those who so wish, can put their money in not just Apple ($76.2 billion), but GE ($136.4 billion) and Microsoft ($62.4 billion) all of which have more cash than Tim Geithner. Of course, as Gartman put it, in three days everyone will have more cash than the US Treasury.”

It’s a shame those crazed ideologues in the Senate voted down the House bill that would have raised the debt ceiling and prevented financial chaos.