Spanish, Portuguese CDS spreads Hit New Records
Submitted by
CalculatedRisk on Mon, 02/08/2010 - 11:31am (199 comments)
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GIPSIs FTW!
I'm with STUPID.
"Spanish, Portuguese CDS spreads Hit New Records"
Save that CR, you'll be using it again.
Rob Dawg wrote:
You can't spell "STUPID" without US.
how do i get piece of this action? oh, wait...
The containment is spreading? (Miss you, Tanta...)
Yup investors are nervous, so run to the dollar....hahahah! good luck with that.
The Laboon Comes
This article explains it very well.
Rob Dawg wrote:
Along with "unemployment rate rises unexpectedly," and "NAR spokesman says home prices have bottomed."
Weather Helm wrote:
The GIPSIs are subprime now!
.
Also from Yahoo!:
1/3 of the country tuned in to watch it. Good sign or bad?
SPIT
FROM: Europe Risks Another Global Depression | iStockAnalyst.com
> At the end of the [G7] meeting yesterday, Treasury Secretary Tim Geithner told reporters, "I just want to underscore they made it clear to us, they the European authorities, that they will manage this (the Greek debt crisis) with great care."
But the Europeans are not being careful – and it's not just about Greece any more. Worries about government debt and associated public sector liabilities (e.g., because banking systems are in deep trouble) have spread through the eurozone to Spain and Portugal. Ireland and Italy are next up for hostile reconsideration by the markets, and the UK may not be far behind.
Even if we do rally, hard not to short BRICs into any real green.
Who will they export too if europe and NA are tit's up?
IndyMac Shenanigans - Guess who is involved
Video Marketing and Mortgage News Designed for Mortgage and Real Estate Sales
dum luk wrote:
Did he say that whilst shivering uncontrollably? I can't believe they held the ministerial in Iqaluit in February. That's as silly as setting it in Death Valley in July. The high today is -6F, not including a 30 mile an hour breeze.
Where's the hockey stick graph?
Nervousness over the CDS makes sense. If you co-signed on mortgage for your daughters house, wouldn't you be nervous too if you found out her new husband turned out to be deadbeat dad, lost his job and his credit cards were just denied?
noob goldberg wrote:
It softens the message when the protestors are filmed throwing snowballs.
yagij wrote:
Bread and circuses. Just bread and circuses...
yagij wrote:
Good: a hundred million people got the mind control transmission embedded in the Budweiser ads.
yagij wrote:
I am STUPIDUS. No, I am STUPIDUS.
How did that movie end again?
In my case, that's inevitable, since women always seek the worst traits of their father.
yagij wrote:
Good sign if you like to ski without a crowd.
Oh...worries about Greece and Portugal & Spain...but not the UK yet...
noob goldberg wrote:
Maybe no other place wanted them--and have to spend millions on extra security, disrupt traffic, etc.
Phew. Good to hear it contained to Portugal Greece and Spain.
Anyone catch the article about Nevada? It states they could layoff every single state employee and still now have enough money to continue on.
"I just want to underscore they made it clear to us, they the European authorities, that they will manage this (the Greek debt crisis) with great care."
Yes, with great care for their own national self-interest, Euro Union be damned.
mpthompson wrote:
Most of Europe is going to be interesting to watch (sans the Scandinavian countries for now).
.
They have enjoyed a comfortable (by American standards) social welfare system/safety net for years with cheap(er) education, broader health care coverage, and other benefits like more weeks of holiday. Although now that the governments are looking at problems with securing more debt to provide these benefits and the businesses themselves getting squeezed because of the deteriorating economic environment either within a particular local region or globally. It will be interesting to see whether they all go American/Japanese and scale back on some of the employment bennies or unemployment support, or they decide to d^mn it all to h^ll (ala Dr. Strangelove) and just ride this horse 'til it breaks the bank.
.
I know I would like some universal health care coverage and 5 weeks of vacations, but I also like knowing that I can get food readily available at the grocery store and its price will be reasonably stable.
Maury the Credit Responsibility Panda wrote:
On February 6, 2006, Airbus flew the A380 to Iqaluit for cold-weather testing. I guess maybe they had the ministerial there to control the influx of protesters
Since the only practical way of getting there is by air, RCMP could better control who came and went, is my thought.
But still silly.
Grease Traps and Spained Ankles. What's next? United Straightjackets of America?
noob goldberg wrote:
My kingdom for a power outage and unusable vehicles...
yagij wrote:
You can spell it with U, but without ME
Despite all the global debt woes, I feel much better now that John "$35K comode" Thain is back in game.
Nothing creates a bubble like financial idiocy and rewarding incompetence. And Thain is a master of both.
Forum shopping ?
FT.com / Capital Markets - Lehman ruling creates new doubts for CDOs
Cinco-X wrote:
Sorry, but U are with STUPID and so am I.
License to Kill? Intelligence Chief Says U.S. Can Take Out American Terrorists - ABC News
Standard Chartered not long ago went out of their way to promote investing in China, going so far as to say that China's urbanization statistics understate the potential opportunities and so forth
FT Alphaville » China’s metropoli bubble fear
now all of a sudden they are worried about a RE bubble even though wealth producing investments are allegedly boundless there, and should have attracted the investment first...
Just out of curiosity, a country goes TU, who would ever pay on a CDS until forced to by the national courts that are in a state of "flux"?
Cant spell "pain" without Spain
Can't spell "fleece" without Greece, and a few more letters
merchants of fear wrote:
Who's holding all those CDS' anyway? Lloyds, AIG?
yagij wrote:
Maybe a nice aviation-restricting blizzard for a week or two?
shill wrote:
Governor plans emergency address on Nevada budget - washingtonpost.com
Nevada's budget is so far out of balance that by one account the state could lay off every worker paid from the general fund and still be $300 million in the red.
What was Obama doing muddying up the damned pre-game SuperBowl show with? Something that couldn't wait till today? I was cooking - couldn't tell what he was jabbering with that woman about......
noob goldberg wrote:
If only I could get an active OT Jehovah for a week or two.
Black Star Ranch wrote:
Nah, just take out a loan and put up the CDS as collateral, so that the lender has to wear it.
RATM wrote:
Gov. Gibbons won't raise taxes - bless his philandering heart
yagij wrote:
Black Star Ranch wrote:
3rd party collections agency. Russian Mob.
Black Star Ranch wrote:
I read on ZH that it was the Greek banks that were the largest counter-parties to Greek CDS. The rationality being that if Greece collapses, the banks are going to be toast. If Greece survives, then the CDS is just extra money in their pockets. Honestly at the moment, I would avoid CDS (and the kinds of investments that are being underwritten) just because it makes sense to me.
.
Which is why They are rich and I am not.
Was in Iqaluit in 94. Basically a frontier town. Few paved roads. Everything hunkered down
in the cold. Crazy place for this meeting, but yes, few protesters.
Rob Dawg wrote:
STUPID is as STUPID does. And that's all I have to say about that.
The big MGM white elephant is done. Wonder how the occupancy is going there.
Worth another look...'spillover effects'
'Weak policy makes a country vulnerable to abrupt shifts in investor confidence; the sudden rise of investor expectations of a crisis can force a policy response that validates the original expectations.'
-Pesenti & Tille, FRBNY Economic Policy Review, Sept. 2000
http://www.newyorkfed.org/research/epr/00v06n3/0009pese.pdf
John Murtha has died
Details breaking on Fox News
Rep. John Murtha dead at 77 - USATODAY.com
shill wrote:
When the going gets tough, quit.
.
(j/k)
Is the DOW Fairy that appeared around 1:00 EST last Friday going to make a return trip today? Inquiring minds want to know.
Anyone aware of bookmakers listing odds of say, Spain defaulting? It would be interesting to compare to these CDS spreads.
American Taliban...
Don't kill U.S. gays, lock them up: Family groups - Faith & Reason
One night at Sheri's, the guy that played "Lieutenant Dan" in Forrest Gump was talking to the women there having a bunch of "cold ones" - boy did they ever love him! Seemed like every darned woman working came out in their "slinky-finest" to say HI!
Reading about lack of shelter and strained support systems for the homeless in Bismark when this little jewel appeared:
"He bought warm clothes at a thrift shop and found a spot in a shelter. Like others, he’s hoping for an oil job, but in the meantime, a pharmaceutical company is paying him to wear a patch containing a drug it’s testing."
As far as a wealth of employment opportunities:
"North Dakota has about 8,500 unfilled jobs and the lowest jobless rate of any state, at about 4 percent."
N.D. has jobs but no housing
At least we've got some nice (temporary) benefits, what did your goons spend the money on?
I sing a new song to the commentariat, to the tune of Slow and Low
Let it flow, let your debt go
Come on schmo, buy my Cee Dee Oh!
It's not looking good, all poo poo
So everybody catch the Spanish-Greek flu
Not like a fever, not like a cold
The bond is bad, the coupon is mould!
Interesting, on many different levels...
Weekly Commentary | Crow's Nest Investing
rosethorn wrote:
I'd say intrade.com, but they don't seem to have one running for failing EU countries (I wonder why.
)
Nothing to see here; move along.
WASHINGTON — Social Security's annual surplus nearly evaporated in 2009 for the first time in 25 years as the recession led hundreds of thousands of workers to retire or claim disability.
The impact of the recession is likely to hit the giant retirement system even harder this year and next. The Congressional Budget Office had projected it would operate in the red in 2010 and 2011, but a deeper economic slump could make those losses larger than anticipated.
Rash of retirements pushes Social Security to brink - USATODAY.com
Green Pastures wrote:
Defense (Pork), Urban Renewal (Pork), Energy Subsidies (Pork), Education (Pork)
.
Probably the same thing that your "goons" spent it: Pork
More Iran news:
Iran anniversary 'punch' will stun West: Khamenei
Did they spike the punch?
So...a no-brainer...as in the Asian Crisis...and the current crises...inadequate supervision of banking and financial institutions can explain 'severity' of crisis through 'structural links' and spillover...again...
Externalized Costs wrote:
To quote a commenter on that article:
Rob Dawg wrote:
Bwahahahahaha! oh waitaminnit...
Always look on the bright side of life
mpthompson wrote:
Relatively low volumes today, so that may be. OTOH, they may have shot their wad on Friday fighting the tide.
I've been up there on that cross for quite a while.
And while the focus is on Greece and and and ...California and and and can fade from the spotlight...
Vonbek777 wrote:
Well that doesn't sound very promising. Unless they came up with a cure for insolvent countries.
You know they are going to declare they have the bomb...I mean that is what I suspect...
Vonbek777 wrote:
Looks like I need to short my positions.
I don't think anyone of even average intelligence believes the public debt bubble is any different than the RE bubble of a few years ago in terms of inevitability.
noob goldberg wrote:
I thought it was presumed to be an anti missile system or some such-
Vonbek777 wrote:
http://i.neoseeker.com/mgv/72505-The%20Slayer/505/17/1234638222342_display.jpg
I don't know why I posted that, but I've always wanted to.
Thought Offerings: The Mystery of Japan's Private Debt Levels (Solved?)
Cinco-X wrote:
If they are successful as the Patriots back in GW I, then it will be much to do about nothing.
Vonbek777 wrote:
I'll put on my lateral-thinking
and assume they're going to do a proper election vote recount. 
Where have all the Jean-Luc Picards gone?
HomeGnome wrote:
Yes, I've been hearing about this; their projections are all off, the # of people taking early retirement at 62 is spiking. I have heard you can take SS benes and unemployment at the same time, and I don't doubt a number are doing that. And if the feds let UI payments run out, I expect many more to.
My wife is 62, still working and wants to work. But as an older worker with a couple of physical disabilities (not the kind you get payments for), she doesn't expect to compete well in what's left of the job market should she be laid off. And she'll join the crowd.
yagij wrote:
Iran says to unveil air defence equal to Russia system
| World
| Reuters
Iran to make 'advanced' attack drones - Telegraph
Defiant Iran set to begin higher enrichment of uranium - Yahoo! Canada News
That said, I agree with you in principle; anything they might put up should be easily overwhelmed by superior firepower-.
Home Gnome,
Imagine if organized religion could be bashed to the point of many abandoning their basic faith and principles...the State could become the new religion...and sales of porn, drugs, gratutious violence, etc. could go up and then 'moral hazard' could be eliminated all together...
Stocks Drop on Debt Concern; Dollar Falls, Commodities Gain - Bloomberg.com
Just give back the "surplus" to the people ala the kicker system in Or.
Ciao
MS
The Earth is only 4000 years old and fossils were put here by the devil to test your faith...
Vonbek777 wrote:
We could use a couple of Patrick Stewart's right about now.
HomeGnome wrote:
I find your lack of faith disturbing-
I don't know about that...
The Picard Video
Someone had way too much time on their hands...
HomeGnome wrote:
Speaking of testing the faith,
's starting to wheeze. I don't know if he's got a last minute sprint in him anymore today.
HomeGnome wrote:
6,000. If you are going to mock, do it properly.
yagij wrote:
Ya'; what he said-
I'm blessed.
Cinco-X wrote:
Anyone having faith in SC is usually more disturbing...
"While the long term result is uncertain, Japan has been carving a third option for nearly the last two decades — reduce nominal interest rates to very low levels to reduce the debt servicing burden while leaving the debt in place in an attempt to grow out of it, even if doing so is accompanied by economic stagnation."
Doesn't economic stagnation mean that it's hard to grow out of the debt burden? I say yes.
I reckon this story (yonder below) is where all us hillbillys are at now in this here correlation related to time ....yah know, this is like deja view.
CDS investors still trading with Lehman
| Reuters
"Just like Bear Stearns, Lehman has a lot of relationships and exposures to a lot of other firms," said a credit derivative trader at a competing bank, who declined to be identified. "It would stand to reason that if the Fed and Treasury were worried about Bear Stearns causing contagion, then it would also apply here."
In spite of this, some investors have been paring their exposure to the bank, while others are reluctant to increase their exposure.
YouTube - Casablanca (1942) ... As Time Goes By ... Ingrid Bergman, Humphrey Bogart, Frank Sinatra sings ****
Home Gnome,
Most people believe in evolution probably...but the higher circles have evolved into technology using predators...but we don't believe that...so who's being stupid?
What I Learned From Hank Paulson’s Book - Real Time Economics - WSJ
Some interesting blurbs-
DC area people. The NWS just issued this update.
THE NATIONAL WEATHER SERVICE IN STERLING VIRGINIA HAS ISSUED A
WINTER STORM WARNING FOR...WHICH IS IN EFFECT FROM NOON TUESDAY
TO 7 PM EST WEDNESDAY. THE WINTER STORM WATCH IS NO LONGER IN
EFFECT.
National Weather Service Watch Warning Advisory Summary
yagij wrote:
Southern Cal, Santa Cruz, or South Carolina?
Vonbek777 wrote:
I've been up there on that cross for quite a while.
I hear you... This three days it taking for-freakin'-ever.
Praise Glob!
I find it interesting that the same science that laughs at the earth being 6000 years old, can't move an inch in dating the Sphinx and Great Pyramid at Giza because it doesn't fit their doctrine...
Don't worry. They didn't let Timmy and the other big finance honchos go outside, not even for a few seconds. They had special runways take them straight to heated bunkers.
This was designed to show the world they really do care about global warming and the environment.
They really do, you know.
sorry...meant to say organized, lobbying, 'special interest', technology using predators...
Great read:
What Do Rising Sovereign Credit Default Swaps Mean?
Vonbek777 wrote:
Or denies the Medieval Warming.....
You disagree with Schoch's methodology and findings?
Well fed finance ministers and treasury officials make nice polar bear snacks. Well, one can always dream.
HomeGnome,
The Higher Power is really guaranteed 'profits' or easy money...you know dat...the other stuff just distracts us from 'discovery'...
merchants of fear wrote:
Imagine if organized religion could be bashed to the point of many abandoning their basic faith and principles...the State could become the new religion
The new ego-based religion is already alive and well. Pity it's only relevant to a small percentage of folks, but they really seem to like it.
Zero Private-Sector Jobs Created Since 1998
rosethorn
I just linked to that page for it's collection of charts for Japanese debt to GDP
It's not that they have a government debt bubble, it's that public debt is replacing corporate debt to keep balance sheets afloat
It could continue indefinitely except for the fact that even the most stagnant of economies requires growth, which they have met through exports to the rest of the world that wasn't so balance sheet constrained
So there is the nuanced result, you can have ridiculous levels of debt and even money printing without the world ending but there are other limitations, like the requirement of growth to offset leakage and inefficiencies in maintaining effective money supply at least at flat levels
Vonbek777 wrote:
His Noodly Appendage artificially aged them to sow confusion and discord among the so-called "scientists"
Didn't Lex Luthor (Superman's arch enemy) live in an ice bunker?
Maybe they're visiting...
shill wrote:
From the link:
Hey...ya know we need religion to fight endless wars for resources and geopolitical objectives or else it will look like barbarism or savagery...so so-called 'religious' conflict has its advantages...to the planners of economic cycles and war cycles...
EconomPic: Women Taking Over the Workforce
For the first time in recorded history, women outnumber men on the nation’s payrolls.
I'm naturally a skeptic...so I doubt any man's claim and methodology, because they are usually self-serving. In reference to the Giza plateau though...man is an ape that mimics what he sees... the reason the pyramids remain a mystery, is what are they mimicking? If the brightest minds of any given age can't figure it out...what does it mean? Napoleon's reaction is quite human, in retrospect.
Rash of retirements pushes Social Security to brink - USATODAY.com
EHP<
I was just thinking about the social aspects of this very thing yesterday while taking a shower.
I do most of my deep thinking in the shower for some reason....
We need more people like Otis...Mr. Luthor....what's an evil sidekick without his goon.
How jobs growth forecast was done - USATODAY.com
Nice interactive map....
It's interesting that while some states will be recovering to 2007/8 levels of employment this year, some will not have rebounded even by 2013.
shill<
It's like you and I are on the same high band wavelength this afternoon.
Order and chaos, make the world go round. Proudest monkey and all that...
Maury the Credit Responsibility Panda wrote:
His Noodly Appendage artificially aged them to sow confusion and discord among the so-called "scientists"
That rat-bastard! The more I learn of FSM the more I both admire and despise him.
The IndyMac Slap in Our Face
Heheh " High band "....love it.
"Hey...ya know we need religion to fight endless wars for resources and geopolitical objectives or else it will look like barbarism or savagery...so so-called 'religious' conflict has its advantages...to the planners of economic cycles and war cycles..."
+++
.... sovereign credit
What are we talking about, Covered Bonds?
Arnold Schwarzenegger to carry torch in Stanley Park
24 Hours Vancouver
wow..
The IMF now predicts that the government debt-to-GDP ratio in the G20 nations will explode to 118% by 2014 from pre-crisis levels of around 80%.
combined $2 trillion of potential sovereign debt restructuring
151 million volume with 14 minutes to go. Everyone's waiting...for something.
if it finishes (minus) -50...that's outstanding for the news that's coming out.
Doc Holiday wrote:
Doesn't include wawa their off-balance sheet obligations
noob goldberg wrote:
BOA has nearly 3 times the volume of the next highest stock, and it's also the biggest loser today on the DJIA-
Dive! Dive! Dive!
merchants of fear wrote:
You expected lower? Remember, it's Monday. The market is always
on Mondays, so -50 is really more like -100 
uhhh...moving in the wrong direction...pump it up....
Greek Ouzo crisis escalates into global margin call as confidence ebbs - Telegraph
The scale matches America's sub-prime/Alt-A adventure and assorted CDOs and SIVS of the Greenspan fling. The parallels are closer than Europe cares to admit. Just as Benelux funds and German Landesbanken bought subprime debt for high yield with AAA gloss, they bought Spanish Cedulas because these too had a safe gloss – even though Spain's property boom broke world records. They thought EMU had eliminated risk: it merely switched exchange risk into credit risk.
merchants of fear wrote:
Shorts covering?
noob goldberg wrote:
I expected a happy day, I suppose it is still above what is was before the JPM stick save so happy day determination might have to wait until Tuesday
noob goldberg wrote:
You can get index quotes in frog points? Is that anything like dog years?
ruh roh. The buy button is this one. Maybe the PPT guys are confused.
Looks like Elmo saved his best for last today...
sm_landlord wrote:
It's flirting with a triple digit loss on the Dow.
Edit: I was out of date before I pressed "Save".
Will we see -100?
How about -100
Let the sovereign defaults roll!
"Greece has to realize that when you break the rules over a long period of time, you have to pay a high price," German Finance Minister Wolfgang Schaeuble told reporters in Iqaluit, Canada, at the weekend meeting of Group of Seven finance ministers and central bankers, news reports said.
It looks like traders are dumping everything. Is there some bad news scheduled for tomorrow?
usd down | sp500 down | gold flat | oil flat
there was or is a disturbance in the force
Doc Holiday wrote:
Seven!? Who'd they leave out?
I smell fear...
my ticker broke what's going on?
Those kranky krauts and their "moral hazard". Where's the fun in the sun, baby?
Doc Holiday wrote:
Credit cycle proceeds at about the same pace, and Europe started their cycle about the same time.
Not surprising at all.
It's just amazing that almost nobody can admit it yet.
sm_landlord wrote:
It's only 167 million volume so far. The NYSE is also very low. I don't think anyone is sticking their necks out at all today.
Vonbek777 wrote:
-103. Nothing much is going on.
man. someone threw a party today, no one showed up. volume is light on the securities i track.
Wait, we aren't going to close above 10k today?
broward
If that were true, then everyone who spent the past 50 years saving and investing are actually less wealthy than is commonly believed, which we all agree could not be possible according to Bernanke's law
Amazing that the V bottom on Friday was rejected so soundly today.
RockyR wrote:
Whoa, almost 40 million shares just moved in the last minute.
Hey, we finished above 9.9k, don't be greedy.
"Is there some bad news scheduled for tomorrow? "
Yes......reality shows for the world's banking "elite".
Ciao
MS
Maybe, we'll have some last minute revisions like last week...
UNG is a conundrum. I want to load up, but wouldn't be shocked at a 8.5 retest.
EvilHenryPaulson wrote:
Possible, even probable, though it might not be apparent just yet. It will be when the Yuan is finally valued at an appropriate level.
SPX 1,056 Just the target gravity of my crystal wheat I'm brewing.
Lucky I do believe in coincidences or my ego would be thinking I have some control.
EvilHenryPaulson wrote:
Amusing, EHP.
The power of symbolism is astonishing. I can't believe it's still so strong.
This was just profit taking right...no one was heading for the exits... nothing to see here, just another boring day of no volume trading. These aren't the droids you're looking for.
Vonbek777 wrote:
No major revisions on the dow. -103.84 with 216 million volume.
I was joking Noob. Everything is a joke these days. Only way to keep sane. Maybe the Joker was a former broker...
Vonbek777 wrote:
Now I know why they're called... broke-rs.
Why does today feel a bit anti-climatic? 10K was defended with great drama for 2 days in a row last week. Today feels like a bummer.
Vonbek777 wrote:
No joking about revisions
Vonbek777 wrote:
I know you from your comments which are very thoughtful and elucidating. You explain your introspection in a way that I can relate.
Introverts should expect the average person will usually misunderstand them because they throw signals they cannot see. Introverts look inward so they do not see clearly what they project.
I am usually in pain from a broken pelvis that happened as a kid. My whole life it was twisting up my face, throwing the wrong signals, and contributing to a detrimental isolation that made me essentially an environmentally induced introvert.
Perceiving your self image and non verbal communication can make you happier and help with understanding and relating to people who come from unfamiliar paths in life.
shill wrote:
Yikes. All you 3-somethings - Get back to work, dammit! I have tee times scheduled for every single day starting in 2017 and I need the grass watered between now and then.
If Greece falls...what about Italy?
The IMF now predicts that the government debt-to-GDP ratio in the G20 nations will explode to 118% by 2014 from pre-crisis levels of around 80%.
The Gov't debt to GDP ratio is already far higher than 118% in the U.S.
Debt held by the public = ~ $7.5 trillion
Debt held by trust funds = ~ $4.5 trillion
GSE unlimited guarantees = ~ $6 trillion
$18T/14T = OUCH! And that doesn't include unfunded future liabilities of medicare!
Wall St. has stolen the wealth and left behind a pile of unpayable debt for the rest of us to choke on.
Save the financial system - get real.
You can't tell people 500 shares of BigCo is not worth what they have believed them to be
They'll think you're jealous and/or trying to rob them, who are you to judge the efficient free market
What's more according to Ben Bernanke, someone who should know about financial crises, everything is undervalued
People would rather be worse off, and have people tell them "you have it the worst of anyone" than to be better off and have people tell them "you had it better than anyone"
the feeling that no matter what assets they have at any given moment, they are worth more than that
MS wrote:
Who Wants To Lose a Trillion?
there are 'dominoes' in global financial crises...
Very true. When I was younger, I was a very intense person...people often mistook that for something else... why I tell stories to explain where I am coming from...
and those dominoes are EVIL!!!
I thought religion was evil!
'evil' is NOT an economic term...
Everything that stands in opposition to my perceived blessedness is EVIL!
I, you see, have figured out the ineffable.
OLD crap:
The agency has also moved Anglo Irish Bank towards junk-bond status for the first time, despite the bank having a government guarantee. Its rating was cut from BBB+ to BBB. The next move would be BBB- and after this it would acquire a junk rating.
The agency also downgraded the entire Irish banking system, pushing the sector here into group four in S&P's ranking, which includes countries like Slovakia and the Czech Republic. The agency also slashed ratings on individual Irish banks.
Hmmm....money the root of all evil...or is it just power...is the study of economics really about following the money, or power... 'The greatest trick the Devil ever pulled was convincing the world he didn't exist. And like that, poof. He's gone' to quote the Usual Suspects...
Hmm, next up S&P <1K?
Faber Says U.S. Would Be Rated Junk if It Were a Company: Video -- GuruFocus.com
Great movie, Vonbek.
shill wrote:
Oh, let me guess????Buy Gold?????
ZeroHedge is reporting that 2 hedge funds and one bank may be driving the CDS in an effort to bring down Greece, they have picked it up from a European blog. Two Hedge Funds One Bank? Is There A Concerted Effort To "Destroy" Greece? | zero hedge
Interesting reading.