Archive - Jul 7, 2015

Tyler Durden's picture

China Crashes Most Since 2007 Amid "Panic Sentiment"; Over Half Stocks Suspended, PBOC Promises "Liquidity Support"





*CHINA TRADING HALTS LEAVE 54% OF ENTIRE STOCK MARKET FROZEN, CHINA'S SHANGHAI COMPOSITE INDEX FALLS 8%, MOST SINCE 2007
There's "panic sentiment" currently in our stock market with "unreasonable selling" pressure - China's stock regulator spokesman. PBOC TO KEEP SUPPORTING CHINA SEC. FINANCE FOR STABLE STK MKT

 

Tyler Durden's picture

The Greferendum Shocker: Tsipras "Intended To Lose" And Is Now "Trapped By His Success"





Call it "game theory" gone horribly "chaos theory."

The Greek prime minister who decisively and unexpectedly pushed for a referendum on the last weekend of June, "never expected to win Sunday's referendum on EMU bail-out terms, let alone to preside over a blazing national revolt against foreign control." He got just that, and in a landslide vote at that even though "he called the snap vote with the expectation - and intention - of losing it."

 

Tyler Durden's picture

Meanwhile, In "Success Story" Portugal





No, this is not a line at an Athens ATM. It is a soup kitchen in Porto, Portugal...

 

Tyler Durden's picture

Moron Madness





There is much to enjoy and savor, but it is overwhelmed by moron madness. We’ve come to believe that Aldous Huxley’s fears have been manifested on the boardwalk of Wildwood and across our entire nation. The masses don’t read books. We are inundated with so much useless information, we have been reduced to passivity and egotism. The truth is buried in a sea of irrelevance and our culture is based upon triviality. Our almost infinite desire for distractions and pleasure have produced a profoundly abnormal society. The ignorant masses are acting normally only in the context of living in a sick, demented, abnormal society.

 

Tyler Durden's picture

Europe's Spiralling Game Of Chicken - Politics Always Trumps Economics





Given the weekend ’s events it bears repeating that the echoes of 1914 are growing louder and louder. We are likely embarked on the death spiral phase of a game of Chicken, just as in the summer of 1914. The stakes are, for now at least, not nearly as cataclysmic today as they were a century ago, but the social and political dynamics are eerily alike.

 

Tyler Durden's picture

China Now Risks "Financial Crisis"; Loses Could Be "In The Trillions" BofA Says





The impact of a full-blown financial crisis in China, if it materializes, on the economy would likely be severe. On corporate earnings, other than the drag from slower growth, many companies may have to book stock-market related losses over the next few quarters by our assessment. Stock lending related losses could run into Rmb trillions.

 

Tyler Durden's picture

Merkel Mocks Greece And The Referendum: There Is Money, But The Deal Is Much Harsher Now (And No Debt Haircut)





GREEK PROPOSALS HAVE TO GO BEYOND WHAT BAILOUT INSTITUTIONS DEMANDED BEFORE REFERENDUM
MERKEL RULES OUT DEBT 'HAIRCUT'
JUNCKER: LAST MOMENT FOR GREEK GOVT WILL BE MONDAY MORNING

 

Tyler Durden's picture

Cronyism Pays: Eric Holder Triumphantly Returns To Law Firm That Lobbies For Banks





After failing to criminally prosecute any of the financial firms responsible for the market collapse in 2008, former Attorney General Eric Holder is returning to Covington & Burling, a corporate law firm known for serving Wall Street clients. The move completes one of the more troubling trips through the revolving door for a cabinet secretary. Holder worked at Covington from 2001 right up to being sworn in as attorney general in Feburary 2009. And Covington literally kept an office empty for him, awaiting his return. When the firm moved to a new building last year, it kept an 11th-story corner office reserved for Holder.

 

Tyler Durden's picture

Presenting China's Plunge Protection Playbook





Over the past two weeks, China has resorted to an eye-watering array of policy maneuvers and pronouncements in a desperate attempt to resurrect the country's margin-fueled equity bubble. Amid the chaos, Morgan Stanley — whose "don't buy this dip" call might well have been the straw that broke the dragon's back, so to speak — is out with a detailed history of Beijing's plunge protection playbook.  

 

Tyler Durden's picture

Financial Nonsense Overload





In the end, finance—at any level—has to be about rules and numbers, or it becomes about nonsense. Break enough of your own rules, and your money turns to garbage, because in a world where money is debt and debt is garbage, money is garbage. But there is a proven method for solving this problem and moving on: it's called national bankruptcy. Greece is bankrupt; if its resolution brings on the bankruptcy of Spain, Italy and others, and if that in turn bankrupts the entire Eurozone, then that's exactly what must happen. But something else might happen instead.

 

Tyler Durden's picture

Just One Chart





Brace yourselves...

 

williambanzai7's picture

VaRouFaKiS vs THe SQuiD...





Hey, what's that sucking noise...

 

Tyler Durden's picture

Surprise! CEOs Are Getting Rich By Buying Back Stock





For corporate management teams it’s all about instant gratification these days and if you needed proof that US equity markets have become the preferred channel for transferring debt sale proceeds directly into the pockets of top management, Bloomberg has all the evidence you need.

 

Tyler Durden's picture

Why GM Is Back Below Its IPO Price - Pictures From GM's China "Parking Lot"





Despite broad and deep price cuts introduced earlier in the year, GM's sales in China were roughly flat in June continuing the streak of weakness since March (when GM changed its reporting to retail sales from wholesale delivery). This is the weakest start to a year for China auto sales since 2012 and GM's share price is now back notably below its 2012 IPO price. Judging by the massive volume of cars 'parked' in GM's Shenyang Liaoning lots, it is clear that automakers learned nothing from the last "if we build it, they will come" channel-stuffing inventory surging dysphoria that, among other things, led to their last bankruptcy... if only Chinese buyers would take up the credit terms like Americans.

 
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