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The European "Subprime" Contagion Arrives: Portuguese, Belgian And Spanish Bank CDS Rout
Forget Greece: the European "subprime" contagion is spreading. The biggest daily movers in CDS land are now not some irrelevant Greek banks which the world has now given up on, but Portuguese Caixa Geral de Depositos, S.A. (+32 bps, 12%), Belgian Fortis NV (+8 bps, 11%) and Spanish Banco de Sabadell SA (+20 bps, 8%) and Banco Pastor SA (+23 bps, 7%). But. But. GDP is only 2% of GDP? (more like -5% when EuroStat is done with them). But it's all good - the IMF's Strauss-Kahn, who is always on top of stuff, sees no threat of contagion. Buy the pre-bankruptcy dips. Or is that DIPs?
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Not to worry, it's all contained.
hmmm...where have I heard that before?
yeah, it's all contained, in a wet paper bag. Or perhaps it's all contained in Warren Buffet's Depends!
We seem to be caught in a never ending showing of the "Night of The Living Dead", complete with zombies, vampires and the undead. Now I understand why the dealer suggested I purchase silver bullets with my SIG 226.
http://en.wikipedia.org/wiki/Night_of_the_Living_Dead
http://en.wikipedia.org/wiki/Sig_226
"uh, they're dead--they're all messed up..." LOL
Fired a CZ 52 the other day and it is a very nice hg. They are only $100 to $150 bucks, very affordable. uses 7.62 x 25mm cartridges
I'll stick with my HK 45 thank you very much.
German engineering at it's finest.
I brought up the cz because of its affordability. Many unemployed folks on zh.
I wasn't aware of the CZ until you mentioned it. There are a few reviews on the web that speak reasonably well of it considering the price. In fact, I find it a remarkable value and will purchase one myself to add to my collection as a sort of low worry piece.
I own numerous pieces from multiple manufactures, including three SIG's. The SIG 226 I own is the 226 Elite Stainless and while it's a wonderful weapon, it was expensive and it's not something I would throw around in the dirt or mishandle while messing around like I would an older Glock.
The high cost of the SIG 226 Elite Stainless reduces it's utility to some extent because I don't wish to damage it. The CZ appears to solve that problem in the same manner my Glocks do, though even the Glocks are getting expensive.
http://www.sigsauer.com/Products/ShowCatalogProductDetails.aspx?categoryid=7&productid=169
Thank You Hulk
I have a number of friends in law enforcement that carry SIG's and they have nothing but good things to say about them. Never owned a SIG but I have a number of Glocks from 9mm through 10mm. I reload .40s&w and 10mm(they use the same bullet which is convenient). What is nice about the 10mm Glocks is that with just swapping out the barrel($115 or so) you can also fire .40s&w and .357sig.
I started with the Springfield M1A (highly recommended) and also own and highly recommend the Rock River Arms LAR-8 A4. We leg holster hg's as backup and therefore hg's aren't my forte.
With that said, the CZ was a very comfortable weapon to fire, as opposed to my S&W ported 45, accurate and I am told by its owner is a very reliable weapon.Let me know your thoughts on the CZ after using...
I would love to get a M1A but they are out of my price range and I'm pretty much limited as far as black rifles go as my retreat is in California(inherited site so I'm kind of stuck with it). The M1A is about the only thing simi auto that is legal in Ca in .308 but like I said it is currently out of my price range. Instead I have purchased two Kel-tec SU-16CA .223 carbines that along with the SKS I have will make up my family's battle rifles. The Kel-tec is a neat little carbine that uses the AR-16 bolt face/lockup and the AK's gas operating system, kind of the best of both worlds. It also uses AR mags so you don't have to buy some proprietary magazine like for the Ruger Mini-14 which is the other option in Ca for a .223 carbine. As for something with more punch down range I'm sticking with my .270 bolt action.
If you want affordable, long range accuracy, may I reccomend the Mosin Nagant, i got one for 75 w/ bayonet. Fires 7.62x54, largest shell ever deployed as a regular infantry firearm. Makes a big bang and impressive fireball.
http://en.wikipedia.org/wiki/Mosin%E2%80%93Nagant
For up close, shotties and high capacity mag eastern block rifles are good on the cheap.
Nice, and the ammo looks cheap! About half the price of 9mm but unless you reload them I would stock up while you can.
Don't forget the ever trusty AK-47. A fine compliment to any handgun - Cheap, indestructible, and ammo is peanuts. Great "truck gun".
I have the Chinese variant. Mak-90. Plenty of 30 round banana clips and 75 round drums.
Have you tried a PLR-16?
Looks like a hybrid. Some interesting video on YouTube. Nearly everything I want in my S&W AR-15, including the rounds, but more compact.
http://www.kel-tec-cnc.com/plr16.htm
Police chief friend started outfitting his force's cars with them. Easy to maneuver in a stop-the-car-uh-oh-heavily-armed-druggies situation. Better than a handgun or shotgun, but there's a tad bit of recoil, as you might expect.
If those other PIIGS country bonds start catching fire....
My prediction is that JWN, MAR, COH, HD, LOW, etc. will be up another $3 - $5
Check out COF, they are already buying that one today.
Looks like they are already fleeing gold today and piling into the safety and security of AIG
Fleeing gold? It's down less than half a percent. Stop hyperventilating.
DECK up another $7.
An acute shortage of UGG boots?
I suspect even Ceiling-Cat couldn't fix this coming mess.
About time lolcats got some play on ZH.
I guess as sick as it is NOONE will default
thats the not the plan
The plan is to get EVERYONE on an IMF loan.
I guess the smart money knows this
"The plan is to get EVERYONE on an IMF loan"
Why do you think so?
Bernanke sez:
No sweat - We will provide ZIRP to the planet.
In fact, ZIRP has done so much to ramp our equity market that phase 2 may very well be NIRP (negative interest rate policy).
This has to be the greatest plan ever! Its so simple - what do people need to buy stuff? Money! What's peoples' biggest problem everywhere? Not enough money! How do we fix that? Print more money and give it to them!
Why didn't somebody think of this 230 years ago? This is going to be awesome...
Rally?
Naaaah. Those pesky durable goods orders ("Look Ma! No Recovery!") tanked. Look out below!
Somehow this will construed to be bullish in some way. Close in the green, and up again on Monday.
Its ok Ned CNBC told me it was a huge gain if we ignore aircraft sales. Also please be sure to ignore the lack of food by choosing not to be hungry..It helps I promise.
But Bloomberg says durable goods order has jumped in signs of recovery.
http://preview.bloomberg.com/news/2010-04-23/u-s-durable-goods-orders-excluding-transportation-jump-by-most-since-2007.html
This is the magic of spin. Exclude what doesn't support the current meme and I can make shit smell like rose petals. As long as the majority wish to believe, they will accept irrational thought because it supports what they wish to believe. The ultimate in positive feedback loops.
We must always remember that the true believers are addicted to the chemical releases of the brain, which occurs when they hear, read or see information that confirms their preconceived notions. These psychotropic chemicals are a hundred times more powerful than anything man made and there's no problems procuring them because they are manufactured on site and are instantly mainlined into the blood stream.
The ultimate junky.
http://en.wikipedia.org/wiki/Psychoactive_drug
Well said. And as you and I know, the brain of the junkee (let's say credit card in this case) goes ballistic with "feel good" chemicals when that card is swiped in return for some shiny crap or something to wear!
Must push down gold. But it seems reluctant to stay down.
You would think even the dumbest money would begin to see the EU is ferked for this year and maybe a good idea to take profits, while they still exist.
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When historians reflect back on this moment in market history they will laugh at how a rally could be predicated on hopium after banks have been diluted, losses still not taken, favorable accounting rules with so many not so dormant time bombs such as rates with nowhere to to go but up, prolonged unemployment, prolonged unemployment benefit extensions, frivolous government spending and tax credits on homes that are still clearly too expensive, small business contraction within an economy without manufacturing jobs that are not returning to America anytime in the near future.
When you toss in the angry populism and refusal of the politicians to acknowledge how detrimental these banks are to our society and their actions which are the definition of monopolistic I believe insanity will be how they best categorize this foolishness. You cannot have that kind of unprecedented wealth destruction globally and expect the wonders of unrealized paper gains to do anything but provide artificial false buoyancy.
Historians? How about most of us here in the real & now? I think the real focus of many examinations will be the reasons why the government is/was the primary instigator, and that indeed, has become a criminal enterprise in its own right.
Tyler/Dan and a lot of the ZH crew tend to focus on banks and their perceived control of 'our' representatives. That is, they seem to believe that 'our' reps are so corrupt that they will do whatever their true masters tell them.
But I think it goes deeper than that; in fact, I think 'our' representatives actually like the nominal feeling of being in control. And this has deeper implications than just corruption and vote buying. It suggests that 'our' government has progressed to the point where it no longer believes in its traditional role subject to certain restraints, but is now the one & only source power.
McCarthy should have been on the look out for the Plutocrats but being as chummy as he was with the Kennedys that would not have bneen likely.
Remeber, the winner writes history. And this battle is far from over.
I do agree that the insanity is extensive though.
William K. Black testifies to complicit wolverines.
http://fdlaction.firedoglake.com/2010/04/20/transcript-video-bill-black-...
"If you tell a lie big enough and keep repeating it, people will eventually come to believe it. The lie can be maintained only for such time as the State can shield the people from the political, economic and/or military consequences of the lie. It thus becomes vitally important for the State to use all of its powers to repress dissent, for the truth is the mortal enemy of the lie, and thus by extension, the truth is the greatest enemy of the State."
--Joseph Goebbels
I knew that the other PIIGS where just hiding behind Greece and know that Greece asked for this IMF/European whatever (I still say it won't work, might as well let it go bankrupt), the others will need assistance also.