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Science Fiction. Will never happen! Greece would be slowly expatriated at the very least, over a large period of time. Which I think is currently happening.
We cannot let it happen ... Save our CEOs! ... protect the Oligarchy ... save the best our race has to offer!
There are losses and there are losses, but they have taxpayers, pensioners and unborn children
That is why we need a complete separation of state and economics.
It is beyond ridiculous. Case in point:
State College Area School District in Pennsylvania several years ago abandoned plans to build a new high school. This month, it received a notice that it owes $10 million to Royal Bank of Canada for skipping an interest payment on money it never borrowed for a school it didn't build
The very definition of moral hazard. Why should they take any loss when they have a free backstop to prevent that. RISK ON!
Stock holder: "Look at all of these loses! How are we going to cover this?!"
Bank CEO: "Think of the children..."
Biggest mistake humans make is thinking the bankster class is really smart. Shoot, BAC actually believed Countrywide was a steal.
I wonder what percentage of Countrywides loans were actually legitimate and not fraudulent?
Bay of Pigs. I have never been involved in the mortagage industry. I have had some special people in the private sector, do some research.
The net results of the research are; Banks are holding inventory.
; Mortgage lenders are trying to buy back inventory, to become solvent and resell the inventory.
; Small banks are really pissed off, because of Barney Frank, Dodd's son @ Fanny. Credit Unions.
; REIT's are region and commercial based with some JUNK real estate tracts in their portfolios. THAT is the TRUTH.
The same as their Fed interest rate: 0.01%
In the old days, bankers had to be above average in looks and below in intelligence. Both these are no longer minimum requirements.
All CEOs should be shot, but instead they will receive bonuses.
Good thing the banks passed their sovereign risk stress tests, right Peter?
Amen to that. Just think what could happen if all those Greek bonds were marked down 60%!
Banksters never were, and never will be, CEO fabric in the traditional sense.
They are WCC's: White Collar Criminals.
A "Shock and Awe" rally out of the financial sector would not surprise me in the least.
Somehow, some way, a "deal" will be struck to save the PIIGS. The CEO's are now conspiring with TPTB to engineer some "announcement" which will catch all the short sellers off guard.
You have been calling for a Financial rally for months. One day you will be correct and one day you will finally have a winning week on your sports book. Get back to your room and eat your CMG
Everyone wants it to happen. Everyone wants to hold onto their lifestyle.
But more particularly now, versus more or less all other times, everyone is hyper vigilant to ensure that "it happens" at the expense of someone else. This is why the Chinese rumor captured such fancy.
But the Chinese are among the vigilant. And this vigilance is why there is no way out unless military force is brought into play. Someone has to be forced to sacrifice for the lifestyle of others.
Naah. No one has to be forced. Those who sacrifice will be the last ones standing when the music stops.
We should thank them.
Days like today make me agree. The purpose of the market is to shear sheep and the sheep are short now.
As far as the CEO's go, why is this the only place you will hear about firing the CEOs?
Why junk RT when he merely calls it as it is, whether we like it or not? Who do you think is winning this war on Truth, the good guys?
I couldn't disagree more. Ireland, Greece, Spain, Portugual, Belgium, and on and on. There is no escaping the contagion in Europe.
"The Banker-Gangsters must be repaid ... at any price. Liquidate public health and public safety. Fund the casinos!"
we like this talk. "the default has already occurred" of course--which means "the talk is about the past and what has already happened" (cue to pics of mass demonstrations--we really do need to go "all in on multimedia" here)--the question therefore is not "default" but "who defaults after Ireland and Portugal which have also already defaulted?" "Belgium, Italy and Spain"?? "I sense Empire Incorporated" rockin' and rollin' here.
Regular people don't give two shits if all these insolvent banks go down. There or here.
It's THE SYSTEM worried about saving itself.
EXACTLY! "The banks are doing just fine" it's just "we're phucked." Now "what's my Congressman/woman up to?"
Perhaps these banks believe that they've hedged their exposure via various derivatives in shadow markets ?
Not that such "hedges" wouldn't be closed-loop, either incestuously or onanistically.
is "onanistically" similar to "orgasmically?"
8 bln notional CDS on Greek sovereign, 300 bln straight debt, you make the call...
Is that the only way to short Greek debt?
There is about 175 billion Euro of Greek government debt that matures prior to 2017.
What is the daily volume on Greek debt?
At the end of the day someone has to be holding the $175 billion of debt and take a loss in the event of default. Until then- it is a game of musical chairs, but the banks can only offload the debt to a willing a buyer who has the requisite billions.
Is Peter Tchir suggesting that the $175 billion should have been off loaded to the public balance sheet of the ECB, or the IMF? Someone must possess the toxic paper. This isn't like toxic waste from Fukushima that can just be buried or dumped in the sea. Greek debt only and must exist in "Balance Shi/eet World" and cannot escape it.
Where is everyone today? usually ZH has 2x-3x as many comments. Holiday weekend hasn't started yet either.
Hit the books and charts. (BLYTH)
You will thank me next week.
Yeah, I went out and got Ron Paul's new book "Liberty Defined". Pretty good read so far, he definitely has a better chance in the race this go around.
Thank you! That is a good read. I'm still cumfused when I try to figure out the political parties of Australia. There is not one unique party. They are all the same.,
Most parties in most countries are - they just hire different marketing departments.
Do some good work. Don't hurt people. Have a (dip) with them. Smiles.
I despair because UK has no Ron Paul's and no balanced journalism anywhere. The zombie brainwashed here would relegate you to the tin foil hat brigade for mentioning anything you read on here
Americans have been "firing" their presidents every 4 to 8 years for the last thirty five years now.
Not worked out so good, has it?
An American President can serve 2 (4 year terms) Congress is on odd years @ House and Senate. It was designed to control majorities. Not worthless minorites!
complete faith in the government to bail you out.
complete faith in the government to bail you out.
perhaps the safest place to hold a bad loss is in a bank, I mean, for everyone else it matters.
Thank you Peter!
You absolutely nailed the fundamental issue right on the proverbial head!
If you make a bad decision in business, you lose money. Enough of them, you go out of business. Period. There is no tooth-fairy w/ a giant bag of money to bail you out! You failed! You hang your head in shame, beg for a gig @ some third-rate brokerage house, and hope your family is not destitute!
Failure has ceased to exist in this Too Big To Fail world, and that in a nutshell, is the entirety of the problem!
"If these fears are valid, then some senior bankers should be fired immediately because they have wasted the opportunity to reduce their exposures with reasonable losses"
If you want to be that stupid all your life then so be it.
Banks = State.
State = Banks.
It really is that simple.
No one gets fired.
Why reduce exposure when you can blackmail your prime minister with terror of total national meltdown if he or she doesn't flow taxpayer money to the relevant bailout (which conduits to your bank)?
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