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More On Tim Geithner's European Stress Test Kool Aid
Are these people insane? Have they all really bought Tim Geithner's Kool Aid that somehow because they conduct doctored stress tests, which incidentally find that insolvent banks like STD are at the top of the healthy list, that all will be well? Do they rally think that investors are idiots and can not see behind this farce, let alone put together a 5 minute excel model and discover that all Spanish banks are now in runoff mode? So much propaganda, so little answers.
BN 8:43 *ZAPATERO SAYS STRESS TESTS WILL SHOW RUMORS UNTRUE
BN 8:43 *ZAPATERO SAYS SPAIN WILL PUBLISH STRESS TESTS FOR ALL LENDERS
BN 8:43 *ZAPATERO SAYS THERE IS NOTHING BETTER THAN TRANSPARENCY TO RESOLVE RUMOURS
BN 8:48 *MERKEL REJECTS GERMAN BANKS' CRITICISM ON STRESS TESTS
BN 8:50 *TRICHET SAYS `HAPPY' WITH CONSENSUS ON BANK STRESS TESTS
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They just want to make sure the peasants don't get their money first.
I used to have Leukemia. My doctor told me so. I didn't like what he said. So, instead, I pissed in a cup and tasted it myself and determined that I didn't have leukemia. I've been cancer free for 3 weeks!
It worked in the US, so why not in Europe? Maybe the biggest difference is that there was a huge short position in US bank stocks at the time, so squeezing shorts gave an air of legitimacy. I don't believe the Euros have a similar block of fools to kill this time, other than the Euro shorts.
The other thing against them is that the big stimulus money has been spent - China doesn't dare try it again.
It didn't work in America. Investors don't care about stress tests. The reason they buy insolvent banks is that they believe the taxpayer will assume all the downside risk.
I thought the Europeans were better than this, but I was wrong. They are just as much in denial as we are.
You're splitting straws - for Timmy's purposes, it worked. We all know it's a total sham! But from Timmy's perspective, you might say: "The end justifies the means".
You don't honestly expect them to say anything different, do you?
The Big Lie is all they have left.
Besides, "The End Of The World" is not going to be announced on prime-time must-see TV by some head of state.
"BN 8:43 *ZAPATERO SAYS THERE IS NOTHING BETTER THAN TRANSPARENCY TO RESOLVE RUMOURS"
It all depends on who constructing the transparent windows, doesn't it.
Once again, the BIG LIE isn't designed to convince the naysayers they're wrong. It's designed to keep the moral cowards from jumping ship. If one wishes to find whole seeds in the horse shit, while one might need to turn over quite a few piles of said shit, they will eventually find the grain of .....er....truth (so to speak) they're looking.
Personally I would wear gloves. But when you're chest deep in the shit, what does it matter anymore? Gas masks anyone?
I just realized I have seen this movie before:
Bilderberg is the Govenor & Rail Road, Obama is the sheriff (but totally incompetant) and the US is Rock Ridge
The Sheriff is a Ni...DONG!
Oh Reggie!!!!! I bet I know what you are doing today. LOL
Tyler you forgot to include this...from the EU summit on the tape just now:
Nach Frankreich und Spanien hatte sich zuvor auch Deutschland offiziell zu einer Veröffentlichung bekannt. Österreichs Finanzminister Josef Pröll (ÖVP) lehnte das zuletzt noch ab.
If my German is still good it means "After France and Spain, Germany supports the publication of the bank stress tests. Austria's Finance Minister Josef Proll remains opposed to the proposal."
Further translation: "We have this Hindenberg Omen in the Austrian banking system called Erste Bank and we simply cannot afford to tell the world about it."
Given the half life of propaganda has fallen precipitously since March 2009, I'd say they have about 8 weeks before GAME OVER.
Governments unable to generate consensus, internally or internationally on decisions - too fragmented a process. We have reached c-point; next step, civil disobedience. Policy changes required:
Bank Deposits not a business, Hedge funds are, segregate.
Enact selected Protectionist measures
Enact Land reform, kickstart Demand
End.
They should hire Reggie to do the tests.
DOGS (MAESTRO):
http://williambanzai7.blogspot.com/2010/06/dogs-of-wall-street-maestro.html
Use the BN Fortune Cookie Rule:
BN 9:43 *ZAPATERO SAYS STRESS TESTS WILL SHOW RUMORS UNTRUE, IN BED
BN 9:43 *ZAPATERO SAYS SPAIN WILL PUBLISH STRESS TESTS FOR ALL LENDERS, IN BED
BN 9:43 *ZAPATERO SAYS THERE IS NOTHING BETTER THAN TRANSPARENCY TO RESOLVE RUMOURS, IN BED
BN 9:48 *MERKEL REJECTS GERMAN BANKS' CRITICISM ON STRESS TESTS, IN BED
BN 9:50 *TRICHET SAYS `HAPPY' WITH CONSENSUS ON BANK STRESS TESTS, IN BED
In my pants
The Coming Financial Meltdown by Ilan Moscovitz | The Motley Fool | June 15, 2010
http://www.fool.com/investing/general/2010/06/15/the-coming-financial-me...
"Any losses [AIG] may realize ... under these derivatives will not be material."
-- AIG, Feb. 12, 2008
We all remember how in late 2008, staggering losses on risky derivatives nearly brought down our entire financial system.
With 43 members of the House and the Senate hammering out a final version of the financial-reform bill, one of the biggest contentions remains what to do about the mind-boggling, vast, and opaque derivatives market owned by the nation's too-big-to-fail megabanks.
The problem is getting worse. Notional amounts of derivatives held by federally insured banks have risen to more than $200 trillion.
CHART: The blue line you see is the huge profit center of derivatives casinos and squeezing customers. The yellow one is mostly naked credit default swaps, the same instruments for gambling on the bankruptcy of other companies that blew up AIG (NYSE: AIG). Green is what banks use to actually hedge their risk.
Granted, many of these positions cancel each other out, but even assuming the "netting" works, we're still talking more than $20 trillion.
No matter how you measure it, this is a ton of risk, and it's concentrated in five hands: JPMorgan Chase (NYSE: JPM), Bank of America (NYSE: BAC), Goldman Sachs (NYSE: GS), Citigroup (NYSE: C), and Wells Fargo (NYSE: WFC).
There are at least three problems with this picture: …
Read more…and what to do about it…
It's all good. A Maiden Lane -type dumping ground is all that is required here. If you've been smoking dope, the last thing you want to do is turn in a bottle of your own piss to the tester.
They will stop at nothing to prevent global assets from becoming affordable to the global peasantry...nothing. And they will reinflate them or stablize them for as long as possible with the peasentry money. The balance cannot be permitted to shift anywhere but up to the top percentage.
there's also another point here:
timmy wants the euro to go back to 1.30 at least, certainly us exports look much bleaker than at 1.50......
Fuck Timmay.
S.T.D. is their ticker, how appropriate
'The curtains are about to lift up: 'The asymmetric development of economic output and competitivenessproduced massive current account imbalances. While the Eurozone’s overall trade account remained in balance, the GIPS (Greece, Ireland, Portugal and Spain) saw very large deficits offset by the old DM bloc’s large surpluses. This created a massive interconnectedness in the Eurozone; banks’ balance sheets in the core nations became stuffed with GIPS debt. To misquote Keynes: If the GIPS owe German banks 1% of their GDP, the GIPS have a problem; if they owe 30% of their GDP, the banks (and Germany) have a problem. With hindsight, national bank and financial market regulators also failed, although such failures occurred in the US and other OECD nations as well. Irish, French, Spanish, and Italian banks aggressively expanded lending (Figure 1). • Ireland’s total bank assets as a percent of GDP soared from 360% in 2001 to 705% in 2007; • For France the numbers were 229% to 373%, for Italy 148% to 220%, and for Spain 177% to 280%...The baseline message from our account of the crisis consists of one word –
interconnectedness. Debt and bank crises were interconnected, as were policy
failures. No single element of the framework can be pointed to as “the” culprit.'
Completing the Eurozone rescue: what more needs to be done?
http://voxeu.org/index.php?q=node/5192
"Do they really think investors are idiots????" Kroger's earnings go down 14% and everybody buys the stock like they just discovered a way to create food staples by alchemy. I don't know why they would think investors are stupid....
Morningstar website headline: "Stocks Lower on Economic Data Despite Spain's Successful Debt Offering"
Nope, no idea why they think investors are stupid..........
Yes I see no reason they should assume the average retail 'investors' are stupid at all. They believe anything theyre told, and step up to the rigged roulette wheel in the Bermuda shorts and sunburn to happily get fleeced spin after spin. But one of these days....theyre gonna strike it RICH I tell ya! Just got to decipher what Cramer is really saying....double triple negative bait n switch signals (only for the REAL smart insiders)...he says buy that means you should SELL, but only after you buy on open! YEA thats the ticket!
they must be trying to make the markets absurd in order to destroy them, and to prevent mankind from resurrecting them after the crash the evil f***ing banksters are going to implement in the same way they've controlled every tick for God knows how long.
evil scumbags. pure evil.
Those EURUSD bullish warnings have strengthened further today.
Vice versa for the USD index of course.
It seems the current EURUSD downleg has ended.
http://stockmarket618.wordpress.com