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Papandreou Says "Greek Banking System Is Resilient"
Well, our Italian readers need some cheering up. Enter George Papandreou with the biggest joke of the millennium. Presumably the Greek PM has not seen his country's CDS today which was last somewhere north of 1,100 as the market now says Greece is finished. Further the establishment of a Greek bank bailout fund is a virtual guarantee that the Greek banking system is now completely insolvent.
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Resilient like the human rectum.
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HAHAHAHAAAAAAAA!
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Resilient in a rubbery, silly putty kinda way.
.
*Alert* *Alert* *Alert* At this time in Power Lunch we have Michelle Carusso Cabreras' nipples for lunch!
Note the absence of Ms Drury.
MCC(s) & her agent must of had a fit at the amount of screen time Ms Drury received yesterday on PL.
Their banks are insolvent? They must be aspiring to the standards of US banks. Why doesn't IFRS implement mark to fantasy for all the world. It solves all the problems for the banks.
These are the things one only says when they know the opposite to be true.
Sorta of like when a salesmen says "you can trust me" or a fireman shouts "Don't Panic".
Once this is spoken, you know it's time to run.
Not only are they resilient, any minor problems are 'contained.'
Boob Warfare....
I think the one in red is losing.
Boob Warfare...
Trish full cups Regan though so when questioned by Bess Levin :)
BL: How do you feel you measured up next to Mandy and her assets?
TR : I think I held my own.
Full Q&A from deal breaker
http://dealbreaker.com/2010/06/trish-regans-neighbors-gave-her-sht-for-s...
Only two words: Caruso Cabrera
http://i47.tinypic.com/jip4x5.jpg
Another caption could be...
http://www.dailyhaha.com/_pics/wish_these_were_brains_shirt.jpg
You know when Papandreou is lying?
His lips are moving.
Greece sure showed those shorts a thing of two. Lost their shirts, you betcha, also.
You would think these European leaders would see by now, from the mess that Bernanke and Geithner have created in the US with the bailouts, and the fact they don't work, that they need to take a different approach and not follow the US idiots footsteps. Bailouts do nothing but make the problem worse, and end up right back where they started. Look at history of all the bailouts done, and they have all ended right back up with bankruptcies from those companies who got them. Guess where the US is headed?
From bbc.uk at 22:10 GMT:
[quote]
US Treasury Secretary Timothy Geithner has told the BBC that the world "cannot depend as much on the US as it did in the past".
In an exclusive interview, Mr Geithner said that other major economies would have to grow more for the global economy to prosper.
[/quote]
Coffee came out thru my nose when I read the title. Resilient? Greek weed must be really awesome. Can you lie like this without some "external stimulus"?
Gawd, just bail from the Euro and flip off the creditors. China will offer you financing in 0.001 seconds.
As for the whole Finance Boobs, let's just get some professional boobs. I mean, hell, anyone can read a teleprompter. Cicciolina still looks good. I think Pam Anderson's looking for work too. Or (if you really like bubbles) you could go for one of the ladies featured at the Market St Theatre here in SF, i.e. Candy Cupps. The sideshow of watching the male co-anchors do nothing but dribble and flub their lines would make watching the finance shows at least marginally interesting.
Cicciolina
Ah yes, the former Italian porn star and ex-member of the Italian parliament.
The name translates roughly to "soft fleshy one" in English.
Like the pliable human rectum referenced above?
Better yet, either Danni Ashe or Karina Hart! No shy bones in their bodies.
Don't worry George, I still believe in you! Unfortunately, the CDS market doesn't. Estimated chance of default: 68.39 (via http://www.cmavision.com/market-data)
Yet, every time I pull up Greece news, I see that LIBOR goes up and yields increase. But yeah ok, everything is fine.
That EURO buying support has returned ...
http://stockmarket618.wordpress.com
http://www.zerohedge.com/forum/latest-market-outlook-1
What else is he going to say?
Does the Captain of the team tell his players they are going to lose?
On another point: Only thing worth watching on CNBS is the tit fest. (on mute of course)
CNBS (or is it CNB&D?) has nothing on the Babes of Fox.
Reminds me of the "Bring out your dead" scene in Holy Grail, when the guy tries to get his not-quite-dead father taken away.
Greece: "I'm not dead, yet!"
Us to CDS Market as Dead-Cart-Man: "Can't you do something to help us out?"
CDS Market: [Hits soon-to-be-dead-man over head with mallet]
I wish GP could have met up with this guy.
http://www.vladtheimpaler.com/
I have had a beer and this took a long time to type so I am posting it here, again :)
There is no shame in admitting that the reason we are in this mess is because we spend what we don't have. This is a political mess not a personal one. Spending needs to be cut so that not only is the current 10% of GDP fiscal deficit returned to balance, but that we go further and produce surpluses of 5% of GDP until debt is eradicated.
Taxes take 30% of GDP, spending is 40% of GDP. Debt is (say) 100% of GDP. If we reduce spending by one third, the budget will be in balance but the impact on the economy will mean we have to do spending cuts of around 40% to catch up with the decline in government sponsored economic activity.
Then we can leave spending at only 24% of GDP with a surplus of 6% of GDP per annum for say sixteen years and repay the national debt. Debt/GDP of zero.
We can then leave this in place for another 16 years and build up capital stock that would pay for our health and retirement spending.
Do it again for another 16 years and we will be a wealthy nation.
OK OK OK i know we are screwed. We are broke, all of us and we just have to admit that we need to lie, cheat and steal our way out of this and stop paying the favored sectors of lawyers, lobbyists and bankers who are the current best liars cheaters and stealers of our futures.
There is another way. Hit the RESET button, like this.
Set the proper amount of prudent debt and equity ratios per company, state and individual. we can then take the EBITDA or free cash flow divided by a notional "fair" risk adjusted reasonable rate of return for each of debt and equity (i am thinking 5% for debt and 10% for equity).
We can then create a new GDP based on the weighted average sum of these parts. New Government debt can be set at a level that we can afford to pay out of taxes, again probably 10% of taxes.
A new currency can then be introduced at a conversion rate that is consistent with our comfortable ability to service a level of debt we can afford.
We know the old currency is worthless and only has value because the other global currencies are just as fucked or more fucked than we are. SO let's not pretend that fiat currency has any future or that someone else won't come out with an equivalent before we do.
So there you have it. The honest way which we, as liars cheaters and stealers wont adopt because it means we own up, or the RESET way.
It will be just like starting over...wop wop wop wop!
Reminds me of Mohammed Saïd al-Sahaf, better known as "Baghdad Bob":
http://www.youtube.com/watch?v=s27Oq5ot0ZI
Can you now understand what the Greeks tolerate?
Anyone on the ground have ideas/comments on this:
Blast at Greek police ministry kills top aidehttp://www.reuters.com/article/idUSTRE65N5FM20100624
Things just got (even more) physical.
The four largest Greek banks have over 300 billion euros in assets. How the hell do they think 10 billion euros will be enough?
Our banking system is resilient because our checks are made of rubber.