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Portuguese Government Rejects Austerity Plan, Government Collapses

Tyler Durden's picture





 

Just out:

PORTUGUESE PARLIAMENT REJECTS GOVERNMENT'S DEFICIT-CUTTING PLAN
PORTUGAL'S PARLIAMENT BACKS RESOLUTION AGAINST GOVERNMENT PLAN

Next up: government resignation, crisis, bail out, etc. You know the drill.

Very modest drop in the EURUSD for now:

 


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Wed, 03/23/2011 - 16:01 | Link to Comment hugovanderbubble
hugovanderbubble's picture

Next Spain...

Spain is in DEFAULT

 

DOnt buy Spanish bonds

Neither Public and Private.

Wed, 03/23/2011 - 16:05 | Link to Comment Alienated Serf
Alienated Serf's picture

When Spain goes down, I expect to expect dow +200.

BUY BUY BUY

Wed, 03/23/2011 - 16:10 | Link to Comment Cash_is_Trash
Cash_is_Trash's picture

Show Joe Socrates the door please.

Wed, 03/23/2011 - 20:26 | Link to Comment StychoKiller
Wed, 03/23/2011 - 16:11 | Link to Comment long juan silver
long juan silver's picture

Hell Porgy's good for plus 500 Dow alone! 

Spain? Put me down for plus 1500! In fact, I like that number. If Spain goes tits up-- it's SPX to 1500! Bernake will be en fuego mi hombres!!

Wed, 03/23/2011 - 16:13 | Link to Comment Cash_is_Trash
Cash_is_Trash's picture

Nigel, Nigel, Nigel...

Nigel Farage that is.

The only sane critic at the Euro Parliament.

Wed, 03/23/2011 - 16:25 | Link to Comment Thomas
Wed, 03/23/2011 - 19:28 | Link to Comment invention13
invention13's picture

I've been wondering the same thing - where's my buddy Nigel on all of this?

I find him entertaining as hell.

 

Wed, 03/23/2011 - 16:25 | Link to Comment John Law Lives
John Law Lives's picture

Your post is funny, but it is so goddam pathetic that I want to vomit.  The Ben Bernank seems intent to destroy the US Dollar and nobody in Washington DC (other than Ron Paul) seems to care enough to speak up about it.

Wed, 03/23/2011 - 16:36 | Link to Comment SheepDog-One
SheepDog-One's picture

Politician puppets never have a word to say about anything until its election time and their phony baloney jobs are on the line. THEN its always fire and brimstone speech time.

Wed, 03/23/2011 - 17:30 | Link to Comment Republican Lackey
Republican Lackey's picture

They don't say a word because their constituients wouldn't understand what they're saying. It's too complicated a subject.

Wed, 03/23/2011 - 19:12 | Link to Comment NidStyles
NidStyles's picture

Likely excuse.

Wed, 03/23/2011 - 21:02 | Link to Comment Fred Hayek
Fred Hayek's picture

That's part of the problem.  The other part is that the part that's easily understood is all bad news.  Politicians have ZERO willingness to give anyone bad news.  Look at the Teleprompter in Chief and his "budget".  Rather than admit what's going on he just declared himself "present". 

Yup, I submitted a budget. 

What's in it?  Hey, look at my NCAA brackets!

I saw a remark at Reason magazine that, not since James Buchanan, has a president so completely failed to even try to deal with the biggest domestic issue of his time.

Wed, 03/23/2011 - 16:15 | Link to Comment Cursive
Cursive's picture

@Alienated Surf

Strong like plutonium bull.

Wed, 03/23/2011 - 16:18 | Link to Comment disabledvet
disabledvet's picture

is that kind of like "serf's up, dude"?

Wed, 03/23/2011 - 16:43 | Link to Comment Alienated Serf
Alienated Serf's picture

No. Its like a raging pissed of peasant who bought into the what our feudal overlords were selling, went into debt to work for the lord of the manor, did the dirty work for him and then became so disgusted that he had to quit and be indebted for decaeds to come.

translation- pissed off ex-white collar defense attorney who quit to to take over a 50% cut in pay b/c he could not live with himself for helping pure evil individuals, even though he is in serious debt.

that kind of serf.

 

 

Wed, 03/23/2011 - 19:04 | Link to Comment el Gallinazo
el Gallinazo's picture

Couldn't you find some nice, innocent people with a couple of bucks to defend?  Were you hanging out with the wrong crowd?

Wed, 03/23/2011 - 21:04 | Link to Comment Fred Hayek
Fred Hayek's picture

I briefly dated a woman who had worked as a public defender.  She said that she quickly learned two things about the people she was representing.  They all lied to her.  And they were all guilty.

Wed, 03/23/2011 - 22:44 | Link to Comment Alienated Serf
Alienated Serf's picture

if they have enough bucks for a white shoe firm, they aren't innocent.  truth be told, not individuals can afford that, it was for fortune 100 corporations....  bunch of sociopaths.

Wed, 03/23/2011 - 16:49 | Link to Comment Alienated Serf
Alienated Serf's picture

hell yeah!  when indian point melts we'll get a nice 2k bump.  if those wusses would have used plutonium instead of U235 there, would have been 4k.

Wed, 03/23/2011 - 22:51 | Link to Comment Yen Cross
Yen Cross's picture

Plutionium is in a pit like an apricote. The shell structure I won't disclose.

Wed, 03/23/2011 - 16:20 | Link to Comment zebra
zebra's picture

why are you so bearish? it would cost at least +1000 in DJ

Wed, 03/23/2011 - 16:29 | Link to Comment UninterestedObserver
UninterestedObserver's picture

LOL this was obviously very bullish for US stocks

Wed, 03/23/2011 - 16:01 | Link to Comment The Axe
The Axe's picture

And kick the can....next up the Irish

Wed, 03/23/2011 - 16:04 | Link to Comment Gubbmint Cheese
Gubbmint Cheese's picture

don't forget +327 on the Dow and +15 on the S&P...

Wed, 03/23/2011 - 16:03 | Link to Comment squexx
squexx's picture

I'm expecting more like 500+ on the DOW!

Wed, 03/23/2011 - 16:57 | Link to Comment bothsidesnow
bothsidesnow's picture

Bernanke trades in helicopter for C-130 Galaxy.

Wed, 03/23/2011 - 18:14 | Link to Comment gaoptimize
gaoptimize's picture

C-5 Galaxy.  C-130 Hercules

-gaoptimize

(IRR USAF LtCol)

Wed, 03/23/2011 - 16:05 | Link to Comment SheepDog-One
SheepDog-One's picture

Oh nicely timed announcement 1 minute after the bell so as to not spoil Bens 'cntrl/print' 80 point DOW pump herculean effort on nothing but the worst news all day long! Enjoy while it lasts, something tells me it wont be very long. Stocks are so 2007 anyway, wow look at silver rape!

Wed, 03/23/2011 - 16:10 | Link to Comment TradingJoe
TradingJoe's picture

Yeah! How fucking convenient eh? Right after "market" close Da' Newssss!

Now sell off AH and overnight to only be fucking green in the morning, right on time

for the stupid american sheeple! I really think we al have it coming, this much

ignorance has got to be punished!

Wed, 03/23/2011 - 16:16 | Link to Comment SheepDog-One
SheepDog-One's picture

Sure! All anyone does anyway is the navel-gazing analysis of how theyre raping today and marveling at the captors ability to rip everyone off right in front of their nose day after day.

Wed, 03/23/2011 - 16:31 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

I am beginning to detect the slightest whiff of fear and even panic in the air. While conducting my morning shower and shave ritual I usually subject myself to one (and only one) hour of CNBC inbetween combing over the bald spot and trying to spot the family jewels over the pot belly.

Joe Kernen is what I would describe as a Kool-Aid drinking "insider" if ever there was one. And he is showing some disturbing signs of fear. While the change is subtle and not always apparent to the two types of viewer, one that is either elbow to elbow with Joe at the bar or throwing things at the TV every time Joe opens his pie hole, I see some uncertainty in Joe's eyes and an occasional quiver in his voice.

Joe was promised that by this point we would be well past green shoots and well into harvesting wheat and corn. We are not and he is beginning to become a bit worried. My one hour of self torture is slowing turning into pleasure as I watch him begin to squirm.  

http://www.cnbc.com/id/15838087

Wed, 03/23/2011 - 16:41 | Link to Comment SheepDog-One
SheepDog-One's picture

Good point certainly. I sense the same from the media all around that things they were promised would happen by now if only they lied real big for a while and carried the handlers buckets around for them. They seem nervous now, probably imagining what will happen to them in a worst case scenario and theyre left to the public theyve been lying to about all this when its shown to have been total BS.

Wed, 03/23/2011 - 17:46 | Link to Comment AhhhItBurns
AhhhItBurns's picture

The 'news' making it to 24 hour news networks is jaw dropping. I started to get most of my news by print/online (quicker, and more detailed) years ago and I have been a lot better for it. I got lazy today and turned on CNN for a while to find no mention of current debt events in Europe. A soft news story was quickly followed up with a general 'don't worry' line about the Japanese nuclear ball dropping and its destruction of crops and food products. Better yet, you can take a blind party line stance if you turn the channel up a few. Nothing better than reaffirmed values and strawmen to start your day off right.

Wed, 03/23/2011 - 17:06 | Link to Comment Atomizer
Atomizer's picture

Good observation CD. Even Becky is showing signs of distress. IMHO, Karl is still completely clueless.

Wed, 03/23/2011 - 17:05 | Link to Comment cossack55
cossack55's picture

One of the great motivators to keep me going is the hope (and changey) that one AM I will turn on CNBC and see only the lower calves and shoes seemingly suspended in midair and slowly swinging on the silent set.  A dream, I know, but what a dream.

Wed, 03/23/2011 - 20:01 | Link to Comment QQQBall
QQQBall's picture

Too much personal info CD. ;)

Thu, 03/24/2011 - 00:30 | Link to Comment RockyRacoon
RockyRacoon's picture

Thanks, CD.  Is your comb-over as nice as Mark Haynes?  His is absolutely the worst one on TV -- period.   Somebody in management over there should set the boy down and get real with his makeup artist.   I've got a balding situation myself but I revel in it.  You know what they say:  God only made so many perfect heads; the others he put hair on.

Wed, 03/23/2011 - 16:30 | Link to Comment John Law Lives
John Law Lives's picture

It is easier to pump the market in AH.  It must be great to have the power that the Chairsatan has and nobody can do anything about it...

Wed, 03/23/2011 - 19:56 | Link to Comment unununium
unununium's picture

Did anybody see this last week?  JPM was approved to be a COMEX depository  -- in just 2 days:

http://www.scribd.com/doc/51212528/JP-Morgan-Facility-CFTC-Approval-with...

JPM's facility at 1 Chase Manhattan Plaza is literally across the street from the New York Fed.  Beneath the New York Fed is a huge vault containing custodial metal and presumably a large part of the 10M oz Au the Fed supposedly has.  Would there be, I don't know, any tunnels connecting these two?

 

Cogent thoughts from a guy at alphaville

http://seekingalpha.com/article/259549-will-jpmorgan-now-make-and-take-d...

 

Wed, 03/23/2011 - 16:02 | Link to Comment 99er
99er's picture

SPX

Life in the fast...er...middle...lane.

http://www.zerohedge.com/forum/99er-charts-0

 

Wed, 03/23/2011 - 16:33 | Link to Comment SheepDog-One
SheepDog-One's picture

SPX...you mean that German owned market? Its relevant to me why?

Wed, 03/23/2011 - 16:03 | Link to Comment Alea Iacta Est
Alea Iacta Est's picture

Hey Sancho is the market closed?

Si, El Presidente!

Great.  Ok, time to collapse the government guys.

 

Well timed, Portugal...well timed.

Wed, 03/23/2011 - 16:11 | Link to Comment johnnynaps
johnnynaps's picture

It's amazing isn't it. One day, the collective effort of these governments to kick the can down the road will cease to exist.

Wed, 03/23/2011 - 16:05 | Link to Comment RobotTrader
RobotTrader's picture

Looks like we either crash on this news or the markets sky bigtime tomorrow.

No in-between, the Algo/Igor/Robots are either "All In" or "All Out".

The FemBots must be getting torn in all directions, wondering which way to horsewhip the 19-year joystickers.

LOL....

 

Wed, 03/23/2011 - 16:06 | Link to Comment SheepDog-One
SheepDog-One's picture

WOW highly relevant and cutting edge post as usual RainbowTrader! 'Looks like markets will go either up or down from here'....SPECTACULAR!!

Wed, 03/23/2011 - 16:16 | Link to Comment Backspin
Backspin's picture

Robo's not just predicting up or down.  His call is for volatility.  That's a valid call.  We'll see if he's right.

Wed, 03/23/2011 - 16:25 | Link to Comment Robot Traders Mom
Robot Traders Mom's picture

Don't encourage him. Also, his call for volatility is like me saying that he'll have more stupid shit to say in the next 24 hours. No guarantee it will happen, but in all probability it will.

Wed, 03/23/2011 - 18:45 | Link to Comment hamurobby
hamurobby's picture

Robo you are right, lets see if retail will really join in, again.

Wed, 03/23/2011 - 16:07 | Link to Comment plocequ1
plocequ1's picture

Come on bitchez. Junk The Robomeister on this one. I dare ya

Wed, 03/23/2011 - 16:13 | Link to Comment plocequ1
plocequ1's picture

How does one junk genius? No respect for Dr Robo

Wed, 03/23/2011 - 16:16 | Link to Comment InconvenientCou...
InconvenientCounterParty's picture

up is down, bad is good, right is wrong

Summer Glau won't save us, but at least my eyes will be relaxed.

Wed, 03/23/2011 - 16:25 | Link to Comment moldygoat
Wed, 03/23/2011 - 17:02 | Link to Comment Joeman34
Joeman34's picture

I respect Robo for posting his calls.  Quite refreshing as compared to the rest of the pseudo-intellectuals on this board who seek to one-up each other by posting generally useless knowledge and retarded one liners... 'Bitchez'

It's very easy to sit-back and take pot-shots.  Try posting an idea other than 'buy PMs' for once... 

Wed, 03/23/2011 - 18:16 | Link to Comment TaxSlave
TaxSlave's picture

Well at least it came with a nice picture...

Wed, 03/23/2011 - 19:33 | Link to Comment UninterestedObserver
UninterestedObserver's picture

LOL a call isn't "the market is going to go up or down tomorrow" hey flip a coin I bet you will get heads or tails... now congratulate me on my awesome call idiot

Wed, 03/23/2011 - 21:38 | Link to Comment Joeman34
Joeman34's picture

numb-skull, his call is for volatility, not direction.  Please keep trading.

Thu, 03/24/2011 - 00:33 | Link to Comment RockyRacoon
RockyRacoon's picture

Well, whichever way it goes, he can always say he called it.

Wed, 03/23/2011 - 23:44 | Link to Comment Xando
Xando's picture

The world may be aflame, but damnit I love RoboTrader for the pics he finds!

Wed, 03/23/2011 - 16:03 | Link to Comment naughtius maximus
naughtius maximus's picture

PORTUGAL'S PARLIAMENT BACKS RESOLUTION AGAINST GOVERNMENT PLAN

 

Wait a minute... isn't parliament a part of government?

Wed, 03/23/2011 - 16:06 | Link to Comment Joe Davola
Joe Davola's picture

If not, they should be!

 

http://www.youtube.com/watch?v=UypeE3zTwBs

Wed, 03/23/2011 - 16:05 | Link to Comment Turd Ferguson
Turd Ferguson's picture

Just trying to make money for as many as possible:

http://tfmetalsreport.blogspot.com/2011/03/are-we-all-happy.html

Wed, 03/23/2011 - 16:13 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

Nice column today Turd.

One of your ads was from groupon.com.pe.  I was surprised to see they are already here in Lima, Peru!  (We are visiting Peru now)

EDIT:

Yes, I am happy.

Wed, 03/23/2011 - 16:15 | Link to Comment Cash_is_Trash
Cash_is_Trash's picture

Peru has argentum, and plenty of it!

Wed, 03/23/2011 - 20:11 | Link to Comment Freebird
Freebird's picture

Power to you Turd - some great calls. Wonder when you get the "ZH reads" link...

Wed, 03/23/2011 - 16:05 | Link to Comment themosmitsos
themosmitsos's picture

Tyler I dont think so, it's banks & bondholders that'll get shafted, and not FR nor GER will cover them. EU will take the pain now, imHo

Wed, 03/23/2011 - 16:06 | Link to Comment Kaiser Sousa
Kaiser Sousa's picture

guess we should sell all of our "real" money now and buy more debt coupon dollar denominated stocks...

buy the fucking dipshit i mean....

Wed, 03/23/2011 - 16:06 | Link to Comment Zina
Zina's picture

Will the same thing happen in the US when the debt ceiling is reached?

I'm waiting to see the GOP voting to raise the debt ceiling above the psychological barrier of 15 trillion dollar.

Wed, 03/23/2011 - 16:19 | Link to Comment camoes
camoes's picture

RONALDO

Wed, 03/23/2011 - 18:05 | Link to Comment iDealMeat
iDealMeat's picture

I  think the clusterflock of swans riding the radiated air currents have sufficiently distracted enough sheeple to simply just remove it..  I mean really..  15T in debt?  We're better then that. We built the super computer, they can certainly handle more "," in the #..

Let's go Quad! 10^15..   Trillion is so Zimbabwe.. 

Come on Ben..  Split, double down, and go all in...

 

Wed, 03/23/2011 - 16:05 | Link to Comment Zina
Zina's picture

Will the same thing happen in the US when the debt ceiling is reached?

I'm waiting to see the GOP voting to raise the debt ceiling above the psychological barrier of 15 trillion dollar.

Wed, 03/23/2011 - 16:07 | Link to Comment SheepDog-One
SheepDog-One's picture

Why is $15 trillion dollars a psychological barrier? Hardly anyone in america can even imagine that much money, as $100 bills in that amount would fill 15 Superdomes to the ceiling.

Wed, 03/23/2011 - 16:13 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

Right SheepDog.

The Republicans have no spine.

Wed, 03/23/2011 - 16:15 | Link to Comment Dr. Porkchop
Dr. Porkchop's picture

The debt ceiling is about as firm as the suspended ceiling in your office. Go ahead, get up on the desk and give it a poke.

 

Wed, 03/23/2011 - 16:20 | Link to Comment bingaling
bingaling's picture

It is not a ceiling and never has been, it is an elevator that goes one way  -

Wed, 03/23/2011 - 16:20 | Link to Comment naughtius maximus
naughtius maximus's picture

Well I draw the line at 16 superdomes!

Wed, 03/23/2011 - 16:21 | Link to Comment Caviar Emptor
Caviar Emptor's picture

Yesterday Geithner said we should remove the debt ceiling because it's never been effective :-)

Wed, 03/23/2011 - 16:49 | Link to Comment OpenEyes
OpenEyes's picture

I feel exactly the same about my checking account balance!

Wed, 03/23/2011 - 19:34 | Link to Comment UninterestedObserver
UninterestedObserver's picture

The new American Express Black - no limit and don't send me a bill either

Wed, 03/23/2011 - 21:13 | Link to Comment Fred Hayek
Fred Hayek's picture

The requirement that he sign his tax return under pains and penalty of perjury wasn't effective either.

Wed, 03/23/2011 - 16:23 | Link to Comment InconvenientCou...
InconvenientCounterParty's picture

There are various lobbies that are very glad to tutor these imbeciles on economics.

It's all about the growth vector. Big picture, yada yada.

Debt magnitde is irrelevant. All kinds of recycled nonsense that has been recycled over and over for 30+ years.

 

Wed, 03/23/2011 - 16:06 | Link to Comment Fortunes Favor
Fortunes Favor's picture

Bad news is good news for the commodity and equity markets. 

Pull your hair back in a ponytail and repeat after me using a Swiss/German accent:

"This will lead to more money printing"

Wed, 03/23/2011 - 16:09 | Link to Comment SWRichmond
SWRichmond's picture

Missterr BerNANG-Key is a money printerr

Wed, 03/23/2011 - 16:19 | Link to Comment Cash_is_Trash
Cash_is_Trash's picture

Middle name Epson. Father hails from the Kyocera clan.

Wed, 03/23/2011 - 16:19 | Link to Comment naughtius maximus
naughtius maximus's picture

and so forth and so on...

Wed, 03/23/2011 - 16:47 | Link to Comment Calmyourself
Calmyourself's picture

Ha, he is in a thai dirt floor bar chasing lady boys as we speak...

Wed, 03/23/2011 - 17:16 | Link to Comment PolishErick
PolishErick's picture

You haz to ask yozelf "hwat arr zey zmoking at ze ECB"!?

Wed, 03/23/2011 - 16:06 | Link to Comment hugovanderbubble
hugovanderbubble's picture

Portuguese debtholders must assume 30% haircuts Minimum....In sovereign debt...

EURO KAPUT

Wed, 03/23/2011 - 16:15 | Link to Comment narnia
narnia's picture

What exactly is this "debt" secured against?  It's not like they'll have an opportunity to take the country to bankruptcy court and start assuming control of the assets.  This debt will turn into a- we're going to pay you last in line when every other special interest or voter is paid scenario.  Welcome to the world of unsecured fiat, above the law debt workouts.

Wed, 03/23/2011 - 16:23 | Link to Comment disabledvet
disabledvet's picture

stop asking silly questions.  i am me!  what do you mean you don't know who i am!

Wed, 03/23/2011 - 16:15 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

hugo, you may be right, but I suspect smoke & mirrors, lies & obfuscations and a big kick of the can down the road means nothings changes...

Until it does.

But, as they say in Texas: You hold your breath, you die!

Wed, 03/23/2011 - 16:07 | Link to Comment RobotTrader
RobotTrader's picture

Oh, by the way, they must be opening up Starbucks in all the PIIGS and MENA countries.

Stock was up 5% today, within a hairsbreadth of new highs.

Wed, 03/23/2011 - 16:09 | Link to Comment SheepDog-One
SheepDog-One's picture

Well buy more of the POS then RainbowTrader.

Wed, 03/23/2011 - 16:19 | Link to Comment Long-John-Silver
Long-John-Silver's picture

Starbucks CEO Howard Schultz dissed Obamacare even after supporting it from it's inception.

 

ObamaCare and Small Business

http://reason.com/blog/2011/03/23/obamacare-and-small-business

Wed, 03/23/2011 - 16:41 | Link to Comment tmosley
tmosley's picture

SO?  So were all the silver stocks.

Oh that's right, you only talk about those when they are down.

"Hearing only what you want to hear, knowing only what you heard."

Wed, 03/23/2011 - 16:06 | Link to Comment firstdivision
firstdivision's picture

This is the breaking headline at MW

BREAKING

 

Euro falls vs. dollar as Portugal OKs debt plan

Wed, 03/23/2011 - 16:10 | Link to Comment SheepDog-One
SheepDog-One's picture

Why shouldnt they just lie? Everyones just happy accepting their game, navel gazing and marveling at their captors. If I was robbing houses and everyone just watched as I walked out with their flat screens and blue ray players, I'd keep doing it as well!

Wed, 03/23/2011 - 16:39 | Link to Comment Dr. Porkchop
Dr. Porkchop's picture

In the future, the criminals will be robbing your house of your electronics to harvest for silver.

Wed, 03/23/2011 - 16:52 | Link to Comment SheepDog-One
SheepDog-One's picture

Good luck to em getting past my 3 Rottweilers and robot sentries armed with twin M-60's.

Wed, 03/23/2011 - 16:06 | Link to Comment assumptionblindness
assumptionblindness's picture

This is obviously GREAT news!  The market will probably open limit up tomorrow.

Wed, 03/23/2011 - 16:20 | Link to Comment Bleeping Fed
Bleeping Fed's picture

S&P limit = infinity

Wed, 03/23/2011 - 16:43 | Link to Comment SheepDog-One
SheepDog-One's picture

S&P? Who cares about the German markets?

Wed, 03/23/2011 - 16:08 | Link to Comment bingaling
bingaling's picture

Okay, why do I get the feeling that in Bizarro world the Euro rallies tomorrow ? Remember everyone what is right is wrong and what is wrong is right . (except for gold and silver ) .

Wed, 03/23/2011 - 16:26 | Link to Comment Black Forest
Black Forest's picture

Right, EURUSD might well go north. That means: You Americans have to create even more debt to get a strong, stable, reliable, gold-like, ever-lasting currency like our great EUR. </irony_off>

Wed, 03/23/2011 - 16:11 | Link to Comment Caviar Emptor
Caviar Emptor's picture

Portuguese Parliament is saying to Euro core: Where's our bailout?? You bailed your banks and citizens, now you gotta bail us. 

 

And the game continues, but nobody is truly aware of the side effects of the treatment: bloated financial markets, busted real economies. 

Lotsa Luck!

Wed, 03/23/2011 - 16:11 | Link to Comment kaiten
kaiten's picture

Who cares? Just BTFD

Wed, 03/23/2011 - 16:25 | Link to Comment andybev01
andybev01's picture

Bury Their Futile Debt...?

Wed, 03/23/2011 - 16:30 | Link to Comment SheepDog-One
SheepDog-One's picture

+1

Wed, 03/23/2011 - 16:49 | Link to Comment LostWages
LostWages's picture

Just BTFD

 

Time to change to "BTFC"....Dip changed to Collapse.

 

Time to BTFC Bitchez!

Wed, 03/23/2011 - 16:11 | Link to Comment youngman
youngman's picture

nothing suprises me anymore...so Portugal is still broke...no one had the guts to do anything but change the chairs...great politicians...great statesmen...

Wed, 03/23/2011 - 16:14 | Link to Comment Mae Kadoodie
Mae Kadoodie's picture

As Socrates would say, "All I know is that I know nothing".

Wed, 03/23/2011 - 16:15 | Link to Comment elagano
elagano's picture

So who rejects the austerity plan? Government? Strange...

Anyways, thanks for doing amazing work, Tyler.

Wed, 03/23/2011 - 16:20 | Link to Comment Dr. Porkchop
Dr. Porkchop's picture

Opposition party in parliament, I would expect.

Wed, 03/23/2011 - 16:27 | Link to Comment elagano
elagano's picture

Yeah, but the header says otherwise.

Wed, 03/23/2011 - 16:15 | Link to Comment Caviar Emptor
Caviar Emptor's picture

Now we'll see fireworks between Euro core and periphery. If the core doesn't play its cards right there could be further economic and political disintegration. We're near the edge of the cliff as it is. Bombers assigned to Libya may have to be reassigned to Lisbon and Seville

Wed, 03/23/2011 - 16:22 | Link to Comment SheepDog-One
SheepDog-One's picture

Theres BIG trouble here, I know most ZH'ers only focus on markets and what futures will do in the morning but theres a whole lot of evil shit going on in the world, a lot of endgames being set and bottom line theyre gearing up for a world war soon. So while most people navel-gaze at their portfolios and concentrate on 'BTFD' and the 3rd Elliot Wave, better have good boots, a rifle and lots of ammo and a pantry stocked. Because no matter what anyone says their charts tell them, this doesnt end well real soon.

Wed, 03/23/2011 - 16:16 | Link to Comment RobotTrader
RobotTrader's picture

Crappy stocks like MU and RHT are skying after hours on earnings.

People must be anxious to buy the dips on the worst stocks imaginable.

A lot of the CANSLIM action junkies are out of the market after getting the IBD sell signal, now they have been watching the market drift up 3 days in a row and are now desperate to start dry humping some junkers just in case?

Wed, 03/23/2011 - 16:17 | Link to Comment Caviar Emptor
Caviar Emptor's picture

They'd be better off topping off their gas tank before the next big jump in prices. 

Thu, 03/24/2011 - 00:42 | Link to Comment RockyRacoon
RockyRacoon's picture

People must be anxious to buy the dips on the worst stocks imaginable.

I'd need proof that there are any actual flesh and blood people involved.  It's all a video game at this point.    Ender's Game.

Wed, 03/23/2011 - 16:17 | Link to Comment oogs66
oogs66's picture

I'm not sure why everyone assumes they will now get EFSF money.  Won't the ECB or IMF require them to agree to austerity program to get money?  And didn't they just demonstrate their unwillingness to do that? 

Wed, 03/23/2011 - 16:20 | Link to Comment Caviar Emptor
Caviar Emptor's picture

Yes and that's the growing conflict. Case of the little tail wagging the dog. THey want their bailout just like the big Euro core banks. They want a jump on the available funds before Spain, Greece, Italy and Hungary deplete them

Wed, 03/23/2011 - 16:31 | Link to Comment Lord Welligton
Lord Welligton's picture

I wasn't aware that there were any "available" funds.

The whole thing is one gigantic farce.

The ECB lends money to DBank et al at 1%.

DBank et al lend it to EU members at 7%.

DBank problem solved.

Money from thin air.

Nation States destroyed.

Winning!!!!!!

Wed, 03/23/2011 - 16:35 | Link to Comment Caviar Emptor
Caviar Emptor's picture

The EFSF: Euro Financial Stability Fund was just increased to 440 Billion Euro. Last minute squabbling is delaying the increase until this summer. Portugal wants to grab

Wed, 03/23/2011 - 16:51 | Link to Comment SDRII
SDRII's picture

it is not even capital it is guarantees (same as the Fed circle jerk)

Wed, 03/23/2011 - 17:02 | Link to Comment Lord Welligton
Lord Welligton's picture

They could increase "it" to 440 Trillion. Same thing.

It is money from thin air.

They will lend it to DBank et al @ 1% would will then "lend" it to us at 7%.

Banking problem solved by taxing Sovereigns to pay banks.

A simple and straightforward transfer of future economic effort from the people to the banks.

 

Wed, 03/23/2011 - 17:18 | Link to Comment BigJim
BigJim's picture

Yup.

Wed, 03/23/2011 - 17:27 | Link to Comment Lord Welligton
Lord Welligton's picture

Succinct BigJim.

Like it.

Of course for "Banks" use "Plutocrats".

The banks are just a vehicle and will be ditched when the time is right.

Wed, 03/23/2011 - 16:20 | Link to Comment Bleeping Fed
Bleeping Fed's picture

Buy The Fricking Default!!!

Wed, 03/23/2011 - 17:27 | Link to Comment andybev01
andybev01's picture

Beat The Fuckers Down!

Wed, 03/23/2011 - 21:18 | Link to Comment Fred Hayek
Fred Hayek's picture

Beggar thy feudal denizens

Wed, 03/23/2011 - 16:19 | Link to Comment monkeyfaction
monkeyfaction's picture

The market just can't seem to parse so many large scale negative news events all happening at the same time so it has put its fingers in its ears and starting singing.

'la la la la I can't hear you black swans la la la'

Wed, 03/23/2011 - 16:21 | Link to Comment Caviar Emptor
Caviar Emptor's picture

There is no market

Wed, 03/23/2011 - 16:21 | Link to Comment RobotTrader
RobotTrader's picture

In all my trading experience, I've never seen a market shake off so much bad news.

Strongest tape I've seen since 1997 - 1999.

Wed, 03/23/2011 - 16:24 | Link to Comment Caviar Emptor
Caviar Emptor's picture

Difference is that 97-99 had huge volume, huge inflows from funds and retail as well as foreign capital. There was big program trading. This rally has been typified by almost non-existent volume of which 60% is HFT. 

No real new money moving in to this market. 

Wed, 03/23/2011 - 16:25 | Link to Comment SheepDog-One
SheepDog-One's picture

Bens 'cntrl/print' fat finger is the strongest in recent memory!

Wed, 03/23/2011 - 16:26 | Link to Comment alien-IQ
alien-IQ's picture

Are you using the word "strong" as a (poor) substitute for "manipulated" or "fraudulent" in order to make yourself feel better about your participation in it?

Wed, 03/23/2011 - 16:28 | Link to Comment SheepDog-One
SheepDog-One's picture

I dont believe he's participating in it at all.

Wed, 03/23/2011 - 17:02 | Link to Comment John Law Lives
John Law Lives's picture

I believe the character, RoboTrader, exists to stir things up.  Same for Harry Wanger.

Wed, 03/23/2011 - 16:27 | Link to Comment ghostfaceinvestah
ghostfaceinvestah's picture

Benocide printed another $7.5B today, on top of a very strong week last week.  I don't see what is so surprising about the market moves.

Now, what happens if he stops printing, that is another matter.  Let's see, what happened last spring...

Wed, 03/23/2011 - 16:29 | Link to Comment Caviar Emptor
Caviar Emptor's picture

Another key difference with 1997-9: back then there was such a thing as RISK. Businesses could go under, investors could lose capital. This market is running under the assumption that there is no such risk because the Fed put would cover any major US corporation, capital markets, major financials and even investors and the unemployed. Heck even tsunamis and nuclear disasters are covered!

Wed, 03/23/2011 - 16:30 | Link to Comment InconvenientCou...
InconvenientCounterParty's picture

almost like it's levitating from an invisible hand...

How much covert and overt manipulation do you need before you cease to have market discovery. (a.k.a. a market).

I'm not saying you can't trade it. You can watch a movie through a key hole butu you might miss the best part.

Wed, 03/23/2011 - 16:32 | Link to Comment Caviar Emptor
Caviar Emptor's picture

Fed money printing makes it possible for the market to rise, the perception of no risk makes it impossible to drop

Wed, 03/23/2011 - 16:36 | Link to Comment ghostfaceinvestah
ghostfaceinvestah's picture

I am betting that once the money printing is done, even temporarily, even mild selloffs will turn into routs.  Where do you think the S&P would have ended up if QE lite and QE2 weren't announced last spring?  My guess is below 666.

Once market participants realize there is no longer an "invisible force" (i.e. printed money) supporting the market we will see panic selling daily.

Wed, 03/23/2011 - 16:37 | Link to Comment Caviar Emptor
Caviar Emptor's picture

Yup. Last spring-summer's action is an indication of what happens with no free money streaming in. The perception of no risk has increased a bit since then based on the Japan bailout of their stock market

Wed, 03/23/2011 - 16:42 | Link to Comment tmosley
tmosley's picture

The hand is very visible. 

Wed, 03/23/2011 - 17:26 | Link to Comment Hotspur
Hotspur's picture

You can also watch it through a glory hole, but at some pont before the curtain comes up, you're going to get jizzed on.

Wed, 03/23/2011 - 16:52 | Link to Comment LostWages
LostWages's picture

Nothing scares the Bernank (except deflation).  One trick pony.

Wed, 03/23/2011 - 18:29 | Link to Comment gwar5
gwar5's picture

That's how you know it's a fake market.

Do NOT follow this link or you will be banned from the site!