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Portuguese President Prepares To Accept Jose Socrates' Resignation; Government Collapse Imminent
From Market News: "Portugal's President Anibal Cavaco Silva is prepared to accept the
resignation of Prime Minister Jose Socrates and is getting ready to call
an election to choose a new government, Portuguese daily Jornal Publico
reported on its website Wednesday evening....The political instability that would ensue from a collapse of the
government, combined with market tensions that have pushed Portuguese
ten-year bond yields to a euro-era high above 8%, seem likely to
increase the pressure on Lisbon to seek a financial aid package from the
European Financial Stability Facility and the International Monetary
fund." Look for Portuguese, Irish and all out toxic fallout (pardon the pun) to be bought with impunity by JC Trichet as the entire market goes bidless.
More from MNI:
The news comes as the Parliament nears the end of a debate on the minority Socialist government's proposed package of new austerity measures amid strong signs that the bill will be defeated. Rejection of the measures, which are strongly endorsed by Portugal's European Union partners, would amount to a vote of no confidence in Socrates' government.
Socrates is planning to meet with Silva at 19h00 GMT/1500 EDT, and it is widely anticipated that he will tender his resignation in that meeting if the parliamentary vote goes as is widely expected. Socrates is scheduled to address the nation at 20h00 GMT/1600 EDT this evening.
Never too late to load up on those Irish CDS. Just for heaven's sake do not use Citi, Bank of America, JPM, Goldman, Deutsche, RBS, Barclays or BNP as counterparties.
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That should be good for a +100 close on the Dow Jones. If an asteroid hits the Earth, we could see +1,000.
Astroids have gold in them. That would drive down gold and put more money into Netflix.
Really? How much? Every one?
/sarc
X oplanets.
""Astroids have gold in them. That would drive down gold and put more money into Netflix.""
lol
I dont know about astroids, but Mars, Mercury, Venus and even the Moon have some gold and silver.
We could finance a ship and crew for under 1 billon. First come first serve.
What about Uranus?
The most popular tola in India is made of Charas...
Well, god luck getting past the TSA X Ray machine that is emitting 100x's their posted dosage.
Gold up your ass or not........it will see it.Even baggie stuffers are hard pressed now to get thru.
While you are checking Uranus, look for a string dangling out, as it may be attached to 1 or 2 Baht doughnut bars from Thailand.
If you come up empty, check that Swiss guy in Hong Kong, the one with the ponytail who hangs out at the spas in Mongkok, as he looks to be a sure thing.
Thank you for finally explaining String Theory to me!
Yes, and Gold can be produced. Just ask your local Alchemist. Transmutation of lead into gold? In 15 minutes.
Indeed! According to all of the Keynesian professors & analysts (and CnBS economists) a mega-asteriod would be quite bullish.
and housing would jump because of the need for new housing let along the new land available for building...
Thats great news! We have one incoming in 2014. Maybe we could snag it or maybe it will snag us :)
Remember to put it in context though as the DOW is really a Chinese index.
Put your faith in the Tao
The Dow that can have faith put in it is not the true Dow.
You are right, put your faith in the Dow, not the Tao.
The dow that can be told
is not the eternal Dow
22 points away!
Computers would keep driving up the market even if all human beings were exterminated.
The many comments like yours where current events don't explain the current market movements....they are all based on a surprise that amidst bad news, the markets move up.
This is linear extrapoloation and the same will occur when markets will plunge with no bad news.
Social mood is what drives the markets and it's not linear nor statistical. Social mood is random but patterned.
If Wave C did end at S&P 1344, then the current onset will mean that huge plunges in the market lie ahead, many of these plunge days could be with no bad news.....
Thanks for the psychology lecture.
The stock market has been moving up because The Fed has gunned the M2 supply and speculators are taking advantage of the artificially created conditions.
Market plunges are a linear extrapolation of selling?
Whatever Pretcher.
No assclown, Bens 'cntrl/print' key is what drives the markets. End of story case closed.
Not completely true. When ben is blathering at a conference away from his computer, the Algos drive.
"Element 79" Fred Hoyle
Go Long on Bruce Willis?
The fair is in town. The carneys are selling Irish CDS for cheap. Counterparty risk seems on par with BoA.
Where's Glaucon ?
The perma-bulls have replaced the "eternal growth model" with "wreck and rebuild"
I was thinking "Wreck and Reinsure", like that nightclub owner with a bookie's enforcer on his tail and a bunch of matches.
once again... vividly well put
Why is this a big deal. The ECB will just throw some funny money at them and it's FIXED (well....for a few more months)
tink tink tink (the sound of another can being kicked)
Good.
Let's hope Spain follows and the ECB/German madness ends.
What? Are they pulling out of the Libyan collation also?
Markets surge on non payment of debt to bankers.
Markets surge on more issuance of the ECB's Super CDO program. Who in their right mind buys this crap when you can buy the sovereign German or French paper instead? These institutions are exposing themselves to more risk, not less... (buying the entire union vs. just quality) while at the same time moving farther away from the direct repayment source. Such garbage.
'Better n expected' Im sure and certainly 'priced in' no doubt...good for 200 flash dash on the DOW? Heh heh, enjoy while the charade lasts, it wont be long.
Meanwhile the DJI is up 60.
No sign of intelligent life here.
Yeah, I guess the lowest monthly total in new home sales on record (dating back ~50 years) is bullish.
And the EUR/USD just...hoverglides.
WTF?
Heaven only knows the mischief made by freshly printed EUR,JPY,USD.
Excellent: more biflationary news! The ECB rescue package will simply reinforce what's already happening: raising the value of paper and deflating real economic activity. All those predictions I've made here on ZH have come true even here in the US: look at today's housing news in the face of surging oil and raw materials. Look for more of the same until the Jasmine Revolution spreads to the US.
No revolution in the US until McDonalds discontinues food stamp acceptance on chikin Mcnuggets.
Trouble is the price of 1 McNugget will be more than a weekly salary
I didn't know that McDonalds accepts food stamps. I actually think that this is the future. ...McDonalds and Taco Bell as government sponsored food distributors.
Put your money on MCD!
Primalplasma theyve been accepting food stamps for quite a while, go in and see!
heads of state who ride and wrangle,
who look at your face from more than one angle,
can cut you from their bloated budgets
like sharpened knives through chicken mcNuggets.
now heads of state who ride and wrangle,
who look at your face from more than one angle,
can cut you from their bloated budgets
like sharpened knives through chicken mcNuggets.
shut the f*$k up.
shut the f*$k up.
right, right
learn to buck up.
shut the f*$k up.
now, now
learn to buck up.
now nimble fingers that dance on numbers
will eat your children and steal your thunder,
while heavy torsos that heave and hurl
who crunch like nuts in the mouths of squirrels.
now nimble fingers that dance on numbers
will eat your children and steal your thunder,
while heavy torsos that heave and hurl
who crunch like nuts in the mouths of squirrels.
shut the f*$k up.
shut the f*$k up.
right now
learn to buck up.
shut the f*$k up.
right, shut the f*$k up
yeah, yeah
learn to buck up.
now simple feet that flicker like fire
and burn like candles in smoky spires
do more to turn my joy to sadness
than somber thoughts of burning planets.
now clever feet that flicker like fire
and burn like candles in smoky spires
do more to turn my joy to sadness
than somber thoughts of burning planets.
Or, they cannot find a way around using them for for booze, and cigawrecks.
Hahahahaa, punchline of the day. Thanks for the laughs Tyler!
Mr. Market says, "I don't care any more..."
http://www.youtube.com/watch?v=xLpfbcXTeo8
There is no Portugal, there is only the Bernank.
All of the doom and gloom things are happening, and yet the world keeps going.
For this hour anyway. Americans are trained for an attention span perspective of no longer than 60 minutes, the avg TV time slot. Half hour is actually pushing it.
Thanks, Charlie. I think your hooker is waiting to be paid.
TD -
It's not toxic fallout, it's "legacy" fallout.
Its not toxic its just in transition; whats a million years between geologists?
I will take Portugal falls into Atlantic for a 1000 Alex.... Irish and Portugal fall into the atlantic at the same time what is its name?.... What is .. Your Stewed... Alex..
There's one of the Canary Islands that is basically a huge ancient volcano with a big split down the middle of it. Half of it is poised to fall into the Atlantic once gravity and rainwater open the split just a little bit more, and if it does, the East Coast is going to be hit with a tsunami that would make Japan look like a wave in a paddling pool. You've got to hope that that thing is fully wired with seismometers to give at least some warning, and that the local air surveillance radar has received the latest upgrade to be able to spot items as small as one regular sized black swan on short finals...
Yes, La Palma. Why it has not been used as a weapon yet surprises me. It was mentioned in a couple of novels I think.
SPain is in DEFAULT
ALL Real Estate Companies are in default and bank 80% are....too
Silver is above $37!
A fist full of silver dollars is absolutely orgasmic!
"All for the best in the best possible of worlds."
totally off topic- great HFT article. colocation bitchez http://www.bbc.co.uk/news/science-environment-12827752
Optical switches and wormholes to the rescue!
The cycle of bailouts continues (and may be accelerating). With housing starts at lowest level since The Kennedy Administration, will QE3 be far behind? Implication for banks buying MBS from the Fed is dire
I believe a 100 mega ton nuclear explosion would take us to Dow 14,000.
I 100 megaton "nuke" would put less pu in the air then, is burning now in Japan. Nukes turn part of their matter into "pure" energy. E=mc2.
So its less destructive, less deadly and less bad, then what is happening in Japan.
* as far as, harm to future generations. 1000-10,000 year danger zones are not good for the generations to come.
** Given small rock and heavy toxic environment.
100 megaton "nuke" vs 4 reactor meltdown. Tough call my money is on the reactor being "worse".
So the government is collapsing because lawmakers won't agree to austerity measures? Sounds like Portugal really wants to get their finances in order.
So....about that debt ceiling.
But they'll manage to float their next debt issue without problem... ridiculous!
I picture a bunch of mountain climbers, roped together, climbing a mountain called "debt." Germany, France, and the UK are in the lead and pulling along the rest of the rope team. Greece and Portugal are at the back and have slipped and fallen. Ireland is third from the end and is desperately trying to cut the rope. It isn't going to end well.
I forgot to mention, just ahead of Ireland, there's a really fat guy named Spain.
...and at the top of the mountain with a banner emblazoned with the single word LIBERTY, stands the proud Icelandic hero.
I think you've got the climbers in backwards order.
The guy holding the most debt is the one at the end of this rope and the fat bastard Italians and Spaniards are causing it to fray.
France and Germany are at the bottom, yelling to the fatties to take the offer of the guy at the top (IMF) who has a knife behind his back and is haggling with them about the price of more rope.
Dow looking for 100
I bet Obama is sorry he ever agreed in that meeting back in March of 09 to let Ben use taxpayer money to buy stocks.
Ben: I promise..I will get you reelected if you just let me unleash the Fed on the markets.
By now everyone sees through the ruse.
1. No banks are selling stocks EVER
2. All market gains are reliant upon trying to lure in shorts to steal money from
3. The market is trying to ignore commodity input costs and still run this mother higher
Bottom Line is that with all the leverage being used to ramp fake prices to trick a populace the markets are ripe for a takedown by those who are not PD's and will gather together to make a fortune going short. 2 years later now of free money , propaganda and BS and home prices are still falling..QE is ending in June..Metals are parabolic and there are no jobs.
If this all does not end in with what comes to be called the Jackson Hole(Nuremberg) trials I would be amazed. After 2012 elections a new fresh blood of Americans are headed into power removing the cronys.
And it all ends with begging for the largest bailout package ever assembled for bankers.
Ben has been trying to excuse away all past crashes with, "If everyone didnt panic we would have been better off"
Well Ben there is a reason Panic is hardwired into every living creature and it is to survive. Printing presses do not become salvation and only a false sense of security compounding the end result.
It would appear that there is an agreement among banks not to sell stocks. Think how insidious this all appears:
1. Banks dole out easy-to-get loans to people to finance overvalued assets.
2. Banks get bailouts at taxpayer expense when the housing bubble pops.
3. The Fed guns the money supply and gives TBTF banks access to nearly free $$$.
4. The Fed guns the stock market and enriches the banks while much the world chokes on surging food and energy costs.
Does it get any more evil? I think Satan would blush. Calling The Ben Bernank the Chairsatan is an insult to Satan...
You forgot to mention the Food Stamp program that benefits the banks, and the CFTC and other regulatory agencies that don't enforce areas of safety for people to flee to from this cataclysm.
Its like a government charging you money to get into a fallout shelter after the bomb has been dropped
What does JPM make on the EBT cards again?
6 billion a year. Makes me wanna do something unfit for human ears.
Completely agree.
Since you dont have to sell or touch assets, that "money" is locked up. Like a fat guy screaming in a closet. Untill you give him a mic, he has no impact on others.
One day those assets will need to be priced.
http://www.youtube.com/watch?v=sBksHaTQCbU&feature=related
That is the disgust factor of the PPT. We will give you all free money BUTTTT you have to upgrade each other, not sell and put presste iure on contacts to stay in the markets and be bullish on air.
Oh..and GE..you want your TARP and PD advertisements?? Always talk up the markets.
This is cheating and stealing from the Republic for personal enrichment and deceit is rewarded. Whomever ever said hate is too strong a word is wrong. Nothing short of life in prison is acceptable. Our citzens are suffering to benefit a few and those who caused this and are continuing to make this worse are being rewarded because of their political contacts.
The socialist comrades seized power in Portugal in 1975.
Portugal is screwed.
I always find it amusing to see people being fucked senseless by Fascism rising up against Socialism.
Divide and Conquer should be marketed by Hasbro and sold to kids as a game so that they can understand the world they are about to grow into.
You never played with GI Joe? ;)
Unreal.......PPT must have dawned there superman underwear today.
yeah...the ones loaded with bullshit...
Silver rocketing....
Hard Assets Age¡
agreed...banks aint got no fucking metal.....
http://www.gata.org/node/9733
Jose Socrates? How appropriate. I wonder if Juan Hemlock will be his successor.
In the meantime DOW and rest of the "Market" is "climbing :)))!
This may go on for as long as they can print, at some point it will be obsolete
because it simply wont help anymore, there wont be anything left to loot!
I would really like to see what happens then, but for safety reasons I'll pass!
I would have thought that dissolving an incompetent government and calling new elections would be a positive step.
I hope Finland will say NO! Seems that a lot of Finns have had it with the europonzi and the endless bail outs.
http://online.wsj.com/article/BT-CO-20110323-709160.html
This market is unbelievable.
Obviously this is quite bullish news for the stock market...along with a nuclear disaster, tsunami and earthquake in the third largest economy in the world, the start of a third war, a new low in home sales, oil over 105 per barrel, record and relentless unemployment and state and federal government in debt to the point of insolvent. Clearly...the only way to see this accumulation of news is as bullish.
Bring on the asteroid and let's get this market to 36,000!
LOL
...and I got a boil on my ass that could kill...but, you know me, I can't complain.
Happy BTFD day!
(Every Day.)
So let me get this straight - the S&P is about to punch through 1300. Is anyone trading today except for Traderbot 2000 vs Traderbot 3000?
Yes and all the money is going into PCLN, NFLX and BIDU. Great huh? 3 stocks can take all of the volume and hold up the entire US market.
The S&P? You mean that German market?
Just playing devil's advocate here, but, could this be a good thing? Imagine a country coming to together and saying "fuck it, it will be tough, be we will find out who is worth a shit one way or the other and we will get through this. We know that the debt is fraudulent, so fuck it, here are the keys to the country, come get it mother fuckers."
That's what Argentina did in 2000. Since then, they've sold out again, but for a while the Argentinians were calling the shot rather than the banker-gangsters for a change.
Worth trying again - maybe in Egypt, too.
Or in New York. Meanwhile, tax fucking derivatives to the moon. FAKE debt crisis solved.
Usually people in leadership positions that take those stances end up having uncomfortable confrontations with projectiles or gravity.
Bahahahahaha!
Yea! More money for the US markets - Rally city!
Yeah yeah keeping printing fiat digital you motherfuckers. Silver says it all as it breaks through $37. Biaatchezzz
Here in Canada the opposition socialists & separatists are going to bring the govt down just for the sake of it, for another election in order to try and get their hands on taxpayer money. This while Canada has done pretty well vs the PIGS, US, etc...
We are all doomed.
Replacing Socrates will be tough.
And if the USD goes on a daily buy today as I have it possibly doing?
Most foreigners and news services don't understand what's going on in Portugal and that's why they think that the fall of the portuguese Government is a bad thing. But the truth is so far from it. The truth is that today will mark the first day of hope of getting our fiscal and budget act in place.
The Socialist Party (PS) has been running the show for 13 of the last 16 years. The current Sócrates (the Prime Minister) government has been in office for the last 6 and a half years, his greatest single achievement was to DOUBLE the amount of debt, currently at about 100% of GDP. This government has come up with 4 plans to "save the economy" in the last 12 months, all of which were imposed by the EU that wanted the deficit to be reigned in. All of these plans (called PEC in portuguese) never even scratched the surface on cutting spending but ALWAYS focused on reducing the deficit by raising taxes or cutting public servant wages or pensions. But every time Prime Minister Sócrates announced a new PEC, he would always say it would be the last one, that things were great and no foreign aid would ever be necessary. Meanwhile Portugal got downgraded, and outlooks were always negative.
Recently the Government was informed by the EU and ECB that there was an accounting issue of 1.4 billion euros in the 2010 budget and that it would have to be corrected for 2011 and following years. The Government (a minority one, may i recall) unilaterally decided to "promise" the EU additional measures, which is now called PEC4, at the EU summit 2 weeks ago. This caught the parliament, opposition, President, and portuguese citizens off-guard since no one knew of this new PEC and why it was necessary in the first place since things supposedly going great. Sócrates used his habitual bluff tactics and basically thought he would corner the largest opposition party (PSD, center right ideology) in approving his measures, since there was really no time to discuss things since they had already been committed to the EU; he also threatened if PSD were not to approve the PEC, he would step down from office.
So it all comes to this day, on the eve of another EU summit, PEC4 is to be voted in parliament. PSD will vote a sound and strong NO; it had already warned in previous PEC's it would not approve any more tax increases or pension cuts without thoroughly going thru every possible cut in spending first. For example: several state owned companies and institutions that have little or no use for the economy and are a haven for political nominations and jobs, stated owned TV channel which in 2010 swallowed up to 580 million euros from taxpayers money, a state owned airliner that every single year has a loss but also has the most well payed pilots in Europe, a new airport for the Lisbon region when the current one can still withstand the expected growth for the next 6 to 8 years, or the new High-Speed railway from Lisbon to Madrid which has been proven over and over to be a money losing investment for as long the eye can see, the list goes on and on and on. Even today many see this day in parliament as an opportunity that set up by the Prime Minister himself so he can leave office days before he is obliged by the EU to call for aid from the ESEF and later run again for office and victimize himself as having been ousted unfairly.
Portuguese citizens seem to have finally understood that the only thing this Government delivered was propaganda. PSD didn't lie about the way the economy was and how hard times were coming back in the elections of September 2008, and that's why they lost; PS was so more effective in marketing and propaganda. People understand that the good times have gone by and the debt situation is unsustainable and we must get our act together and work ourselves out of this, but the State has to get thinner and more productive and spend much less. With the current Government this hasn't happened at all (specially taken into account that they actually managed to balloon spending and created thousands of useless public institutions to foster political friends and followers) and the private sector is being penalized with higher and higher taxes in a useless attempt in sustaining a public sector that is bankrupting the country. In a sense Portugal is different from Ireland, probably making it more similar to Greece but at least we acknowledge we have to change the public sector. We don't have a banking crisis, we have a State spending and fiscal crisis, but portuguese citizens as emigrants have shown to adapt and work soundly and excel, it can also be done at home; a new government is needed as quick as possible.
Thanks.
Indeed, Portuguese people do adapt and do well in other countries. Would be nice if Portugal could make a successful go of it ... a great place to live, according to many, an under-appreciated, friendly sunny paradise despite the economic & governmental issues.
A question involving a wider canvas, is whether some of the Portuguese debt also needs to be defaulted after the haircut clippers come out for Ireland and Greece.
"This ship is unsinkable."
or
"The appearence of safety was mistaken for safety itself."
The PIIGS are yachts and schooners, the U.S.A. is the Titanic.
http://www.snopes.com/history/titanic/unsinkable.asp
Looks like all "Risk Assets" are being bought on the news of government collapses, earthquakes, tsunamis, nuclear meltdowns, etc.
Talk about a "Wall of Worry"...
Youre the ONLY one in any stock RainbowTrader, besides Ben! Good luck assclown!
Yes, and if the FED wasn't debt printing database dollars and buying the markets reality might actually enter into the picture.
Not to mention individual rights dating back to the Magna Carta being trampled and prostituted out for municipal ca$h and cocktails.
No doubt there were high times in the speculative bubbles of the past that seemed to last forever...until...
For once CNBC reports the truth....I wonder why?
Screen shot: "Moment of Truth for Europe"
http://www.cnbc.com//id/42232259
Events in Europe 'Coming to a Head': Bond Manager
Published: Wednesday, 23 Mar 2011 | 12:57 PM ETAnd so the story in Spain's cajas continues. Ahh, it was so easy on paper and "the market" bought it and loved it. But hey, if banker smells free tax payer fiat around the corner, why make the effort.
http://online.wsj.com/article/SB1000142405274870405020457621885065844646...
Can't wait for the day the debt ceiling will be reached in the US...
I'm preparing the popcorn to watch the fireworks...
I guess we have less than one month to go...
REJECTED
Euro just dropped 20 or so very quickly... news must be percolating...
Hey, if you're named after a dead greek scarecrow you shouldn't be running a PIG.
ponzinomics are running full steam and everyone is wondering why companies stock values are not collapsing? They will increase in any senario and S&P 1550 is a no brainer in my opinion. Its like complaining not to have bought anything and sitting on cash waiting. I will read the same stuff here in 6 month and same comments.