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Post Revolution, Tunisia CDS Still About 100 bps Tighter Than Illinois
As China's president heads over to Barack's home town, we wonder if he is aware that according to the market, Chicago is in a state whose credit risk is about 100 basis points wider compared to a post-revolutionary Tunisia. Despite the country's recent presidential coup, and subsequent downgrade by Moodys to Baa2, the African nation's CDS, which spiked from 120 to 180 bps, is still just 100 basis points inside the CDS of Illinois. And this still assumes 80 cent recovery. We wonder how long before one or more Vallejo precedents reprice the entire CDS muni curve. Should the default recovery be dropped from 80 to, say, 20, it would get very interesting...
Tunisia CDS:
And Illinois. Note the actual levels.
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How 4130 US government "economists" got it wrong!
http://fedupmontrealer.blogspot.com/2011/01/4130-us-government-economists-got-it.html
And a video of a man often mocked and ridiculed who got it right!
Rahm, bitchez!
LOL
let Hu and Obama go to Tunisia and hand out food and relief
Just let them be food.
Except you're food .. Right? Thats the problem with western mindset... I'm agonna helpin ahem!!
Gotta catch me first, slugmo.
Well bang dae ho with a long duk dong!
I thought Barack's home town was Jakarta?
</sarc>
Nairobi, geez....
Sorry, I guess I didn't read the fine print on the birther signs. However, I just checked Wikipedia, and it would seem that both are "valid" conspiracies.
http://en.wikipedia.org/wiki/Barack_Obama_citizenship_conspiracy_theories
'Abercrombie did not report to the newspaper that he or the Hawaii Department of Health had found Obama's long-form, hospital-generated birth certificate. The governor only suggested his investigations to date had identified an unspecified listing or notation of Obama's birth that someone had made in the state archives.
"It was actually written, I am told, this is what our investigation is showing, it actually exists in the archives, written down," Abercrombie said.'
So I hope this finally settles it. The governor says that something is written down somewhere in the State of Hawaii archives by someone. He may not be able to locate the long form Birth Certificate but somebody wrote something down somewhere in the state archives and that should be good enough for anyone who has any doubts about his place of birth! Disregard the fact that we don't know who wrote what or wrote it when or what they actually wrote about Obama's birth but take comfort that the Governor of Hawaii knows that somebody wrote something.
Hawaii governor can't find Obama birth certificate http://www.wnd.com/?pageId=252833#ixzz1BXROAvos
Ha beat me to it.
As an IL resident - makes perfect sense...
Hey! Obambi sez we are all rich!
(Libs rush to buy more iCit)
But you conservadorks bought 'em all before we could get there.
Putting 2 + 2 together -- it sounds like Illinois NEEDS A REVOLUTION!
Would only seem fair considering the state government put 2 + 2 together, and somehow came up with 6.
Cheaper in Africa than in the US... the FED is doing a bang up job!
Cheaper in Africa than in the US... the FED is doing a bang up job!
This makes perfect sense to me. In this case I think the markets are getting it right.
I sold all my munis 2 years ago. I was 1.5 years too early, but I can't say that missing out on 2% interest really hurt me that much.
Perhaps if Chicago has a revolution and government overthrow their credit spreads will drop.
Did i hear someone say revolution? Join our mostly peaceful group. I did say mostly peaceful. The usa took hawaii without firing a shot. Mohammed took medina peacefully when others counseled meeting force with force and no one can forget that the thoreau-inspired ghandi freaked the british out so much they didnt know what to do. I mean what do you do when people que up peacefully, take a reservation number, and wait patiently for their beating? All the time smiling at you? It was freaky to the soldiers, the stuff of nightmares..of course dont forget ghandis words.....first they laugh at you........but i digress.....if u want revolution then join us. Kprice1670@gmail.com. i am not ghandi, but we have an opening in the peaceful wing of the organization. All would be ghandis are welcome to apply. No reference check.
Vallejo has changed the curve, in the later articles about it they are wanting to give bond holder 5 to 20 cents on the dollar. Tomorrow is going to be one crazy day.
buy the dips~!
It is the buyers who will get dipped, I'm afraid.
Every sov and state is running on a credit card........that is running out.
Let that sink in.......really hard.
This would be a great.arbitrage opportunity because at least in illinois they have the tranny balls to.raise taxes 70 percent.
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pass4sure \ pass4sure 70-653 \ pass4sure 70-620 \ pass4sure 70-284