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Watch Irish Parliament Budget Discussion Live
Following the below link to watch a live webcast of the Irish budget discussion, whose passage at this point seems a fait accompli after the votes of two critical Independent PMs were captured yesterday as Zero Hedge reported.
(full webcast after the jump)
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I am hoping for some Irish to burst into parliment singing, "Oh le, oh le oh le oh le...oh le...oh le!"
30 Year, 10 Year ~ US Treasury
Just curious: Where's the lead article describing the 25%+ profit Treasury made by bailing out Citi?
Yahoo .... Lol'
unbelievably sad.
not a shot fired, and the banks take over.
@greater
Of course Citi didn't sell any loans to Freddie or Fannie at par, did they?
Tool
Look, there's plenty in how this all works to be cynical about, which is why I read this site, but the intellectual dishonesty here is really pretty appalling at times.
We hear lots about the Fed swap lines, but there has been no explanation of what their terms are (very disadvantageous to foreign central banks).
Similarly, there are many shadowy mentions of Maiden Lane II and III, but have you looked at the Fed data dump to see what the cash flows of those deals have actually been? I'll spare you the trouble: They're both paying back quite nicely, thanks.
Yes, it's all about cash flow isn't it? Just make those interest payments. But what about the "impaired" asset values on these shitty deals? Thats right, taxpayers can eat the losses -- should we ever decide to realize them.
You must be a big fan of Japan's miracle economy.
Actually, the assets have for the most part appreciated a lot too, but those are just marks and aren't really directly relevant to deals like these, whose nature is that they are held to maturity / call. It's not as if Fed is reliant on the MtM to finance themselves.
And yes, it is all about cash flow for any entity (operating or otherwise), which is what makes some of these deals (Citi bailout, MDL II and III, and the Fed swap lines all being examples) different from others (GSE credit protection written on crap assets).
Japan is, I feel, a different case. They beggared themselves in an effort to keep alive precisely the kind of export-led economy many around here seem to think we ought to be aspiring to. They also made decisions everywhere along the way that were driven by a sense of community and shame that, patently, do not burden the US to any even remotely comparable degree.
@greter
Extend, pretend, move "forward". Deals upon deals and everyone "wins".
Have you ever experienced the smell of decaying bodies? It is unforgettable, and nothing can mask it. The banks have stored the corpses in government-issued bags, but the smell seeps through. Adding more layers of plastic and a few air fresheners will not make the problem go away.
@greater
I completely agree with you that we should see all of the relevant information, and a bias will only hurt us, whether bearish or bullish.
In this particular instance, it is worth pointing out that the C stake was sold at a profit. However, it's also important to note that C is a steaming bucket of feces. Our treasury should not be in the business of dumping this crap on the "greater fool", profit or no, any more than they should be slapping lipstick on GM and whoring it out in an IPO.
The truth is, these criminals are being bailed out through various underhanded measures, at great social cost to the people of the USA, with a thin veneer of "profit" to get them to swallow.
In my view, our goal should be to educate our fellow humans (i.e. non-bankers) and do everything we can to exercise our power and neutralize their thievery.
Heres the lead headline of Yahoo anyway- 'Stock Bust to 2010 Highs as 'Investors' Bust a Nut over 'Tax Cuts'....nevermind no tax was cut and more debt was just kicked further down the road for someone else to deal with after their terms expire. Party on.
From Forbes:
http://blogs.forbes.com/halahtouryalai/2010/12/07/citigroups-efforts-pay-off-treasury-sells-its-stake/?boxes=HomepageFAN
I guess this means C is no longer subject to Pay Czar bonus restrictions. Happy holidays, Bankstas.
Kabuki theater performed by stoneless drones.
Reversal in Equities?
But the news of Clowngress doing nothing but kicking the debt down the road another 100 years was so good!
SheepDog,
I mean, Revesal for Equities since today has appeared high volume in Cash to Futures Ratio (Typical distribution at a top)Double top 1230 in SPX
So it would no be very difficult to appreciate a mini sell off during this or next week.
Dec Puts has lost all value 60-80% in major indexes(Eurostoxx,Dax,FTSE,SPX...)
I think VIX loading is not a stupid thing for next month...
and Piigs will be attacked again yes or yes, cos no one in the whole world trust the "new Stress test programs" cos all gonna be false, and Real Estate Value(Specially Land needs a super cut off in valuations, and banks should recognise losses yes or yes).
Regards to all channel.
I think theyre maxed out and everyone is looking to get the hell out. Pack up and go, theres no future here except tyranny and bloodshed.
We will never pay our debt. Austerity has no constituency.
Though at the last moment, the bankers might tighten the noose (just like in Ireland) and collect their collateral just before the grand default.
And this is how a sovereign nation is swept into the dust-bin of history.
I wish Harry would explain how all this will blow over, again like before.
He said the show had epic sales !!!
I'm not exactly sure what "it" is that will "blow over". Help please??
The entire " show " in europe. You said a few weeks ago this stuff always pops up in europe and blows over, spot on.
Im shorting EURUSD till 1.26 (Swing trade)
I suspect that trade will work...but won't be easy on you.
It was not even four hours ago that some smarmy investment banker parading his notions through the propaganda bull horn of CNBC, said that $1.33 was the "bottom of value" on the Euro against the USD. Even now, that cross slowly sinks into a red Ichimoku cloud on the one hour chart....ready to break that mark.
And if you move over to the daily, you can actually hear the tolling of a bell.
Good luck.
Growth in the next 4 years?! How can anyone believe him? It is sad to see elected officials enslave their voters to debt to save banks in Germany, UK, and the US. Are all politicians in the pockets of the elite? They are selling out the people that put them in office. There is no democracy left. It is a very sad day.
It doesn't matter now. The Irish people will leave the Emerald Isle. The country will default. And EU will split because the refuse to acknowledge the insolvency problems that face some of the members and the banks.
The Irish people will be the first to pay the price. More will follow. Until the people eventually rise up, to put down those who have enslaved them to a life of debt. It will not be pretty when that happens.
Exodus has begun. read somewhere that 10000 young Irish have emigrated. Seeing quite a few of them up here in Canada.
Yeah, make a refugee claim in Canada, it will tide you over until the dust settles. Free health care, welfare and education. The Turks did it when their economy collapsed. I was a Senior Immigration Examining Officer when thr first wave of Turks arrived. Mostly University professors and Grad students. You know, the ones snart enough to get out early.
Tyler Spain needs a Bailout with forgiven debt schemes, this will be dillutive for banks and financials all over the world with exposure in Spanish bonds, Also with Portuguese ones...
So its impossible to keep the Euro at this levels , cos half of its members needs to devaluate internally between 20-to 60%...so...just make figures...
In a practical sense, you're right about the Euro. However, it's a fight for "fiat survival" and it's like catching falling knives to apply that same practicality to an investment/trading approach. Just wait......
Completly agree Ruberaish10
Fiat Survival race...
....a real marathon. I was hoping for maybe a sprint! Finance and politics breeds longevity until the people respond "accordingly". Elections don't seem to matter so that may lead to more drastic steps. Take care.
Off topic here but markets look like they're in a tug-o-war! Nice to see. It's been a while.
Like a MIG trying to claw its way higher into oxygenless atmposphere.
Eventually, gravity takes charge?
Flame-out and gravity is a bitch. Im not at all convinced equity markets just march up forever here I think the top has again been reached, besides everyones looking to sell and leave.
My, the financial guy's rhetoric sounds very much like it was written by someone at The Goldman Sack.. In one breath he says the 'taxpayers' there will not pay for their bailout and that everyone will pay more taxes.
Compelling listen - thanks for the link
Doesn't this all simply come down to too many people living on an island without much in the way of real exports? It seems to me like economies without exports can only survive with speculation, and only then for not very long.
How are the people of Ireland going to eat every day were it not for others essentially feeding them?
Yea same as the US actually.
Looks rehearsed.
What a farce.
Scotish Bagpipes would be really cool in the background.....Just say it.......Credit default Swaps via the derivative markets will pay far more towards our XMAS Bonuses this year than blowing-off the IMF and their Euro Goodwill gesture......(run-on sentence)
Not everyday you get to see politicians in the act of betraying the people and country... errrr
Are sovereigns not allowed to default because of the hidden leverage in derivatives markets? Is that why so many seem to be working so hard to prevent any sovereign defaults? Or is it just that bondholders are demanding (threatening punishment somehow?) to be made whole?
Well, the script calls of various statements of outrage and disgust, followed by any number of statements of how awful this is but it must be so, resonsibility and duty and all that, followed by collective realization and finally capitulation. This is the "Minimum Pretend to Fight" option.
Or, they could do like the TARP thing and have the first vote that says no way, followed by a day or so of turmoil, and finally the vote goes the pre-ordained way, if Eire adopted the "Pretend to Put Up A Really Big Fight" option among the selections they were given.
Of course, on the menu there is no selection called "Grow A Pair and Defy The Bankers." Just as it was here.
Enter Sinn Fein
http://budget.breakingnews.ie/news/h...et-484723.html
"Hundreds of secondary school students have walked out from three schools in Clondalkin in Dublin in protest at today's Budget.
Pupils from Moyle Park College, Deansrath Community College and Colaiste Brid staged the walk-out this afternoon and marched to the offices of local Fianna Fáil TD John Curran.
The students are protesting over expected cuts to the education budget and the increase in third level registration fees to €2,000.
A spokesperson said it was no joke to skip classes, but that this came down to a fight for the future of students in Ireland. "
Unless people actually string them up, protests and walk outs are exactly what the elites love. They probably video it all and replay it later at parties.
Anyone know what time the vote is scheduled, if there is in fact a scheduled time?
Amazing Volatility in Commodities,
Seems to be a medium term top....
Oil,Copper,....gold,silver...
So another country loses it's soveringty I'm pissed cant spell that word, to the IMF. I'm sorry but this is fucked I have had a enough of this shit, I'm more mad at the Irish people for doing fuck all, you paddys should have stormed the government buildings and ramsacked Allied Irish. I'll tell you Zerohedgers what will happen from here on in, we will have alot more to grumble and complain about, The Goldman Sach, The Ben Bernank the JP Morg will continue to get away with murder, Tyler will continue to post posts, we will continue to get angry, we will have glimmers of hope in events getting out of control and perhaps collapsing, we all want things to collpase, I do, but you know what, nothing will change the elite cunts will continue to get richer and we will do nothing, I say nothing!!!!! We must fight back, but the trouble is the world is apathetic, they don't want to fight back they just want to watch TV and have an easy life, so the awakened few, us, will live in perpetual frustration at the inaction of the masses, I know that the next 10 years of my life are going to be frustrating and miserable.
I agree with a lot of what you say, .......... so what are 'you' going to do about it??
They are not going through anything we won't and are not currently going through. There is onecommon point being made by both parties and that is that the bankers are the only people and entities that have benefited since this debt problem engulfed the world. It's actually a shame that the social cuts on the most vulnerable part of every countries citizens have to go through this when the banking indutry has been allowed to survive. This is criminal, just criminal. If there was just a way to force the losses on the bond holders.
Actually why stop there the rest of my life will be miserable, I hate man kind, the people that do nothing are worse than the cunts that control us!!!!!!!!!!!!!!!!!!!!!
You are an idiot.
I will venture to say that this hall is mainly for the Masons to plan
and implement the real budget. Anyone else see what I see in
this room?
Euro sinking against the USD, sinking slowly through what was touted this morning as the bottom of value per the dollar cross. Right.
Austerity sounds angry today. Cash machines mysteriously offline. Stocks rocking on the back of debauched currencies. Criminal bankers being waved through. US T bills getting bitch-slapped.
What a brave new world this is.
So, was there supposed to be a run on the banks in Ireland? What happened with all that?