This page has been archived and commenting is disabled.
News That Matters
European (red) charts update.
IBEX is down some 20% YTD, and approaching the the magic lows of 2009.MIB is down some 8% YTD.The Dax has formed a big head and shoulders pattern about to break down, and the Eurostoxx 50 is trading badly. Charts click here.
Ft.com
Christine Lagarde, managing director of the International Monetary Fund, is a happy woman: her institution will receive at least an extra $430bn in resources. This will substantially increase the IMF’s capacity to help if the eurozone crisis takes a turn for the worse. Should the world welcome this success? Yes, alas, with equal emphasis on both words. It is appalling that the eurozone should need such a backup. Yet it does. It is vital, however, that the IMF ensures that any support be well used. That means tough conditions for the eurozone as a whole.http://www.ft.com/intl/cms/s/0/076c120a-8ae9-11e1-b855-00144feab49a.html#axzz1spr47338
The Dutch governing coalition collapsed on Saturday when far-right politician Geert Wilders pulled out of budget cut talks, saying it was not in the Netherlands’ interest to meet the deficit limit of three per cent imposed by the new European fiscal pact. EU-imposed austerity measures have cost leaders in southern European countries, including Greece, Italy and Spain, their jobs. With the fall of the conservative Dutch government, and the possibility that Nicolas Sarkozy may lose the French presidential election that begins on Sunday, the damage seems to have spread to Europe’s prosperous north. http://www.ft.com/intl/cms/s/0/889f4108-8c2e-11e1-9a1c-00144feab49a.html#axzz1spr47338
Oil trading is likely to come under new disclosure rules as the industry-backed Extractive Industries Transparency Initiative discusses how to include deals between national oil companies and traders. The discussions could have significant implications for the publicity-shy Swiss-based commodities trading industry, including top companies Vitol, Glencore, Trafigura, Mercuria and Gunvor. It would also affect oil companies such as London-listedBP and Royal Dutch Shell and Total of France, which have large trading arms. http://www.ft.com/intl/cms/s/0/b6c4f348-8a35-11e1-a0c8-00144feab49a.html#axzz1spr47338
Repsol of Spain has said it will take legal action against any company that attempts to invest in its forcibly nationalised YPF subsidiary or its assets in move that could scupper attempts by Argentina to attract the capital needed to develop its vast shale gas reserves. The Spanish oil group, hit last week after Argentina expropriated its YPF subsidiary, has primed lawyers to act against putative investors as Buenos Aires seeks partners to develop its vast shale gas potential, a spokesman confirmed to the Financial Times. http://www.ft.com/intl/cms/s/0/775a7eac-8b0d-11e1-bc84-00144feab49a.html#axzz1spr47338
François Hollande has taken a narrow lead in the first round of France’s presidential elections, setting up a run-off with Nicolas Sarkozy after a vote that saw one in five ballots go to the far right National Front. Following a bitter campaign marked by opposing visions of how to steer France’s debt-laden economy through the eurozone crisis, the Socialist challenger won 28.5 per cent of the votes, with 96 per cent counted, according to the interior ministry on Sunday evening. http://www.ft.com/intl/cms/s/0/de953196-8c90-11e1-9758-00144feab49a.html#axzz1spr47338
Wsj.com
Asian stock markets were mixed in lackluster trade Monday as investors awaited key events later in the week for cues, while political uncertainty weighed on sentiment towards the euro. Japan’s Nikkei Stock Average advanced 0.3%, Australia’s S&P/ASX 200 slid 0.3%, South Korea’s Kospi Composite slipped 0.3% and New Zealand’s NZX-50 was flat. Dow Jones Industrial Average futures were down 25 points in screen trade.http://online.wsj.com/article/SB10001424052702303592404577360700833435934.html?mod=WSJASIA_hpp_LEFTTopWhatNews
The preliminary HSBC China Manufacturing Purchasing Managers Index, a gauge of nation-wide manufacturing activity, rose to a two-month high of 49.1 in April compared with a final reading of 48.3 in March, HSBC Holdings PLC said Monday. But the “flash” reading for the month was in contractionary territory for the sixth straight month, and that signals economic growth may still need government help. A reading belowhttp://online.wsj.com/article/SB10001424052702303459004577360792817314530.html?mod=WSJASIA_hpp_LEFTTopWhatNews
This week may bring an answer to one of the most pressing questions in financial markets: Will Japan’s central bank ramp up efforts to bolster the country’s moribund economy and tamp down the rising yen? The Bank of Japan meets on Friday amid strong political pressure to announce easing measures, such as a new round of bond buying. The hope is that pumping more yen into the markets will stimulate the economy and put pressure on the currency. Policy makers also face a currency market that is largely betting on an easing. The bank’s previous three meetings have caught tradershttp://online.wsj.com/article/SB10001424052702303978104577359713865005068.html?mod=WSJEUROPE_hpp_LEFTTopWhatNews
The Chinese city of Chongqing accumulated tens of billions of dollars in liabilities during Bo Xilai’s term as local Communist Party chief, as it juiced growth that helped launch the former high-flyer’s campaign for a top political post. A Wall Street Journal analysis of Chinese rating-company reports shows that 10 major investment vehicles the city used to fuel its growth accumulated more than 346 billion yuan ($54 billion) in liabilities, as it recapitalized banks and built highways, bridges and other projects that boosted growth and helped attract global companies looking for an entry into China’s booming inland markets. In 2007, when Mr. Bo became Chongqing’s party chief, its top post, those vehicles had total liabilities of 162 billion yuan. Those debts likely represent only part of Chongqing’s obligations, analysts say, because state-owned enterprises and property developers have liabilities of their own. The figures also exclude a number of smaller investment vehicles.http://online.wsj.com/article/SB10001424052702303459004577359972617862832.html?mod=WSJAsia_hpp_LEFTTopStories
China—In one of the largest transoceanic cattle drives in history, as many as 100,000 heifers from Uruguay, Australia and New Zealand will board multistory cattle-carrying ships this year—bound for China. The global roundup is a key part of China’s effort to satisfy growing domestic demand for milk and remake its dairies after a deadly tainted-milk scandal in 2008 devastated production and caused distrustful consumers to turn to imported milk. China’s dairy industry has a long way to go: Chinese cows are only half as productive as their American cousins. But just as it built up dominance in electronics, textile http://online.wsj.com/article/SB10001424052702303863404577281302732745814.html?mod=WSJAsia_hpp_LEFTTopStories
Marketwatch.com
Australian wholesale prices recorded their biggest quarterly fall since late 2009 in the first quarter of 2012, increasing bets that the Reserve Bank of Australia will cut interest rates next week. The producer price index, which measures costs for businesses, fell 0.3% in the first quarter from the fourth quarter of 2011, and rose 1.4% from a year earlier, the Australian Bureau of Statistics said Monday. Economists expected a 0.4% rise over the quarter. Consumer price inflation data for the first quarter will be published Tuesday. Economists say a low number will open up an opportunity for interest rates to be cut when the board of the central bank meets May 1. http://www.marketwatch.com/story/australia-ppi-inflation-bolsters-rate-cut-odds-2012-04-22
Growth is the key to smart exposure to the Australian copper sector amid dwindling global supplies, while takeover rumbles suggest now may be the time to get a foothold in select stocks, fund managers say. Following a healthy run-up early this year, copper prices have since faltered as Europe’s debt mess and a downgrade of annual growth forecasts by China to 7.5% triggered fears about the strength of the global economy. Copper for three-month delivery currently trades just above $8,000 per metric ton on the London Metal Exchange, with spot prices at $3.63 a pound on Comex Metal Exchange. http://www.marketwatch.com/story/growth-deals-key-for-australian-copper-firms-2012-04-21
Reuters.com
The global financial crisis is not over and technical innovation and investment will be key to sustaining what remains a “tortuous” recovery, Chinese Premier Wen Jiabao said on Sunday during a visit to Germany. Wen also said China, the world’s biggest exporter and second largest economy, would press on with reforms aimed at creating better legal protection for foreign investors — a major concern for the growing number of German firms active in the country. “Currently, the international financial crisis is not over and the global economic recovery is difficult and tortuous,” Wen said at the Hanover trade fair that was also attended by German Chancellor Angela Merkel. http://www.reuters.com/article/2012/04/22/us-germany-china-idUSBRE83L08D20120422
Brent held steady under $119 a barrel on Monday, as supply worries stemming from tightening Western sanctions on Iran and stabilizing factory activity in China countered lingering concerns over the euro zone debt crisis. Iran’s crude exports have slipped to 2.1 million barrels per day (bpd), compared with an average of 2.3 million bpd in the last Iranian year that ended on March 19, Iranian oil officials said according to a report published on Friday. Brent crude rose 4 cents to $118.80 a barrel by 0414 GMT, while U.S. crude was 15 cents lower at $103.73.http://www.reuters.com/article/2012/04/23/us-markets-oil-idUSBRE83H17O20120423
Gold hovered near $1,640 an ounce on Monday after data showed stabilising factory activities in China, while investors focused on a U.S. Federal Reserve policy meeting later in the week to gauge the health of the world’s largest economy. Spot gold was little changed at $1,642.04 an ounce by 0311 GMT. Prices have moved in a range of $3 in early Asian hours. U.S. gold traded nearly flat at $1,643.20.http://www.reuters.com/article/2012/04/23/us-markets-precious-idUSBRE8390RW20120423
Bloomberg.com
Myanmar’s main opposition party led by Aung San Suu Kyi will postpone taking up seats in parliament won in by-elections this month until it reaches a compromise on the wording of an oath required of all lawmakers. The National League for Democracy wants to weaken language requiring parliamentarians to “protect” the constitution, according to spokesman Han Tha Myint. The party boycotted a 2010 election because it opposed the military-drafted document, which automatically grants 25 percent of seats to the armed forces. http://www.bloomberg.com/news/2012-04-23/suu-kyi-seeks-myanmar-oath-change-before-parliament-entry.html
Vietnam-focused stock funds became the only emerging market equity assets in Asia to lure investors every week this year as the nation’s benchmark index rose to an 11-month high, Emerging Portfolio Fund Research said. Offshore equity funds focused on Vietnam received $91 million in the past 16 weeks, according to data from EPFR. Investors put money into India and China funds in eight of the past 16 weeks. Thailand got inflows for 15 weeks, while investors added money in Indonesia for 13 weeks, seven in Singapore and just two in Taiwan, said Cameron Brandt, the director of research at Cambridge, Massachusetts-based EPFR. http://www.bloomberg.com/news/2012-04-23/vietnam-funds-beat-india-china-in-attracting-investors.html
Cnbc.com
The amount of money thrown at rescuing the world economy since the Great Recession began is truly staggering, probably more than $14 trillion, and the financial spigots are still open. Industrialized and emerging nations pledged another $430 billion to boost the International Monetary Fund’s lending power this weekend, doubling the size of its crisis-fighting war chest in case Europe’s problems worsen and engulf more countries. Three weeks earlier, European Union leaders set aside $1 trillion for Europe’s bailout fund creating a firewall to prevent the euro zone’s sovereign debt woes from spreading.Major central banks haven’t finished pumping money into the global economy either. The Federal Reserve meets on Tuesday and Wednesday and the Bank of Japan meets on Friday, and their bias toward monetary easing through bond purchases is likely to remain firmly in place. Japan may even ease again to counter deflationary pressures.http://www.cnbc.com/id/47138054
A potential change of government in France and the Netherlands is raising concerns that Europe may backtrack on the fiscal consolidation needed to deal with the region’s debt crisis, but David Lipton, IMF’s first deputy managing director told CNBC he’s not that concerned, and said the organization won’t lend money until it is sure governments are dedicated to policy changes. “It’s hard to say what’s going to happen when governments change,” Lipton told CNBC Asia’s “Squawk Box”. “Sometimes governments that come in are all the more determined to grapple with problems and don’t have some of the baggage of the past.” The most important thing is that the new governments are determined to establish credible economic policies that restore growth and jobs, Lipton added.http://www.cnbc.com/id/47138251
Foxbusiness.com
The summer Olympic games in Sydney 12 years ago may not have been the cash cow officials were hoping for. But Beijing’s successful run four years ago has organizers in London optimistic. The U.K. government is estimated to have spent about $15 billion on venues, key infrastructure projects, hotels and new stores related to this summer’s games in East London.The investment, which is below the estimated $42 billion spent by Beijing in 2008, goes far beyond the two-week event. British Consul-General Danny Lopez said it has revived East London and will have long-term economic benefits. “This is not about the 28 days of the games, it’s about what it means for the future of the country, for the future of our generations and, economically, it’s a transformation of East London,” Lopez said. http://www.foxbusiness.com/economy/2012/04/20/london-readies-for-major-economic-boost-as-olympics-near/#ixzz1spvM2D2F
USAtoday.com
The Labor Department says that 29 states reported job gains in March, while 20 states lost jobs. That’s worse than February, when 42 states added jobs. Still, the unemployment rate fell in most states: 30 states reported lower rates in March while 8 reported increases. Rates were unchanged in 12 states. Nationwide, the unemployment rate fell to 8.2% in March from 8.3%. But employers added only 120,000 jobs, half the pace of the previous three months. That dip in hiring, along with recent increases in the number of people seeking unemployment benefits, has raised some concerns that job gains could slow in coming months. http://www.usatoday.com/money/economy/story/2012-04-20/state-unemployment-rankings/54432478/1
Washingtonpost.com
Mahindra & Mahindra Ltd., India’s biggest sport-utility vehicle maker, plans to build unmanned coastal surveillance vessels as the nation boosts security along its coastline following the 2008 Mumbai terrorist attack. The company’s newly formed joint venture with Israel’s Rafael Advanced Defense Systems Ltd. will assemble the vessel at a facility in Pune, western India, “in a phased manner” after initially importing models from its partner, K.A. Hai, chief executive officer of Mahindra’s defense unit, said in an e-mail reply to Bloomberg questions. He didn’t give a timeframe. “Unmanned patrol vessels will be needed in large numbers to protect from infiltration by terrorists, protect our offshore assets and patrol vital coastal assets such as nuclear plants,” Hai said April 18.http://washpost.bloomberg.com/story?docId=1376-M2MCIF6TTDSS01-66SV2I1996AEGIEVGT8UKNOJND
Telegraph.co.uk
The Foreign Office has sought to reassure British and American banks threatened by the Argentine government over their involvement in the Falkland Islands oil industry. The Government, in a move designed to ease concern among the investment community about the Argentine legal threats, has written to some 15 banks and oil exploration companies operating in the region. The move comes as Argentina faces international condemnation for its seizure of Repsol’s majority stake in YPF, Argentina’s largest oil company, last week. In the new letter, the Foreign Office says it is “deeply sceptical” that Argentina would be able to enforce “any penalties” in courts outside its own borders. It adds that the government of the Falklands “is entitled to develop” oil and fishing industries in its own waters “without interference from Argentina.”http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/9218713/Britain-reassures-banks-over-Argentinas-Falklands-threats.html
Independent.co.uk
Goldman Sachs is ready to give its London office a clean bill of health after investigating claims from its former employee Greg Smith that the bank had a “toxic” culture where traders routinely boasted of ripping off their clients. The investigation – dubbed “the muppet hunt” because Mr Smith said bankers derisively referred to clients as muppets – has not so far thrown up any revelations that would prompt disciplinary action, it is understood.http://www.independent.co.uk/news/business/news/muppet-hunt-to-put-goldmanin-the-clear-7669070.html
Smh.com.au
Greek banks have reported massive losses for last year as a debt writedown agreed as part of a second major bailout for the stricken country devastated their already under-pressure balance sheets. National Bank of Greece, the largest lender, said it suffered a 2011 net loss of 12.3 billion euros ($15.6 billion) after taking a charge of 10.75 billion euros on the writedown, along with other provisions and charges due to “the extremely harsh economic climate in Greece.” The writedown was agreed as part of a second international rescue package for Greece in which private investors took new government bonds for old, resulting in a combined debt reduction worth some 100 billion euros. http://www.smh.com.au/business/world-business/debt-rescue-writedown-hits-greek-banks-20120421-1xdez.html#ixzz1spwuaq45
Theglobeandmail.com
How exactly might weaker members of the euro zone, like Greece or Portugal, exit the currency bloc? The economists at Capital Economics have been pounding the table, arguing it’s all but inevitable that one or more countries will leave. Now, they’ve also done some creative thinking on how such a seemingly calamitous break up might be accomplished. The firm believes Greece will likely leave this year, followed by Portugal and perhaps Ireland next year. Capital Economics thinks Spain and Italy will remain in the euro for now because authorities want to avoid the financial turmoil that would accompany the exit of those larger economies. Even though Greece has received another bailout and the European Central Bank has been making money available to private banks through its longer term refinancing operations, these positive developments “have not solved the euro zone crisis,” contends Jonathan Loynes, Capital’s chief European economist.http://www.theglobeandmail.com/report-on-business/economy/currencies/dropping-the-euro-a-how-to-guide/article2410412/
A drop in Canada’s year-on-year inflation rate to an 18-month low in March will not delay interest rate hikes by the Bank of Canada, which is paying closer attention to economic growth, analysts said on Friday. Statistics Canada said the annual inflation rate fell to 1.9 per cent in March from 2.6 per cent in February, the lowest level since the 1.9 per cent recorded in September 2010. Analysts had forecast a rate of 2.0 per cent. The Bank of Canada, which targets a 2.0 per cent inflation rate, this week made it clear it might have to start raising rates from near-historical lows because of reduced slack in the economy and increased underlying inflationary pressures. http://www.theglobeandmail.com/report-on-business/economy/inflation-rate-hits-18-month-low-to-19-for-march/article2408676/
Xinhuanet.com
Leading Asian wealth managers expected China’s economy will manage to avoid a hard landing and expand moderately in 2012, according to a Barclays survey released Monday. When asked about the outlook for China’s economy over the coming year, an overwhelming majority of 96% expected China would avoid a hard landing, and 68% expected a moderate growth rate of between 6 to 8 percent, said the survey, which reflected the opinions of 109 wealth managers from 65 firms across eight Asian countries. A total of 54% of wealth managers expected China’s Assets Under Management (AUM) growth rate to remain above 15% in 2012, the fastest in Asia, and Indonesia will overtake India to become the second fastest growing AUM market.http://news.xinhuanet.com/english/business/2012-04/23/c_131544770.htm
Both being among the first countries that have cast aside the shadow of economic crisis, China and Germany enjoy broader prospects in furthering bilateral trade and investment cooperation,chief of a Berlin-based foreign trade and investment promotion agency said. Sino-German economic and technical cooperation has been mutually complementary “in a wide range of aspects,” said Michael Pfeiffer, chief of Germany Trade & Invest (GTAI). China is always a reliable trading partner of Germany although its own economic growth has also been affected by the global economic crisis, Pfeiffer said in a recent interview with Xinhua. http://news.xinhuanet.com/english/business/2012-04/21/c_131542454.htm
Canada is interested in the opportunities presented by China’s 12th five-year plan for national development, Canadian Foreign Minister John Baird said. Baird made the remarks at a meeting on Friday with Li Changchun, a member of the Standing Committee of the Communist Party of China Central Committee’s Political Bureau, who is on a four-day visit to Canada. Li briefed Baird of China’s 12th five-year plan, which would guide its national development from 2011 to 2015. He said China is particularly interested in cooperation with Canada in energy, new technology and natural resources, calling for efforts to promote bilateral ties. http://news.xinhuanet.com/english/china/2012-04/22/c_131543242.htm
Cs.com.cn
China is set to speed up spending on roads, railways and utilities to bolster economic growth, the increased fiscal spending on infrastructure, which has already started, will fall within Beijing’s framework of policy “fine-tuning” instead of another massive stimulus like the one Beijing launched at the end of 2008, some economists told China Securities Journal recently. China’s National Development and Reform Commission (NDRC), the coutry`s top economic planner, has speeded up its approval process for local infrastructure projects.http://www.cs.com.cn/english/ei/201204/t20120423_3327319.html
Thehindu.com
It wasn’t a baby-step. It was a giant stride. Predictably, it has surprised many. While doing so, the Reserve Bank of India (RBI) has taken a huge gamble. The 50 basis point reduction in the repo rate (the rate at which the apex bank lends to scheduled commercial banks) to 8 per cent has left Governor D. Subbarao fielding questions on why of it! All along, he has been under flak from many a quarter for steadfastly sticking to his ‘no cut now’ stance for long. When he cut it eventually, he still has to face the unenviable task of defending his action! “There is balance advantage in doing it in one-step of 50 points rather than what is now come to be known as two baby steps of 25 basis points each,” he said during his post-policy conference call with analysts and researchers.http://www.thehindu.com/business/article3339960.ece
Economictimes.com
Finance Minister Pranab Mukherjee on Sunday sought to allay concerns over a slowdown in India’s economic growth rate, exuding confidence that theIndian economy would ride on its strong fundamentals and resilence to take a higher growth trajectory. Mukherjee pointed out that even though the latest figures reflect that India’s growth rate has come down, the country still remains the second fastest growing economy in the G-20, next only to China. http://economictimes.indiatimes.com/news/economy/indicators/pranab-mukherjee-confident-indias-growth-rate-would-bounce-back/articleshow/12830875.cms
Prime Minister Manmohan Singh has agreed to broker a truce between his cabinet ministers warring over sugar and cotton exports. Instead, it is time he lays down the law. Agriculture ministerSharad Pawar wants more cotton exports and free sugar exports so that farmers receive higher prices and has blamed commerce minister Anand Sharma and food minister KV Thomas for obdurate interference. Sharma is batting on behalf of the textiles industry that wants cheap raw material while Thomas is representing those sugar mills who are profiting from a licence raj.http://economictimes.indiatimes.com/news/economy/foreign-trade/manmohan-singh-must-end-ministers-turf-war-on-exports/articleshow/12831553.cms
The finance ministry has asked the Reserve Bank to open a $10-billion window for individual foreign investors in corporate debt, hoping high yields on Indian paper will attract greater flows and prevent large government borrowing from pushing up interest rates. This year’s budget has proposed to allow qualified foreign investors, including individuals, trusts and pension funds, to invest in bonds of companies. At present, FIIs can invest up to $15 billion in government bonds and $20 billion in corporate bonds. http://economictimes.indiatimes.com/news/economy/policy/foreigners-may-get-to-buy-10-billion-corporate-bonds/articleshow/12831270.cms
Yonhapnews.co.kr
Growth in South Korea’s economy is expected to slow to an annual average of 3.2 percent between 2012 and 2016 as the prospects for the global economy are darkening due to the eurozone debt crisis and a slow U.S. recovery, a local economic think tank said Sunday. The forecast by the LG Economic Research Institute, a private researcher affiliated with the LG conglomerate, came less than a week after the Bank of Korea cut its economic growth forecast for 2012 to 3.5 percent from 3.7 percent. “It seems to be unavoidable for our economy to face a slower growth in the mid and long-term as the world economy is slowing down,” the institute said in a report.http://english.yonhapnews.co.kr/business/2012/04/22/4/0502000000AEN20120422000800315F.HTML
South Korea’s government debt could surpass 100 percent of its gross domestic product (GDP) in 2030, hit by a steady increase in welfare spending and rising debts of public companies, a report by the Bank of Korea warned Sunday. The nation’s public debt rose to a record high of 420.7 trillion won (US$368 billion) as of the end of last year, with the ratio of national debt to GDP climbing to 34 percent from 33.4 percent a year ago. “The ratio of national debt to GDP is expected to remain low until 2015, but there is a possibility that the ratio could surpass 100 percent in 2030 if the current trend of expansion in debt continues,” the Bank of Korea said in the report.http://english.yonhapnews.co.kr/business/2012/04/22/52/0502000000AEN20120422000400315F.HTML
Tehrantimes.com
Iran’s nominal electricity generation capacity stands at 63 around gigawatts (GW), ranking the country at the 15th place in the world, an official with Iran Power Generation Transmission and Distribution Management Company (TAVANIR) stated. “Iran is the top electricity producer in the Middle East, as well,” Abdorrasoul Pishahang told the IRNA news agency on Sunday. He added that some 450 power stations are currently in operation across the country. http://www.tehrantimes.com/economy-and-business/97177-iran-currently-worlds-15th-major-electricity-producer-
Gasoline consumption in Iran averaged 57.7 million liters per day during last week of the first calendar month of Farvardin (April 14-20), showing 200,000 liters decrease compared with its preceding week, the Shana news agency reported. Diesel oil consumption was increased by 6.3 percent week on week, to reach 102 million liters per day. Iran’s gasoline consumption is falling rapidly thanks to higher prices and compressed natural gas (CNG) use, according to the Iranian oil ministry, helping soften the blow of Western sanctions that ban fuel sales to the Islamic Republic.http://www.tehrantimes.com/economy-and-business/97176-irans-weekly-gasoline-consumption-drops-by-200000-liters-
- advertisements -


I appreciate your effort, but find this list much too long and dense to spend any time on.
And in other news that matter...
Bank Against Amerika wants everyone's money and their Second Amendment rights too.
Bank of America to gun company: Find another bank
Fuck you Bank of America. Fuck you.