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Summarizing Today's Draghi Press Conference In One Tweet
So, ECB, I've got this asset-backed security you might be interested in. DM me please. pic.twitter.com/752EHBXXPn
— Pedro da Costa (@pdacosta) October 2, 2014
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I blame Jesus.
The question for Draghi is..
How long can i get away with this before they search me down?
I think he is looking at a trillion Euro's of QE and only seeing a few months.
Not worth it, but good luck!
I can clean that up for you.
Rubbish
Bitchez....I pick up pennies
It's probably worth more than some of the crap the fed has on it's balance sheet.
Tangible assets...
Nah tangible assets would be like gold and silver ect...
What you see in the picture falls under the same category as FRN's.
Is a falling price tangible?
Not when you're long.
Just makes it more of a deal.
Depends on if you are buying or selling. Same can be said of all assets. All those folks who are rich on paper still have just paper. When they all start selling to collect their fortunes the values will be crushed. I would rather be rich in Gold and Silver. A lower price in fiat now just means that the amount I get to save away each month is greater than it was when prices were higher. Tangible is a great choice of words dv. I have chosen metal because it is tangible. Price is relevant to me as a buyer and a seller. It would be fine if silver went back to $1 ,as a buyer I would fill many more buckets much more quickly. I think that is as likely as say $0.30 a gallon diesel. I spend $300 in diesel at current pricing to extract one ounce of Gold from the earth. That does not include any other expenses, just energy. So , I would say as a producer, price is relevant to the cost effective production of tangible goods. All this free money has been lots of fun foe the big boys on financial fantasy island but sooner or later supply and demand will kick in. Oceans of paper products and currency floating around and a very finite supply of shiny stuff. I will hedge with shiny stuff.
I bet it's worth exactly the same as what the Fed has on it's balance sheet.
Want to bet a sandwich on that? I think I see one in that mess.
I don't see any way to bet, since neither the Fed nor the ECB will ever be independently audited.
IT'S WORTH 37.1$ RIGHT NOW!!! AND IT'S ONLY GOING UP AS IT FILLS UP!!
Crazy Eddie's got a sale on a couple trillion in digital dollars!
funny, i saw uncle warren interviewed this morning where he defended the BKW deal by saying "i didn't read one article mentioning burger king's tax liability. its an $11 billion company. do you know how much they paid last year in taxes? $30 million."
sooooo, does that mean your doing this deal out of "patriotism" and are going to get them to up their "fair share"???
30M on 11B? Damn that's a sweet deal! I figured 3B+ on 11B like the rest of us!
I figured 3B+ on 11B like the rest of us!...
Well, technically it was. It's just the 3B+ payments collected by the IRS accrued to the tax liability accounts of the wage earners in their employ. They're the new middle class income folks responsible for providing us such stellar (full) employment numbers.
By the way, their 3B+ annual contribution to the US annual expenditures is roughly equivilent to 1 single day of fed qe, not to mention the already earmarked government spending of ~3X that.
Party On. And yes, I will take fries with that.
When are these dingleberries at the ECB going to realize they need full-blown, no-holds-barred QE combined with the suspension of any type of market valuation on those debt instruments?
Post some phony-baloney "value" on those worthless securities, have the ECB buy it with fiat for that phony-baloney number and stash it in some dark corner, never to be seen again.
Then Europe could be doing as well as we are in the United States!
Why? Ireland is being paid to borrow, and Germany is sub 1% on the ten year. Life is good in the land of the bureaucrats.
Well, they CLAIM they want inflation. I can see why. But their actions are barely tickling inflation's balls. Maybe they should bring in The Bernank on a consulting basis. I hear he's been collecting UC and pounding the pavement, handing out resumes the last 8 months. I think he'd be a good addition to Draghi's team.
Over-the-top junk ABS
Recycled (and apparently empty i.e. worthless) ABS
extra bonus points for two metaphors in one tweet.
Looks like the ECB has turned into the new, improved flux capacitor in Back to the Future.
Some bottles...some cans.....yep, still worth more than those securities.
Their ECB is just like our Fed. "I can quit at any time if I want to" Ummm yeah.. . right.
I'm still trying to get my head around this one... The French 10 year bond is yielding under 1.00%. WTF
02:00 EUR French 10-Year OAT Auction ( 0.94% ) 1.32%
Nope...No bubbles in the European bond market.
wow the entire global economy continues to collapse and the phony paper prices of Silver and Gold continue to trade sideways and decline....
yeah - okey NOkey...
ABS = Ass Backwards Speculation
i need about three fiddy
I'm still waiting for ZH to post an analysis of what occrs when the MBS the Fed is holding has losses?
Lets say they bought at close to par. The underlaying mortgages have a 20% default rate. When do losses get booked, by whom and does it get publicised?
When the Fed starts charging the banks for excess reserves, is that the tell?
Forget a trillion dollar coin...one million ton copper asteroid "coming to a. City near you."
Draghi, Goldman Sach's international soldier, not looking too good these days.
Print baby print. Kick that can!
Limited counterparty risk, well built, nice coat of paint, S&P should give this at least an A+.