Counterparty Risk Soars To Highest In Over A Year, European CDS Sliding, LIBOR-OIS Spikes, High Yield Spreads Blowing Out, Overnight ECB Lending Soars

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Wed, 08/24/2011 - 07:52 | 1594416 wombats
wombats's picture

Bullish for BofA?  Everybody else looks even worse?

Wed, 08/24/2011 - 07:59 | 1594432 Irish66
Irish66's picture

Horse race

Wed, 08/24/2011 - 07:54 | 1594422 hugovanderbubble
hugovanderbubble's picture

Bank of America has more than 70.000  Mn$ in PIIGS bonds

More than 32.000 Mn Losses in Countrywide...

They need a urgent recap of 18.000 to 24.000 Mn$....


The bank is toasted...

Wed, 08/24/2011 - 07:57 | 1594428 cowdiddly
cowdiddly's picture

They originally bought 800billion worth of Mozillo loans. Agent Orange strikes again and still walks.

Wed, 08/24/2011 - 08:46 | 1594533 Widowmaker
Widowmaker's picture

And walk he will. His "trial" was all about double jeopardy.

The guy is the definition of organized crime.

The next time you hear about the orange-nigger will be his end -- and good riddance.

Wed, 08/24/2011 - 07:57 | 1594427 jkruffin
jkruffin's picture

Hope you got GOLD before Benny comes out an announces his QE3, because GOLD will skyrocket once he hints it....hence why Benny Boy is being so hush hush....

Wed, 08/24/2011 - 07:59 | 1594434 cossack55
cossack55's picture

The Bernank does not need to speak, he has CNBC.

Wed, 08/24/2011 - 09:16 | 1594672 RSloane
RSloane's picture

No shit! Oh tell us Stevie L., what did you learn today at Jackhole? Oh, thank you Stevie for your hard hitting investigative critical reporting. We would never have known you were reading off of a Fed press release.

Wed, 08/24/2011 - 07:58 | 1594431 JohnnieWalker
JohnnieWalker's picture

Clarke & Dawe explain the credit crisis in under 3 minutes:


Wed, 08/24/2011 - 07:59 | 1594433 Iriestx
Iriestx's picture

If yesterday taught me anything, this is very, very bullish for equities.

Wed, 08/24/2011 - 08:01 | 1594435 alexan99
alexan99's picture

Why wouldn`t the EUR fall if the liquidity scream is so loud?

Wed, 08/24/2011 - 08:03 | 1594439 Cdad
Cdad's picture

Probably because China can't get enough of this soon to be busted currency.  You know, the effect of the last and worst allocator of capital racing in to prop up their previous investment.  I think they call it averaging up.

The Eurodollar is a sell, this fact notwithstanding.  

Wed, 08/24/2011 - 08:19 | 1594462 rubearish10
rubearish10's picture

You see, it's not the Euro's turn yet. We had the Budget Ceiling Show, then the Downgrade Show (over the weekend special, then the Market Response to the Downgrade Show (sequel from Downgrade Show, then the SocGen French Bank Failure Show , then the Qaddafi vs NATO REBELS/Free Libya Show and soon to come the Bernank Comedy Hour. 

So, as a network provider of Goose Goose in our face mind fucking therapeutic entertainment chain transmissions, the Euro Show has been canceled until a time slot could be determined. Although, since there's been such great ratings from the Sheeple Populous, I'm not sure we'll even see even Euro Reruns.

Wed, 08/24/2011 - 08:32 | 1594492 alexan99
alexan99's picture

I thought that the Euro-Crisis and the Politics Kindergarten with increasing likelyhood of a EURO-breakup is by far the biggest show in town - even more as the Ben Bernanke can print as much as he wants to save the TBTF banks but the Europeans can`t... probably the Chinese are promised to get some ports, islands and stuff like that in exchange for buying the Euro with USD. In this case it is very funny that the USD paper money is still buying some real assets via the Chinese after all...

Wed, 08/24/2011 - 08:39 | 1594517 rubearish10
rubearish10's picture

Even some of the "longest running" features have an end date. I think it's coming too! However, for now, the "playbill" has been printed, released and distributed. So, no changes please. We have yet another PM buying opportunity.

Wed, 08/24/2011 - 08:04 | 1594440 IMA5U
IMA5U's picture

but europe is back in the green


The Bernake will save us   RISK ON

Wed, 08/24/2011 - 08:05 | 1594442 Hedge Hunter
Hedge Hunter's picture

Transitory spikes. Nothing to see here, please move along....

Wed, 08/24/2011 - 08:14 | 1594455 Fix It Again Timmy
Fix It Again Timmy's picture

Most governments seem intent on following the Webvan business plan - indeed, even Webvan would be around today, IF it could print money...

Wed, 08/24/2011 - 08:16 | 1594457 Catullus
Catullus's picture

This is their justification for Operation Twist.  But they still won't announce a LSAP

Wed, 08/24/2011 - 08:17 | 1594459 youngman
youngman's picture

Conspiracy bitches.....I had to say that

Now on a serious and silver were pushed down for the expiry this week...the banks did not want anyone else to make Friday PM´s will be going back up...yesterdays 300 point gain in the US stock market was a HFT made selling opportunity I think...get out while you can...treasuries will sell...when the Fed said no interest rates for two years....then it opened the window for banks to borrow at 0.25% and buy treasuries.....probably for the next 10 that market is no longer a least not for us little guys...
Europe is showing the world that gold is a reserve currency....everyone seems to want it to back up the loans to Greece......makes one wonder....when...not if

Wed, 08/24/2011 - 08:19 | 1594464 apberusdisvet
apberusdisvet's picture

All such news is ultimately good for gold.  The Fed trolls pre-announced the latest gold correction; the criminals have managed less than a 5% one.  Is that the best they can do?  Memo to Hugo:  selectively assay the gold before it gets stowed onboard ship; be concerned if no insuror will write you a trip or contents policy;  stay away from the Bermuda Triangle.

Wed, 08/24/2011 - 08:31 | 1594485 oogs66
oogs66's picture

i'm not sure you really wish you had good news to report :)

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