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Dexia Suspended
After the stock tumbled 20% on the day, and 45% in the past week, the life support plug appears to have been mercifully pulled. Next up: Dexia's website experiences a "bank of america" moment?
But fear not: here is what the head of the Belgian government would say... if, of course, Belgium had a government.
Or not:
BELGIAN TWO-YEAR NOTES DROP; YIELD RISES 13 BPS TO 2.35% - BBG
BELGIAN 10-YEAR BONDS FALL; YIELD RISES 3 BPS TO 4.03% - BBG
And the Belgian yield curve starts to bear flatten...
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where's Sudden Debt?
excuse me
WHERE'S SUDDEN DEBT?
Hoarding Stella.
And mayo for the French Fries *shudder*
"At least I got my chicken" -Jenkins
Belgium Pancakes
youve of the eurozone...welcome to the ZERO --zone
Did you get it at OFC or the Obama chicken fingers?
http://s3-ak.buzzfed.com/static/imagebuzz/terminal01/2011/10/4/14/obama-...
http://lordsofapathy.blogspot.com/2009/03/is-german-obama-fried-chicken-...
Hopefully picking up the next delivery PM ..
He's in line...
"my" dexia is the luxembourg dexia-BIL unit. This morning it was decided to split off Dexia because the Luxembourg unit is actually a profitable bank.
So no bank run here in tiny Luxembourg. Yet.
word is CNBC has him under contract. Should be appearing shortly on the bottom right hand side of your TV screen anytime someone tries to make a point about "you wanna buy this" or "you need to be in that." He's been "advanced a little"--allowing him to turn upward and to the right with a "face of incredulity" added.
SODDEN DEBT?
red warrant from the int'l criminal court? L0L!!!
i've been wondering the same about our old vunderkind Frank_N_Stein?
maybe they have been rendered, tortured, and martyred? or maybe they should pay their damned bills and re-connect?
Bank Run Bitchez!
And according to Mish, that is what is happening at BAC. Yet there stock is back up to $6.15, so it must be working out good for them loosing all of them customers.
http://globaleconomicanalysis.blogspot.com/2011/10/how-ben-bernanke-fd-banks-and-fixed.html
why stock market up?
Because at this point the only thing fundamental to stock markets is 'hope.' That's why they go up on bad news ("I really, really hope this shit doesn't crash!") and also go up on good news. More hope! The only thing that will crash the markets is when liquidity is gone gone gone, but I'm getting over my head here.
Exactly. Retail loves results, but they also love bullshit, because it gives them hope.
Market rallies during Bear markets are normal. But eventually reality wins, and down the toilet they will go.
Breaking out the popcorn. ;-)
Was it possible to short Dexia or were they on the "wildlife conservation list" (shorting ban) already?
I wanted to short them previos week and couldn't find any derivatives to buy.
Don't know about Dexia but I don't think it is too late to short Belgium bonds.
Wasn't this the bank that "caused" the rumor that brought about the huge rally on Tuesday?
Yes indeed it was, but we have to wait for the next ridiculous end of the day rumor indicating this problem bank being is fixed for the last 30 minute daily rally.
stratfor.com has excellent write up today on relationship of dexb to belgium govt.
Expected, SocGen next, then BofA. Got physical?
http://www.youtube.com/watch?v=vWz9VN40nCA&ob=av2e
lets get physical...physical
We very well may look at this moment as the first tangible (finally) thing that started the house of cards in Europe falling...as with Lehman, it is likely this is really going to hurt Belgium and the messes they uncover will likely be 2-3x what has been advertised so far...
I thinkin' it's time to stop comparing lehman, a bag of shit bundlers of bad bets, to actual COUNTRIES of the civilized world.
Depends on whether or not you consider the current form of "civilization" a good or bad bet or any different from your comment about the composition of lehman.
I think you just described countries when you described Lehman
There. Is. No. Problem.
Why is it that when ES and EUR start running, gold is left behind?
And why is it that when ES and EUR start tanking, gold goes down 3x faster?
Very frustrating.
Eric Sprott must be pulling his hair out.
Why is it, when Gold runs and Robo's formula is thrown on the trash heap, that Robo is nowhere to be found?
Cause it's a barbarous relic. It's not as hip and happening as ES and the EUR. :P
Please do not feed the full re-troll-ard
because pm is being sold to buy the market or did you think these dumbarse rallys happen by themselves
Because it's just paper?
Because it's not a market?
I am tired of all these circuit breakers. Let the mofo go to 0.
Stockvalue 0 is not as important as empty cash drawers..
Cue Donkey Kong picture...
Reverse split? :snark:
...move along....
Cap-e-taine!....fix--->fail half-life decreasing!
Winter is Coming
You know you could have just posted nothing at all. Same effect.
Let's just hope it's not a nuclear winter, because once these dominos start falling it could get ugly.
When the market goes up on bad news it is over for the shorts. Trade accordingly !
yes because nothing screams "things are getting better" like a non stop bombardment of bad news.
Just play the game.
No thank you.
Wonder if SuddenDebt is standing at the ATM right about now....
clearly this is bullish....because ...er...um...fuckit...just because ok?
All other European banks gaining market share!
Global deflationary depression, bitchez! Cash is as good as gold now! Put some in a mason jar and bury it under the apple tree.
And Wall Street cheers bank nationalizations: They want communism for themselves with guaranteed jobs and pensions! Ha! The irony!
You nailed -- The fight is between the National Socialist and the International Socialist. I just want to puke when the usual red pill attack on capitalism is invoked.
We rallied tueday on hope dexia would be saved. Now we are rallying because a dexia failure will force Europe to act :D
We rally because Wall Street would love to be nationalized at this point: since nearly every interconnected firm would go under if we had true price discovery, no Fed and government intervention and mark to reality, they would prefer a communist style takeover so that they get to keep their jobs, benefits and pensions despite the screw up that tanked the global economy!
Hope is what makes the market go up. In the inverted perversion of a market we have, the only way to increase the supply of hope is to kill off a bank or two. Now that the traders/gamblers have the right psychology, all we need to reach DOW 20K by year end is about 2-3 dead banks a day. Between Europe and US, I think the PTB can come up with a hundred or so banks.
EURUSD +200 bps in an hour
Astonished... Any toughts???? Please!!!!!
Europe isn't printing. Didn't you get Trichet's memo? :P
Well, buying EUR 40.000MM of MBSs & Bank ABSs and offering unlimited liquidity for 12 & 13 months sounds pretty close to printing,
It's all relative. Compared to the Fed the ECB is a saint.
I agree with you about it, but wait for GS scammer Draghi... There will be not enough paper in the world for him and Bernie acting toghether
posted to wrong thread
Ahh yes, but nations imploding is somehow bullish for oil.
Waterworld was a terrible movie but I expect that scene very soon. Giant supertankers with names like Morgan Stanley wandering the open seas trading a barrel of oil for healthy first born children.
I'm pretty sure global oil consuption changes by 10% on a weekly basis. I know that every time the stock market jumps 300 points I feel like running through a tank of gas in celebration.
It's not that I want a total collapse of society. I just want a return to some level of economic sanity. No more debt fueled exponential equity growth followed by exponential blowups.
Nationalized banks is just the logical conclusion, the next step after bailouts and QE. It's just the difference between surgery and radical surgery. Sometimes radical is what's needed (and in this case desired). It's the ultimate expression of socialization of private losses and risk
Neither the french or the belgian snakes can swallow that pig.
Once it becomes a matter of state, there's no limits and all bets are off. Just look back through history, friend
The worse it gets the more the traders know sombody is gonna try something desperate... Very desperate. Ive said this whole time its a game of chicken between BB and the eurozone. Ben wont lay his hand down until he see's what they raise it on the river. The ezone wont move until the get an idea of what kind of rescue BB will try. We all know what happens when ego overcomes the will to survive >:)
This video with this chart ... To say it while you are still living: Thank you, zerohedge. I love you.
Hahahahaa! And insolvency has nothing to do with this.
I don't think many see what's coming: now that the precedent is set and Wall Street cheered nationalization of a TBTF bank, it makes the next ones easier and the ones after that easy. But that will simlpy push the trend away from private banks and free-wheeling markets for a very, very long time. And given the growing political climate against Wall Street, you can expect spillover into other areas.
Nationalization spells "You Failed" loud and clear. And it spells in the minds of many "The System Failed".
they should have listened to Sheila Baer.
System failed long time ago in the 1980s. But then US started to use good will interest rates and reserve currency status to hide the fact with easy credit. No we are down to 0, so game is almost over. Pie stopped growing. What's next? Rich elites will now devour the middle class pie pieces to get fatter....Then when majority have nothing to lose, we will see mass chaos.
http://1.bp.blogspot.com/_i47TEqZoAbw/TOW3YEXmVBI/AAAAAAAAAug/INVqbbrXLk...
Good job Dexia passed that stress test back in July, or I'd be worried that this was quite serious.
From the Belgian papers:
1 billion pulled from Dexia
http://www.lesoir.be/actualite/economie/2011-10-06/1-milliard-d-euros-re...
Dexia Belgium in the process of being nationalized (definitive statement coming Saturday)
http://www.lesoir.be/actualite/economie/2011-10-06/dexia-belgique-en-pas...
Government guarantee of 'several dozen billion'
http://www.lesoir.be/actualite/economie/2011-10-05/dexia-garantie-de-l-e...
This is eerily reminiscent of 1931 and Creditanstalt, the Austrian bank fail. which unleashed GD 1.
FYI: which is now UniCredit, Italy's worse-off bad bank...
If Dexia's website has a "bank of america moment", fine. It is past time for Bank of America to have its "Dexia moment". Adios and Ka-boom.
Does this mean its too late to buy their stock? Oh No!
OT
Obama preaching now.. lecturing us all. uhh, blah.. then. whistling sound. With an appearence of feigned seriousness.
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