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Everyone take a shot of Rum Agricole!
Next up is Grey Goose, and then probably a nice Belgian beer.
Another one to bite the dust.
Too bad those stress tests were so off.... who da thunk?
HAHA! You've been rehypothecated motherfucker! Who's your daddy now?
No problem. You simply visit the Apothecary for a poultice, a fire cup, and a blood letting.
A+ is good right?
Flippin' Houses (for Aussies)
When everybody watches prices heading for the moonThe urge to buy is like the piper man has played his tuneAnd all of us rush in and borrow every cent we canWhy be too late? It's mad to wait! Let's buy it off the plan!chorus:
Flippin' houses, Flippin' housesFlippin' Flats in Condo HeavenLet's all buy six or sevenWe'll all be millionairs!
Some clever banker figured out a way banks couldn't loseThey'd make a it on the fees each way (and land-laws they'd abuse)They'd bundle, tranch, get tripple A's and boast their qualityAnd bet against the very shit they sold to you and me (chorus)The US housing bubble crashed and trillions disappearedEconomists they scratched their heads and thought it all quite weirdOld Greenspan he'd backed down from pressure when he'd caught a wiffWhile "housing crash" Rubini cried and so did Peter Schiff(chorus)
The Old World followed soon enough and Iceland crashed and burnedThen all the PIGS they followed suit and so their bonds were spurnedThe Euro? Well i guess it's dead good riddance i suggestUntil they each go separate ways what madman would invest?(chorus)
And China? What a total joke! Their madness trumps us allThey bid up prices none could pay and now we watch them fallThe engine of the world it seems is headed down the drainAnd everywhere and everyone will join them in their pain(chorus)
But we'll be right mate here in Aus - we're different don't you knowOur land is better land than theirs our thinking's not so slowYou can not lose investing in our city CBDsAnd even world depression will not bring us to out knees
Flippin' houses, Friggin' housesall my dreams are shot to hellall my money's gone as wellhorseshit's worth more than my shares
How can any French bank have an "A" at all? Any time soon? Even with nationalization . . .
Too much blood inflames the humours and leads to post coital returgidation.
but S&P doenst matter.... tell that to 6E -
gold bounce tomorrow? http://hedge.ly/shWwRh
Fuck Agricola...their commercials suck and they don't do shit for a sore throat.
FFFrance, you're on deck!
Bunches of downgrades bitchez..
Rabobank cut to AA; outlook stable
OP Pohjola cut to A=; outlook stable
Danske Bank cut to A; outlook negative
BFCM cut to A; outlook stable
Credit Agricole to A= from AA-; outlook stable
OT: Sino-forest turns out to be the 'goose egg'
will euro go down?
Huge rally starting tomorrow on this news. Book it
We'll probably see even more weakness in gold, as these banks continue their last ditch efforts to raise capital.
Huge USD rally.
Enjoy it while it lasts.
Like walking on the Sun...
Arrest these guys already!
Jim Cramer has personally told me that this is extremely bullish for equities.
Cramer went to DEFCON 2 last night....and tonight is suggesting strongly investors raise cash. Whatever!
Nonde un Sarkozy! La merde!
headwinds up the ass, BiCheZ!
OT: Canada's fiscal austerity measures in the 1990's:
And in the end, their solution was to sell all the gold and only hold USD as reserves instead. Brilliant.
I know, eh?
Phew. What a relief. Just Fitch. Just Credite Asshole.
Too many female dogs on this site.
Tons of bitches here bro, but without the dead spots on the lawn.
Okay, they lost an a, but at least they replaced that pesky minus sign with a plus. That's gotta count for something.
don't forget the Swissy banks uups
France is next. Sarkocksy, Germany won't help ya. They will be busy/panicking to re-cap their banks on the Greek/PIIGS leaving the EU.
Take the pain.
don't be a chump...we're ALL next...
But their ATM's are still working right.
The deleveraging is not a bad thing - and unlike 2008 is not an uncontrolled event. Contrast the actions of the CB - then the idiotic Fed made banks tender for liquidity limiting the amount they would provide. This time around at least they have learned something and have expanded the collateral they will accept and are providing unlimited liquidity at a fixed price.
But as all these institutions begin to delever what exactly will go by the wayside - nothing that the real economy couldn't do without. Gone will be the billions of dollars in repo/reverse repo books seeking to make a tiny fraction on huge leverage, perhaps it will also mean that some the HFT trading will decline, etc. Maybe this will return the financial system to what it should be - an enabler of the real economy not an end in it self. As long as the CB continue to accept good quality C&I loans as collateral with small haircuts those loans will be made- in fact the banks will have no option but to make them since their default position - buying government bonds is no longer an option.
You mean the taxpayer lends at 0.5% to banks that then lend to consumers at 15%.
That's the way to "fix" the economy!
Bottom line: none of the debts can be repaid. Not with contracting net worth, real incomes, employment, business margins, retirement assets and expanding CPI (3.5%), cost of raw materials, education, insurance, banking fees, legal fees, taxes, healthcare, cost of home ownership, transportation.
Tanks in the Street...The head of Italty's largest trade union said today there is extreme anger and social unrest coming on proposed austerity measures and pension reform. Could this ever happen to the quiet streets in CA or NY??? yesterday, Gov Brown of CA announced a $3 billion shortfall in CA budget (probably $5 billion) and it was also released that CA pension funds face a $500 billion funding deficits up $100 billion from last year. No problem...Tx will fund CA deficits.
Wait until the cops find out their pensions are going poof. I expect to see a rediscovery of the old protection racket. We will remember the Mafia fondly; these boys don't have their ethics.
Race to the bottom: we downgrade ourselves. Retaliation expected
Asia will be brutalised on open. They will go nuts buying USD, sink equities and commodities. Very doomy. Something bad is brewing. Perfect storm between EZ endgame and China crash, with US in the middle and maybe a war.
AUD 99 handle about to go.
Reuters: China to slap import duties on US autos
and this is a worry:
Satellite spots China first aricraft carrier at sea
it floats? Or did you mean, "in the" sea?
I think we have some video of the new ship getting launched...
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