Fitch Downgrades Credit Agricole To A+, Outlook Stable

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Wed, 12/14/2011 - 17:31 | 1980526 redpill
redpill's picture

Everyone take a shot of Rum Agricole!


Next up is Grey Goose, and then probably a nice Belgian beer.

Wed, 12/14/2011 - 17:33 | 1980549 nope-1004
nope-1004's picture

Another one to bite the dust.

Too bad those stress tests were so off.... who da thunk?

Wed, 12/14/2011 - 17:42 | 1980587 Ancona
Ancona's picture

HAHA! You've been rehypothecated motherfucker! Who's your daddy now?

Wed, 12/14/2011 - 17:46 | 1980607 FranSix
FranSix's picture

No problem.  You simply visit the Apothecary for a poultice, a fire cup, and a blood letting.

Wed, 12/14/2011 - 18:00 | 1980658 SHEEPFUKKER

A+ is good right?

Wed, 12/14/2011 - 18:21 | 1980744 The Peak Oil Poet
The Peak Oil Poet's picture



Flippin' Houses (for Aussies)


When everybody watches prices heading for the moon
The urge to buy is like the piper man has played his tune
And all of us rush in and borrow every cent we can
Why be too late? It's mad to wait! Let's buy it off the plan!


Flippin' houses, Flippin' houses
Flippin' Flats in Condo Heaven
Let's all buy six or seven
We'll all be millionairs!

Some clever banker figured out a way banks couldn't lose
They'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 quality
And bet against the very shit they sold to you and me 


The US housing bubble crashed and trillions disappeared
Economists they scratched their heads and thought it all quite weird
Old Greenspan he'd backed down from pressure when he'd caught a wiff
While "housing crash" Rubini cried and so did Peter Schiff


The Old World followed soon enough and Iceland crashed and burned
Then all the PIGS they followed suit and so their bonds were spurned
The Euro? Well i guess it's dead good riddance i suggest
Until they each go separate ways what madman would invest?


And China? What a total joke! Their madness trumps us all
They bid up prices none could pay and now we watch them fall
The engine of the world it seems is headed down the drain
And everywhere and everyone will join them in their pain


But we'll be right mate here in Aus - we're different don't you know
Our land is better land than theirs our thinking's not so slow
You can not lose investing in our city CBDs
And even world depression will not bring us to out knees

Flippin' houses, Friggin' houses
all my dreams are shot to hell
all my money's gone as well
horseshit's worth more than my shares




Wed, 12/14/2011 - 18:28 | 1980760 CClarity
CClarity's picture

How can any French bank have an "A" at all?  Any time soon? Even with nationalization . . . 

Wed, 12/14/2011 - 18:55 | 1980860 MiguelitoRaton
MiguelitoRaton's picture

Downgrade Fitchez

Wed, 12/14/2011 - 19:02 | 1980893 redpill
redpill's picture

Clever, Miguel!

Wed, 12/14/2011 - 19:23 | 1980962 MiguelitoRaton
MiguelitoRaton's picture

Danke pill

Wed, 12/14/2011 - 18:00 | 1980660 MobBarley
MobBarley's picture

Too much blood inflames the humours and leads to post coital returgidation.




Wed, 12/14/2011 - 17:42 | 1980591 HedgeAccordingly
HedgeAccordingly's picture

but S&P doenst matter.... tell that to 6E - 

gold bounce tomorrow?

Wed, 12/14/2011 - 18:48 | 1980835 NumberNone
NumberNone's picture

Fuck Agricola...their commercials suck and they don't do shit for a sore throat. 

Wed, 12/14/2011 - 17:29 | 1980529 Tsar Pointless
Tsar Pointless's picture

FFFrance, you're on deck!

Wed, 12/14/2011 - 17:29 | 1980530 papaswamp
papaswamp's picture

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

Wed, 12/14/2011 - 17:30 | 1980536 FranSix
FranSix's picture

OT:  Sino-forest turns out to be the 'goose egg'

Wed, 12/14/2011 - 17:31 | 1980542 SheepDog-One
SheepDog-One's picture

OMFG bullish!!

Wed, 12/14/2011 - 17:31 | 1980545 PicassoInActions
PicassoInActions's picture

will euro go down?

Wed, 12/14/2011 - 17:32 | 1980547 kengland
kengland's picture

Huge rally starting tomorrow on this news. Book it

Wed, 12/14/2011 - 17:38 | 1980568 navy62802
navy62802's picture

We'll probably see even more weakness in gold, as these banks continue their last ditch efforts to raise capital.

Wed, 12/14/2011 - 17:41 | 1980582 J 457
J 457's picture

Huge USD rally.

Wed, 12/14/2011 - 17:44 | 1980594 Bay of Pigs
Bay of Pigs's picture

Enjoy it while it lasts.

Like walking on the Sun...

Wed, 12/14/2011 - 17:36 | 1980563 navy62802
navy62802's picture


Wed, 12/14/2011 - 17:37 | 1980566 no life
no life's picture

Arrest these guys already!

Wed, 12/14/2011 - 17:39 | 1980577 Iriestx
Iriestx's picture

Jim Cramer has personally told me that this is extremely bullish for equities.

Wed, 12/14/2011 - 19:17 | 1980946 NoMoreBull
NoMoreBull's picture

Cramer went to DEFCON 2 last night....and tonight is suggesting strongly investors raise cash.  Whatever!

Wed, 12/14/2011 - 17:40 | 1980579 Sudden Debt
Sudden Debt's picture

Nonde un Sarkozy! La merde!

Wed, 12/14/2011 - 17:41 | 1980583 slewie the pi-rat
slewie the pi-rat's picture

headwinds up the ass, BiCheZ!

Wed, 12/14/2011 - 17:42 | 1980588 FranSix
FranSix's picture

OT:  Canada's fiscal austerity measures in the 1990's:

Wed, 12/14/2011 - 17:47 | 1980614 Matt
Matt's picture

And in the end, their solution was to sell all the gold and only hold USD as reserves instead. Brilliant.

Wed, 12/14/2011 - 17:48 | 1980617 FranSix
FranSix's picture

I know, eh?

Wed, 12/14/2011 - 17:42 | 1980590 slaughterer
slaughterer's picture

Phew.  What a relief.  Just Fitch.  Just Credite Asshole.  

Wed, 12/14/2011 - 17:43 | 1980593 GOSPLAN HERO
GOSPLAN HERO's picture

Too many female dogs on this site.

Wed, 12/14/2011 - 17:47 | 1980613 yabyum
yabyum's picture

Tons of bitches here bro, but without the dead spots on the lawn.

Wed, 12/14/2011 - 17:44 | 1980598 Milton Waddams
Milton Waddams's picture

Okay, they lost an a, but at least they replaced that pesky minus sign with a plus. That's gotta count for something.

Wed, 12/14/2011 - 17:47 | 1980610 Ratscam
Ratscam's picture

don't forget the Swissy banks uups

Wed, 12/14/2011 - 17:49 | 1980620 chump666
chump666's picture

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. 

Wed, 12/14/2011 - 18:33 | 1980774 falak pema
falak pema's picture

don't be a chump...we're ALL next...

Wed, 12/14/2011 - 17:51 | 1980624 rwethereyet
rwethereyet's picture

But their ATM's are still working right.

Wed, 12/14/2011 - 17:52 | 1980632 crazyv
crazyv's picture

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.

Wed, 12/14/2011 - 18:01 | 1980664 Caviar Emptor
Caviar Emptor's picture

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. 

Wed, 12/14/2011 - 17:57 | 1980637 tempo
tempo's picture

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.

Wed, 12/14/2011 - 18:31 | 1980771 Things that go bump
Things that go bump's picture

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.   

Wed, 12/14/2011 - 17:57 | 1980648 Caviar Emptor
Caviar Emptor's picture

Race to the bottom: we downgrade ourselves. Retaliation expected 

Wed, 12/14/2011 - 17:59 | 1980652 chump666
chump666's picture

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.

Wed, 12/14/2011 - 18:03 | 1980670 Caviar Emptor
Caviar Emptor's picture

Reuters: China to slap import duties on US autos

Wed, 12/14/2011 - 18:02 | 1980667 chump666
chump666's picture

and this is a worry:

  • China to levy duties on imported US autos calimign dumping
  • China’s Trade Minister Chen: sees possibility of trade protectionism getting more serious next year, global market might contract in 2012
  • Trsy Brainard: important for China to stop managing exchange rate
  • USTR: significant problems with China’s anti-dumping probe of US car imports
Wed, 12/14/2011 - 18:04 | 1980681 Caviar Emptor
Caviar Emptor's picture

Satellite spots China first aricraft carrier at sea

Wed, 12/14/2011 - 18:15 | 1980704 Melin
Melin's picture

it floats?  Or did you mean, "in the" sea?

Wed, 12/14/2011 - 18:46 | 1980827 NumberNone
NumberNone's picture

I think we have some video of the new ship getting launched...  

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