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Follow The Italian (Faux) Austerity Vote Live... Update: Faux Austerity Passes

Submitted by Tyler Durden on 09/07/2011 13:41 -0400

The Italian parliament is currently voting whether to make the first, massively watered down, faux-austerity program into law. As reported earlier, this vote is widely expected to pass as it has practically zero measures left in it that are actually austere. It will, therefore, be followed up by another vote in a month in which Italy will be forced by the ECB to repeat the same spectacle all over again. Then again... And again. In the meantime, we fully expect robots to add at least 5-10 ES points on the non-news that is the inevitable favorable result.

Webcast live after the jump

UPDATE:

*BERLUSCONI GETS MAJORITY OF SENATE VOTES ON AUSTERITY PLAN

*ITALIAN SENATE MAJORITY BACKS EU54 BLN IN CUTS; VOTE ONGOING

and sure enough ES pops 5pts!! Brilliant!

hhmm - and this (related?):

*MOODY'S CHANGES OUTLOOK ON TELECOM ITALIA TO NEGATIVE :TIT IM

- advertisements -

Wed, 09/07/2011 - 13:44 | 1642762 alien-IQ

I guess it is true...this market is fueled by nothing but complete bullshit...with a dash of hopium for seasoning.

Wed, 09/07/2011 - 14:02 | 1642843 mn1

who cares what robots do or if its up on no volume, just as long as its up its all good....its always doom and gloom at ZH but it keeps going up, so bash the market all you want...

Wed, 09/07/2011 - 14:08 | 1642879 john39

it keeps going up? you must be referring to the price of gold. ES has not done anything this year.

Wed, 09/07/2011 - 14:38 | 1643047 redpill

New term, fauxsterity?

Wed, 09/07/2011 - 14:51 | 1643077 fyrebird

Instant classic!

Now we just need the bears to do a skit on it: BTFD you fucking moron!

Wait. That wasn't the bears. BTFD was the super heros. The bears did silver and QE2. But I digress.

Wed, 09/07/2011 - 13:45 | 1642769 entendance

EU's Van Rompuy says the German ruling will give a new impetus to rescues...
These German puppets are definitely becoming history, soon they will taste people's anger against this state of affairs. Corrupt bureaucracy gone mad because of banksters' money will face massive popular uprising. Starting this month. The € fraud is quite over, despite very few politicians are sensing it. Nothing has changed, no problems have been solved, in Europe, In Japan, or in the US.
"There will be blood."
http://www.entendance.com/forums/viewtopic.php?f=6&t=801&p=19188#p19188

Wed, 09/07/2011 - 13:46 | 1642770 Flakmeister

Hate to crash the thread, but this photo showing Austin and the Bastrop fire is awesome...

http://deannaroy.com/wp-content/uploads/2011/09/austin-fire.jpg

Wed, 09/07/2011 - 14:41 | 1643064 fyrebird

Nothing going on in Texas that a massive, lethal conflagration of Bibilical proportions couldn't address.

Snicker if you want to, but they'll get the last of the FEMA dollars. And they'll get them before Vermont even files.

Wed, 09/07/2011 - 17:06 | 1643625 andybev01

How soon until someone spots a Virgin Mary or Jesus face in that smoke cloud?

Wed, 09/07/2011 - 13:46 | 1642771 Cassandra Syndrome

Greaseball Shit Bitchez

Wed, 09/07/2011 - 13:49 | 1642782 alien-IQ

I wonder if anyone would dare call you an anti-Italianite?

Wed, 09/07/2011 - 13:56 | 1642818 Cassandra Syndrome

No. I like Italy. I'm Irish with a sense of humour. We don't mind stereotypical slurs thrown at us, we give as good as we get. So too the Italians. Ligthen for, ffs, gallows humour is helping us through this.

Wed, 09/07/2011 - 13:48 | 1642780 Sudden Debt

ALL WHO AGREE THAT THE GERMANS WILL BE STUCK UP WITH THE BILL SAY AIE!!

AIE! AIE! AIE! AIE! AIE! AIE! AIE! AIE! AIE! AIE! AIE! AIE! AIE! AIE! AIE! AIE! AIE! AIE!AIE! AIE! AIE! AIE! AIE! AIE! AIE! AIE! AIE! AIE! AIE! AIE! AIE! AIE! AIE! AIE! AIE! AIE! AIE! AIE! AIE! AIE! AIE! AIE! AIE! AIE! AIE! AIE! AIE! AIE! AIE! AIE! AIE! AIE! AIE! AIE! AIE! AIE! AIE! AIE! AIE! AIE! AIE! AIE! AIE! AIE! AIE! AIE!

Wed, 09/07/2011 - 13:50 | 1642788 Hephasteus

Saab just filed for bankruptcy protection. British companies are starting to go down 2 and 3 a week.

Wed, 09/07/2011 - 13:53 | 1642802 Sudden Debt

Britisch companies you say...

SO YOU MEAN THAT BY THE END OF THE WEEK THERE WON'T BE ANY COMPANIES LEFT IN BRITAIN!!!!?????!!!!!!!

Wed, 09/07/2011 - 14:12 | 1642902 Hephasteus

LOL. No seriously. A british 100 bar corporation which is an indicator of straight up fucking trouble in the alchahol tobacco and firearms racket went under. People will be drinking irish bathtub whiskey before the years out. Gamblings fucked, vice is fucked and goverment is soley supporting the hookers which means they aren't going to get any cheaper.

Yeast packets bitchez!!!

Wed, 09/07/2011 - 14:18 | 1642939 Use of Weapons

Hayward's return to the oil industry was finalised on Wednesday as his new investment vehicle, called Vallares, agreed a merger with Genel Energy International of Turkey. The deal will deliver an estimated £176m windfall for Hayward and his fellow backers of Vallares, including Nat Rothschild.

http://www.guardian.co.uk/business/2011/sep/07/tony-hayward-windfall-kur...

Turkish PM Recep Tayyip Erdogan has said his country is suspending all defence ties with Israel.

The move follows the expulsion of Israel's ambassador over its refusal to apologise for the 2010 raid on a flotilla of activists heading for Gaza, in which nine Turks were killed.

http://www.bbc.co.uk/news/world-europe-14800305

The City is London, remember?

Wed, 09/07/2011 - 14:22 | 1642964 faustian bargain

But hey, on the plus side, now squatters have more rights than ever in GB:

http://www.dailymail.co.uk/news/article-2033944/Judge-orders-Camden-Coun...

Wed, 09/07/2011 - 14:45 | 1643083 fyrebird

Okay now that was funny.

Wed, 09/07/2011 - 15:05 | 1643185 Vincent Vega

I believe Saab is a Swedish concern.

Wed, 09/07/2011 - 16:49 | 1643581 Herman Strandsc...

I thought saab was GM? Anyway, who gives a shit.

Wed, 09/07/2011 - 16:59 | 1643610 Herman Strandsc...

It's not how many British companies are going down each week (and two to three is what you will find on any High Street going belly-up) it's how many potential British companies arn't starting each week because it ain't worth doing. Me included.

Wed, 09/07/2011 - 13:52 | 1642796 slewie the pi-rat

L0L!!!

today's jim willie: False Comparison to 2008

Wed, 09/07/2011 - 13:53 | 1642803 Silverhog

Save those empty Chianti bottles. They hold a lot of petrol.

Wed, 09/07/2011 - 13:55 | 1642814 carbonmutant

Faux economy, Faux austerity vote... SOP

Wed, 09/07/2011 - 13:55 | 1642816 stevegee58

Is the faux vote being broadcast on Faux News?

Wed, 09/07/2011 - 13:56 | 1642821 TruthInSunshine

Ciò che l'Italia ha bisogno di curare la sua difficoltà economiche è quella di andare in debito ancora più massiccia preparando per una molto imminente, invasione extraterrestre enorme e ostile.

-- Paolo Krugmaniano (Paul Krugman's Italian cousin, who is also an economist)

Wed, 09/07/2011 - 15:41 | 1643335 Ghordius

since they are Italians, they do expect an invasion from out of space.

since they are Italians, the expect a huge army of longlegged, tall, blond, hot women hungry for food, romance and culture.

that's what culture and history prepares you for...

Wed, 09/07/2011 - 19:27 | 1644019 thatthingcanfly

Tropo male che non c'e un Ronaldo Paulo. Vero?

Wed, 09/07/2011 - 14:00 | 1642833 stevegee58

Oh, Stephano, back in the ol-a cawntry we no-a pay-a taxi

-- Salvatore, the Sicilian barber who cut my hair as a young fella.

Wed, 09/07/2011 - 14:02 | 1642845 LeonardoFibonacci

Silvio Berlusconi is too busy with his BUNGA BUNGA nights!! He doesn't give a shit about the state of the economy.

Wed, 09/07/2011 - 14:09 | 1642885 Sudden Debt

I sure hope I'll be as potent as he is at his age :)

Wed, 09/07/2011 - 14:49 | 1643104 fyrebird

If you wind up with his kind of money, you might be. You can get all the steroid injections and body mods you want if you are ready to pay cash. Then the hookers and male escorts are just a sideline.

Wed, 09/07/2011 - 14:13 | 1642910 Dick Darlington

Italy has no intention to do austerity. It was pretty clearly stated in the earlier post today. They put up a little dog and pony show SO THAT THE ECB WILL CONTINUE TO BUY THEIR BONDS. They don't even try to hide it. Southern Europe has the ECB and Germany by the balls. They will continue to do this as long as the artifical european zombie zone is "alive". The last decade has shown that they have lost their competitiveness vs Germany and just took advantage of the artificially low interest rates to load their economies full of debt they have no chance to pay back. Ever. That goes for the public and private sector as well.

Wed, 09/07/2011 - 14:54 | 1643127 paulie

You are so right my friend but you forgot one thing.

We took advantage of low interest rates and used the debt which stemmed from it to buy German products. This is what the great Euro swindle is about. Dimish other countries' competitiveness in order to allow Germany to export as much as it possibly can.

Should we get out of the euro, Germany would then lose one of its best customers.

Paulie

Wed, 09/07/2011 - 14:29 | 1642998 Use of Weapons

Anyone offering odds that he loses & then goes full bunker?

http://blog.foreignpolicy.com/posts/2011/09/01/berlusconi_calls_italy_a_...

http://www.guardian.co.uk/world/2011/sep/01/berlusconi-vows-leave-shitty...

I'm reminded of that photo where he was signing "fuck you all" when first debating austerity: this could be epic.

http://media.realitatea.ro/multimedia/image/200910/w460/image_1254941074...

[edit] Too late: already a done deal.

Wed, 09/07/2011 - 14:35 | 1643034 fyrebird

Non-news FTMFW

Wed, 09/07/2011 - 14:52 | 1643118 Jim in MN

Go get 'em, dawgz: G20 to the rescue!!!

http://en.wikipedia.org/wiki/2011_G-20_Cannes_summit

There is a popular - and humorously referenced - misconception amongst the English that the motto of the French Navy is (or once was) "A l'eau, c'est l'heure."This is a Macaronic pun: the phrase translates literally as "To the water, it is the time'", but when spoken aloud closely resembles the English phrase "Hello Sailor."

http://en.wikipedia.org/wiki/French_navy

Wed, 09/07/2011 - 15:24 | 1643262 ariele25

these idiots have lost control of the situation. this is the scenario: in the coming weeks markets will be putting crazy pressure on Italian BTP and the clown Berlusconi and his puppets will be forced to resign. The new prime minister will be a "technician" like Mario Monti, overnight imposing crazy taxes on labour and wealth. Th day after we will see social unrest...

btw, anyone has an idea of how to see a theoretical fx rate drakma euro and lira euro? i suppose someone is already pricing it......

Wed, 09/07/2011 - 16:12 | 1643450 DaBernank

Italian austerity = Speck Alto Adige instead of Prosciutto di Parma

Wed, 09/07/2011 - 16:48 | 1643578 Quadlet

AP: Stocks surge after Germany upholds bailout plan

Are you kidding me? This is the headline?

Wed, 09/07/2011 - 17:47 | 1643718 Campagnolo

Italy is a banana republic in its whole....worse than Mexico or Colombia...pretty close to Argentina I must say.

Wed, 09/07/2011 - 21:24 | 1644359 HungrySeagull

Whoopee.

They probably celebrate with rose wine and pasta for all tonight.

Wed, 09/07/2011 - 21:25 | 1644368 MGHJFHD

Hi there, I honestly like reading your posts, thank you!

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Follow The Italian (Faux) Austerity Vote Live... Update: Faux Austerity Passes

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