Hello ItBBB+ly
It only took a few years, but we can finally move from A to B:
- ITALY CUT TWO LEVELS TO BBB+ BY S&P, EU OFFICIAL SAYS
Somehow ItBBB+ly doesn't quite have the same ring to it... Oh well, it will still work as pristine collateral with the ECB.
(8 votes)
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Stronzo, meet fan!
The eeewro is in freefall mode.
Expect riots over the weekend.
Bunga bunga!
Do underage BBB+ Italian mistresses still put out as well as A ones do? A certain Silvio wants to know.
Too cold.
I'm sure a lot of cars and banks will burn to keep the rioters warm.
Maybe even a banker or two. And politicians too.
speaking of burn.. was glancing back at the UNG chart at 120 not too long ago and trading at 5ish now. Should I put my limit to buy in at $1.00 or should I hold out for .30 cents ?
Video of Italian reaction.
http://www.youtube.com/watch?v=uf4cZDH_99k&feature=related
Porky PIIGS reaction: http://www.youtube.com/watch?v=s9qsdz7gMlY "Son of a BBB...Son of a BBB...Son of a BBBitch"
I agree with you, this weekend is going to be crazy. Everything is coming aparts along with the "voluntary" cut ot Greece debt (which isn't possibly anyway and why isn't anybody talking about the insurance that was bought by them. If the insurance can't pay, then aren't those places insolvent also).
Thank you Mr Chairman Ben Bernanke! Because of your wise fiscal policy, I was able to refinance at 15 years fixed for 3 1/8%
God Bless You Sir!
Gotta admire S&P. Takes cajones to do these downgrades.
this is meant to be sarcasm right?
Damn.
Tyler, let me help.
was Italy downgraded?
Yep.
Little BBB+taly
So Tchir's question comes to the forefront.
Italy knew of this material event (they get 24 hrs notice), did not disclose it, and sold bonds to the public today in their auction anyway. That auction should be disqualified and all bond purchases cancelled.
Nope, not never, because the plutocrats sold more crap to the HFs & PFs - suckers..........wake me up when they DK those auctions - LOL
Spain too, no?
That is the rumor
And PORtugal
POORtugal?
POOHtugal?
Only two levels. Sounds bullish. Now that that uncertainty is gone the stocks can continue to rally I suppose...
fuck me. with a broomstick as hard as you want. i don't even feel it anymore. like a pornstar who has had one too many 9 inchers.
im swearing off the equity ponzi. im just going to work my job, collect my fiat and buy a nice shotgun.
Mama Mia!
Now you're talkin', S&P...change those B's to C's and you might actually be truthy.
Here in Europe we sometimes think of the average us-american as a guy, who can't afford elementary school. Should this be part of a countries rating ?
I am almost positive some talking head is going to say this is bullish on CNBC
steve liesman?
How is he even able to hold a tax-paying (note, I didn't say 'honest') job?
This man surely must have studied under Stalin and Beria??
Doubtful he pays taxes. He's got the priveledges, doncha know.
Maria Meatballs, gesticulating with her little sauerkraut hands!
Steve LIESman says it is,
I trust his judgement.
This morning he said he can't get a 5% ROR from his FA. He has a FA.......
It's just a flesh wound...
http://www.youtube.com/watch?v=zKhEw7nD9C4
Yes. I am sure someone is going to say "If it weren't for the S&Pee existing, all countries would be AAA"...just like CNN said if it weren't for Ron Paul running, Huntsman would've com ein 2nd in NH.
BBBullish. There , it's done.
Nice one!
Enjoying his recent BlowHorn [CNBC] and television free life, Cdad briefly turned on Bloomberg [streaming] briefly today...to hear, of course, that all of this stuff going on is "priced in."
Yep. The MSM just keeps playing from the same playbook...even though the plays from it are bust. Fewer and fewer folks even listening, and most folks now understanding that none of these established networks have any credibility. These talking heads are simply a joke.
And just like that, Bloomber streaming...off.
Everything is priced in. Unless the news is positive, then it will gradually be prices in over 7 days. Or priced in as the headline is repeated 53 times over the next 3 months (as is the case with "markets rise on European debt talk hope").
Cross reference to the Hedgies negotiation with Greece re default:
That is a cooperative game with outside otpions having an opaque value.
1. They broke off negotiations today to "rethink" = to revalue their outside options since the downgrade has implications for the probability and level of EFSF funding.
2. Hedgies know that the "win-win" is not default - Tyler reckons they are there to hold out to the end but its not an optimal stragety if that carries a more than zero % prob that doing so will mean Greek exit (see Tyler's ref to Toscafund note that states it clearly - that's a rally to hedgies to deal)
3. The hedgies aint gonna roll at a loss - so deal at some positive haricut but above the implied haircut they bought still brings in lots of wonga.
Greece objective function = max [PSI Haircut - capped bailout value - their outside option(default)]
Hedgie objective function = Max[Buyprice - PSIHaircut- their outside option (default)]
fill in the numbers, set PSI Haircut to max product of the two (FOC = 0 ) and bob's your uncle....
This framework gives you an idea of how bearish/bullish things are... we go to the wire but not over the cliff; the market has priced in a "plain sailing to doing the deal" which is not the case as Tyler keeps saying
I'm so hoping, that all these hedgies have been buying cds from us-american banks, so that the balance of cause and reaction can be maintained, no ?
In my best Buford T Justice voice: THE GOTDAMN GERMANS GOT NOTHIN TO DO WIT IT!
Why, thank ya mister bandit. And as a pursuer, may I say ur the goddamnedest pursuee I've ever persued.
My personal fav.
Reflections on Europes financial woes. Special subject: the economies of the European Community. Which debt is owed by whom? Who will pay the bill?
Must see
http://www.webcompact.net/index.php/news/4795-euro-collapse-explained-in-3-minutes-
Paging LCH Clearnet.....please make your way to the telephone marked 'Bunga bunga'.
BBB = Bunga Bunga Bailout?
LMFAO, going long financials into the 3-day weekend. (it is a shit throwing contest folks and the American paper-pushiung fucknuts are much better in this area) Doubleplusgood.
and the market could care less....they all know that Ben has their back..period....
Ben is set to make a fortune on his FX swaps (which should be coming due any day now). Maybe the Fed can make over $100 billion this year?
I remember as a kid when my grades would drop it would shock me to get my ass in gear. Maybe if the ratings agencies did a meaningful and accurate downgrade ( one that isn't priced in) it would shock the markets and the people to get there act together.
Then again monkeys might fly out my ass too.
When i was in college, and when my grades dropped, I BEAT THE HELL OUT OF THAT NERD SITTiNG NEXT TO ME IN CLASS!!!
And than he also realized that slacking was the same as getting a beating and my grades went up.
Action = Reaction!
but did you have to step on my glasses too? my mom bought me those.
That indefinite detention bill is staring at the S&P, they won't be doing any shocking anytime soon
This lunatic market hasn't priced-in much of anything; JPM miss, S&P downgrades, earnings warnings, et al. 'Loose Money" has been convinced the US Equity markets are "The Place To Be". Now, this may be proven right in the weeks ahead (hopium delusion), but when raality takes hold, and earnings deflate, there will be a scramble out of equities and into fixed income.The 'facts' always lag the 'rumor'...
BBB+ ?? WTF. Should be FFF. If there is anybody in the ZH reader universe that actually buys this shit, please post and tell some of us what your rationale is for giving bankrupt European socialist governments money. I am seriously curious as to how you think you are ever going to see any of it again.
http://vegasxau.blogspot.com
Kyle Bass probably reads ZH but I don't think he's long Italy
Everyone reads ZH. I bet Bob Pisani reads ZH.
Dear Jimi,
Pissonu is a eurofanatiic...
He will be culled at the Pogrom.
Funny bit is, the Pogrom is coming - it's called mental and fiscal health of the market, eh?
I WILL ALWAYS INVEST MY MONEY IN ITALY!!!!
I eat pizza AT LEAST 2 times a week!
Now John Jimi you know full well Bob Piss-on-me would be scared shitless if he ever stumbled across this website
Pizza Pizzzaaaaaa!!!
"Anthonyyy!!!"
Now let's put those fingers back into our ears and sing our national LaLaLaLaLaLaLa song!!!!
It's hard for them to put their fingers in their ears when their thumbs are up their butts.
As long as they don't suck their thumbs after that it not that bad...
Someone say "Switch?"
Back from where???
Should I put CNBC on for a laugh? I bet its priced in already right?
Reality has some serious lag in the financial world. This will all be fun come monday... Let the shorting beging!
But this does harken back to Peter Tchir's article from a bit earlier on ..... they really did sell bonds into the market without disclosing material info. As we all know - F'in crooks .... and they have gotten away with it.
Looking forward to QE3.
Wonder if Brian Sack finally took delivery of that bberg machine. Going to need it when he goes trolling for Italian and Spanish bonds.
Yanks are so lucky to have such awesome central planning.
#cAnAdA
Yeah, because Canada is the land of the free, without any central planning.
Lizzy you are a loonie.
In terms of fiscal issues (social safety net, etc), Canada is much more centrally planned, but in terms of monetary policy, we have them beat hands down. The BOC isn't nearly as interventionist.
Also, you have to wonder about the end game here in the USA: debt at 100%+ of GDP does not hold much of a future for a free society. Tyranny is the only natural outcome.
America: 100%+
This is the biggest indicator of financial meltdown and is barely mentioned by the Obsolete Media. How the hell can there be growth when growth is less than the debt issuance?
Still believe in infinite growth on a world with finite resources do we? Good luck with that.
That's what I'm sayin'.
Actually "Freedom Watch" with Judge Napalitano hammer's the debt issue along with many other concern's. It is actually a good watch if he is the spokesman, if he has a sit in, turn it off imho.
Yup, as they say, private gains, socialized losses. That is where the losses show up (and on the Fed's balance sheet, of course, which will eventually generate taxpayer losses). It's obviously not sustainable. Again, the question is, what is the end game?
RBC hyper-hypothecation scandal has yet to hit them. Once that happens, it'll be: "A black swan, eh?"
RBC, CIBC, Nasty Bank etc.
Va fangool, S&P!
Time for the 3rd installment of the Fed sci-fi movie "QE 3 - Return of the Printing Press" starring Ben "Obi-Wan" Bernanke. Coming soon to a broke-a$$ town near you.
Welcome to 2012, everyone!! Haha. Oh, and I think it's stupendous that they decided to do all this on Friday the 13th. Great timing, indeed.
Maybe the Mayans new something.
Too high, no way is Italy investment grade.
bout dang time , my shorts are still underwater.
Thanks for the reminder. My shorts are in the laundry. I need to clean a load.
wheres bagdad bob? he needs a job hes every bit as good as cnbc fox msnbc etc losers
Muhammed Saeed al-Sahaf == "Bagdhad Bob"
Maps of the region are plain, flat-out wrong! DeNile runs around the entire Planet!
Peter T...the answer to your query is an unqualified YES!