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Morgan Stanley On What Happens Next In Greece, And Why It Is All Very Euro Negative

Tyler Durden's picture




 

From Morgan Stanley on why anyone betting on a quick rebound in the EURXXX will be sorely disappointed.

Euro And The Greek Confidence Vote

The EUR is set to remain under pressure as the uncertainty regarding Greece intensifies once again. Any comfort for the EUR from reports Merkel and Sarkozy are to meet with the Greek government and IMF officials Wednesday, ahead of the G20, is likely to be short-lived in our view.

Indeed, Friday’s confidence vote in the Greek parliament will be extremely important in our view and will likely set the pace of the anticipated EUR decline over the coming months. Greek Prime Minister Papandreou could now find it difficult to win a confidence vote (due Friday 10GMT) given the defections from the government leave only the slimmest of majorities (just 151 votes in the 300 parliament).

If the Greek PM fails to win the confidence vote then the government will fall. There is the possibility for a new Government under a different PM or the formation of a unity government. But these outcomes seem unlikely given that the opposition is strongly in favour of new elections. While new elections will delay the vote on the new budget reform measures and potentially delay the next round of bailout funds from the EU, this is likely to be seen as one of the most positive (least bearish) outcomes for the EUR as it will avoid a referendum. There could even be an initial relief rebound for the EUR on any news that a referendum is being avoided, by the continued uncertainty and delays with regard the passing of the new budget measures and payment of EU bailout funds will likely keep the EUR under pressure over the medium term.

Indeed, most of the options under discussion in the market are EUR negative in our view. A victory by Papandreou in the confidence vote on Friday is likely to be seen as the most bearish for the EUR, opening the door to a referendum and the potential rejection of the bailout package by the Greek population. A referendum is likely to be difficult to win given that the opinion polls show that most of the population are opposed to the latest austerity measures. Hence, we would anticipate a continued sharp EUR decline if the Greek government passes the confidence vote Friday.

The delays and uncertainty leading up to a referendum are likely to provide a negative environment for the EUR as well as for broader risk sentiment. Indeed, this has the potential to trigger significant tail risks, including making it difficult to attract investors for EFSF bonds - EFSF funding is likely to have to start in earnest in November. The ECB may have to extend its asset purchase programme to absorb bonds the EFSF will not be ready to buy. The ECB's balance sheet could extent further as a result, putting the EUR under broad pressure.

But we suggest that the Greek government would get the help of the EU in persuading the population to vote in favour of the referendum. However, while any sweetening of the deal will also raise concerns regarding moral hazard, the EU will be extremely anxious to avoid the negative fallout that is likely to be generated by a failed referendum.

The sharp decline of EURUSD over the past couple of days has already breached important support levels suggesting a decline towards 1.3365 and then the 1.3145 low seen early October. We maintain our 1.30 year-end forecast for EURUSD, with 1.25 targeted in Q1 2012.

 

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Tue, 11/01/2011 - 20:34 | 1835063 FunkyMonkeyBoy
FunkyMonkeyBoy's picture

Do the opposite of whatever these filthy shysters say.

Wed, 11/02/2011 - 00:25 | 1835668 caconhma
caconhma's picture
"As reported in the popular Greek magazine, Oikonomikos Tachydromos on 14 Aug. 1997, Henry Kissinger, while addressing a group of Washington, D.C. businessmen in Sept.1974, said:

The Greek people are anarchic and difficult to tame. For this reason we must strike deep into their cultural roots: Perhaps then we can force them to conform. I mean, of course, to strike at their language, their religion, their cultural and historical reserves, so that we can neutralize their ability to develop, to distinguish themselves, or to prevail; thereby removing them as an obstacle to our strategically vital plans in the Balkans, the Mediterranean, and the Middle East."

http://www.savarian.com/2010/03/kissinger-on-greece.html

Wed, 11/02/2011 - 03:47 | 1835905 French Frog
French Frog's picture

I'm expecting that the same pressure that was put on certain politicians to side with Papandreou in the last 4 months (to get the necessary EU votes) will now be directed in the opposite direction so that THIS time he does NOT win the confidence vote and he is replaced by virtually anything that will guarantee a NO referendum.

Surely there has to be a group of politicians in Greece that is willing to take this on, because even with the lack of a referendum (that the people of Greece want and deserve), they will more than likely obtain more concessions from the EU, and more concessions = less austerity ----> they will be instant heroes !

I love the smell of democracy in the morning...

Wed, 11/02/2011 - 03:50 | 1835910 GiantVampireSqu...
Tue, 11/01/2011 - 20:59 | 1835132 Unprepared
Unprepared's picture

Correction. Never base your decisions on whatever these flithy shysters have to publicly say.

Tue, 11/01/2011 - 22:32 | 1835372 The Big Ching-aso
The Big Ching-aso's picture

Exactly.   Which reminds me of Shyster Acronyms. 

One in particular and very much talked about at the moment.    'CDS'.     CDS really stands for:     Conned Dat Suckah.   Or, Conned Dat Sovereign.

One could make up a long list of Shyster Acronyms that should be defined as opposite to what they claim.

Tue, 11/01/2011 - 22:42 | 1835406 Village Idiot
Village Idiot's picture

"One could make up a long list of Shyster Acronyms..."

 

chyster = mexican shyster

That's all I got.

Wed, 11/02/2011 - 00:46 | 1835707 philipat
philipat's picture

Schmyster = a Jewish shyster?

 

Although probably redundant.

Wed, 11/02/2011 - 00:44 | 1835705 philipat
philipat's picture

Thanks MS. Duly noted that the will of the Greek people, aka a referendum, needs to be avoided at all costs. Wonder what would happen if there was a referendum in the US on whether MS/GS etc should be allowed to run the country?

Tue, 11/01/2011 - 20:36 | 1835070 chump666
chump666's picture

C'mon Greek people send the French and Germans (banks) a wake up call from hell.  They should take the pain for being too greedy. 

Sarkozy, Merkel, Eurogroup President Jean-Claude Juncker, European Council President Herman Van Rompuy, European Commission President Jose Manuel Barroso, IMF chief Christine Lagarde and an ECB representative will first meet at 1730 local time (1630 GMT). They will then meet Papandreou and his finance minister at 2030 local time.  Fearing widespread losses from a disorderly Greek default, shares of banks most exposed to Greece through sovereign debt holdings and loans were hammered. Societe Generale tumbled 16.2% and BNP Paribas and Credit Agricole fell more than 12%.

Tue, 11/01/2011 - 20:52 | 1835115 Buck Johnson
Buck Johnson's picture

I agree, tell them to F off and let them find out how austerity works with their own people.  They where greedy and it bit them in the butt, pure and simple.

Wed, 11/02/2011 - 04:26 | 1835935 theMAXILOPEZpsycho
theMAXILOPEZpsycho's picture

Looking forward to seeing an austerity announcement in france! the people will burn the place to the ground!

Tue, 11/01/2011 - 20:36 | 1835071 Cognitive Dissonance
Cognitive Dissonance's picture

"Morgan Stanley On What Happens Next In Greece......."

Ashes, ashes, all fall down.

Tue, 11/01/2011 - 21:03 | 1835141 BoNeSxxx
BoNeSxxx's picture

Welcome back CD -- the joint hasn't been the same without you.

Tue, 11/01/2011 - 23:59 | 1835606 ReallySparky
ReallySparky's picture

Yes, welcome back. We've been over run by the AJ crowd. You left us to grow them and school them. Please by all means, stick around.

Tue, 11/01/2011 - 22:36 | 1835386 The Big Ching-aso
The Big Ching-aso's picture

Yes, and one gets the impression that time is not on anyone's side right now contrary to Mick Jagger's optimism.

Tue, 11/01/2011 - 20:38 | 1835077 LookingWithAmazement
LookingWithAmazement's picture

False alarm, referendum will be voted off this Friday.

Tue, 11/01/2011 - 20:42 | 1835092 Smartie37
Smartie37's picture

That prediction will be proven W-R-O-N-G shortly, like many others from the "All is Calm" CAMP near Langley

Wed, 11/02/2011 - 04:58 | 1835904 Gief Gold Plox
Gief Gold Plox's picture

I am inclined to agree. With so much at stake and such a force feverishly working on preserving the status quo, I do not believe Greeks will be permitted to express their opinion. Come Friday their government will fail, followed by re-elections resulting in no referendum. I expect politicians to be heavily bribed to ensure a vote of no confidence.

That said, I truly and honestly hope I am wrong and the Greeks take their future into their own hands.

Tue, 11/01/2011 - 20:38 | 1835078 Matt1973
Matt1973's picture

Parity

Wed, 11/02/2011 - 05:42 | 1835979 letitgo
letitgo's picture

You really think that if the market crashed enough for the risk-off USD to rise to parity against the EUR it wouldn't be accompanied by Southern Europeans leaving the EZ (would in all probability be positive for the euro) and/or massive USD printing Stateside?

I keep on hearing that the EUR is going to die, but am yet to have anyone explain to me how exactly (inlcuding MS).  Other than a moderate risk-off move of the EUR down against the "safe-haven" USD (ha!), but probably up against even riskier currencies, I don't see much happening to the downside for the EUR.

 

Tue, 11/01/2011 - 20:38 | 1835079 Idiot Savant
Idiot Savant's picture

Off topic: I'm surprise ZH hasn't posted the lastest on MF Global. It seems they've accounted for their missing customer funds. Perhaps my tinfoil hat is too tight, but I have to wonder if they haven't been bailed out.

http://www.bloomberg.com/news/2011-11-01/all-mf-global-funds-are-accounted-for-lawyer-tells-u-s-bankruptcy-court.html

Tue, 11/01/2011 - 20:42 | 1835091 Mike2756
Mike2756's picture

Well, you can't lie to a judge or a nun so it must be true.

Tue, 11/01/2011 - 20:47 | 1835101 navy62802
navy62802's picture

There's so much BS being flung around about MF Global right now, it's impossible to know what's true. I think in the end, the feds will find that they broke the law and basically embezzled funds to cover their losses. The story probably goes much deeper than that, but the investigation won't. But until the dust settles a bit, it's hard to tell the lies from the truth, whatever that may happen to be.

Tue, 11/01/2011 - 20:57 | 1835125 JohnG
JohnG's picture

A lawyer said....LOL!

Tue, 11/01/2011 - 21:05 | 1835142 Unprepared
Unprepared's picture

You trust the word of MF's lawyer? Well, maybe he's right.

All money is accounted for in the general ledger ... except for a one time VOSTRO to NOSTRO account transfer.

Tue, 11/01/2011 - 20:38 | 1835081 Mike2756
Mike2756's picture

"But we suggest that the Greek government would get the help of the EU in persuading the population to vote in favour of the referendum."

Maybe they can drop leaflets.

Tue, 11/01/2011 - 20:52 | 1835095 Racer
Racer's picture

Oh when the TBTF come out with get out of €, I am deeply urged to buy €

 

they are putting out their fishing line for suckers

(I am not interested in taking any bait from banksters, tends to be laced with poison)

Tue, 11/01/2011 - 20:53 | 1835118 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

It got to about $1.36 I think.  Close enough.  Look for it to come up a hair tonight, before this Meeting in Cannes.

Tomorrow, a long awaited event (background music by John Williams).  From the makers of Saving Greece, and Saving Greece Two, comes the epic story of our lifetime (theatrical pause).....

Saving Greece, Again

Starrying Academy Award Nominee, Angela Merkle and Academy Award Winner Nicolas Sarkozy; from famed Direct Herman Van Rompuy:  a tale of a country that was thought once doomed to fail.

"I love you Greece"  yells Angela, drenched from a rainstorm, pointing a gun at her head.

"Angela, no!"  Nicolas grabs the gun and pushes it to her side.  "Save Greece to save yourself."

Coming to theatres tomorrow.

Tue, 11/01/2011 - 21:02 | 1835135 JohnG
JohnG's picture

Excellent.  Please keep these coming.  I'm still laughing at the "treehouse" series.  Timmah on the Nintendo, Obongo gathering fiat on the ground.

Thank you!

Tue, 11/01/2011 - 20:48 | 1835103 Thucydides
Thucydides's picture

My Big Fat Greek Default  Merkel and Sarkozy will be seated in front of course.

Tue, 11/01/2011 - 20:58 | 1835120 slewie the pi-rat
slewie the pi-rat's picture

maybe G-pap could win an election. who knows?

this report: Gold Seeker Closing Report: Gold and Silver Fall Almost 1% and 5%  has a commentary by jim sinclair which includes these fertile ideas (paste):

MF Global got busted because credit default swaps did not work. MF Global had their Greek and Euro bond position covered by credit default swaps that they thought would protect them. SURPRISE!  

They did not work because the Greek situation of a 50% haircut was given another name than “default” by a select group of Banksters and related parties. (end paste, my emph.)

[...hmmmm...]

Tue, 11/01/2011 - 21:09 | 1835150 peekcrackers
peekcrackers's picture

well at  there was this at the  Slewie

What today’s economic managers don’t know is Titanic in nature. There is no practical solution to the economic problems of today making gold in all forms desirable long term.

 

Tue, 11/01/2011 - 21:54 | 1835237 slewie the pi-rat
slewie the pi-rat's picture

graceland stewie thomson re: leveraged stupidity

Gold & Silver Currency Tactics

Tue, 11/01/2011 - 20:56 | 1835124 overmedicatedun...
overmedicatedundersexed's picture

MF found the money it was in Jon's bedroom in a shoe box. He just forgot where he put it..worked for Hillary.

Tue, 11/01/2011 - 21:03 | 1835133 CrashisOptimistic
CrashisOptimistic's picture

 

The issue is somewhat timing.

If Papandreou wins a no confidence vote, the referendum is ON, and no sooner than January and maybe later.  That delay is what smacks equities globally.  Not the result of the referendum, just the fact that it can loom and force a negative 2011 S&P as of Dec 31, which crushes the pension funds across the US that need 8% returns to make their monthly payouts to retirees.

If Panadreou loses the no confidence vote, the referendum may be OFF, but any new government, whenever it is formed, will take months and months to get all the legislation in place to qualify for the needed tranches of bailout.  The budget reforms won't even be voted on, let alone pass.  Again, there will be looming Greek spreads past Dec 31.  Hard for the S&P to rally like that.

I think way too little focus has been on the Greek strike/riots and their impact on GDP.  Papandreou is very possibly doing the only thing he can do to generate growth . . . get them out of the streets.  If they vote on all these austerity measures, it may get them back to work.

 

Tue, 11/01/2011 - 21:00 | 1835136 nmewn
nmewn's picture

What would Daddy Pap do?

Tue, 11/01/2011 - 21:45 | 1835233 bobert
bobert's picture

Pap Andreas, or Pap Georgeous?

Wed, 11/02/2011 - 01:25 | 1835774 Breaker
Breaker's picture

No. Duvalier.

Tue, 11/01/2011 - 21:01 | 1835137 msmith
msmith's picture

The Euro has plenty of room to fall.  USD strength continues.  Here is an analysis of EURUSD and AUDUSD.  Another push lower for both pairs before a retracement.  http://bit.ly/shrytY

Tue, 11/01/2011 - 21:16 | 1835155 JohnG
JohnG's picture

 

 

Yes.  That's what gold is telling me.  In the face of a strong dollar, gold is holding up (as denominated in $).  Very good.

When Bernank prints, that will light a fire under gold for real.

And he will print, probably not tomorrow, maybe in Jan., but inevitably, Ben WILL print.

Got Gold?

Tue, 11/01/2011 - 21:06 | 1835146 spanish inquisition
spanish inquisition's picture

There is still time to prepare, forget about Greece and Europe and all the 2012 predictions!

At 11:11:11 on 11-11-11 be prepared for the Nigel Tufnel moment.

I don't know what that means but my expectation is one more than I can imagine.

Tue, 11/01/2011 - 21:13 | 1835162 JohnG
Tue, 11/01/2011 - 21:23 | 1835183 bobert
bobert's picture

Which time zone?

Tue, 11/01/2011 - 21:06 | 1835148 Silver Kiwi
Silver Kiwi's picture

" There could even be an initial relief rebound for the EUR on any news that a referendum is being avoided "

so 'the market' doesn't give a fuck about the rights and future of the person in the street; be he Greek, Italian or Yank. Just as long as 'the market' gets to make it's bonus. Don't 80% of the smucks in 'the market' know they are also part of the 99%??? Twats...

Tue, 11/01/2011 - 21:09 | 1835152 Tsunami Wave
Tsunami Wave's picture

I wanna hear what happens next in Morgan Stanley, though not by Morgan Stanley, and why it is all very overall negative.

Tue, 11/01/2011 - 21:18 | 1835169 Matt1973
Matt1973's picture

The Asians are buying the yellow metal tonight

Tue, 11/01/2011 - 21:23 | 1835175 wang (not verified)
wang's picture

-

Tue, 11/01/2011 - 21:21 | 1835180 prophet
prophet's picture

How much is Greece worth?  Seems to me like you could take it private and make a lot of people very much more happy.

Tue, 11/01/2011 - 21:28 | 1835197 bobert
bobert's picture

Brilliant!!

Privatization could also be applied in many places as a form of great relief to the US economy.

Tue, 11/01/2011 - 21:23 | 1835184 PaperBugsBurn
PaperBugsBurn's picture

Amerikkklan!

Fuck yeah!

Tue, 11/01/2011 - 21:27 | 1835192 prophet
prophet's picture

The vulture investors were allowed to accumulate Greek Debt and try to position for a power move, Italy however is a G-20 member.  Who is protecting who?  Outside of the seller premium, the CDS only has a real net sum value when a counter party fails.

Tue, 11/01/2011 - 21:27 | 1835193 disabledvet
disabledvet's picture

But Kudlow's All Stars were saying just on Friday that they were "all in on the euro going higher because of what happened." What happened?

Tue, 11/01/2011 - 21:29 | 1835199 surf0766
surf0766's picture

The shovel's they were using to pile the shit higher broke.

Tue, 11/01/2011 - 21:53 | 1835253 disabledvet
disabledvet's picture

i was uber negative on gold...until "the Trichet" was followed up by "the Greek Poopy-doo." Now instead of "grabbing the popcorn" i really am interested in how they think they can wiggle their way out of this.
http://www.youtube.com/watch?feature=player_detailpage&v=alGEw1Li5EU

Wed, 11/02/2011 - 04:02 | 1835919 Ghordius
Ghordius's picture

You heard Morgan Stanley: 1.30 OR ELSE

Tue, 11/01/2011 - 21:27 | 1835194 monopoly
monopoly's picture

This is all playing out as we suspected. And the main act waits in the wings for its turn on stage center. And what a cast. Can't wait.

Tue, 11/01/2011 - 21:29 | 1835198 Atomizer
Atomizer's picture

 

 Sovereign risk in bank regulation and supervision: Where do we stand?

 

Hervé Hannoun  Deputy General Manager Bank for International Settlements

Financial Stability Institute High-Level Meeting --Abu Dhabi, UAE, 26 October 2011

 

Next..

 

UAE central bank says new liquidity tools for Basel needed

By REUTERS

Published: Oct 31, 2011 20:40 Updated: Oct 31, 2011 20:40

KUWAIT CITY: The UAE needs to find new liquidity tools to ensure its banks will be able to implement new global rules under the Basel III accord, the UAE’s central bank governor Sultan Nasser Al-Suweidi said.

Al-Suweidi was speaking at a financial forum in Kuwait.

Although UAE banks have high capital levels — their average Tier 1 capital ratio is about 11 percent — liquidity rules are expected to be more of a challenge for them, as they prepare to meet the Basel III banking standards that will take effect around the world over several years from 2013.

One reason is that Gulf debt markets are not as deep or varied as developed markets, meaning banks have a limited choice of liquid instruments that they can use locally.

Basel III will require banks to hold enough cash-like instruments to withstand a month of severe fund outflows.

 

http://arabnews.com/economy/article526796.ece

 

Lastly,

 

FSI - (Financial Stability Institute 2011 plan)

 

After reading, you can step away from your computer and take a walk. Showcasing new fraud and theft resides at the top.

 

Spend five minutes of your life, you'll understand your fears much clearer -- Never live in fear. If you don't understand now, the very near future will show you the way.

Black Sun

Tue, 11/01/2011 - 21:30 | 1835200 sabra1
sabra1's picture

beware of german or french bomb carrying goats sent over to greece. to mix with the greek bomb carrying goats!

Tue, 11/01/2011 - 21:56 | 1835262 wang (not verified)
wang's picture

it's not the goats that they need to be concerned about

it's those sluty Pomeranian Coarsewools and the always secuctive Bizets

Tue, 11/01/2011 - 21:33 | 1835204 sabra1
sabra1's picture

funny how all this greek stuff has diverted attention away from the massive troop buildup along the iranian border!

Tue, 11/01/2011 - 21:49 | 1835242 bobert
bobert's picture

Perhaps we will have an "Arab Fall" and or "Arab Winter."

Tue, 11/01/2011 - 21:37 | 1835216 max2205
max2205's picture

Morgan Stanley?! Who cares what they think. What does MF Global think?!!!! LOL

Tue, 11/01/2011 - 21:44 | 1835227 UP Forester
UP Forester's picture

OK.  So, not having a functioning government with which to enforce austerity, and probably increasing the size and severity of the riots, according to MS, is bullish.

Having a semi-functional government and letting the people of Greece having a say in how they get Greeked is bearish.

 

Am I getting this straight, that this is an explicit acknowledgement of the "Order Out of Chaos Theory" where they get to send in the Blue Hats to make sure everyone eats their peas?

Tue, 11/01/2011 - 21:47 | 1835229 Yen Cross
Yen Cross's picture

 I hope " Dennis Gartman is right , before his " Heart" , defies rationality !  The Euro is ultimately doomed. Why are we paying attention to Greece? 

 

      Italy is 2.5 Trillion $ in debt, and looking @ 6% +/- on sovereign debt refinancing!

Tue, 11/01/2011 - 21:48 | 1835239 Cone of Uncertainty
Cone of Uncertainty's picture

Guy, guys, chill the fuck out.

Chill the fuck out.

Dick was just on CNBC, calm the fuck down:

http://www.cnbc.com/id/45126044

“I think we’ve gone nuts,” he said. “I think these [U.S. bank] stocks are so cheap, that people should be buying them as aggressively as they could.”

Shakes head walks away.

 


Tue, 11/01/2011 - 21:53 | 1835252 bobert
bobert's picture

I've made some money in JPM over the last two weeks with short term trades.

Wouldn't want to hold this long term though or any other bank.

Tue, 11/01/2011 - 21:58 | 1835266 Jim in MN
Jim in MN's picture

BBC just now

http://www.bbc.co.uk/news/world-europe-15549352

Greece's cabinet has given unanimous backing to a controversial plan by PM George Papandreou to hold a referendum on a EU debt rescue package.

He told an emergency cabinet meeting that a referendum would offer "a clear mandate" for austerity measures demanded by other eurozone members.

Stock markets recorded big drops amid shocked reactions in eurozone capitals to the referendum announcement.

Mr Papandreou is due to meet European leaders in France on Wednesday.

In a cabinet meeting lasting late into Tuesday night, Mr Papandreou told ministers the government needed the consent of the Greek people.

Tue, 11/01/2011 - 22:19 | 1835298 bobert
bobert's picture

What a great opportunity to exit the EU!

Pray for independent thinking and acting Greeks.

Tue, 11/01/2011 - 23:01 | 1835471 Yen Cross
Yen Cross's picture

 Interesting thought!

Tue, 11/01/2011 - 23:00 | 1835460 FinancialPanther
FinancialPanther's picture

Oh I see how this works.  MS is public enemy #1 until MS say something Tyler likes.  Then Tyler forgets that he trashed MS as a completely incompetent institution just 8 hours ago.  Brilliant.  May be about time to stop reading this nonsense.

Tue, 11/01/2011 - 22:59 | 1835461 Stockspeare
Stockspeare's picture

Out of pure request. Although I hate people making money free from our trades and hard work (see all my posts). I will give another freebie because I respect Tyler and Zero Hedge. I don't know here. Our TVIX went from 38 to 62 and FAZ went from 37 to 45 in two days. The Street is looking at FAS in here. Back to the quick or the dead. We will be looking to add to the XIV and FAS in a counter trade fashion soon. As those that know...we post when not many are following. Right now... The word on The Street is...Step Aside or fade long by Friday for a pop. That's all I got for now. Stay tuned;)

Tue, 11/01/2011 - 22:59 | 1835462 Stockspeare
Stockspeare's picture

Out of pure request. Although I hate people making money free from our trades and hard work (see all my posts). I will give another freebie because I respect Tyler and Zero Hedge. I don't know here. Our TVIX went from 38 to 62 and FAZ went from 37 to 45 in two days. The Street is looking at FAS in here. Back to the quick or the dead. We will be looking to add to the XIV and FAS in a counter trade fashion soon. As those that know...we post when not many are following. Right now... The word on The Street is...Step Aside or fade long by Friday for a pop. That's all I got for now. Stay tuned;)

Tue, 11/01/2011 - 23:04 | 1835477 Yen Cross
Yen Cross's picture

 Come on Folks. The VIX - across the board, is well over 30.  The bad guys are getting strangled! Funny money is over!

Tue, 11/01/2011 - 23:30 | 1835543 kito
kito's picture

a little taste of greece for you..right here in the u.s. of a..

 

remember those tens of thousands of layoffs that needed to occur at the usps in order to become fiscally balanced?

so far only about 30 have been laid off.... the others?

they "shuffled" them....usps put those employees into positions that were "needed" from positions that "werent needed"....makes you wonder how the postal service survived all this time with so many of those formerly vacant "needed" positions

 

http://www.executivegov.com/2011/10/postal-service-reorganization-slows-down-employee-layoffs/

Tue, 11/01/2011 - 23:31 | 1835544 kito
kito's picture

a little taste of greece for you..right here in the u.s. of a..

 

remember those tens of thousands of layoffs that needed to occur at the usps in order to become fiscally balanced?

so far only about 30 have been laid off.... the others?

they "shuffled" them....usps put those employees into positions that were "needed" from positions that "werent needed"....makes you wonder how the postal service survived all this time with so many of those formerly vacant "needed" positions

 

http://www.executivegov.com/2011/10/postal-service-reorganization-slows-down-employee-layoffs/

Tue, 11/01/2011 - 23:34 | 1835551 trampstamp
trampstamp's picture

You'll be missed.

Tue, 11/01/2011 - 23:44 | 1835566 Coldfire
Coldfire's picture

Good thing MS's gross exposure to the Euro clusterfuck is only $39 billion.


 

Wed, 11/02/2011 - 01:28 | 1835773 slewie the pi-rat
slewie the pi-rat's picture

slewie's greek referendum:

Q: should we (greece) tell the EU to GO POUND SALT?

  • alpha :)   yes
  • beta ;)    fuk yes

[choose one]

Do NOT follow this link or you will be banned from the site!