No More Shorting Of Financials In Europe... Ever?
The second sequential ban of short selling in Europe, which was supposed to expire at the end of the month, has just been extended. At this point we are certain Europe will not allow shorting of financial stocks. Ever. Or at least until the Eurozone implodes... Which will be far sooner than 'ever.'
- ITALY MARKET REGULATOR CONSOB EXTENDS SHORT-SELLING BAN - BBG
- SPAIN'S CNMV REGULATOR EXTENDS SHORT-SELLING BAN - BBG
Next to join the part: France. In other news, since the short sale ban was instituted, SocGen is down 18.5% and UniCredit is down 26.6%.
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Fo Eva...bitchez!
now that's what I call a rigged market.
a sad attempt to delay by a few seconds the inevitable eurocalypse.
They should just outlaw all selling, it's inhuman!
Tax all sales of stock at 75% whether its a profit or a loss you still have to pay taxes on your loss like it was a gain, effective yesterday. That'll keep the market afloat
As the Bearing rolls ever so slowly to the door... Seeking real assets... First rats off the ship win!
So where will the shorters turn?
This will simply be played by shorting US financials!
Good night BAC!
Synthetics!!
"multiculturalism has failed"
This is just one additional, incremental step to project a brave face of confidence onto equity/banking/financial markets, because they wouldn't feel the need to resort to this unless everything was very healthy and stable and liquid - which it is.
/s/
.. and in other news, the European Center for Nuclear Research in Geneva, Switzerland announced today that it is immediately repealing the laws of gravity and in Rome, a press release from the Vatican states His Holiness , the Pope has reached an accord with Satan that relinquishes authority over all of the souls within the European Union to him.
Try the deutsche bank short european financials etf. Still trading, if you fancy the counterparty risk.
SQQQ!!
They see me rollin' They hatin' Patrollin' they tryin' to catch me shortin' dirty. Tryin' to catch me shortin' dirty.
Well looky there: (http://www.zerohedge.com/news/sec-telling-us-something-schapiro-cut-glob...)
1 for 4 so far...
Tick-tock...
Junkies fear cold turkey.
Same goes for ceasing shorting bans and ceasing snorting plans
The politicians only want 'Up' so they're banning 'Down' ...problem is without any downs there's no ups, it's a flatline ...put another way, the market has no buyers or sellers, it's a Dead market.. extinct ...a Pythonesque "Dead Parrot"
Now when politicians ban shorts you know it's time to go short... and the only way to go short (now) is to get out of the market... I think the politicians have painted themselves into a corner on this one.. another work of genius from our 'leaders' ...market collapse 100% guaranteed ..er, how do we short this???
I like that! What are we dis-incenting then? Hmmmmm. Food comes to mind. What else? Oil? Yep. How 'bout we just "turn it off' instead? We can do that you know.
selling is unpatriotic!
So too is "saving".
you-rock-a-lips?
/just suggestin'/
North Carolina Governor Bev Perdue says we should suspend Federal elections. Peter Orszag, former Director, OMB, says we need "less democracy". Less than a week after the ZH comment about the well-publicized German book saying "democracy is an enemy of the people".
We are either going to "voluntarily" ask for Martial Law, or . . .
All so the people that created this absolutely fucked mess can stay in power.
We are witnessing the end of the United States, and every human being that ever died defending this country is having their graves pissed on.
Every symbol of the old US will have to be destroyed, otherwise it will be a reminder of what was, and will be seen as inciting revolution. Let them try to shove that down our throats.
Sorry, Perdue made a joke and Drudge ran with it like she wears Jack boots.
She does wear Jack Boots, but wasn't expressing an honest desire to suspend elections.
And why the hell would they suspend elections?
That is the hope that the sheep hold on to. The hope that elections will change things.
Elections are to keep the masses placated, not to change anything.
pods
pods,
So, you are one of the dopes that believed that spin about a joke.
Well I guess I am since I live here, and happen to use my mind to think.
So a sitting governor who is pretty much hamstrung by the state congress announces plans for suspending elections at a Rotary Club meeting?
As I said above, elections are for public satisfaction, nothing else.
Look at how much energy here is wasted on the game of politics. The arguments about debt reduction, etc.
We have not, as a nation, applied one penny to paying down the principal of our national debt in 50+ years.
It is a game of self delusion. Our debt supply is our money supply.
To decrease our debt would decrease our money supply. So it won't happen.
That is why we will not have a "balanced budget" while the economy is contracting, strike that, expanding less than the aggregate level of interest on the debt.
Because our debt supply MUST expand or we die.
We have been programmed as a people to KNOW when tyranny arrives. Tanks in the streets, etc. Because that will NEVER come.
If it did, we all would know tyranny has arrived.
Same with suspending elections. As long as the sheep hold on to the noble idea that voting changes things, we WILL have voting.
Religion is not the opiate of the masses, the hope that elections can change things is.
Sorry for the long rant. Short answer, yes, I am a dolt that believes it was a joke.
pods
Just listen to the audio and then say, with a straight face,
that it was a joke. I dare you.
Ya, and Peter Orszag made the joke in "New Republic" linked in this http://www.washingtonpost.com/blogs/ezra-klein/post/is-peter-orszag-agai... WAPO Story, so you know its true.
- Ned
With spike heels? And a leather tank top? I'm kinda picky when it comes to fascists too.
Well... then again, the founding fathers of the United States were no fans of democracy. What they wanted was LIBERTY.
The U.S. is NOT a Democracy, it is a Constitutional Republic, with said Constitution intending to preserve individual liberty by enumerating limited powers of the government, the rest reserved for the individual and states, whose constitutions themselves handled things similarly at the time, although asserting varying degrees of power against the individual. Some states respected liberty more than others.
Democracy and Liberty are not synonymous.
We are too quick to defend the raping of liberty by democracy. Democracy can be shit, or it can be marvelous. Generally it degrades into chaos. Democracy launders all sorts of shitty behavior that would land you in jail if you did it as an individual to others. Put it to vote, win in an election, and use the same tactic on a specified group lacking political clout to defend itself, and democracy says "perfectly legal"....
Without short sellers there is no short covering, hence no floor under
the market. Baning short selling is one of the most effective ways to
drive a market down. Who knows, maybe that's the plan?
All while blaming the market, TADA!
Short sellers got no reason
Short sellers got no reason
Short sellers got no reason
To live
They got little hands
Beady Little eyes
They walk around
Tellin' great big lies
They got little noses
And tiny little teeth
They wear platform shoes
On their nasty little feet
Well, I don't want no short sellers
Don't want no short sellers
Don't want no short sellers
`Round here
Short sellers are just the same
As you and I
(A fool such as I)
All men are brothers
Until the day they die
(It's a wonderful world)
oh those naughty shorters, they are the cause of all the problems....
Damn shorters indeed. Sitting at a government desk in Athens for a couple years, then retiring with full gvoernment benefits. Those short term workers are killing the...
Wait. What are we talking about again?
Not only Greece, here in BC, Canada, some government leaders, retired from plitics after 2 years of service, with serverance of $400,000-600,000.
It is an universal blood sucking for the parasites.
Weird thing is, the sheeple demand parasites. So, until they relent, parasite on!
Hmmm...might be a great time to short the ones over here. I hear a creaking and moaning sound coming from ES.
A great time? As in the old saying, "the market can remain irrational longer than you can remain solvent?"
Trying to time a market is one thing, and a casino another. But trying to time a fraud? That's just playing into their hands, picking up pennies in front of a bull dozer.
Thou shalt not short. haha.
And the law of unintended consequences shows itself yet again.
Cue the Rain!
...like trying to catch rain in a sieve...
No one to squeeze just hastens the big drops coming...good.
Dr. Webster Tarpley said banning short selling is the one of the best moves the Modern State can make to fight back against the globalest banksters. I myself don't understand the concept too well, is he wrong?
Webster does not understand that the Modern State is a creation of the globalist banksters. And even within that illusion the market allows one to bet "long" so of necessity if it is to be "fair" it must allow one to bet "short." Otherwise it is not a market, is it?
Naked short selling should be banned, but short selling in it's simplest form is just a part of the financial capitalist market
Naked selling of puts is by far the best way to buy stock, but you have to have a couple of nickles to play the game.
Why bet when in fact you should invest. Want to bet, go to casino.
I used to be an "investor".
That is until, as a common shareholder, I watched all my due diligence fly out the window to an endless series of stock dilutions, senior debentures and punishing bridge loans that had little to do with protecting the common shareholder but everything to do with pandering to the momo while spending money on pet projects like they were shovel ready in Iraq.
Few CEO's give a damn about common shareholder equity. Why the hell should they work for free when they can pander to power and share in the wealth.
Who among you has ever sent so much as a card of thanks for a decent return when, like K street, the investment community lavishes gifts upon the heirs as if they were royalty?
@ b_B
THAT is a good question, and I do not know the answer. I think I'll look into it. Good reporting.
Green.
Well, I looked into it, superficially. I still have no idea. Now it's up to more knowledgeable ZH-ers to properly answer your question b_B.
I believe he was talking about naked short selling. Very different.
I just went back and looked, yes he did say naked short selling.
Banning central banking and legal tender laws would be more effective. Control of currency is the ultimate lever.
If others are correct that he was referring to naked shorts, not regular shorts, then that would be good too. However, a ban on naked shorts is really just an extension of the logic of anti-fraud. Similarly the division of banking created by Glass-Steagall...kindof like 'truth in advertising'. You can't tell someone you're keeping their money safe and at the same time turn around and fractionally lend it out 9 times.
I would take care when listening to that man's solutions. He is very bright, but he has own agenda. Look at his solutions and then compare them to those who implemented them before and what comes from it. I don't see how more centralized control and regulation will help us here, but I do see how some might use it to gain personal power. After all if people don't beleive in regulatory capture at this point (Goldman anyone?)then clearly they are asleep at the wheel or have an agenda.
Too bad he doesn't post here anymore. He would berate you, emotionally, with multiple exclamation marks!!! And probably call you a Rand-worshiping neocon fascist, just for good measure.
Yes well Dr. Bunson Honeydoo begs to differ!
He's a good historian and political commentator But, he's a marxist...So naturally his economic biases are Broken to the core....He believes we need a central bank to provide "liquidity". He believes we need a us treasury market for collateral swap transactions internationally (I personally believe it's a fallacy to use a nations Debt as collaterally...) and that cheap credit is good....so nobody can acquire savings and own property outright just minmum payment and refi till you die...Like I said good on history and political commentary...economics he is a joke and could be dangerous if listened to...
As if....
Soon they will forbid anyone from selling long positions as well.
They are doing that by reducing the circuit breakers.
Think about trying to sleep at night in a limit down market.
Yes...... Green and .40 caliber! Another excellent comment Smiddy.
It makes my head hurt to think about being unable to sell for days if the market has a slow motion crash. Yet another reason for diversification. Gold is good to help sleep a little better.
Why would anyone be "long" in Greek, Spanish, or Italian bank stocks? That's like being "long" in Texas Lottery Tickets - you have a 14,000,000 to 1 chance of collecting....
Because it sounds better in a foreign language than in Texan. As in "I am el longo."
No worries, we shall bring them down with puts!! Go ahead and ban puts, ootm calls, better yet, just close down that bastardized excuse for a market while they're at it!!
Voila Fixed!!!
Everybody up against the Wall, MoFo's!
Nobody ain't allowed to sell noth'n.....only BTFD...got that!
When in doubt double down on strategies that aren't working.
Should be the motto of capital markets since 2008.
Must.Not.Take.The.Loss.
Right...meanwhile people are saying the next thing to happen is those who refuse to ever take any loss will now step forward and volunteer to be downsized?
Whats next is the world war.
Sheep, Just curious, are you thinking it will happen with conventional weapons, nuclear, or financial/trade wars and protectionism?
We've already been in financial wars, Im sure it will go nuclear.
Yep, was afraid you might say that. Possibly an escalation on the financial side to get us there. Possible scenarios seem endless.
Nuclear is good! Less suffering if you're among the lucky ones at ground zero.
One minute you're eating your raisin pie, the next you are like the Silver Surfer blazing across the universe at quantum speeds, galaxies passing by like snowflakes outside the car window (zooomin!)
The banksters will find themselves blind and prodding the packed dirt with their snot-covered heads, seeking a pathway through the top soil, until that big mole gets them. It all good.
Actually if u never sell technically speaking you do not take the loss. My advice? Don't ask how long. And ask that buddy of yours how his bank is doing.
pretty pink sheets.
Bang head against wall. Repeat
Cost bases it to never face it!
Is that CONSOB...OR
ConSlobJob
It's just the beginning, they should ban all naked derivative plays, ban CDSs; in fact go back to the financial instruments pre-deregulation and pre-G/S revocation. Ban all financial activities of the bubble economy. Make the financial industry the "baggage carrier" of the real economy and NOT the diva! Like the Squid is. Also cap the leverage ratios used by HF as they should cap the debt/equity ratios of banks. The whole shadow banking today is NOT regulated. And ZH knows that.
And label it "going forward to rock throwing!" as well. It's important to create a sell side methodology in your evil plan as well.
If the squid can play naked cds legally then i should be able to take out life insurance on my neighbor's barking dog too. ;)
Socialist in a state of shock.... dreamers who have to wake up.
And not to mention the fintrans tax starting 2014...after the fin holocaust, yeah, all is solved!
Thats like using a garden hose to help the hindenburg ha ha http://www.youtube.com/watch?v=pUVDmXvXcbk
So now if I wish to hedge my Eurobank counterparty risk, I have to trade CDS with the Golden Sack!
How convenient.
Everyone is going to take it in the shorts, so start with the shorts - good plan - Action, Jackson ! Moonwalk, anyone ?
Why don't they just pick a price for the bank shares and say "that's the price"...This is going to end very badly as the Eurozone pretends even more!! No 'conditioning' of the masses is going to make the fall-out better...Just more time for the banksters to find a place to hide!!
Oh yes...ban all short selling of financials forever...
This will be a hoot.
Amazing. It just makes you want to go out and buy Italian banks, knowing that they are fully protected from evil short sellers.
Tyler, where is that article from that Hungarian numnuts? :-) From Unicredit Securities? :-)
Hungary Dude:
I hear that the Hungarian government plans to swap out FX loans into HUF loans. You know anything about the likelihood of this happening?