Panic In Italy: FTSE MIB Down 6.2%, Biggest Drop Since May 2010

Tyler Durden's picture

Remember when we said yesteday that the FTSE MIB won't have a good day today? It isn't...

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heatbarrier's picture

Can we donate bandwidth?  Tyler?

Sophist Economicus's picture

He got called into Barney Franks' office....

Cognitive Dissonance's picture

This is really dissapointing. I thought the Fed fixed everything yesterday.

Sophist Economicus's picture

They did!    Witness their handiwork....

Sudden Debt's picture

oh wait.... it should have been DUCT TAPE.... cheap Chinese knock off crap....

that's the last time we'll call the Chinese to fix these problems....

 

vib's picture

But only for yesteday :( Markets need constant supply of fixes to handle the reality.

Larry Darrell's picture

Conversation should start off something like:

"Great news everyone.  Fannie Mae agreed to purchase more our non-performing loans.  With this new infusion of taxpayer capital we can increase payouts again."

 

heatbarrier's picture

Amphitheatrum Flavium to be privatized.  

DarkStarDog's picture

Chris Walin is giving a leason on CNBS piker vision TV  David Faber refuses to belive that all this just is due for a 85% hair cut.

earnulf's picture

you tip one domino and the next thing you know, the whole kit & kaboodle is falling!

John Law Lives's picture

PPT to the rescue!  Maybe Obumble and Merkel should stand together in the White House Rose Garden and pledge to cover all debt from the EU and the USA forever more.  Just be sure that nobody tries to massage Merkel's shoulders during the Press Conference.  She doesn't like to be touched that way...

http://www.youtube.com/watch?v=eTQY1Aw9zcs

eurusdog's picture

Paulson's Advantage Plus down 31%. I want that advantage! Sorry 21%

slaughterer's picture

Yes, down 21% and increasing.  Get me out!  Get me out!

WonderDawg's picture

Looks like the PPT is juggling like 30 plates and can't keep them all in the air.

ZeroPower's picture

SocGen just issued a statement saying all is well. Next step is for them to call us begging not to dump (short??) common

Sudden Debt's picture

Actually if we look back to 2008 and compaire it to now:

1. THE CEO WILL SAY HE WILL BUY SOME SHARE HIMSELF

2. THE COMPANY WILL DO A BUY BACK

3. THE PRESIDENT WILL YELL TO THE EVIL SPECULATORS

4. AMAZEMENT WILL BE BIG WHEN THOSE WOLVES KEEP SELLING THE STOCK

5. MORE YELLING TO THE EVIL SPECULATORS

6. And IDOLS 2011 will be aired 24/7 on television to calm down the markets.

Withdrawn Sanction's picture

SocGen just issued a statement saying all is well.

So did Dick Fuld in early Sept 2008  So did Kevin Bacon in Animal House

MsCreant's picture

A picnic in Italy? Sounds lovely! Are they allowed to have wine in the open?

Quintus's picture

I understand drinking wine in the open is actually mandatory in Italy.  Particularly if you are driving an open-topped car.

Sudden Debt's picture

Even hookers are allowed to walk the highway lane and cause hughe traffics. And when a driver hasn't had a good look, THEY JUST DO A U TURN TO GO BACK!!

Really crazy :) You go nuts over there :)

walküre's picture

They should just tax the hookers for additional revenue.

I guess the 60 billion, Berlusconi claimed he "found" somewhere didn't last too long?

But you being from Belgium, understand Italian politics and the wide range of control and influence of Cosa Nostra and Vatican.

Italy won't have auditors and inspectors from IMF and ECB crawling up their backside.

Kataphraktos's picture

FIAT: Fix It Again, Trichet!

Bahamas's picture

Campari is the only stock that's green on the FTSE MIB. I guess people are all out for an early aperitivo.

virgilcaine's picture

Bernank will be impotent until this all flushes out..don't expect any magic 'qe', it's take the pain time.

SP 800

virgilcaine's picture

Truly amazing how quickly 2008 was forgotten and the speculative fervor was flowing again.  This bear will be a nasty one for it.

SP div yield 1.8% in 2011

SP div yld 3.5% in 1929

 

Warning!

jkruffin's picture

The only way out of this mess right now.....let people cash in their 401k and retirement accounts without any tax penalty now...gotta get money into the hands of the people.  If Wall Street sinks, so what...it is sinking anyway. It will recover normally as the economy comes back...can't force it like Bernanke is doing...low interest rates mean zilch when people can't get loans, can't get a job, and have had their credit ruined....

americanspirit's picture

When, not if, Italy blows up it will be the rural pensioners who will be most devastated, while Silvio and his buddies skate. My father was in command of the first US unit into Florence and he witnessed what should be the standard Italian solution for all dictators and their whores - Mussolini doing the air dance. Can't you just see that ugly mug of Berlisconi's peeking over the rim of a manila collar, shit running down into his Ferragamos? Where are the Partisani?

lieutenantjohnchard's picture

wonder if the gold haters and bashers are regretting their stupid comments about now? by their very absence from zh i guess to ask the question is to know the answer.

g speed's picture

how much will china back the euro--if at all anymore??

buzzsaw99's picture

e-trade pulled the "e-trade baby losing everything" video from youtube 15 minutes after the market close on black monday (the 8th). That should fix it! LMAO!!

virgilcaine's picture

Non Italian related but have been watchig IBM... Big Blue it's been the Mkt Leader.. rah rah and is being taken out..one of the cues Ive been waiting for.

 

Did anyone see the Italian fellow Marco Annunziata as Economist for GE?  Wonder what he does all day.

 

http://www.bloomberg.com/news/2010-12-02/unicredit-s-annunziata-hired-as...

nodhannum's picture

Robo...oh, Robo...where art thou Robo?

Winston Smith 2009's picture

From Italy a long time ago, an attitude for them to take in these times:

http://www.youtube.com/watch?v=WlBiLNN1NhQ

writingsonthewall's picture

TYler,

sometimes when you're wrong....you're still right!

Mesquite's picture

Was watching the mkt, as usual, and almost fell asleep..

Then found this thread..Now world interesting again..

Thoss a*sholes so traumatised the mkt yesterday, nobody wants to play..

Guess everyone is holding their breath..

Watching the train wreck in slow-motion..

Be safe all..

 

The Shootist's picture

How bad will the bloodbath be today? It's really early. 

DosZap's picture

OT< Silver finally WAKING UP.......................................

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