S&P Downgrades Over 20 Italian Banks, Says Difficult Climate Is Neither "Transitory" Nor "Easily Reversed"

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Tue, 10/18/2011 - 12:06 | 1785533 Ctrl-Alt-Defeat
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MPs to vote on call for referendum on UK leaving the EU
Tue, 10/18/2011 - 12:12 | 1785557 Cash_is_Trash
Cash_is_Trash's picture

Seems they're not cutting fast enough.

You are either solvent or not.

Tue, 10/18/2011 - 12:25 | 1785620 Nascent_Variable
Nascent_Variable's picture

I'm sure Cameron will get right on that, considering all his promises in the election.


The referendum will never happen, because EU membership would be shot down 80 to 20.

Tue, 10/18/2011 - 12:07 | 1785536 jdelano
jdelano's picture

Again, sparing at least 15 people the effort.



Tue, 10/18/2011 - 12:14 | 1785565 Cash_is_Trash
Cash_is_Trash's picture

A Frech ratings cut will do the uber-bullish trick.

Tue, 10/18/2011 - 12:08 | 1785539 boom goes the d...
boom goes the dynamite's picture

so when the full on collapse occurs, will I need lawyers, guns, and money--or just guns?

Tue, 10/18/2011 - 12:11 | 1785550 Little John
Little John's picture

You will need the guns to shoot the lawyers.

Tue, 10/18/2011 - 12:11 | 1785551 TheLooza
TheLooza's picture

all you need is love, love.






love is all you need.

Tue, 10/18/2011 - 12:12 | 1785558 TheLooza
TheLooza's picture

also bullets for your love.

Tue, 10/18/2011 - 12:20 | 1785599 disabledvet
disabledvet's picture

My vote is "From Russia with Love" myself.

Tue, 10/18/2011 - 12:10 | 1785540 GeneMarchbanks
GeneMarchbanks's picture

Milan & Rome riot cam live feed upcoming...

... is this the beginning of a HFT-lead hyperinflation?

Tue, 10/18/2011 - 12:09 | 1785541 Irish66
Irish66's picture

I feel for Portugal, they are gonna get creamed in all this.

Tue, 10/18/2011 - 12:15 | 1785574 Cash_is_Trash
Cash_is_Trash's picture

I feel not for Greece, for they cheated themselves into the mess.

Tue, 10/18/2011 - 12:10 | 1785543 TheLooza
TheLooza's picture

Oh fuck, this should be a good for another S&P pop. 



Tue, 10/18/2011 - 12:14 | 1785570 Great Unwashed
Great Unwashed's picture

Absolutely. The worse things get, the greater the chance of a nuclear bailout.

Tue, 10/18/2011 - 12:10 | 1785545 Seasmoke
Seasmoke's picture

i say give them all the boot

Tue, 10/18/2011 - 12:11 | 1785548 jdelano
jdelano's picture

tylers--real question for yous.  How do they keep assassinating the vix?  There can't be that many players hyper-day trading puts..  

Tue, 10/18/2011 - 12:13 | 1785561 Dick Darlington
Dick Darlington's picture

And S&P 20 points off the lows... Would like to say FUBAR but it feels too mild of an expression.

Tue, 10/18/2011 - 12:43 | 1785697 Ronaldo
Ronaldo's picture

Soon to be a new  report ' All stocks have been sold, market can only go up from here "

Tue, 10/18/2011 - 12:16 | 1785575 MFL8240
MFL8240's picture

Gold down while the world of confetti collapses.  This is the biggest fucking joke I have ever wittnessed in this country.

Tue, 10/18/2011 - 12:22 | 1785611 disabledvet
disabledvet's picture

Looks like the joke's on you. Now let us reflect upon the appearance of none other than the Joker himself shall we?

Tue, 10/18/2011 - 12:28 | 1785634 Quinvarius
Quinvarius's picture

Stocks are only up for the same reason gold will be over 2000 by the end of the year.  Someone is printing a lot of money right now.  I wouldn't worry about gold raids.  Gold always takes out the trash.

Tue, 10/18/2011 - 12:16 | 1785579 PicassoInActions
PicassoInActions's picture

why CNBC circus does not report that yet? Are they giving enough time for market to be propt? 

May be algos need some time to start reversing...

Tue, 10/18/2011 - 12:20 | 1785587 Threeggg
Threeggg's picture

ummm.../ 'Rome we have a problem'..............breaker..breaker..1-9 this is Houston "go full throttle up" and disregard any transmission from Italy...."Roger that Houston"............"going full throttle up" !

Tue, 10/18/2011 - 12:19 | 1785592 TradingJoe
TradingJoe's picture


Tue, 10/18/2011 - 12:23 | 1785614 Cash_is_Trash
Cash_is_Trash's picture

Just sold the dog and pony tickets to stick around and watch mainstream news.

Austerity comes with commercials

Tue, 10/18/2011 - 14:00 | 1785993 andybev01
andybev01's picture

...commercials that want to buy your "worn out gold" (fukkin love that phrase) or to sell you junk on credit.

Tue, 10/18/2011 - 12:26 | 1785626 vote_libertaria...
vote_libertarian_party's picture

What's the problem? 

Italy creates some funny money.  Gives it to the EFSF.  The EFSF buys Italian bonds.


Sounds like a win win plan for everybody!!!


(must buy some more cheap 2013 TBT calls)

Tue, 10/18/2011 - 12:27 | 1785631 disabledvet
disabledvet's picture

Fascism dies hard in the place where it all began. They knew what to do once the euro came along: take the gold and give "the other people's" as the trade. Invasion is out of the question... there is expansionism of course. Wrong guy in charge for that of course.

Tue, 10/18/2011 - 12:34 | 1785654 Mark123
Mark123's picture

Talk about pathetic - who thinks the Italian banking system is not completely corrupted and bankrupt?  This is really closing the barn door a few months/years after the horse disappeared.


Still, I suppose it does make the MSM a little uncomfortable, so that is worth something.

Tue, 10/18/2011 - 12:40 | 1785684 SheepDog-One
SheepDog-One's picture

Lots of bank downgrades, solid positives for stock melt-ups across the board!

Tue, 10/18/2011 - 12:51 | 1785731 Quinvarius
Quinvarius's picture

Somewhere behind the scenes a plan has been hatched.  Most likely it will involve CNBC hacks bad mouthing ratings agencies while the Federal Reserve loans out 30 trillion dollars at 0% to whoever shows up.

Tue, 10/18/2011 - 12:57 | 1785756 valley chick
valley chick's picture

What goes up ..must come down?  Question is when?

Tue, 10/18/2011 - 15:14 | 1786241 luigi
luigi's picture

According to the law of gravity yes, but there is no more rule of law here...

Tue, 10/18/2011 - 12:49 | 1785720 Cone of Uncertainty
Cone of Uncertainty's picture

I'm about to downgrade into the toilet...see you guys in a few.

Tue, 10/18/2011 - 12:55 | 1785743 Corn1945
Corn1945's picture

Ratings downgrades have no effect on the markets anymore. Stocks totally shrug them off.

Tue, 10/18/2011 - 13:08 | 1785796 0ppenheimer
0ppenheimer's picture

Time to replace the head of S&P again?

Tue, 10/18/2011 - 13:27 | 1785881 sabra1
sabra1's picture

while drunk, i asked my paint thinner! are you solvent or not?

Tue, 10/18/2011 - 13:35 | 1785914 ivars
ivars's picture

This is reposted from here, but may be interesting, as I currency pairs, groups will long term tell a lot what is going to happen in this unipolar  world when its major reserve currency collapses in 2016  ( after the other, EUR, will start collapsing already in early 2012 but French and German and some other strong Northern countries start to clean Eurozone up):


I have considered GBP/USD - but not in too great detail- can someone present me with the most advanced financial charting and analysis soft

From what I have considered, it seems (but I have to check, too many charts, I also want to be able to study ratios (not only forex-any) charts of even triple ratio charts or triple surface charts (1 price as function of 2 others)  with movable/stretchable time scales, log-log plots etc) that after Eurozone final cleanup in 2013, from 2014 GPB will be pegged to the USD in rather narrow 0,71 GPB per USD +-2% corridor. in 2016, with USA default, GBP will obvioulsy move up into 0,5 GPB per GPB within 2 years. Before 2014, GPB will be also stable to USD at 0,62 GPB per USD, but inflationary pressures will mount.

Also, relatively stable vs. USD during 2014 will be CHF and especially CAD. JPY may even grow from 2013 vs, USD. The big sufferer in USD index is EUR.

One more interesting thing ( I have not been able to make any meaningful assessment of Yuan) is that one currency that will appreciate against USD starting already from 2014 will be PLN, and perhaps, CZK. What it tells, is, that not only these countries have developed good industrial base in post soviet years, but also, that GERMAN economic machine will be running full speed after 2013 German federal elections (between 1 September and 27 October 2013) adn expose confidence that it will continue running . From the chart I had published earlier elsewhere:

USD per EUR 2011-2018

Old EUR USD 2011_2017.png (70.71 KB) Viewed 1 time

One can see that something happens during early 2013 and than especially in end of 2013 when EUR temporarily takes back lost ground to USD. One of the possible reasons is that French elections in 2012 gives hope, while German in end of 2013 seals EUROZONE cleanup act in what ever form. After that , from UDS per EUR graph its clear, that, either as usual , promises are not kept or new factors arise that makes impossible for them to be kept ( and forces US to peg to USD to stoke inflation).

Such ideas about GBP, etc. I will come with more graphs as soon I am able to make them( takes DAYS of working itme/chart)


Tue, 10/18/2011 - 13:38 | 1785923 Bansters-in-my-...
Bansters-in-my- feces's picture

I wondered why markets climbed back up today.

BUT ,does this not make the S&P TERRORIST.


Tue, 10/18/2011 - 13:38 | 1785924 citrine
citrine's picture

It's quite funny that they used the word "transitory" .

Tue, 10/18/2011 - 14:23 | 1786076 AngryGerman
AngryGerman's picture

transitory to total oblivion

no more spaghetti banks

Tue, 10/18/2011 - 13:51 | 1785956 Snakeeyes
Snakeeyes's picture

Wait for the French downgrade!!!!!!!!


Yields are blowing up in France. 

Tue, 10/18/2011 - 18:30 | 1787143 ricocyb13
Tue, 10/18/2011 - 19:01 | 1787203 Spigot
Spigot's picture

What I find incredibly cunning is that these "Rating Agencies" seem to be focusing all their attention on Europe after having absolutely screwed the pooch for decades with regard to US corps and govs. It is looking more and more to me like the US it trying to cause Europe to fail in order to cover its own transgressions. Then can "blame" Europe for the failure of the world economic and financial failure. As we know "the victors write the histories", or as an extention "the ones who do not fail first write the news stories".

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