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Spain Runs Out Of Money To Feed The Zombies

Tyler Durden's picture


One of the problems with the Hispanic Pandora's box unleashed by a now insolvent Bankia, which as we noted some time ago, is merely the Canary in the Coalmine, is that once the case study "example" of rewarding terminal failure is in the open, everyone else who happens to be insolvent also wants to give it a try. And in the case of Spain it quite literally may be "everyone else." But before we get there, we just get a rude awakening from The Telegraph's Ambrose Evans-Pritchard that just as the bailout party is getting started, Spain is officially out of bailout money: "where is the €23.5 billion for the Bankia rescue going to come from? The state's Fund for Orderly Bank Restructuring (FROB) is down to €5.3 billion."

From here on out, the alternatives have been discussed to death and are clear as day: either the ECB, and the global central bank syndicate, inflates away the debt, which can only happen if Germany gives the ECB a carte blanche to print up the the $3-5 trillion required to backstop the European financial system, or we proceed straight to an instance of "Odius debt"/debt moratorium/write down, which however with trillions in daisy-chained, rehypothecated, partly submerged within the broker-dealer mediated shadow banking system, liabilities permeating throughout the global financial system, the outcome would be a tremor that shakes the very foundations of the financial system, in the process also impairing the $1 quadrillion OTC derivative credit money pyramid. In other words: nobody wants to, pardon, nobody dares to do anything, and the best Europe, and by implication the world, can hope for is to survive day to day, without launching the terminal financial D-Day. Pritchard's summary of next steps is expected: "The result of Europe's policy paralysis is more likely to be a disorderly break-up as Spain – and others – act desperately in their own national interest. Se salve quien pueda." Only it is not only Europe. It is the entire world. But it will start in Europe. And specifically Spain, which unlike Greece is too big to be swept under the rug. It is also a place where the zombies are now congregating.

In an indication of just how surreal the modern financial world has become, none other than Bloomberg has just come out with an article titled "Spain Delays and Prays That Zombies Repay Debt." We can only surmise there was some rhetorical humor in this headline, because as the past weekend demonstrated, the best zombies are capable of, especially those high on Zombie Dust, or its functional equivalent in the modern financial system: monetary methadone, as first penned here in March 2009, is to bite someone else's face off with tragic consequences for all involved.  What Bloomberg is certainly not joking about is that the financial zombies in Spain are now everywhere.

Spain is trying to clean up its banks, requiring lenders to set aside more for possible losses on loans deemed performing to developers like Metrovacesa SA (MVC), which hasn’t completed a project in more than a year and has none under way. While that represents about 30 billion euros ($38 billion) of increased provisions, it’s not enough because many of the loans said to be performing aren’t, said Mikel Echavarren, chairman of Irea, a Madrid-based finance company specializing in real estate.


“Spain has engaged in a policy of delay and pray,” Echavarren said in an interview. “The problem hasn’t been quantified by anyone because there is huge pressure not to tell the truth.”

Yes, lying and ignoring reality are truly signs of a stable, mature system. Just look at Bankia, which went from "profitable" to broke in a few days. And at the risk of repeating ourselves for the nth time, Bankia is merely the beginning.

The Economy Ministry says that Spanish banks have 184 billion euros of developers' loans and assets that are “problematic,” while the remaining 123 billion euros are performing. The need for more reserves to cover losses on the loans can’t be ruled out, Nomura International analysts Daragh Quinn and Duncan Farr said in a May 14 report. If Spain took losses on developer loans like Ireland did, Spanish banks would need 8.9 billion euros under the best case to 76.5 billion euros of additional provisions in the worst scenario, Nomura estimates.

A hole as big as €76.5 billion, plugged with... the €5.3 billion left in the FROB? Good luck. And why is the hole there to begin with? Because of the same lies and same prayers and delays that are now the only policy instrument left in the administration's arsenal:

Many Spanish banks are avoiding property sales so they don’t have to make “mark to market” valuations. Instead, they’re giving developers new loans to pay debt coming due to prevent defaults, said Ruben Manso, an economist at Mansolivar & IAX and a former Bank of Spain inspector.


“The larger banks have been selling bits and pieces and can absorb the losses,” Manso said. “Smaller savings banks are acting in bad faith in their refusal to allow transactions and saying they can’t mark to market because there isn’t one.”


A spokeswoman for CECA, the association for Spanish savings banks, who declined to be identified citing company policy, said the group can’t comment on the banks’ commercial policies.

While there is virtually no clarity, one case gives us a terrifying glimpse into the murky waters beneath the surface:

Metrovacesa, once Spain’s largest developer, is typical of the industry, according to Manso. The Madrid-based company, which once owned HSBC Holdings Plc’s London headquarters and had about a 50 billion-euro market value, was taken over by creditors in 2009 after its largest shareholder struggled to service billions of euros of debt.


Metrovacesa has racked up 1.8 billion euros of losses since 2008. It has debt of 5.1 billion euros and property assets valued at 3.9 billion euros.


“The banks have made writedowns in their Metrovacesa stakes, but they haven’t taken the full hit,” Manso said.


Metrovacesa currently trades at 38 cents a share, valuing the company at about 375.5 million euros. UBS AG downgraded the shares to sell on May 22 and changed its target price to 32 cents. In August, its lenders renegotiated the terms of 3.6 billion euros of its debt, extending maturities on 2.47 billion euros of obligations and granting a five-year grace period for interest payments on 1.12 billion euros of loans.


“Having no controlling stake in Metrovacesa means that its creditor banks don’t have to consolidate the company’s debt or assets and contaminate their own balance sheets,” Manso said. “There are hundreds of cases like Metrovacesa out there, albeit smaller in size, and this distorts the official amount of real estate and bad developer loans that banks profess to have.”

Terrifying, because proper accounting treatment would mean that the abovementioned €76.5 billion in max provisions is really orders of magnitude lower than what the final number will be.

Of course, it wouldn't be an article about a ponzi scheme if it didn't have an official refutation. Sure enough:

Metrovacesa isn’t a zombie, said a company spokesman, who
declined to be named citing company policy.

And That, ladies and gents, just won the prize for the most hilarious denial in the history of denials... to date. As the ponzi unravels more and more each day, the above case will be rather serious compared to what is in the pipeline. But for now, a company spokesman forced to deny that the company he works for is not an undead creature with a penchant for brains does it for us.

Metrovacesa has
projects in mind, but the market doesn’t allow homebuilding, he

Wait, wasn't everything Bush's fault? Or in the worst case: Merkel? Now we get one more culprit for lack of market clearing. Why, the market itself of course.

But if the above hasn't caused blood to shoot out of one's ears yet, the next paragraphs absolutely will.

More than half of Spain’s 67,000 developers can be categorized as “zombies,” according R.R. de Acuna & Asociados, a real-estate consulting firm. They have combined debt of 180 billion euros that will lead to 104 billion euros of losses that hasn’t been fully provisioned for, Acuna estimates.


They aren’t officially bankrupt because they have been refinanced time and time again,” Fernando Rodriguez de Acuna Martinez, a partner at the company, said by telephone. “Their assets are worth much less than their liabilities, they struggle to repay loans and they haven’t revaluated them to reflect today’s prices.”

And that, in a centrally planned world, is why no company is allowed to go bankrupt - because the central banks merely allow them to refi into perpetuity, even if, as is admitted, "assets are worth much less than their liabilities" - surely a justification to invoke the Fed's emergency Section 13(3) emergency powers...

In the meantime, the Fed's domestic partner, the Bank of Spain is doing all it can to avoid the realization that zombies walk among us:

The Bank of Spain allows loans that are refinanced before turning delinquent and interest-only loans to be considered “normal” or “performing” on banks’ books, according to Manso.


“You won’t find that data anywhere,” Manso said. “There has been a lot of cheating going on where banks have lent developers new money, classed as new lending, so they can pay off their original loans.” That’s masking delinquency, he said.


Refinancing the current and future zombie developers will cost 30 billion euros over the next two years, according to Acuna. The depreciation of those developer assets from 2012 onwards will generate a further 20 billion euros of losses in that time, he said.

And saving the absolute farce for last:

Echavarren’s Irea brokered the refinancing of a 200 million-euro loan two years ago for a developer. After two more rounds of refinancing, there is about 180 million euros left on the loan and it’s classified as performing, he said, without identifying the company.


“The probability that this loan will be paid when it comes due is zero,” Echavarren said. “There are dozens of similar cases.”


Spain’s government and banks need to be more like their counterparts in Ireland and be more forthcoming about loan losses, according to Echavarren. He forecasts that the larger Spanish banks with income from international operations will be able to pay for domestic real-estate losses within two years. The rest can’t take such a hit and will have to be nationalized, he said.


“We cannot continue to jeopardize the whole financial system by not telling the truth,” Echavarren said.

Who says we can not: why, it is the sole prerogative of every central bank not to fight inflation, not to maximize employment, and lately, not even to keep the Russell 2000 over 800. It is merely to perpetuate the lies, to extend and pretend, to keep the zombies in check, to repeal every law of math, physics and statistics known to man: from the second law of thermodynamics, to simple sine wave oscillations, to prop the insolvent as the liabilities get exponentially bigger than the assets, to change accounting rules, and to pretend that reality matters, until everything finally crashes.

Which at this point is a certainty.

For those of an inquisitive nature, the only question is when. But, frankly, even that is becoming less and less relevant with each passing day.

* * *

Finally, as a courtesy to our readers, with the global zombie apocalypse about to be unleashed in every format possible, here are some hints on defending from the undead, both banks and those whose EBT cards have run out, courtesy of Shaun of the Dead and Zombieland.


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Mon, 05/28/2012 - 21:54 | 2470558 q99x2
q99x2's picture

Open bank subsidiaries in the City of London (they have no laws there) and get to rehypothecating that shit.

Whatever is collapsing certainly isn't a real banking system. It was a pyramid of fraud. Time to start over. Black screen of death. Time to reboot. It works if you work it.

Mon, 05/28/2012 - 22:07 | 2470613 Colombian Gringo
Colombian Gringo's picture

Spain is going down the drain, and will take the rest of us with them.

Mon, 05/28/2012 - 22:25 | 2470636 Aziz
Aziz's picture

Or as Jim Cramer would put it "bullish for equities".

Mon, 05/28/2012 - 23:54 | 2470769 redpill
redpill's picture

The problem with zombies is no matter how much they get, they always want more brains.

Tue, 05/29/2012 - 00:31 | 2470812 palmereldritch
palmereldritch's picture

Hence, the term fearless central bankers

Tue, 05/29/2012 - 00:44 | 2470824 bigkahuna
bigkahuna's picture

prepare for military rule.

Tue, 05/29/2012 - 01:36 | 2470857 Harlequin001
Harlequin001's picture

Aaaaaaand Ctrl+P....

Tue, 05/29/2012 - 05:20 | 2470961 Element
Element's picture

I reckon an Elvis EP would have killed 'em.

Mon, 05/28/2012 - 22:27 | 2470639 Popo
Popo's picture

But...How is this "Hispanic"?

Mon, 05/28/2012 - 23:31 | 2470704 The Big Ching-aso
The Big Ching-aso's picture



The Spanish are alike the Greeks in the sense they riot only when their welfare is threatened.

Mon, 05/28/2012 - 23:52 | 2470766 The Monkey
The Monkey's picture

When every bearish inclination has past, all notions of a meaningful reversal has been purged, when you are wondering if somehow it has actually turned around and have your mind on other things as futures light up green again.

It's time to short.

This is a bear market. Do not be fooled and especially, do not be lured. When things look shitty it's time to close positions.

Tue, 05/29/2012 - 00:27 | 2470771 The Big Ching-aso
The Big Ching-aso's picture



I think things have been looking shitty 4 so long that people don't know whether we're in a bear market or a bare market.

Tue, 05/29/2012 - 00:30 | 2470811 The Monkey
The Monkey's picture

The Euro is oversold, the newsflow on Europe is bad, panic has sent investors into the dollar, bunds and treasuries - all of which are overbought. There is still earnings strength and bulls who have reasons to be bullish, but the trend has changed in this market. Unlike 2010 & 2011, this one is the real deal.

Be prepared for a very long grind.

Tue, 05/29/2012 - 00:32 | 2470814 The Big Ching-aso
The Big Ching-aso's picture



I'm pensive about pensions and their tensions.

Tue, 05/29/2012 - 02:18 | 2470881 Offthebeach
Offthebeach's picture

In North Korea and other central planning Paradises, people pi k through shit for corn, rice bits. So, never let it be said elite finance doesn't benefit the little people.

Tue, 05/29/2012 - 04:11 | 2470929 The Monkey
The Monkey's picture

There is enough wealth destruction coming up over the next year or two that the elite financiers will be far fewer in number.  Maybe that will improve sentiment a tad.

Tue, 05/29/2012 - 05:09 | 2470951 Element
Element's picture

Fan-buoy of the grotesque eh?

The elites and financiers are a pustulating scab on the bum of the world today, simply because the farmer's HARD WORK, in what was once called 'PRIMARY PRODUCTION', created a SURPLUS of material resources, in the first instance.

Which allowed these parasites to multiply and study to gain professional law degrees and political science doctorates in how to legally steal shit off producers.  Funny thing is though, the politicians all seem to have law degrees these days.  Dunno what that's all about.

Said elite thus wormed their way though society, and subdued it either by subterfuge, force, law or preferably debt obligations collateralised by real assets, then taxed or stole the lion's share of all such surpluses and profit, as they connived to create insecurity then provide a thuggish military and state, via taxation, to 'protect' the farmer and society from people ... well, ... much like them really, ... and also allowed the farmer some crumbs the elite realised shouldn't be immediately stolen.  This generosity and the illusion of property rights they viewed as an 'investment', but only in making sure the farmer still had just enough materiel to be able to maintain the elite's rip-offs in a functional longer-term state of maintained greed, and exploitative dysfunction, and fear of the elite's system 'failing' them ...

But other than that, the elites are doing us a huge favour, ... they must like us.


Tue, 05/29/2012 - 06:24 | 2470982 geoffb
geoffb's picture

Well when you put it like that everything sounds bad. They did give us the Ipad.

Tue, 05/29/2012 - 06:59 | 2471006 Element
Element's picture

"... and the aqueduct."

I thought Ipads came from actual private production.

Tue, 05/29/2012 - 07:15 | 2471019 DanDaley
DanDaley's picture

Yeah, but they mean well.

Tue, 05/29/2012 - 03:18 | 2470911 Peter Pan
Peter Pan's picture

By the time this mess reaches its limits every corner of the globe will be rioting in one way or another. Provided they have not been starved into submission.

Tue, 05/29/2012 - 04:47 | 2470944 trebuchet
trebuchet's picture



Lets see how long it will take you to get on the streets when the govt you elected has clearly robbed from you to line its pockets and then demands you pay more taxes to cover the hole in its deficit. 


Tue, 05/29/2012 - 04:51 | 2470947 Rynak
Rynak's picture

Umm, if i remember right, spain had decentralized nationwide protests, before greece got its ass up..... had ireland.....

but well.... you know, anything more than 1 month ago, is forgotten. Granted, that gives ZHers a longer memory that your usual TV channel-hopper.

Tue, 05/29/2012 - 06:59 | 2471010 Cloud9.5
Cloud9.5's picture

Is there a better reason to riot?

Tue, 05/29/2012 - 00:33 | 2470815 palmereldritch
palmereldritch's picture

My take is that it's not gender specific

Mon, 05/28/2012 - 23:32 | 2470732 CrashisOptimistic
CrashisOptimistic's picture

Look, everything that is going on is maneuvering and squirming about groping for a methodology that steals the needed money from Germany while they somehow don't say no.


Do that and the bond spreads would explode and the politicians would be forced to embrace a particular truth which is in two parts:

1) There is nothing they can do that will keep them elected.

2) They have to cut spending, which is why item 1) is true.

No politician will ever accept this.  Odds are pretty good that faced with a choice of accepting that, or having Merkel murdered, they would opt for murder.

Tue, 05/29/2012 - 00:20 | 2470804 LeBalance
LeBalance's picture


the Merkels on each and every home team are "Elite Team" members and do not truly belong to the home team.

its a similar concept (chuckle) to the "Chosen" being for the Chosen first last and always and never for the "home folks."

a change in political perspective is in order.

every political operative is "made."

every "bar" member is "made."

they are "Chosen."

they are not Germans, Greeks, Spaniards, etc.

they are chosen.


they play for the culling of the mass.

nssm200 90% plus culling.

read their moves according to whom they play for.

Tue, 05/29/2012 - 02:09 | 2470875 azusgm
azusgm's picture

Ease up on the liquidity to the PIIGS and German companies won't be able to sell their wares. A certain amount of that money is round tripping back to the Germans. Besides, no value added products, no VAT inflows.

Europe will try to keep dancing even after the music stops.

Mon, 05/28/2012 - 22:37 | 2470661 Freddie
Freddie's picture

Hope and Change Greek style. 

The whole zombie thing in Miami was a gay deal. Another Andrew Cannanan sissy deal.  Wonder if George Clooney's ferret survived.

Mon, 05/28/2012 - 22:58 | 2470688 jarrollin
jarrollin's picture

altho i find your comment intriguing, i cant make heads or tails out of it

Mon, 05/28/2012 - 23:24 | 2470706 The Big Ching-aso
The Big Ching-aso's picture



Look at him.    I don't think he can make heads or tales of it either.

Mon, 05/28/2012 - 23:47 | 2470753 Tom Green Swedish
Tom Green Swedish's picture

Hope and Change Greek style. 

Reference to Obama's Campaign slogan applied to Greece. He must be upset with Obamas performance as president



The whole zombie thing in Miami was a gay deal. Another Andrew Cannanan sissy deal.  Wonder if George Clooney's ferret survived.

I can't quite decipher this comment. Be more specific Freddie.  What was the zombie thing in Miami. How does a dead gay Italian fashioner designer and Clooney's ferret apply?

Tue, 05/29/2012 - 00:34 | 2470759 The Big Ching-aso
The Big Ching-aso's picture



I don't know about Clooney's Ferret but I gotta feeling there's probably Gere's Gerbil involved somewhere.

Tue, 05/29/2012 - 01:04 | 2470833 Freddie
Freddie's picture

Yes Greece is Europe's Hope and Change Detroit and Chicago.  Bankrupt. 

The one naked man proposed to the other naked man, was spurned and the other man decided to eat the face of the naked man who rejected him.  This is considered quite normal behavior in Miami/South Beach.  The CCTV film's clearly show Clooney's gerbil/ferret crawling out of the dead man's......**se.

Cunanan supposedly ate one of his dead boyfriend's but was not feeling peckish around Versace.   It is a South Beach jilted gay deal.

Tue, 05/29/2012 - 01:24 | 2470847 jarrollin
jarrollin's picture

You had me at "Hello."

Tue, 05/29/2012 - 01:20 | 2470846 wee-weed up
wee-weed up's picture

@Freddie  Wonder if George Clooney's ferret survived.

Yep, Paul Krugman is still alive.

Tue, 05/29/2012 - 02:48 | 2470900 Jendrzejczyk
Jendrzejczyk's picture

You really need to get your facts straight. Krugman is a weasel, not a ferret.

Tue, 05/29/2012 - 00:19 | 2470800 FlyoverCountryS...
FlyoverCountrySchmuck's picture

There are MANY banks that did not fall for the myths about CDS and Rehypothications.

In Fact, if Clinton, Rubin, and Reich hadna't made it possible, we'd only be talking about US Investment banks failing, and stockholders getting hosed, instead of the taxpayers and the entire economy.

Mon, 05/28/2012 - 21:45 | 2470559 jomama
jomama's picture

you know why they put oxygen masks on planes?

Mon, 05/28/2012 - 21:51 | 2470569 Everyman
Everyman's picture

"look at the smiles on the faces" as they are diving in a burning plane.


Very good Jomma.

Mon, 05/28/2012 - 22:14 | 2470622 Dead Canary
Dead Canary's picture

There's no oxygen. They are there to muffle the screams.

Mon, 05/28/2012 - 23:04 | 2470692 smlbizman
smlbizman's picture

i am truly one of the most guilty...i just watched it this weekend... and i bet im a majority here was the first flick that was imo made into a "book"....i wont talk about it but i cant wait to watch it again....

Mon, 05/28/2012 - 21:45 | 2470560 Seasmoke
Seasmoke's picture

No Spain...... No Gain

Mon, 05/28/2012 - 21:47 | 2470562 Timmay
Timmay's picture

You think Putin can woo Merkel here? Think about it, who in Europe can threaten Germany? The U.S. is fiscally aligned with France, Spain, Italy and all the other "Deadbeats".  What happens when Germany tells Turbo Timmy and Obama to F-off?

Mon, 05/28/2012 - 22:01 | 2470595 wisefool
wisefool's picture

This time the victor will not be able to re-write the history. TPTB are probably wishing they never let Al Gore invent the internet.

Mon, 05/28/2012 - 23:48 | 2470754 Goldilocks
Goldilocks's picture

True News 13: Statism is Dead - Part 3 - The Matrix (16:04)

Tue, 05/29/2012 - 01:37 | 2470859 oldman
oldman's picture

Hey Goldie,

It's OK----Statism will never die in the good ol US of A

Not to worry             om

Tue, 05/29/2012 - 03:10 | 2470908 Treason Season
Treason Season's picture

It seems that is the emerging question. Is the Merk Putin's bitch or Rothschild's? Maybe they're one in the same. It's a riddle wrapped in a mystery inside an enigma.

Mon, 05/28/2012 - 21:48 | 2470564 Seorse Gorog fr...
Seorse Gorog from that Quantum Entanglement Fund. alright_.-'s picture

I see dead people

Mon, 05/28/2012 - 22:57 | 2470687 bigmikeO
bigmikeO's picture

I see dumb people : )

Mon, 05/28/2012 - 23:16 | 2470710 The Big Ching-aso
The Big Ching-aso's picture



I'm starting to see dead canaries.

Mon, 05/28/2012 - 23:31 | 2470729 Bunga Bunga
Bunga Bunga's picture

The Canaries belong to Spain.

Mon, 05/28/2012 - 23:46 | 2470751 The Big Ching-aso
The Big Ching-aso's picture



I'm starting to see faceless people with no names.

Mon, 05/28/2012 - 23:48 | 2470756 Tom Green Swedish
Tom Green Swedish's picture

The people with no faces are back again.

Mon, 05/28/2012 - 23:57 | 2470773 Ineverslice
Ineverslice's picture

Zombie kill of the week?



Tue, 05/29/2012 - 00:33 | 2470816 mt paul
mt paul's picture

faceless book

Tue, 05/29/2012 - 00:23 | 2470807 LeBalance
LeBalance's picture

the canaries in spain are mainly down the drain.

Tue, 05/29/2012 - 04:51 | 2470948 trebuchet
trebuchet's picture

I looked in the mirror and said that

Mon, 05/28/2012 - 23:15 | 2470708 fockewulf190
fockewulf190's picture

Turning on my economic doppler radar, the outer feeder bands of the approaching CAT 6 shit storm is rapidly approaching. Oh, and the returns all come back deep red to purple. Gotta rush to the store fast and pick up some last minute supplies before the masses finally hear the catastrophie sirens and start shooting each other over packets of spaghetti.

Mon, 05/28/2012 - 21:50 | 2470568 Backdraft
Backdraft's picture

Looks like the dominos continue to "forward, march!"

Mon, 05/28/2012 - 23:49 | 2470757 Tom Green Swedish
Tom Green Swedish's picture

Quite an interesting domino display.  Might go down in history as the longest running black sprial monetary domino chain.

Mon, 05/28/2012 - 21:53 | 2470572 f16hoser
f16hoser's picture

Real Tax Payer Money used-up bailing out insolvent gamblers (banks). Too funny..... Send in the Germans! They like PIIGS!

Mon, 05/28/2012 - 21:59 | 2470589 Clever Name
Clever Name's picture

Yes, "real"...

Mon, 05/28/2012 - 21:53 | 2470573 JustObserving
JustObserving's picture

“We cannot continue to jeopardize the whole financial system by not telling the truth,” Echavarren said.

He has never heard of Jamie Dimon?


Mon, 05/28/2012 - 22:55 | 2470686 mendigo
mendigo's picture

At this point, telling the truth would be the end of the financial "system". As you were then

Mon, 05/28/2012 - 23:47 | 2470714 The Big Ching-aso
The Big Ching-aso's picture



I think if you're a rich American right now U pretty much could have your pick of beautiful Spanish women & Greek men.

Mon, 05/28/2012 - 23:57 | 2470774 Eireann go Brach
Eireann go Brach's picture

And the Chinese can't drink because they are allergic to it! Sucks to be you!

Tue, 05/29/2012 - 00:09 | 2470779 The Big Ching-aso
The Big Ching-aso's picture



What the phucking hell are you talking about you inebriated leprauchan?

Tue, 05/29/2012 - 01:18 | 2470845 Freddie
Freddie's picture

Hard to tell the Greek men and women apart. 

I generally am not that crazy about Spanish women.  However, I was stuck in a queue at Detroit Obama Airport once or was it Chicago Obama airport.  Anyway next to our queue was a flight to Spain. A taller Spainish woman in jeans was there.  She had that Penelope Cruz spanish face but was much prettier than Cruz.  Cruz mouth and nose are too close together.  This woman was not gorgeous but very interesting with a tint of red in her hair and sexy.

I rarely stare at women but this woman really had something.  Most Latin American women do not have what she had.

Tue, 05/29/2012 - 05:45 | 2470967 Lebensphilosoph
Lebensphilosoph's picture

Your approval?

Tue, 05/29/2012 - 06:29 | 2470984 spankfish
spankfish's picture

Freddie, get off the crack.

Mon, 05/28/2012 - 23:45 | 2470747 jarrollin
jarrollin's picture

"Telling the truth" would require fluency in over 20 languages.  Nobody is likely to understand or believe you.  And you'd probably be beheaded. Then again, you could just say, "Look out below!"

Mon, 05/28/2012 - 23:50 | 2470758 Tom Green Swedish
Tom Green Swedish's picture

Greek and Spanish women do not want American men. This much I know.  They actually like being in a hellhole.

Tue, 05/29/2012 - 00:28 | 2470778 The Big Ching-aso
The Big Ching-aso's picture



Can't they see how Russian women bought through web ads make out with us?

Mon, 05/28/2012 - 21:56 | 2470582 max2205
max2205's picture

Fed: 2009 '4 more years'
Obama: 2011: '4 more years?'
Bull market: 2011 ' 4 more years? '
Euro: 2011 '4 more years?'
Afghanistan : 2011 '4 more years'
Low interest rates: 2011 '4 more years'
SSI: '4 more years'
Dropping labor force %: '4 more years'
Higher retail sales: '4 more years'
Lower housing prices: '4 more years'
Higher oil prices : '4 more years'
No mark to market: '4 more years'
No prosecutions:'4 more years'

Ect ect ect

Mon, 05/28/2012 - 22:31 | 2470654 XitSam
XitSam's picture

It's like the economy is a car rolling down the highway, gets a flat and they try to patch and reinflate it without stopping.  How it has kept going this long is beyond me.

Mon, 05/28/2012 - 23:46 | 2470750 jarrollin
jarrollin's picture

gets a fiat?

Tue, 05/29/2012 - 00:15 | 2470795 theTribster
theTribster's picture

Liquidity and manipulation...

Tue, 05/29/2012 - 03:33 | 2470918 Colonial Intent
Colonial Intent's picture

Changing drivers does'nt seem to help either, maybe we need a new vehicle to get where we want to go?

Tue, 05/29/2012 - 08:09 | 2471073 OldE_Ant
OldE_Ant's picture

Simple rehypothicate all the speedometer numbers so that 10kph becomes 20, 20 to 40 etc.  Repeat as needed to maintain either a constant or growing speed.  Oh and be sure to cover up the odometer!

Upside - kilometers per litre goes up.

Downside - it takes a heck of a lot longer to get to the store at 30kph.

But since fewer and fewer are driving, less and less notice the changes.

Mon, 05/28/2012 - 21:56 | 2470583 Jena
Jena's picture

Spanish pain

Mon, 05/28/2012 - 21:56 | 2470584 Mae Kadoodie
Mae Kadoodie's picture

Ooh Spanish zombies...aye carumba!

Mon, 05/28/2012 - 21:58 | 2470588 Clever Name
Clever Name's picture

"Many Spanish banks are avoiding property sales so they don’t have to make “mark to market” valuations. Instead, they’re giving developers new loans to pay debt coming due to prevent defaults, said Ruben Manso, an economist at Mansolivar & IAX and a former Bank of Spain inspector.

 “The larger banks have been selling bits and pieces and can absorb the losses,” Manso said. “Smaller savings banks are acting in bad faith in their refusal to allow transactions and saying they can’t mark to market because there isn’t one.”

Am I incorrect in believing that US banks are doing the same thing by not taking over as many foreclosures as they have on their books?

Doesnt this sound like exactly what is being left unsaid over here?

Mon, 05/28/2012 - 22:01 | 2470593 Tyler Durden
Tyler Durden's picture

It has been said here repeatedly. From: The American Foreclosure Process Has Ground To A Halt:

Something funny happened in the aftermath of the US fraudclosure settlement, in which millions of backlogged housing units were supposed to enter the foreclosure process and begin the clearing of the nearly 9 million housing units in shadow inventory: nothing. Because as RealtyTrac disclosed overnight, in April the US saw a mere 188,780 foreclosures events of various type (NOD, auction, REO) take place. Why is this number significant? Because it is the lowest in 5 years, despite shadow inventory in the US now being virtually the highest ever. But, but, "this is precisely what the foreclosure settlement was supposed to prevent" one may ask... That would be correct. Next question. In other words, not only did banks get away scott free from being litigated to the 7th circle of hell, but for them the "profitable" business model continues to be one where house lending is largely irrelevant. And why not: with NIMs are record lows, banks couldn't care less if the houses and marked down loans against them in the asset pool go up or down. The real money is made elsewhere: like hedging the IG9. In the meantime for everyone else hoping to get a true clearing price on housing and millions in units in shadow inventory being finally absorbed by the market: good luck. Not only has the foreclosure process in America ground to a complete halt but as the second chart below shows, the time to liquidation once a property enters 60 day-delinquent status just hit an all time high: that's right, the average time during which a deadbeat can occupy a home without payment if they so choose is 31 months. Thank you central planning politburo and USSA.

From RealtyTrac:

Read more here

Mon, 05/28/2012 - 22:10 | 2470616 Clever Name
Clever Name's picture


I meant as in reported in the MSM, or did this make it CNBS? And, I was out of town and out of touch that week on vacay with the fam, so didnt see that one.


And I am honored sir!

Mon, 05/28/2012 - 22:35 | 2470658 Dead Canary
Dead Canary's picture

"Clever Name".

Dude, you're not even trying.

Mon, 05/28/2012 - 23:32 | 2470733 holdbuysell
holdbuysell's picture

I read your original post as stating that "over here" is also engaging in "mark to fantasy" as well with hell to pay at some point.

Accordingly, I read Tyler's post as confirming what you stated, even though the exchange didn't turn out that way.

The sum of it is that the ENTIRE financial world continues to defy gravity...until it can't.


Tue, 05/29/2012 - 00:42 | 2470823 StychoKiller
StychoKiller's picture

David Blaine is green with envy!

Mon, 05/28/2012 - 22:28 | 2470647 nmewn
nmewn's picture

This is absolutely true.

Mon, 05/28/2012 - 22:29 | 2470650 post turtle saver
post turtle saver's picture

"The foreclosure crisis has affected municipalities in various ways, including eroding their property tax base, increasing administrative and property maintenance costs, and increasing the demand for services by the individuals and families displaced by foreclosures. Municipalities may be forced to cut services, raise taxes, or both, and either response could lead families and businesses to relocate, thus further shrinking the tax base. The combination of these factors could lower municipalities' credit ratings, which could lead to higher rates on their municipal bonds."

Which of course ripples into things like pension liabilities etc.

Tue, 05/29/2012 - 00:06 | 2470783 macholatte
macholatte's picture


Inventory began to shrink rapidly at the end of last year when a new state law took effect requiring lenders to prove they have the legal right to foreclose on properties. Legislators intended to curb fraud with the bill and hoped it would reduce robo-signings. Instead, it scared banks into limiting foreclosures rather than risk breaking new, stricter rules and facing potential prosecution.

Last month, there were only 258 bank repossessions in the valley, the fewest on record in two decades, according to SalesTraq.


Long time coming: Homebuilders are busy once again in Las Vegas

Tue, 05/29/2012 - 08:32 | 2471125 OldE_Ant
OldE_Ant's picture

What do you do with intanginble, non-performing assets?

1)  Don't touch them.

2)  Don't show them.

3)  Mark them to whatever market you want and make yourself RICH, RICH, RICH.

4)  Make as many as possible as fast as possible.

5)  Since you never sell, you never lose, and never pay taxes.

It's the ultimate 'don't watch it, instantly boiling get rich pot',

you don't ever need to plug in!!

Guaranteed SAFE or your money back!!

 ... only $4.95 +S&H from YourBro a whOlEy owned OldE_Ant subsidiary

Supplies limited.

Tue, 05/29/2012 - 00:09 | 2470788 walküre
walküre's picture

The German muppets are told that US real estate is once again picking up steam. Prices are rising and builders are happy.

It's like the crisis never happened and everyone just ignores the humungous shadow inventory.

Sounds a bit like a fairy tale doesn't it?

Tue, 05/29/2012 - 06:09 | 2470974 Go Tribe
Go Tribe's picture

This is wonderful. Now, not only can I do personal rehypothecating - get a loan for a loan for a loan for a loan - I can buy beach-side real estate for nothing in both Spain AND the U.S. AND...AND...never worry about moving out. Finally, the American dream.

Tue, 05/29/2012 - 03:32 | 2470916 Bunga Bunga
Bunga Bunga's picture

Don't worry, subprime is likely to be contained.

Tue, 05/29/2012 - 08:15 | 2471088 gina distrusts gov
gina distrusts gov's picture

“Smaller savings banks are acting in bad faith in their refusal to allow transactions and saying they can’t mark to market because there isn’t one.”


If there is no market the value is "0"

Mon, 05/28/2012 - 22:00 | 2470592 cnhedge
cnhedge's picture

The European Debt Redemption (ERF) Fund in a Nutshell New

Mon, 05/28/2012 - 22:03 | 2470597 nmewn
nmewn's picture

"where is the €23.5 billion for the Bankia rescue going to come from?"'s a rounding error here...oh wait, it's the scale, lemme look under the cushions ;-)

Mon, 05/28/2012 - 22:04 | 2470601 luna_man
luna_man's picture



Now, that's what I'm talkin bout..."one stop shopping", for all the pertinent news!



Mon, 05/28/2012 - 22:04 | 2470602 blindman
blindman's picture

Roky Erickson - I walked with a Zombie

Mon, 05/28/2012 - 22:05 | 2470603 Rubbish
Rubbish's picture

I guess it's time to start a little withdrawl daily at the bank. Borrow on the life insurance too, you know them suckers will fold.

Mon, 05/28/2012 - 22:05 | 2470606 bugs_
bugs_'s picture

I think Bloomberg Zombies may be FROBbing Zerohedge for ideas.

Mon, 05/28/2012 - 22:11 | 2470620 wisefool
wisefool's picture

I remember back in 2010-2011 CNBC was reguritating lots of Tyler's stuff and even occasionally cited ZH. I think eventually the higher ups got mad at the writers/producers for getting off message. And our comments didn't help ;)

Mon, 05/28/2012 - 22:05 | 2470608 Cabreado
Cabreado's picture

The vacuum needs to be filled, it is NOT a free-for-all for the Corrupt, there is an opportunity to fill the vacuum with new leadership based on trust -- trust now means "austerity" -- likely to be accepted more quickly than having ones face ripped off.

The intelligent and humble with an inkling of leadership desires need now (not tomorrow) to appeal to sanity and fairness and a peaceful transition from lies to truth -- I do believe the masses are ready.



Mon, 05/28/2012 - 22:40 | 2470666 Hulk
Hulk's picture

Now thats funny, I don't care who you are...

Mon, 05/28/2012 - 23:41 | 2470744 Cabreado
Cabreado's picture

While not intended to be humorous, glad to be of service, Hulk.

We shall scoff our way to oblivion, I suppose.

Mon, 05/28/2012 - 22:07 | 2470609 XRAYD
XRAYD's picture

There is money which does not really exist, everywhere:

Greece handed 18 billion euros ($22.6 billion) to its four biggest banks on Monday, an official said, allowing the stricken lenders to regain access to European Central Bank funding.

Tue, 05/29/2012 - 01:02 | 2470831 Kiwi Pete
Kiwi Pete's picture

And Germany went along with that?

Tue, 05/29/2012 - 01:18 | 2470844 walküre
walküre's picture

They're banks. They control the software to their accounting. If they just added a few zeroes to their account balances, would anyone notice?

Maybe that's what they're all doing secretly and because they're all doing it, nobody says anything.


I cannot remember a time in history when the confusion was greater and the probability for widespread fraud was more rampant.



Mon, 05/28/2012 - 22:07 | 2470611 Freebird
Freebird's picture

No need to overthink it.
It's just finished, done, dead, as in a dead fckg parrot.
Any questions?

Mon, 05/28/2012 - 23:58 | 2470775 malek
malek's picture

But it's still nailed to the perch.

For now.

Mon, 05/28/2012 - 22:11 | 2470614 Timmay
Timmay's picture

Let's tally up the Ledger. List of countries that want to tell the U.S. To F-off:

China, Russia, Iran, Pakistan, Afghanistan, Iraq, North Korea, Egypt, Syria (Germany?)

Countries that favor "borrow and spend and let's pretend:

U.S., France, Italy, Spain, Canada, Mexico, Israel, (Saudi Arabia?) U.K., Portuga, Jordan.


Holy shiite! Anyone see a problem here??  I left the Southern Hemisphere out since they most likely will play nice with whoever "wins".

Mon, 05/28/2012 - 23:51 | 2470763 MIDTOWN
MIDTOWN's picture


Mon, 05/28/2012 - 22:09 | 2470617 cherry picker
cherry picker's picture

The only place where it may be better once the system falls apart is in "3rd world countries" like Mexico, where most people own their homes and vehicles, oil companies will not accept credit cards for gas and cash is still predominant.  They may not live in the lap of luxury like McMansion land, but they are not up to their ears in debt either.

At least that is my take on it.  Places like Spain, Greece and others including England and USA will be affected by all of this and no wonder, Banks like Goldman Sachs helped cover up Greece's true position before being admitted to the Euro, not that it makes much difference, but I call that fraud and I wonder why Europe or the IMF or the USA aren't closing Goldman Sachs down?

Mon, 05/28/2012 - 22:22 | 2470631 JustObserving
JustObserving's picture

"aren't closing Goldman Sachs down?"

Goldman Sachs is the most powerful and connected US firm.

Besides, there are 100,000 US troops in Germany alone and most of Germany's gold is in New York.  Will Germany ever get its gold back? 

Tue, 05/29/2012 - 00:32 | 2470810 TNTARG
TNTARG's picture

Goldman Sachs is une of the bigger runners of the game.

Mon, 05/28/2012 - 22:09 | 2470618 RoadKill
RoadKill's picture

Actually their are 3 scenarios.. .

1 1929
2 1970S at BEST Weimar at worst
3 Japan

The governments COULD print just enough to keep the banks alive so that they and their borrowers spend the next 20 years delivering 0% actual returns as they use profits on new projects to fund the losses on old projects.

I dont think its likely because so many governments are already in bad shape that they cant borrow from each other to pacify their populaces.

But the default is a deflationary disaster and potential for conflict. Only if governments ACT can we get inflation. They have to act PERFECTLY for us to get 2 decades of stagflation.

Im prayimg for deflation, defaults and a fresh start.

Mon, 05/28/2012 - 22:16 | 2470623 Tsar Pointless
Tsar Pointless's picture

Grammar police citation: it is 'there", not "their".

As to your comment, can we split the difference between the three given scenarios, extract the worst elements from them, and create one "too big to fail" epic fail?

You let that one rattle around your head for a little bit, and see if you aren't driven to drink on a nightly basis.

Mon, 05/28/2012 - 22:10 | 2470619 Fix It Again Timmy
Fix It Again Timmy's picture

You can run out of gas, you can run out of words, you can run out of steam, BUT HOW IN THE HELL CAN YOU RUN OUT OF MONEY???????

Mon, 05/28/2012 - 22:19 | 2470626 Bagheera
Bagheera's picture

Banks need new ( more ) capital - why dont hardly any issue new shares ? 


Mon, 05/28/2012 - 22:53 | 2470684 Bagheera
Bagheera's picture

just because governments give more capital for less shares ?

Mon, 05/28/2012 - 22:20 | 2470627 ShortTheUS
ShortTheUS's picture

El Pais Headline:


Tue, 05/29/2012 - 00:03 | 2470781 malek
malek's picture

What was the record so far - UBS at $50 billion?
Well no, that was the loss in one quarter. What is the tally for Freddie and Fannie so far?

Tyler, do you know of a comprehensive list on cumulative losses and/or bailouts, since 2007?

Tue, 05/29/2012 - 01:06 | 2470835 Kiwi Pete
Kiwi Pete's picture

This + the $20 bil for the 4 Greek banks = $60 billlion already this week and it's only Monday! Something tells me this is going to be a painful week for German taxpayers!

Mon, 05/28/2012 - 22:22 | 2470630 Rubbish
Rubbish's picture

Calm down everyone, we are out of the paper stuff but we will insert this small chip in your hand that will hold all your banking info and balances. You will be fine.

Mon, 05/28/2012 - 22:50 | 2470680 jarrollin
jarrollin's picture

f that

Mon, 05/28/2012 - 22:23 | 2470632 marketcycles79
marketcycles79's picture

market bottom

$spx could have made a MT bottom at 1291.98 on May 18.
but what kind of bottom is the bottom, detailed analysis in the May 28 weekend report.


Mon, 05/28/2012 - 23:53 | 2470768 CharlieSDT
CharlieSDT's picture

Yes, as this article makes clear, this is indeed bullish.


Get your head out of the charts and look around, dude.

Mon, 05/28/2012 - 22:26 | 2470637 Sandmann
Sandmann's picture

They are all sleeping with corpses and hoping they don't rot too fast....but wasn't TARP designed to do this ? Are US banks now so healthy and solvent ?

Mon, 05/28/2012 - 22:26 | 2470638 RoadKill
RoadKill's picture

Here's my newest investment thought. If you have 2 companies, one with 15% cash flow growth and one with 0%, after 5 years one will double profits and the other will be flat. So if we are solving for P/E multiples to be the same 5 years out and if company A deserves a 15x multiple today then company B deserves a multiple of 7.5x

So here is my question for the bulls. We have seen research on ZH showing that corporate profits as a % of gdp have gone from 5% to >8%, allowing profits to rise 60% faster then nominal gdp. Real GDP growth of 3%-4%, nominal GDP growth of 7%-8% and corporate profit growth of 11%-13%. Historically that has deserved a 13x-15x multiple.

We can also see that everytime corporate profits as a % of gdp has gotten this high, profit growth over the following 5 years has been 0%. Plus we are looking at 5 years of below par real gdp growth and inflation expectations are far below average. So the outlook for nominal GDP growth is what 2%-4%?

So if nominal GDP growth of 7%-8% and profit growth has deserved a 13x-15x multiple historically why does 2%-4% nominal GDP growth and 0% profit growth deserve for the next 5 years deserve >10x PE today?

Mon, 05/28/2012 - 22:33 | 2470655 RoadKill
RoadKill's picture

That last sentance should have read

If nominal GDP growth of 7%-8% and profit growth of 11%-13% has historically justified a PE multiple of 13x-15x then why doe nominal gdp growth of 2%-4% and 0% profit growth for the next 5 years deserve a PE multiple >10%.

Damn android keyboard!

Mon, 05/28/2012 - 22:47 | 2470677 jarrollin
jarrollin's picture

dunno...btw tho, what kind of dividends are we looking at?

Mon, 05/28/2012 - 22:29 | 2470648 jmc8888
jmc8888's picture

Not to quibble or anything, but actually it's about 1 billion less as 1 billion of that has been pledged to Banco De Velencia. 


Mon, 05/28/2012 - 22:38 | 2470663 CURWAR2012
CURWAR2012's picture

This is all one hell of a fuck bomb in the wrong orifice. 

Mon, 05/28/2012 - 22:44 | 2470671 jarrollin
jarrollin's picture

It ain't over yet...maybe Ricky Rubio could help out with a little sumthin' from his NBA paycheck.

Mon, 05/28/2012 - 22:46 | 2470675 sangell
sangell's picture

Telegraph had a story today that 3.2% of British homes are worth 1 million pounds! Not $1 million US but $1.6 million.

Go and look what £1 million buys in London these days. This is the primo property that underwrites their banking system. A manager of a Food Lion in North Carolina can have a better home for a quarter of the price. OK, big cities cost more but when the financial economy that supports such ridiculous valuations goes bust who will pay such ridiculous prices for such spartan quarters?

Tue, 05/29/2012 - 01:15 | 2470843 Kiwi Pete
Kiwi Pete's picture

Who will pay such ridiculous prices?


You couldn't make this up:

Mon, 05/28/2012 - 22:59 | 2470689 robertocarlos
robertocarlos's picture

I'm getting fat.

Mon, 05/28/2012 - 23:16 | 2470709 Hulk
Hulk's picture

Its wise to prepare...

Mon, 05/28/2012 - 23:01 | 2470690 Piranhanoia
Piranhanoia's picture

TD said;   "From here on out, the alternatives have been discussed to death and are clear as day: either the ECB, and the global central bank syndicate, inflates away the debt, which can only happen if Germany gives the ECB a carte blanche to print up the the $3-5 trillion required to backstop the European financial system, or we proceed straight to an instance of "Odius debt"/debt moratorium/write down, which however with trillions in daisy-chained, rehypothecated, partly submerged within the broker-dealer mediated shadow banking system, liabilities permeating throughout the global financial system, the outcome would be a tremor that shakes the very foundations of the financial system, in the process also impairing the $1 quadrillion OTC derivative credit money pyramid." 

that says it all

Mon, 05/28/2012 - 23:04 | 2470693 WallowaMountainMan
WallowaMountainMan's picture

"From here on out, the alternatives have been discussed to death and are clear as day: either the ECB, and the global central bank syndicate, inflates away the debt, which can only happen if Germany gives the ECB a carte blanche to print up the the $3-5 trillion required to backstop the European financial system, or we proceed straight to an instance of "Odius debt"/debt moratorium/write down, which however with trillions in daisy-chained, rehypothecated, partly submerged within the broker-dealer mediated shadow banking system, liabilities permeating throughout the global financial system, the outcome would be a tremor that shakes the very foundations of the financial system, in the process also impairing the $1 quadrillion OTC derivative credit money pyramid."


masters of understatement, zh strikes again.


still, after the big fall, we poor folk will still move along the path, having had our losses rehypothicated so often, that additional fractionalized suffering will not register. that much. so...

eat the rich?

can't imagine why i would want to put that in my mouth.


Tue, 05/29/2012 - 00:15 | 2470794 Tom Green Swedish
Tom Green Swedish's picture

Great Article.  It now is clearer to me the Eurozone is in complete disarray.  They do not have anything in common other than they are on the same continent. They do not agree on anything other than pretending to agree on things.  They all have their own agenda and are pointing fingers and blaming each other for each others problems.  They are effectively competing against each other and not cooperating. You cannot have a economy based on one currency with such diversity. Whoever thought the Euro up and then convinced people to use it was quite the mastermind.  It just shows the problem states have no clue what they are doing and were just looking for a free ride.  Great experiment, but its not going to work. Some got BMW's and evaded taxes because of it.

It's quite clear the Euro is a failed experiment and needs to be disolved.  The first out will be the winner.  Its an articificial currency which cannot be quantified other than for Germany.  They all have different stock exchanges but one currency.  These failed countries cannot compete with Germany and do not seem to realize it. Its difficult to put into words how crazy of an idea this actually was. The whole concept of it makes no economic sense with supply and demand. No wonder why UK stayed out of this raw deal.

The same thing can be said about the states, although we have one currency and basically one stock exchange, although some states are better than others there will be a consensus decision, and each state economy has more or less the same chances for success (other than land mass and resources).  Just imagine if the states worked like the Eurozone. Its Illinois' fault they underfunded their pensions so now Michigan has to pay for it.  It's Michigans fault the car makers failed so Nebraska has to pay for it. Its not that way here, agreements are reached for better or for worse, and we all share in the pain and good times if so.  Yes all states have different laws but they are ultimately under one decision making entity. 

The Eurozone does not work like Nafta (also a failed plan Mexico is growing because of unfair cheap labor advantages), but its the opposite (cheap labor is not utilized in favor of Germany enhancing their own economy). Therefore unfair trade takes place.

How would you like a loan in Euros or some other currecny to pay your mortgage or any other bill?

Mon, 05/28/2012 - 23:04 | 2470695 holdbuysell
holdbuysell's picture

"A spokeswoman for CECA, the association for Spanish savings banks, who declined to be identified citing company policy, said the group can’t comment on the banks’ commercial policies."

Now that's funny. You just can't make this stuff up.

Reminds me of this in a tangential kind of way: "those responsible for sacking the people who have just been sacked, have been sacked."



Mon, 05/28/2012 - 23:06 | 2470696 Tuffmug
Tuffmug's picture

In our brave new financial world, honest accounting is a treasonous, terrorist act against the State. Somewhere in Spain there is a Bankia accountant being crucified or waterboarded for failure to properly cook Bankia's books and financial disclosure statements.

Mon, 05/28/2012 - 23:18 | 2470712 Hulk
Hulk's picture

Tyler, anything else going on tonight??? This debt to the moon and no money to pay it back is getting kinda old...

Mon, 05/28/2012 - 23:24 | 2470725 Conman
Conman's picture

Theres always the enjoyment one gets from watching ES futures levitate on nothing.

Tue, 05/29/2012 - 01:32 | 2470854 blueskies123
blueskies123's picture

TheBernanke's mantra:  (instead of the song, "Born to be Wild") it is

"Born to print money", Let me take you on a magic levitating carpetride thanks to more QE baby!

So futures are shooting up because Greece has got another 4billion euros and China is doing QE.

Up up and away, if futures shoots up enough it can lift FB from going lower.


Mon, 05/28/2012 - 23:50 | 2470760 jarrollin
jarrollin's picture

wait 'til we are OLD and still sitting in the aftermath of this shitstorm.  That will be really old.  You'll be nostalgiac for the days when you could gaze at the storm approaching.

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