Three Out Of Four: Spain Joins Ireland, Portugal With A Gun To Its Head, Demanding Concessions

Tyler Durden's picture

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srsly-wtf's picture

Gap Down Bitchez....but it won't...

TruthInSunshine's picture

Off Topic and if you like The Bernank and despise Ron Paul (yes, you would meet the DSM criteria for sociopath, if so), look away:


10-31 14:59: The Fed failed to fully document authority to rescue AIG (AIG)


But hey - it's all good; Goldman, JPM, Barclays, HSBC, Buffet/Munger, and many, many others with CDS winning bets against the derivative department of that world renowned insurance giant, AIG, all GOTS PAID IN FULL, courtesy of the U.S. Taxpayer (i.e. forced, involuntary bloodletting to the tune of 202 billion - just for AIG - and counting).

The Federal Reserve Bank, under the tutelage of The Bernank, William 'iPad2 is delicious' Dudley, and Brian 'Charity Unto JPM & Goldman' Sack (not to mention current Treasurer of the U.S. and former head of the NY Branch of the Federal Reserve) - corruption like we've never seen before, bitchez.

Canuckistan Al's picture

I dont know about you, but I sure would like to kick Goldman in the Sack.

Miss Expectations's picture

Hell's bells, more paperwork issues?

Stoploss's picture

But, but, Robotard said the market would grind higher!!@#!%$^*

slewie the pi-rat's picture

good to see you posting, srsly, wtf?

and, you have the macro- & micro-economic terminology down well, already! +++  maybe an avatar?  wtf pics - Google Search:  that freaking cat looks adequately pi-rat-ical to moi!

the R2K held on pretty well this morning but is starting to break down a bit, now, but if these down-day markets were any more orderly, sedate, and proper, i'd hafta take a shower and put some clothes on, BiCheZ!


Buck Johnson's picture

It's all falling apart before it really even started.  If Greece gets a 50% cut, WE want a 50% cut.  LOLOLOLOLO, this is just getting better and better.

philipat's picture

Who cares. Let the PIIGS fail and the French Banks fail. Let them sort out their own problems so the rest of us can move on.

kaiserhoff's picture

But, but, but, the fat lady said we had to make sure this didn't happen.

You mean there is no free lunch? 


Dick Darlington's picture

I really really wonder where does Spain reap these "growth" figures from... Busting real estate bubble, insolvent banking sector, 22% unemployment, 48% unemployment among the people under 25 yrs old etc etc. Would really like to see updated version of the analysis made and revealed by the "anonymous blogger" abt yr or so ago.

Alvaro de Esteban's picture

Don´t forget we, in Spain, have some of the best cooks (food, facts & figures) in the world.

And we can do it by ourselves without hiring GS

Richard Chesler's picture

Sure. but can you make chorizo de pigman???

Use of Weapons's picture

Its made of donkey, so there's room for some of the MF crew in there.


philipat's picture

That's why even Adrian failed and is now trying to sell hamburgers?

jm's picture

Big mistake is looking at governent debt to GDP as opposed to trying to estimate total debt to GDP ratios, although such estimates are hard.  Anyway you slice it a big chunk is coming on the government balance sheet.

There is, I suppose, a place for factoring in general citizen willingness to pay and sacrifice for certain advantages.  DV01 trumps these concerns.  In fact, credit risk itself is closely tied to interest rate risk here.

While there may be a hard floor on Spanish real estate due to German and UK bids, this floor is cyclical and correlated to home country GDP.

Don't expect to hedge fixed income in this space.  The political calculus skews determination.

Don't expect the ECB to act decisively even when they understand the risks.  They will remain inactive until it is too late and contagion makes the situation impossible.


GeneMarchbanks's picture

Who could've seen such events? Well played... your move Merkozy...

beastie's picture

a graphic from blazing saddles with the black guy with a gun to his own head would be appropriate here.

s2man's picture

Yep.  No body move, or the Spaniard gets it.

Canuckistan Al's picture

Headline should read: Barber of Saville requests haircut!

The Axe's picture

Is Halloween the new Christmas eve...cause this volume sucks worse then a rotten apple in the old Halloween bag...Did very trader in this market work at MF Global....?

Temporalist's picture

Pay no attention to the razor blade...

Vincent Vega's picture

Bwahaaaaaaaa! Awaiting ISDA to issue a statement declaring soverign bankruptcies to NOT be credit events. Bwahaaaaaa!

JenkinsLane's picture

Reality is what the ISDA say it is. Are you sure you want to say that Jim? 


Now, on face value I appreciate the graph looks terrible. However, if you transpose the axes and turn it 90 degrees - bingo, that's much better!

israhole's picture

I read it first at Zero Hedge.   Thanks, TD.

bigdumbnugly's picture

timmah geithner looking stylish sporting what appears to be a 50% haircut.

so why not the piigs?

Sequitur's picture

Someone please track delivery of the OfficeMax printer/toner cartridges to the ECB.

SeverinSlade's picture

Rumors swirling that the ECB is in talks to buy OfficeMax's printer/toner division.

Troll Magnet's picture

Shit...I've been long Kinko's in anticipation of this.  Guess I'll just rely on my physical stash of weed to get me through this transitory phase.

topcallingtroll's picture

I hope you have a really big stash.

Maybe collapsaholics ought to think about drugs post collapse. Some quality marijuana seeds ought to be put in storage.

spekulatn's picture

Paging Dr. Bass.

Dr. Kyle Bass!!

Your next patient is here to see you.

SeverinSlade's picture

I really hope everyone took Jim Cramer's advice on Friday.  EVERYONE should be piling into equities here, because Hedge funds will put firm floor in the markets...

But that's assuming that anyone that listens to Jim Cramer has any capital left after buying into Lehman the day before it went under.  That NFLX buy at what, $135 was pretty profitable too...right?....RIGHT?!

YesWeKahn's picture

Jim Cramer will tell you that he told everyone to sell during Friday AH session.

Ronaldo's picture

And Cramer says, "There is always a Bull Market Somewhere"!  Maybe in Pamplona dipthong!

At one time I thought I should listen to hear what he had to say.  Now I am glad that I listened before believing his drivel.


Manthong's picture

We need to keep the stuper going.. mix up another bucket of Sangria, and don't hold back on the Everclear!

lolmao500's picture

If Spain doesn't like it, they can leave the euro.

Cdad's picture

...all while the long bond goes totally apeshit nuts.  I there any "risk off" signal NOT present in today's session?

Cdad's picture

Any second now, a BlowHorn [CNBC] reporterette shall report that capital inflows into treasuries indicates capital outflows from marked to fantasy equities...because they always report the reverse effect.

Any second now...the BlowHorn will show that it has even a fraction of an ounce of integrity left.  

Holding.  My.  Breath.

Cdad's picture

Ooops...Bob "the cheerleader" Pisani passes on the opportunity to explain it to the waitinig public.  I am becoming concerned that Bob actually does not have enough brain stem activity left to drive vital organ functions.

Piranhanoia's picture

They can't do anything because Corzine owes them $800K plus for "soivices rendered"   Did MF advertise on CNBS or was it payola?

Cdad's picture

Good question.  Don't know.  I pay no attention to adverts...especially financial services adverts.

Eireann go Brach's picture

The Irishman who uttered the now famous "Wankin fuckin Bankers" rant on Youtube deserves another view as a reminder of how the average folks in Ireland really feel..please EU sir, may we have our 50% haircut handout please LOL!

SheepDog-One's picture

Great reporting Tyler. Only place around laying out whats really going on.

Hippocratic Oaf's picture kardASSian is getting a divorce. Shouldn't that take precedence?!?!