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Wall Street Knee-Jerk Response To Favorable Greek Vote Of Confidence

Tyler Durden's picture




 

Is Wall Street confused by this latest act of political treachery by G-Pap who had promised to collaborate with the New Democracy opposition only to back out in the last minute (just as he backed out of his promise for a referendum) and end up in a coalition government with the socialists and the far right? You betcha. Courtesy of Reuters, here is the knee jerk reaction by so called experts who see this as either bullish or bearish. The bottom line is that until G-Pap actually does something he has previously promised to do, he will continue to lie and cheat in order to simply remain in power and soak up Europe's funding (which is of course used merely to repay Europe).

Via Reuters:

MICHAEL WOOLFOLK, SENIOR CURRENCY STRATEGIST, BNY MELLON, NEW YORK

"We could see a small relief rally from this but I would not expect it to be too large. There's still questions about whether people will live with these austerity measures. More broadly, the issue of whether or not the euro zone will be a political or economic union is still being put off. If the latter, membership is a privilege, not a right."

PETER BEUTEL, president, Cameron Hanover, energy trading consultants, New Canaan, Connecticut

"With the confidence vote given to the Papandreou government, we end the week on new possibilities rather than a can of worms when the oil market comes back on Monday. We start next week on a position of strength, whether Greece has a unity government or a new person in charge. Markets will build on this sliver of strength although they are still a long way from getting out of the woods. But the confidence vote ends the week on a positive note."

PETER KENNY, MANAGING DIRECTOR AT KNIGHT CAPITAL IN JERSEY CITY, NEW JERSEY:

"I think it will definitely add inertia to the attempts to get Greece back on track in terms of implementing the kind of austerity that will be essential for this thing to work. It will help (markets) on Monday but like everything else involving the euro zone it is a series of incremental steps."

JURGEN ODENIUS, PRINCIPAL OF INTERNATIONAL ECONOMIC AND INVESTMENT STRATEGY AT PRUDENTIAL FIXED INCOME, NEWARK

"Even though he has won the vote, he engaged in a game of brinkmanship. He proposed a referendum and then had to retract it and is barely managing to produce majorities in parliament. All that means to me is that his days in power are numbered. There is a lack of legitimacy at this point even though he won the vote. At least, though, the worst has been avoided, where no new government was formed and Greece gets pushed into default. So at least we're back to where we were before. So at the margin, it's positive. But I don't think the market will rally too much on this. Don't expect a huge relief rally."

THOMAS ROTH, EXECUTIVE DIRECTOR IN U.S. GOVERNMENT BOND TRADING, MITSUBISHI UFJ SECURITIES USA, NEW YORK

"It takes the risk off the table. It takes away the risk of a referendum (on the euro zone bailout) or renegotiating new terms. Net-net it's a 'risk-on' event. How much you can rally on this? It may be temporary at best. You have still have a lot of risks like Italy. We just don't know. We have (Treasuries) supply next week so that's a factor. We could see Treasuries trade off a little. All in all, it's a slight positive for stocks and a slight negative for bonds."

 

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Fri, 11/04/2011 - 19:31 | 1846982 moskov
moskov's picture

F__K YOU. WALL ST.

Fri, 11/04/2011 - 19:38 | 1847002 paarsons
paarsons's picture

I predict the DOW will go to thrity thousand as my family and I eat dog food.

But what's a boy to do?

At least I will be able to afford dog food.  You cunts will be in the cat food line.

I'm rich.

http://fucklloydblankfein.blogspot.com

Fri, 11/04/2011 - 19:42 | 1847013 Bumblebee Tuna
Bumblebee Tuna's picture

Not if the US starts producing Dog Food Stamps

Fri, 11/04/2011 - 19:48 | 1847036 UP Forester
UP Forester's picture

Scoobie SNAPs?

Fri, 11/04/2011 - 20:05 | 1847076 Raskolnikoff
Raskolnikoff's picture

When I was a kid we used to love to eat the doggy donuts, they were red, green and brown. Course we had very low standards then....yeah, right...too much info here, eh?

Fri, 11/04/2011 - 20:24 | 1847132 knukles
knukles's picture

Didju know that it is entriely possible (thinking of multi-coloured dog biscuts and Unicorn poops Lloyd kicks off his 30th floor balcony to the starving crippled homeless urchin children below) to make rainbow poops?
Eat a bunch and then drink a food coloring.
Wait a while.
Eat more, drink a different color.
Wait a while.
Eat again.  Drink another different food coloring.
One of my doctor golf buds says it should work.

:)

Fri, 11/04/2011 - 22:32 | 1847547 IQ 145
IQ 145's picture

I like the way your mind functions  (?). My comment on the post is; Greece has been pathetic for the entire twentieth century; the only difference is that now it's in the news.

Fri, 11/04/2011 - 22:49 | 1847586 wisefool
wisefool's picture

We can send them turbo tax to correct the oversight and nobody needs to go to jail.

Fri, 11/04/2011 - 20:06 | 1847083 Yes_Questions
Yes_Questions's picture

 

 

Friday night screen scotching..

Fri, 11/04/2011 - 20:23 | 1847128 Mark123
Mark123's picture

What is the unemployment rate among dogs?

Fri, 11/04/2011 - 21:35 | 1847313 AldousHuxley
AldousHuxley's picture

0%

 

you provide free housing, free food, free vet healthcare and scoop up their shit.

also free to mate with any available female bitches .

 

Dogs have better lives than majority of Americans.

 

Because dogs don't do money so no debt and no TV to be brainwashed into believing that working is natural.

Fri, 11/04/2011 - 20:32 | 1847157 disabledvet
disabledvet's picture

you'll be paid in "Groupons." And I'm being totally serious here. "Groupons" will consist of a discounts on either your government issued Visa or Mastercard and will provide discounts on basic "stuffs" thus "matching" both supply and demand. You'll feel like you're getting a deal because "you're always getting a discount" on the things you buy. Scary...actually.

Fri, 11/04/2011 - 21:05 | 1847231 johngaltfla
johngaltfla's picture

I predict the S&P 500 will finish in the same range it has been in since 1997 to now.

Fri, 11/04/2011 - 23:38 | 1847720 AccreditedEYE
AccreditedEYE's picture

Technical analysis aside, we've been repeating the same mistake we made around that time anyway, so it makes sense.

Fri, 11/04/2011 - 21:56 | 1847398 ParaZite
ParaZite's picture

I'll just eat your fucking dog paasons... 

Fri, 11/04/2011 - 19:50 | 1847042 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

F__K YOU. WALL ST.

Giuliani junked you

Fri, 11/04/2011 - 20:34 | 1847164 disabledvet
disabledvet's picture

nice bookend. Haiku?

Fri, 11/04/2011 - 22:44 | 1847575 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

+1

:)

Fri, 11/04/2011 - 20:18 | 1847110 GenX Investor
GenX Investor's picture

This is a risk on headline.  Well aren't they all risk on headlines?  Aren't we really fooling ourselves to believe there is any more truth in the market, it is so thinly traded by the same 6 dogs playing poker, that there will never be a "real" downturn until the next catastropic event.  Any down days are just doing the Fib 50% retace before making new surges higher.  It is the job of  "talking faces" on CNBC, Bloomberg or Marketwatch to explain the market movement by filling in the blanks and make the sheeple believe the market is really a RANDOM WALK driven my economic data and earnings multiples...  Yea right, just wait until the "event" hits and the market its heading down to its next -23.6 target. The idiots on TV will not be able to explain it.  That will be fun to watch just to see how everything they have been saying over the past year is actually meaningless and wrong.  What is the point of business TV???

Fri, 11/04/2011 - 20:32 | 1847156 wisefool
wisefool's picture

If a guy came up with "tax code TV" they could make mint. The preacher man can only threaten you with empherial damnation. The Banker can only threaten you with taking away stuff you did not need in the first place.

But the tax collectors carry guns. And the support of 51% of the population. Sorry Merkozi.

Fri, 11/04/2011 - 20:18 | 1847118 knukles
knukles's picture

Talk about talking about talking one's book. 
Jesus

Fri, 11/04/2011 - 21:16 | 1847246 jdelano
jdelano's picture

You know, if mild mannered g-pap could manage to nearly bring the whole thing down, what's gonna happen when its effing burlesque-oni's turn? I'll take odds he ends up being the wrench in merkel's gears. (and by gears I mean ass.)

Fri, 11/04/2011 - 23:55 | 1847752 HITMAN56
HITMAN56's picture

FCUK "the city" (London) too  Let it All Burn

Fri, 11/04/2011 - 19:34 | 1846991 Cdad
Cdad's picture

The last two days, all day long on the BlowHorn [CNBC], the bullish outcome was getting rid of Paps.  Now that he is not gone, the determination is that the news is...bullish.

Until the entire investment banking system is scrubbled in this nation, there will be no recovery.  None.  Fucking psychopaths.

The Greater American depression rolls on EXACTLY because these assholes refuse to give up their banking perches.  

MORE ZERO CONFIDENCE IN AMERICAN BANKS to come.  Rock on Occupy!

Fri, 11/04/2011 - 19:43 | 1847014 rosex229
rosex229's picture

the only reason papandreou won the vote is because he promised beforehand to step down... so it is bullish, and as much as i loathe cnbc whoever your quoting was correct.

it is a paradoxical universe we now live in where winning a vote of confidence means you step down, but thats europe for you.

Fri, 11/04/2011 - 19:47 | 1847034 Cdad
Cdad's picture

Really.  Well put me down for "that's a load of shit" as well as "you are a dumb ass if you believe what you just wrote."

All that is happening here with the market is...Wall Street is choking on equity positions put to them relentlessly by Average Joe...and EVERYTHING that happens HAS to have a bullish interpretation to justify equity mark ups.  It really is this simple.

The same condemnation for Wall Street and you applies to the BlowHorn [CNBC] which quite literally has been putting out false information and delaying stories until after the closing bell to support this putrid class of criminal bankers we, in this nation, are all suffering.

But go ahead and take your spoon fed pablum.  

Fri, 11/04/2011 - 20:07 | 1847086 Cdad
Cdad's picture

Furthermore, the same corrupt assholes that produce the BlowHorn [CNBC] line up will say that this is all good news for the Euro dollar, even though they also say that Greece leaving the Eurozone is...good for the Euro dollar.  Which is it?

And as one after another criminal syndicate Wall Street banker whores himself on the BlowHorn, each will say that EVERYTHING is bullish, and the economy in the US is IMPROVING, and uncertainty is WANING.  Shit, just today, I heard an NYSE stock criminal say that iron ore prices are improving [because he is long AK Steel] even though extensive research is out on just the opposite...stock piles are high and spot pricing is dropping.

These banks have pushed the US so far down the fucking bunny hole that it is impossible to imagine a situation in which we escape our perpetual economic descent.  But hey...just make it up...just say things...run equities up the flag pole NO MATTER WHAT GREECE does...that'll fix us, right?

Fri, 11/04/2011 - 20:13 | 1847098 mynhair
mynhair's picture

#occupy is a load of bullcrap.  Worthless scum of the Earth.  Get real.  They made this shit possible by being mal- and mis-informed.  Even with their expensive gadgets, it does not make up for being ignorant. 

Fri, 11/04/2011 - 20:30 | 1847147 WonderDawg
WonderDawg's picture

Thanks for helping the MSM demonize any type populist movement. The Tea Party was marginalized by the Repubs with the assistance of the MSM, and now Occupy is marginalized by the Dems with the assistance of the MSM. Your assistance in the perpetuation of the status quo by participating in the left-right paradigm is appreciated and duly noted.

Fri, 11/04/2011 - 20:40 | 1847184 mynhair
mynhair's picture

LSM has marginalized the occupy morons?  Quit bogarting that joint!

10 to 1 coverage of those dips in the LSM!

Sat, 11/05/2011 - 04:40 | 1848087 MsCreant
MsCreant's picture

Hey kitty. I asked this the other day. I agree they may be ineffectual or even be mildly harmful (coopted, don't understand issues, making it look like something is being done when it is not). But why do you hate them so much?

Sat, 11/05/2011 - 01:42 | 1847933 rgilliam37
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It's obvious that the country is fucked! The OWS crowd is right in saying that the government socialized Wall Street loses. Not one CEO responsible examples JPM, GS Countrywide has been prosecuted. Until Washington lets the free market be free the economy will be in a perpetual state of decline.

My son is 22 and I want him to have the same opportunities I had. Under the present completely bastardized economy he and millions of others won't.

Sat, 11/05/2011 - 06:09 | 1848128 djudy003
djudy003's picture

ZeroHedge ran a good guest post which I think every 20 something year old has to read. It is better to understand how grim the reality might be and at least be prepared for it then to wait and hope. (As many were propbably doing in the early years of the depression) we have to face the reality that ups and downs exist and not all times are rosey.

http://www.zerohedge.com/news/guest-post-bad-moon-rising

Sat, 11/05/2011 - 08:21 | 1848193 Hedge Fund of One
Hedge Fund of One's picture

OWS was certainly not original with the idea of government socializing Wall Street losses. There were myriad complaints about that in 2008 as the bailouts were happening, and the Tea Party expressed their concerns about that in numerous town halls and votes in the booth; I expect those votes to continue in the next few election cycles as we have another round of senators and a president up for re-election.

I do agree that we need truly free markets.

Fri, 11/04/2011 - 20:22 | 1847127 rosex229
rosex229's picture

Trust me Cdad I'm just as frustrated as you, but after several years of being angry at the system the only thing that was changing was the amount of stress hormones in my body. I no longer wrap my emotions and mental health into these matters I instead use evidence based research ( thank you zerohedge) to uncover where this is heading and how I can best prepare myself and my family for where it is heading. needless to say I'm very happy I bought physical gold and silver 3 years ago. Although, I don't see those investments as get rich quick schemes more as wealth preservation.

Fri, 11/04/2011 - 20:34 | 1847152 Cdad
Cdad's picture

No...it is quite clear that you are not frustrated at all.  And I don't give a shit about your physical metal.  And no, I don't have a psychological issue because I am angered by crony capitalism and a network that is working against the people of the US.

Listen...you are clearly a lightweight.  Why don't you just pack it in and move along where my comments are concerned.

Fri, 11/04/2011 - 20:35 | 1847166 WonderDawg
WonderDawg's picture

Jeebus. Smoke a joint or something. The hostility is palpable.

Fri, 11/04/2011 - 20:38 | 1847175 Cdad
Cdad's picture

Funny...I don't remember the joint smoking scene in Fight Club.  Hitch up your skirt, Alice.

Fri, 11/04/2011 - 20:54 | 1847215 WonderDawg
WonderDawg's picture

Fuck off, Cdad. You're just pissed cause you went all in on PMs at the top. Suck it up, bitch.

Fri, 11/04/2011 - 20:57 | 1847220 Cdad
Cdad's picture

I bought the most recent bottom in AGQ [99], sold near its most recent top, and then turned ZSL for a few.

I have no position in PMs right now...none.  Waiting for the Euro to roll over to do it again.  

And fuck you too, Dawg.

Fri, 11/04/2011 - 21:03 | 1847228 WonderDawg
WonderDawg's picture

Not what you said a couple of weeks ago, but whatever. No rancor, here, but I am kind of amused by the discussion. Sorry I'm not actually angry and don't feel like scrapping tonight. I'm grateful it's Friday and I can decompress for a couple of days. Cheers.

Fri, 11/04/2011 - 21:10 | 1847240 Cdad
Cdad's picture

I hear you, Dawg.  Just punching back.  No bother.

As for what you heard last week...I have no idea what you are talking about.  I called my entry on silver [more than a couple weeks ago], but not my exit or short.  Too many folk get pissy when you talk about shorting silver here.

Decompress away...just don't be trying to do that near me ;)

Fri, 11/04/2011 - 21:19 | 1847258 WonderDawg
WonderDawg's picture

Gotcha. You've got bigger ones than me if you're shorting silver. I'm expecting it to fall to the low 20's pretty soon, but I'm not brave enough to bet on it. I am placing bets on a big downturn in equities. It's music to my ears when I hear more and more people saying everything is bullish. It means we're at the top or very close to it. Lined up my bets with March puts on some of the momo's and XRT. I'm not betting enough to kill me if I'm wrong, but they'll be homeruns if I'm right. Time will tell. It keeps things interesting, that's for sure.

Fri, 11/04/2011 - 21:42 | 1847325 Cdad
Cdad's picture

I think it would be a mischaracterization to describe me as a silver short.  I put on a short term tactical trade that lasted two days and netted 13%.  It was small, too.

As for the equity market, we are positioned the same.  The best shorts are in consumer discretionary.  I was short ANF for the plunge.  There are many more to come in that group, but I would not use the XRT necessarily to get that exposure...as there are more shares of XRT sold short than exist...so...

That said...there has been huge put buying in the XRT...and I'm talking HUGE!

Fri, 11/04/2011 - 23:47 | 1847700 eatthebanksters
eatthebanksters's picture

I'm nots ure about the timing, but Biedermann from TrimTab had a great interview today...it's only my opinion, but I think he was right on when he quietly acquiesced to one of the suggestions of the interveiwer about where equities will ultimately end up...it's on Implode-Explode and worth the 10 minutes.

 

Sat, 11/05/2011 - 08:23 | 1848209 Hedge Fund of One
Hedge Fund of One's picture

ETB, You piqued my interest, but I couldn't find that Biderman interview on Implode-Explode. Do you have a link?

Fri, 11/04/2011 - 21:17 | 1847251 rosex229
rosex229's picture

I must say I strongly agree with Cdad on the short term bear sentiment on precious metals once banks start failing and there's a liquidity crunch gold and a specially silver will fall. however that will simply be the last good buying opportunity before hyperinflation. of course each step of this process will take months if not years to unfold.

in fact the european debt crisis is a shining example of how on a day to day basis even world changing events take years to unfold. although once market start really crashing it will feel as though it's moving rather quickly to the average person on the street who hasn't been paying attention.

Sat, 11/05/2011 - 00:09 | 1847788 trav7777
trav7777's picture

liquidity crunch will be stepped on by the CBs just as it has been, relentlessly, since Sep 08

Fri, 11/04/2011 - 20:42 | 1847185 mynhair
mynhair's picture

Please cite an #occupy shill that can even spell 'crony'.

Quit projecting!

Fri, 11/04/2011 - 20:45 | 1847193 rosex229
rosex229's picture

Haha okay you caught me. I'm no longer frustrated because I realize that no matter what you or I do it won't make a difference. So I figured why stress out about it? I know I know it sounds defeatist, but fulfillment and contentedness are much easier to obtain when you shift your paradigm ever so slightly. if that makes me a lightweight then hell yeah I'm a lightweight.

Fri, 11/04/2011 - 20:53 | 1847214 WonderDawg
WonderDawg's picture

Acceptance does not imply approval. It is what it is, to coin a phrase. For me, awareness and acceptance allow one to see opportunities where others experience turmoil.

Fri, 11/04/2011 - 20:55 | 1847217 Cdad
Cdad's picture

You are a lightweight, and you are preaching apathy in the name of comfort.  Great.  Soilder on then.

Fri, 11/04/2011 - 23:34 | 1847705 eatthebanksters
eatthebanksters's picture

If you manage billions and have quants that can give you an algorithm for HFT's and can afford to buck up for a transatlatic fiberoptic cable to get you .05 seconds advantage on market trades, then you too can make money intoday's market.  Otherwise you're fucked.

Fri, 11/04/2011 - 20:07 | 1847089 fizz
fizz's picture

Spot on Cdad. Wall St is loaded with equity positions puked up by the regular folks and they are desperate to show a gain and/or flip out. Volume is way down, there are virtually zero buyers looking for bulk and if you have any size to sell....FORGET ABOUT IT!. It is almost impossible to get out of alot of securities that, "in normal times" you could move in & out of with a sizeable position easily. Nobody wants to be holding the garbage when the trash man comes collectin'

Fri, 11/04/2011 - 20:10 | 1847096 rosex229
rosex229's picture

Let's say CNBC has two shows 1 that talks about how bad everything is and how it's getting worse and 1 that talks about how great everything is and how it will always get better. Now pretend that you're an advertiser who wants to purchase advertising space on CNBC, which show would you choose to advertise on? More so what show would you pay more to advertise on? That's how capitalism works, and because GE (CNBC's
parent company) cares only about profits you're going to end up with shows that paint an unrealistically rosie picture.

I'm not condoning CNBC or justifying its actions I'm simply explaining how it works.

Fri, 11/04/2011 - 20:20 | 1847121 Cdad
Cdad's picture

In association with their broadcasting license, the BlowHorn [CNBC] has an obligation to serve the public good.  In news broadcasting, that is generally thought of as delivering the facts...not sweetening up the news for the sake of advertisers, you fuck.  The BlowHorn's obligations exceed simply making a profit.

And when you say something like "I'm not condoning CNBC or justifying its actions," it would be a good idea to not condone and justify their actions with your preceding paragraph.  Just a free tip from Cdad.

Fri, 11/04/2011 - 20:31 | 1847150 rosex229
rosex229's picture

As unfortunate as it is the CFR and well paid lobbyists ( not to mention the revolving door between corporations and washington) prevent broadcasters from having to obey the rules. in fact a perfect example but slightly off subject is a report that was released yesterday that show general electric cnbc's parent company instead of paying taxes found enough tax loop holes that they received more money from the government last year then they paid in taxes. it's important to acknowledge these things because only then can we fix them.

Fri, 11/04/2011 - 20:33 | 1847161 Cdad
Cdad's picture

Yeah...because it really sounds like you are on the road to "fixing them."  

I don't like pablum.  No more, thanks.

Fri, 11/04/2011 - 20:49 | 1847204 WonderDawg
WonderDawg's picture

Rosex, I get what you're saying; it's true and obvious to anyone who is paying attention and trying to understand what the hell is happening. These are epic times we're living in, and sometimes acknowledging the truth stirs up hostility. K Street is an economy of its own, and unfortunately, corruption runs throughout our political system. Perpetuating the status quo is exactly what TPTB want, and until some action is taken with regard to campaign finance reform, this shit is going to continue. It's always been part of the system, but now it's legal to do it out in broad daylight. Election campaigns are nothing more than a public auction, and all the politicians are up for bid.

On a slightly different note, all this hostility is predictable. The collective social mood is in decline, and friction among and within groups will only get worse. This is what guarantees the end of the EU. This is really the beginning of the most powerful leg of the downturn, and already the uncertainty, hostility, and anger is gaining steam. Two books that I highly recommend in order to try to stay ahead or above the fray: The Wave Principle of Human Social Behavior by Prechter, and The Fourth Turning by Strauss and Howe. The theories are actually complimentary at their roots. Your mention of the CFR leads me to believe you've read The Creature From Jekyll Island, and if not, I highly recommend that, as well.

Sat, 11/05/2011 - 09:41 | 1848278 Hedge Fund of One
Hedge Fund of One's picture

So, the Blowhorn mostly feeds the hopium trade. They occasionally allow alternative views (Prechter, Chanos ... their favorite foils); so, can't say that they didn't warn everybody. Ah, let them follow the ad money - the better to whip up the bullish sentiment before the next collapse. They are thereby serving a public good. When we go short/buy puts, of whom are we taking advantage? Can't profit if the underlying is already at zero, can we? 

What they should do and what they should be required to do are two different things. I would not want to use their license to bureaucratically or politically dictate their content any more than I would want to dictate Fox, CNN, etc. Someone could theoretically start their own channel to offset the Blowhorn. We have alternative media to expose the stuff that the MSM say. ZH is an example. There are certainly many others out there.  

Fri, 11/04/2011 - 20:25 | 1847130 Reptil
Reptil's picture

I get your point; you're saying "porn" sells.

That's a pretty bleak outlook, if you accept that to be a "fact of life". It means indirectly this is the best we can ever get, and this present system is the best ever.

I don't accept that, since it's not true.

Fri, 11/04/2011 - 20:40 | 1847181 Cdad
Cdad's picture

Well said...and with fewer words.  Well done.

 

Fri, 11/04/2011 - 23:40 | 1847724 eatthebanksters
eatthebanksters's picture

I was talking to my brother the other day about the problems in Mexico and I was saying that vigilante justice was just around the corner...my bro is ex military - I don't even know about most of the stuff he did, suffice it to say he's seen bad shit.  His response to my comment about vigilante justice was that sometimes that's what it takes...the bad boys on Wall Street ought to heed those words.  And, if you think there is a way out of this mess financially, then it's all good...if you think the bullshit is going to catch up with us, then be prepared...

Fri, 11/04/2011 - 19:35 | 1846993 Buck Johnson
Buck Johnson's picture

If they can't see what is going on over in Greece in regard to G-pap, then they should really be paying attention.  Because this man keeps lying and reniging on promises like they are going out of style.

Fri, 11/04/2011 - 20:10 | 1847095 Raskolnikoff
Raskolnikoff's picture

it simply doesn't matter anymore, no matter what happens stocks will go up because the Fed has yet again decided to pay top dollar for any security it can think of. Any old excuse will do or negative happening. Stock prices are the be all and end all, we've become a very superstitious country. Our age needs iconoclasts, folk who are willing to take money and melt it, tear up paper and rip up stock certificates. 

Fri, 11/04/2011 - 20:17 | 1847107 mynhair
mynhair's picture

Truf.  Word.  Androgenous hand gestures.  Whatever it is nowadaze.

Fri, 11/04/2011 - 23:41 | 1847728 eatthebanksters
eatthebanksters's picture

G-Pap read the 'Black Swan' and now he's doing his best to become the Black Swan!

Fri, 11/04/2011 - 19:35 | 1846994 Landrew
Landrew's picture

Frack you wall street!

Fri, 11/04/2011 - 19:35 | 1846995 scatterbrains
scatterbrains's picture

Can we move on to Italy now ?

 

Fri, 11/04/2011 - 19:45 | 1847024 bdc63
bdc63's picture

THANK YOU!  Geez ... people are acting like Greece matters.

Fri, 11/04/2011 - 20:43 | 1847186 disabledvet
disabledvet's picture

"Mouse that Roared." Let's review:
http://www.youtube.com/watch?v=Or9C-gt4TpA&feature=player_detailpage
could be interesting...

Fri, 11/04/2011 - 20:32 | 1847143 knukles
knukles's picture

Let's all get a jump on the action and start making up shit about Portugal.

 

(come to think about it Portugese and Greek women do look kinda alike with those moustaches.... wondering what "Portugese" sex is?) 
(in the arm pit, eh)
(why thank ou, I'd been wondering)

Fri, 11/04/2011 - 23:10 | 1847636 IQ 145
IQ 145's picture

"Sex" is Portugese is "L:inguesa"; trust me, you don't want to know any more about it than that.

Fri, 11/04/2011 - 23:11 | 1847640 IQ 145
IQ 145's picture

"Sex" in Portugese is "Linguisa"; trust me, you don't want to know any more about it than that.

Fri, 11/04/2011 - 23:43 | 1847731 eatthebanksters
eatthebanksters's picture

Portugal is a zit on your ass...Italy is the open wound by your heart...France is the gun pointed at your temple waiting to find out if the wound by your heart is mortal.

Sat, 11/05/2011 - 09:43 | 1848281 Hedge Fund of One
Hedge Fund of One's picture

I've been wondering the same thing. In fact - why are these crises sequential instead of simultaneous?

Fri, 11/04/2011 - 19:47 | 1846996 DormRoom
DormRoom's picture

Do ppl even use the market, or wallstreet as a signal for economic risk preferences?   During the last decade they've missed allocated over 13 trillion dollars of capital.  So would it not be fair to say that wall street is no longer a future discount mechanism, but rather a mechanism in which agents guage if there are other bigger fools still willing to speculate.

 

fun fact: the total shareholder equity of the larget 5 banks in 2008 was around 500B.  But it ended up costing taxpayer s13T to bail them out, and deal with banking externalities.  And that was only in the US.  We stil have yet to account for the Eurozone crisis, which they are deeply involved in.

 

Soviet Era Central Planning didn't misallocate capital to the degree that wallstreet has over the last decade.

 

#occupy wallstreet.

 

Fri, 11/04/2011 - 19:47 | 1847028 markar
markar's picture

Soviet Era Central Planning didn't misallocate capital to the degree that wallstreet has over the last decade.

 

 

That's because the Soviet Union didn't have the "tools" the Bernanke has at his disposal.

Fri, 11/04/2011 - 20:08 | 1847090 zebra
zebra's picture

U forgot washington's service charge and wall street's bonus and their mistress vacation homes. Those will add up to about 13 T.

Fri, 11/04/2011 - 20:18 | 1847117 mynhair
mynhair's picture

#occupy yourass

Fri, 11/04/2011 - 23:45 | 1847733 eatthebanksters
eatthebanksters's picture

the fuckers in charge don't care...they'll keep pushin it till it freezes up...gotta make those profits with OTHER PEOPLES MONEY!

Fri, 11/04/2011 - 19:36 | 1846997 Wolferl
Wolferl's picture

Risk of the table? Wuhahahah.

Fri, 11/04/2011 - 19:37 | 1846998 Bumblebee Tuna
Bumblebee Tuna's picture

There was a time when spreading false rumors was called fraud.  Now it's called G-Pap.

At least we can rest easy knowing that the rest of 2011 will not stray far from the status quo.  The status quo being a big swimming pool full of shit.

 

Fri, 11/04/2011 - 19:37 | 1846999 Mae Kadoodie
Mae Kadoodie's picture

For supposedly smart people these financial folks are sure some dumb fucks.

Fri, 11/04/2011 - 19:40 | 1847008 Bumblebee Tuna
Bumblebee Tuna's picture

They're great at kicking the can, which is essential to keeping the fiat ponzi alive.  I won't go as far as to call them smart though.  If they were smart they would outlaw the sale of pitchforks.

Fri, 11/04/2011 - 19:37 | 1847001 digalert
digalert's picture

ZH is so right. All the PIIGS will demand the same attention this fool Pap is commanding.

Fri, 11/04/2011 - 19:44 | 1847019 scatterbrains
scatterbrains's picture

Right ?  I can see the Italians now bending over and grabbing their ankles.. please Mr. Bankster make it hurt.

Fri, 11/04/2011 - 19:39 | 1847007 Matt1973
Matt1973's picture

Douchee bags

Fri, 11/04/2011 - 19:42 | 1847011 wisefool
wisefool's picture

Fractionale reserve banking is a fantasy that requires one thing. Atleast one person to put up with a retarded "make work" tax code.

Tyler will not change the avatars on this site over to children of men. That is fine. But from this point forward the brad pitt portrait is from "Spy Game" and G-Pap=TimmayG. They are both one of ours.

Fri, 11/04/2011 - 19:42 | 1847012 El Gordo
El Gordo's picture

I love to watch people who think they still have some degree of influence struggle to maintain their position.  It's sort of like being president of the AA club and thinking you've really hit the big time.

Fri, 11/04/2011 - 20:24 | 1847123 mynhair
mynhair's picture

I love to watch douchebags like you watch real people try to bring the system back where is was designed.

Suicide is painless, and the world would be better off without you, and your ilk.

Quitter.

Fri, 11/04/2011 - 19:43 | 1847017 lolmao500
lolmao500's picture

"It takes the risk off the table.

Oh reallyyyyyyyyyy? Does it take ITALIAN debt risk off the table? No? Then shut up.

Fri, 11/04/2011 - 19:45 | 1847025 zebra
zebra's picture

G-pap will just keep going long/short on SPX depending on his next statement until he could retire as a billionaire.

Fri, 11/04/2011 - 19:46 | 1847027 UP Forester
UP Forester's picture

G-Pap leaving = Bullish.

G-Pap staying = Bullish.

Berlusconi leaving = Bullish.

Berlusconi staying = Bullish.

SuperCONgress succeeding = slim to none.

SuperCONgress doing anything = everyone bent over the pickle barrel.

 

Conclusion:  Everything is Bullish, until it's not.  Buy beans, boots, bullets, bullion and whatever else holds value, 'cuz the whole kit-n-kaboodle is about to fall down.

Sat, 11/05/2011 - 18:51 | 1849455 Zender67
Zender67's picture

Did you graduate from Univ of Minn in the early 70's?  Sound like a classmate...

Fri, 11/04/2011 - 19:47 | 1847031 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

The bottom line is that until G-Pap actually does something he has previously promised to do, he will continue to lie and cheat in order to simply remain in power and soak up Europe's funding (which is of course used merely to repay Europe).

When you put it like that I almost want to root for the guy.

Fri, 11/04/2011 - 20:46 | 1847139 mynhair
mynhair's picture

Replace Europe with the USA, and G-Pap with ODummer.  Go #occupy!

Fri, 11/04/2011 - 19:49 | 1847040 lizzy36
lizzy36's picture

National Socialist party.

What could go wrong there?

Fri, 11/04/2011 - 20:28 | 1847142 mynhair
mynhair's picture

Nothing.  All those windows needing replacement.  Go Krugman!

Fri, 11/04/2011 - 19:51 | 1847047 Fozzy Slippers
Fozzy Slippers's picture

Jubilee bitchez! Purge the ponzi you assholes. Or your heads will roll.

Fri, 11/04/2011 - 19:52 | 1847051 kaiserhoff
kaiserhoff's picture

Greece is perhaps one percent the global problem.  The only real interest here, is that it shows how unwilling anyone is to change expectations, much less behavior.

Fri, 11/04/2011 - 20:04 | 1847075 Rynak
Rynak's picture

You forgot to account for leverage. Taking that into account, greece is 10% of the global problem, and the global problem is 10000% of the globe.

Fri, 11/04/2011 - 19:52 | 1847053 SloMoe
SloMoe's picture

I'll gladly pay you Tuesday, for a gyro today.

Fri, 11/04/2011 - 19:54 | 1847057 mynhair
mynhair's picture

- yawn -

Fri, 11/04/2011 - 19:55 | 1847059 LongSoupLine
LongSoupLine's picture

It's all talking book...period.  These money harvesters have about as much executive function thinking ability as a hot bucket of steaming goose shit.

Fri, 11/04/2011 - 19:57 | 1847060 oogs66
oogs66's picture

are they all insane?  i hope rioting breaks out in athens...but these guys are clueless and this has been priced in since wendesday...the fact that trillion euro efsf had to pull back on a 3 billion deal is too funny!

Fri, 11/04/2011 - 19:58 | 1847061 trampstamp
trampstamp's picture

The bond market begs to differ. Equities will soon realize that they are the dumb money.

Fri, 11/04/2011 - 19:57 | 1847062 quacker
quacker's picture

Just heard Krauthammer on Fox all happy and yapping about how great this and the death of the referendums is for stocks.

So for democracy in Iran he's practically ready to send in troops. But democracy that dents his stock portfolio must be crushed at once!

Fri, 11/04/2011 - 20:08 | 1847092 Rynak
Rynak's picture

Democracy for me - but dictatorship for everyone else

Liberty for me - but slavedom for everyone else

Fairness for me - but parasitism for everyone else

Action for me - and responsibility for everyone else

Fri, 11/04/2011 - 23:16 | 1847658 IQ 145
IQ 145's picture

"Everyone is crying out for justice, just as soon as they get theirs" Song by Moses Allison.

Fri, 11/04/2011 - 20:12 | 1847102 Seasmoke
Seasmoke's picture

give the guy a break, he cant even move, must be affecting the oxygen to his brain

Fri, 11/04/2011 - 20:29 | 1847145 mynhair
mynhair's picture

Hmmmm, Kraut.  Must be meaning there somewhere......

Fri, 11/04/2011 - 20:07 | 1847087 Rip van Wrinkle
Rip van Wrinkle's picture

So, we're back to where we were last Thursday morning. Greek accepts bailout, leveraged EFSF with one thing missing. Money.

 

And we've just had an orgy of overpaid actors meeting on the film set in Cannes, none of which is prepared to put a schekel into a Europena bailout fund.

 

Sounds good to me for a 400+ point rally on Monday.

Fri, 11/04/2011 - 20:48 | 1847202 mynhair
mynhair's picture

Yep.  Was there any real doubt?

Fri, 11/04/2011 - 20:15 | 1847108 lolmao500
lolmao500's picture

I wish Russia would bomb Cannes or something.

Fri, 11/04/2011 - 20:18 | 1847113 Mark123
Mark123's picture

In an alternate universe somewhere:

MICHAEL WOOLFOLK, SENIOR CURRENCY STRATEGIST, BNY MELLON, NEW YORK "Who the fuck cares...I would buy gold, guns and canned food and get the fuck outta here!  This sucker is gonna blow!!!"

PETER BEUTEL, president, Cameron Hanover, energy trading consultants, New Canaan, Connecticut "Oh, ya, this is great news...some cheating little fuck like Papandreou gets a vote of confidence from 300 of the most corrupt people in Greece.  What do you think?  Can you think?  My God, people are so stupid it makes me sick!!"

PETER KENNY, MANAGING DIRECTOR AT KNIGHT CAPITAL IN JERSEY CITY, NEW JERSEY: "I think I will go home, get the most expensive hooker I can find and a bottle of really expensive scotch, have a hell of a night and then shoot myself.  I can't stand this crap any longer."

JURGEN ODENIUS, PRINCIPAL OF INTERNATIONAL ECONOMIC AND INVESTMENT STRATEGY AT PRUDENTIAL FIXED INCOME, NEWARK "Is Greece still part of the EU?"

THOMAS ROTH, EXECUTIVE DIRECTOR IN U.S. GOVERNMENT BOND TRADING, MITSUBISHI UFJ SECURITIES USA, NEW YORK "Well, if this was not a rigged market then my opinion might be of some value....my guess is that the plunger team will rally the market then sell, then rally again, then sell, then rally.....who gives a fuck any more."

Fri, 11/04/2011 - 23:18 | 1847661 IQ 145
IQ 145's picture

Whoa, stop. It only hurts when I laugh.

Fri, 11/04/2011 - 20:22 | 1847124 lawton2
lawton2's picture

Will we get more rioting in Greece after this ?

Fri, 11/04/2011 - 21:21 | 1847262 UP Forester
UP Forester's picture

They need to improve their Molotov's.  Dry laundry detergent makes a good poor-man's napalm.  We used a 5 lb. box per 55 drum for Foo-gas, so one of the single-use packets should be good for an ouzo bottle....

Fri, 11/04/2011 - 20:32 | 1847148 tempo
tempo's picture

The financial system must be really screwed up when the 32nd largest economy in the world can destory the entire world's GDP.  Can there really be so much off balance sheet, undisclose CDS counterparty risk that one of the smallest, most corrupt economies in the world is a threat to EU/USA/Japan/China/Brazil etc.??   If that is true then we are lost and beyond hope and Merkle is right that another war is likely. 

Fri, 11/04/2011 - 21:21 | 1847261 Arius
Arius's picture

merkle is not right, and NO we are not screwed.  got to believe though and be an optimist otherwise everything is over...confidence is the name of the game!

Fri, 11/04/2011 - 22:00 | 1847422 Cabreado
Cabreado's picture

Well said... 

Most of the planet is missing the obvious joke in play -- is the financial community having a voyeuristic orgy over Greece, or is the truth so bad that everyone refuses to discuss the fallout, when it most certainly comes knocking closer to home?

There's an eerie silence being spewed out from world leadership.

The wannabe powerful puppets are scared shitless.

(But even the few good and decent leaders -- they are silent, too.)

The World of the Self-Absorbed manifests its threshold moment in strange and chaotic ways.

It didn't have to be this complicated, ya know.

Fri, 11/04/2011 - 20:32 | 1847155 devo
devo's picture

I don't understand what this means. He won a vote, yet he is resigning? WTF? Can anyone explain this?

Fri, 11/04/2011 - 20:32 | 1847159 mynhair
mynhair's picture

To all you jerk-offs out there:

there is a difference between Conservatives and establishment Karl Rove.

If you don't get it, then you have my pity and derision.

 

Fri, 11/04/2011 - 20:36 | 1847167 mynhair
mynhair's picture

Pop quiz, azzholes:

how many Dummocrats live in their CONgressional offices?

Fri, 11/04/2011 - 20:43 | 1847189 surf0766
surf0766's picture

horseshit

Fri, 11/04/2011 - 20:50 | 1847206 mynhair
mynhair's picture

only after it eats....

Fri, 11/04/2011 - 20:50 | 1847208 YesWeKahn
YesWeKahn's picture

If you ask me if this is bullish or bearish, I would say "bearish" because this G-spot guy keeps lying, this is really not a good sign.

Fri, 11/04/2011 - 21:04 | 1847219 mynhair
mynhair's picture

Everything is bullish, kapisch?

Israel nuking Iran is bullish.

Iran nuking Israel is bullish.

ByteMe becoming prez.....have to get back to you on that.

Simply, it shows how important your vote is.  Don't vote for dips.

If the Greek morons paid attention in the first place, ODummer, errrr, G-Pap would not have been elected.

Fri, 11/04/2011 - 21:11 | 1847241 navy62802
navy62802's picture

People who try to read anything into this crap don't understand Europe. We will continue to get lip service and platitudes until the issue explodes into a mushroom cloud. Then we deal with the aftermath. Generally speaking, that's how Europe works. This time is no different.

Fri, 11/04/2011 - 23:59 | 1847767 Fozzy Slippers
Fozzy Slippers's picture

Exactly what will happen here too. The parralles to 1939 Germany are all there. This is Babylon.

Fri, 11/04/2011 - 21:16 | 1847244 Earl of Chiswick
Earl of Chiswick's picture

but in the end Greece is still bankrupt

all this sideshow accomplished was to make a handful of insiders a mountain of money

GPap as the organ grinder and G20 as the monkey

 

(what was very very disappointing was the number of ZH commenters who fell for GPap's schtick earlier in the week)

Fri, 11/04/2011 - 21:23 | 1847264 UP Forester
UP Forester's picture

I though G20 was the organ....

Fri, 11/04/2011 - 21:18 | 1847252 lolmao500
lolmao500's picture

Some more bullish news...

http://www.ksat.com/nationalnews/29687280/detail.html

White House Refuses Solyndra Subpoena
The White House counsel refused Friday to comply with a subpoena issued by a House panel regarding the failed solar energy company Solyndra, claiming that the initiative "was driven more by partisan politics than a legitimate effort to conduct a responsible investigation."

Bullish for impeachment.

http://www.spacedaily.com/reports/Pakistans_nuclear_weapons_vulnerable_t...

Pakistan's nuclear weapons vulnerable to theft: report

Pakistan has begun moving its nuclear weapons in low-security vans on congested roads to hide them from US spy agencies, making the weapons more vulnerable to theft by Islamist militants, two US magazines reported Friday. the head of the Strategic Plans Divisions (SPD), which is charged with safeguarding Pakistan's atomic weapons, was ordered to take action to keep the location of nuclear weapons and components hidden from the United States, the report said.

Bullish for nuclear terrorism.

http://www.guardian.co.uk/world/2011/nov/04/occupy-oakland-second-vetera...

Occupy Oakland: second Iraq war veteran injured after police clashes
Kayvan Sabehgi in intensive care with a lacerated spleen after protests in Oakland, a week after Scott Olsen was hurt. He says police beat him with batons

A second Iraq war veteran has suffered serious injuries after clashes between police and Occupy movement protesters in Oakland.

Sabehgi said he had not been in the occupied building, and was walking away from the main area of trouble when he was injured. He said he had his arms folded and was "totally peaceful" before being arrested

Bullish for riots.

http://thehill.com/blogs/e2-wire/e2-wire/191445-house-republicans-block-...

GOP blocks Dem attempt to subpoena oil company CEOs

Republicans on the House Natural Resources Committee on Wednesday rejected an attempt by Democrats to subpoena the CEOs of BP and the other companies blamed for last year’s massive Gulf of Mexico oil spill.

Rep. Edward Markey (D-Mass.), the ranking Democrat on the committee, offered a motion to subpoena the CEOs of BP, Halliburton, Transocean and Cameron. But in a 17-13 party-line vote, every Republican on the committee voted to table the subpoena request.

Bullish for BP...

http://www.newser.com/article/d9qpnj901/japan-oks-plan-to-give-115-billi...

Japan OKs plan to give $11.5 billion in aid to tsunami-hit nuclear plant operator

Japan's government Friday approved spending $11.5 billion of public money to help the operator of the tsunami-hit nuclear power plant decontaminiate the site and dismantle the reactors.

Bullish for TEPCO.

Fri, 11/04/2011 - 21:30 | 1847292 fonzanoon
fonzanoon's picture

I watch this stuff and read about it and I wonder if I am insane. Or I'm watching the largest globally orchestrated play ever conducted and I am the only one I know who can see what a bunch of smoke and mirrors it all is. Greece is bankrupt. Europe is bankrupt. The US is bankrupt. Yet tomorrow I will rake my leaves and watch college football. I guess things are fine until they're not.  My friends have finally graduated from being oblivious to discussing the typical cnn Sunday morning talk show bullshit. Is Herman Cain or Romney going to create jobs? They both have experience in the private sector! Maybe our current administration just needs more time. I must be insane.

Fri, 11/04/2011 - 21:39 | 1847326 RiverRoad
RiverRoad's picture

You're not insane; just one more person forced to watch with the rest of the world this utterly ridiculous Ground Hog Day dog and pony show.

Fri, 11/04/2011 - 21:48 | 1847363 fonzanoon
fonzanoon's picture

thanks. I needed that. seriously.

Fri, 11/04/2011 - 21:39 | 1847328 diesheepledie
diesheepledie's picture

A bear market descends a wall of hope ...

Fri, 11/04/2011 - 21:54 | 1847390 Flounder
Flounder's picture

“I would be very surprised if Greece doesn’t default in the next few weeks,” Lex Van Dam, who manages $500 million in assets at Hampstead Capital LLC in London. “I cannot see how the Europeans will pay the next tranche knowing that the Greeks will try and renegotiate the rest of the original Oct. 26 package once this payment has been made.”

http://www.bloomberg.com/news/2011-11-04/papandreou-is-prepared-to-step-...

 

Risk off.

Fri, 11/04/2011 - 23:32 | 1847701 IQ 145
IQ 145's picture

They'll pay it because; a.)it's somebody elses money, and b.) they're enjoying a lovely dreamy cruise down a river in Egypt; called Denial.

Fri, 11/04/2011 - 22:19 | 1847502 ivars
ivars's picture

Little bit longer perspective on Silver prices(till Feb1 2012):

http://saposjoint.net/Forum/viewtopic.php?f=14&t=2626&start=820#p34947

And Gold prices (till feb 1 2012:

http://saposjoint.net/Forum/viewtopic.php?f=14&t=2626&start=820#p34949

Fri, 11/04/2011 - 23:39 | 1847721 HD
HD's picture

The street thinks everything is bullish. With everything going to complete shit, the Dow is sitting at 12,000. Without Fed printing we'd be defending 8,000.

When this implodes (and we all know it will) CNBC will be advertising a new product: http://www.liveleak.com/view?i=27ee1ae152

Sat, 11/05/2011 - 01:37 | 1847926 TK7936
TK7936's picture

Man and i really hoped G PAP decided to the right thing.

Sat, 11/05/2011 - 04:29 | 1848076 chump666
chump666's picture

coup here we come

Sat, 11/05/2011 - 04:33 | 1848081 chump666
chump666's picture

and italy that is about to say to the EU f*ck you.   nice.  risk off Wall Street you dumb mutha f*ckers

Sat, 11/05/2011 - 05:36 | 1848108 Kina
Kina's picture

I really don't get the point of any of this. No matter what the result is going to be the same, just delayed and made worse by increased debt.

I mean there is no saving any of them really. Portugal and Spain are really fucked structurally, there is no coming back for them without a very big write down. Italy is on the same road and you have to ask how the fuck are they going to escape without a big write down for them as well.

And of course with all the write downs and the destruction of banks and further hits to GDP it just makes it all worse until they reach ground zero.

Any and all actions now in Europe and the US are all about delaying the inevitable. There is no avoiding the final outcome that is simply a matter of mathmatics.The last hopes for Asia/China to hold them from going over the Waterfall are turing into a twig-in-quicksand and their slowing will surely show up in Western GDPs shortly.

The stock market can soar all it likes, there is zero foundation in the economies for it, on the contrary the simple truths make companies worth much less through inevitable further contraction of consumption.

BB and others can continue to print to multiply the size of the final explosion. But wont stop the explosion.

 

The final asnwer has to be a reset button of sorts, or an unctrolled global economic meltdown.

 

Greece are just the Circus clowns opening act whilst we wait for the main event.

 

Greek parliament entertaining the markets on Thursday and Friday..

http://tritontrouperscircus.com/docs/press/Triton_Troupers_Circus-clowns...

 

IMHO

 

 

Sat, 11/05/2011 - 07:49 | 1848170 fiddy pence haf...
fiddy pence haff pound's picture

Ty, what kinda logic is that?

G-Pap is continuing to trick the Moneybags people into giving him funding,

only for it to be sent back to Europe. Why would he bother?

 

The angle you oughta see is that he's the occupier's righthand man. He makes his people starve

and the Troika say 'good work'. He does nothing against endemic corruption, and nobody outside GR cares.

The Troika wants GR's government fully 100% corrupt.

 

GPap's picture is being readied to be put next to that of Mehmet the Conqueror,

in the pantheon of guys who've damaged Greece the most.

 

I think Merkozy enjoyed the opportunity to fuck their scapegoat up the arse, in public.

They also enjoyed the break from their other financial problems.

They really don't know what they're doing and they're just stalling for time.

Just one more week, and then another,

and then Italy.

BOOOOOOOm!

 

Start the bonfires.

BTW Sarkozy will become famous for admitting that the Euro and Europe are hanging on by their fingernails.

Sat, 11/05/2011 - 07:52 | 1848179 innsbrooklad
innsbrooklad's picture

There is $200 Billion in Greek debt and over 1 Trillion is CDS written...Greece has the EU over a barrel....The go broke and all the CDS get payable..banks and brokers are toast..

Pap knew what he was doing..brinksmanship

Sat, 11/05/2011 - 08:17 | 1848205 Ted Baker
Ted Baker's picture

WATCH GOLD NEXT LEVEL 1,810

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