Wall Street Knee-Jerk Response To Favorable Greek Vote Of Confidence
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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F__K YOU. WALL ST.
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
Not if the US starts producing Dog Food Stamps
Scoobie SNAPs?
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?
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.
:)
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.
We can send them turbo tax to correct the oversight and nobody needs to go to jail.
Friday night screen scotching..
What is the unemployment rate among dogs?
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.
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.
I predict the S&P 500 will finish in the same range it has been in since 1997 to now.
Technical analysis aside, we've been repeating the same mistake we made around that time anyway, so it makes sense.
I'll just eat your fucking dog paasons...
Giuliani junked you
nice bookend. Haiku?
+1
:)
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???
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.
Talk about talking about talking one's book.
Jesus
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.)
FCUK "the city" (London) too Let it All Burn
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!
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.
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.
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?
#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.
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.
LSM has marginalized the occupy morons? Quit bogarting that joint!
10 to 1 coverage of those dips in the LSM!
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?
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.
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
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.
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.
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.
Jeebus. Smoke a joint or something. The hostility is palpable.
Funny...I don't remember the joint smoking scene in Fight Club. Hitch up your skirt, Alice.
Fuck off, Cdad. You're just pissed cause you went all in on PMs at the top. Suck it up, bitch.
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.
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.
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 ;)
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.
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!
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.
ETB, You piqued my interest, but I couldn't find that Biderman interview on Implode-Explode. Do you have a link?
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.
liquidity crunch will be stepped on by the CBs just as it has been, relentlessly, since Sep 08
Please cite an #occupy shill that can even spell 'crony'.
Quit projecting!
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.
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.
You are a lightweight, and you are preaching apathy in the name of comfort. Great. Soilder on then.
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.
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'
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.
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.
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.
Yeah...because it really sounds like you are on the road to "fixing them."
I don't like pablum. No more, thanks.
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.
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.
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.
Well said...and with fewer words. Well done.
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...
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.
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.
Truf. Word. Androgenous hand gestures. Whatever it is nowadaze.
G-Pap read the 'Black Swan' and now he's doing his best to become the Black Swan!
Frack you wall street!
Can we move on to Italy now ?
THANK YOU! Geez ... people are acting like Greece matters.
"Mouse that Roared." Let's review:
http://www.youtube.com/watch?v=Or9C-gt4TpA&feature=player_detailpage
could be interesting...
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)
"Sex" is Portugese is "L:inguesa"; trust me, you don't want to know any more about it than that.
"Sex" in Portugese is "Linguisa"; trust me, you don't want to know any more about it than that.
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.
I've been wondering the same thing. In fact - why are these crises sequential instead of simultaneous?
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.
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.
U forgot washington's service charge and wall street's bonus and their mistress vacation homes. Those will add up to about 13 T.
#occupy yourass
the fuckers in charge don't care...they'll keep pushin it till it freezes up...gotta make those profits with OTHER PEOPLES MONEY!
Risk of the table? Wuhahahah.
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.
For supposedly smart people these financial folks are sure some dumb fucks.
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.
ZH is so right. All the PIIGS will demand the same attention this fool Pap is commanding.
Right ? I can see the Italians now bending over and grabbing their ankles.. please Mr. Bankster make it hurt.
Douchee bags
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.
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.