Peace In Our Time
Markets are rallying on the back of Greece’s approval of the austerity measures, and all I can think of is the ill-timed 1938 speech by Neville Chamberlain. But analyzing that leads to dark places, far too dark for a Monday morning when the markets are up. So I’ll try and lighten the mood, and only […]
*PAPADEMOS SAYS EARTH IS FLAT
I remain curious why he is allowed to say that default is chaos without a shred of evidence, and countless examples to the contrary. His job, the reason the EU instated him as puppet was to do their bidding, yet every statement he utters in an effort to get that accomplished is treated as “gospel” […]
A Greek Default Doesn’t Need To Be Chaotic For Greece
The rhetoric coming out of Greece has reached a fever pitch. Papademos and Samaras are both out their creating dire images of a post apocalyptic Greek state if a default occurs. Maybe it is a good time to remember what Papademos’ job is. He wasn’t elected. He doesn’t represent the Greek people in a fashion […]
Daily Credit ETF and Index Summary (12.02.10): Weak and A Greek Bailout Question
Credit Markets have been weak for a couple of days now. European Financials have been widening daily, and although still much tighter than the start of the year, the confidence is eroding. In any case markets remain fairly illiquid and small volumes are driving prices more than they normally would. There continues to be hope […]
(BN) Europe Bank Risk Premium Vanishing on ECB Cash: Credit Markets
This story came out yesterday morning, but so far seems spot on as banks, and European banks in particular are under pressure. Complacency was setting in, and carry sounds great, except when mark to market and volatility get in the way. +——————————————————————————+ Europe Bank Risk Premium Vanishing on ECB Cash: Credit Markets 2012-02-09 […]
Let My People Go!
So yesterday I became pre-occupied with the French Revolution. With the comments coming out of Europe, and Germany in particular, the mud pit scene from the 10 Commandments is all I can think about. The slave master whipping the slaves to crush the straw into the mud until they are collapsing. The situation in Greece […]
(BN) Greek Doctors Battle Hospital Superbug as Crisis Depletes Budget
Sad. Junker has demanded full implementation, assurances future governments won’t change, and singing Wagner while standing on one foot with your eyes closed trying to touch your nose. Deal or no deal, it’s hard to see how this isn’t spiraling out of control and someone should keep in mind that most of the bailout money, […]
Credit Indices Are Trading Very Heavy
IG is near the wides of the day – in spite of stocks being up (when I started this). HY17 is also weak. HYG had been holding in, but too many people trade that off the equity desk to be plugged in. The number of runs on recent new issues dropped telling me the underwriter […]
(BN) Greek Deputy Labor Minister Koutsoukos Resigns Over Austerity
I guess this is good because one less person to vote against the deal? The entire process still seems very fluid. +——————————————————————————+ BN 02/09 16:20 *PASOK MP YIANNIS KOUTSOUKOS COMMENTS IN PRESS RELEASE BN 02/09 16:20 *GREEK DEPUTY LABOR MINISTER KOUTSOUKOS RESIGNS OVER AUSTERITY +——————————————————————————+ Greek Deputy Labor Minister Koutsoukos Resigns Over Austerity 2012-02-09 16:23:23.76 […]
Let Them Eat PSI
Who hasn’t wondered how the French aristocracy could be so blind the to plight of the poor. How could they be surprised. It seems mind-boggling and the “Let them eat cake” line seems to capture it so well. As I was going a search on Bloomberg, 2 headlines came up that just give me such […]