Global Financial Crisis (9 Viewers)

[swag]

So S&P had the balls to downgrade us. Good for those maggots. The US government clowns deserve it, especially Obummer.

This is a fantastic article by Karl Denninger explaining why we're fucked. Everybody in this worthless piece of shit government should read it.

http://market-ticker.org/cgi-ticker/akcs-www?post=191576

Btw, Andy, you may be shocked to learn that I agree with the majority of that piece.

 

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[Brandmon]

No single president will fix the economy and no single party will fix the economy. The politicians might all preach otherwise, yet if they sincerely want the economy fixed, the people at Congress should get their shit together and start earning what the taxpayer is paying them.

But considering recent events, only imminent danger seems to get those pukes working effectively. Only American society collapsing all around them might encourage them to work together towards the common goal of getting the economy fixed; which would by then be too late. Shame.

 

[Dostoevsky]

There's going to be many dead people tomorrow when they open the stock market. Some numbers are going to be nasty.

 

[Enron]

How does one die of "stock market"?

 

[IrishZebra]

How does one die of "stock market"?

Mauled,Gored or Trampled.

 

[Enron]

Inconclusive.

 

[Tak!]

A lot of hate and blaming going around. I wouldn't, as I've said earlier, blame Obama since he has nothing to do with the issues at the hand of America. I wouldn't blame banks solely either, a lot of people has had too high standards that their economy couldn't really afford. I'm not saying these are the people causing financial crisis, I'm saying to create a financial crisis there needs to be a wheel of fuck ups. I'm writing my doctoral thesis about Swedish banks internationalization during years 1995-2015. Swedish banks just like any other bank in the world has faced financial crisis in numerous of times and I can't say that it's completely their fault. Of course some investments were bad and shouldn't have been made but the major issues at hand has been vulnerability to knowledgable but forgetful things. Such as every 10 years since, well, a couple of hundred years back, there's been a financial crisis. Everyone knows this and it's a researched fact. This knowledge is however always forgotten which wouldn't be a problem unless every time it happens company's during these periods usually expand. When company's expand they become increasingly vulnerable. If company's would use their common sense and remember that "wait, today it was ten years ago that... OK let's take it slow for a while", things might change. They would slow down their expansion and so forth. By the way, dont be a "bankcist", don't hold a grudge against all banks cause there's a few of them that are fuck ups. I'd rather in that case be mad at government's that keep letting banks doing the same mistakes over and over and saving them each time. It's like a father-son relationship but the son never grows, or at least hasn't so far. It's still counting on that "if I fuck up, daddy will save me", you can't save all the banks every ten tears and say that it's less expensive than letting them crash and burn. Do the match with every ten years cycle in acount, I doubt it's less expensive. Let the banks that did their jobs (yes, there are those that did very well) survive and hopefully others will follow.

 

[Dostoevsky]

Over the weekend investors have lost 8 month of profit due to the change of numbers. Ouch.

 

[IrishZebra]

Still waiting on real term action from the EU and US...

 

[Dostoevsky]

Angela Merkel had to quit her vacation due to financial shaking. Real action? Well, EU central bank is gonna buy out Italy's and Spain's debt now.

 

[IrishZebra]

Really, ~1.8 trillion of Debt?

I think not.

The EFSF doesn't have sufficient funds to do that, Hello EMF

 

[Dostoevsky]

I actually heard that on news like 30 minutes ago.

EMF? I'm not familiar with shorten terms.

 

[IrishZebra]

Like a European Monetary Fund designed to auction debt or some shit. I believe that the idea is the make it so that the indebted states can get funding at a rate lower than the markets but higher than what Germany et.c pay.

The ECB is buying debt, not buying it out, that would mean buying all the debt.

 

[AndreaCristiano]

Isn't it hilarious how all these central banks especially the federal reserve in the US are the cause of all this chaos yet they are the ones bailing out the governments?

 

[Bjerknes]

A lot of hate and blaming going around. I wouldn't, as I've said earlier, blame Obama since he has nothing to do with the issues at the hand of America. I wouldn't blame banks solely either, a lot of people has had too high standards that their economy couldn't really afford.

Obama's administration has zero regard for the value of our currency and long-term fiscal health of the nation, and neither do those certain banks you appear to be very found of. Fuck them both. Take the shilling back to the New York Times where Paul Krugman can give you an A+.

 

[IrishZebra]

It's a triad of poor budgetary policy,lax lending policies and a credit mentality in Europe tbf.

 

[Bjerknes]

The EU banks are fucked. This situation is like Lehman on steroids.

SocGen, Unicredit On "Brink Of Disaster"?

Over the past 48 hours we had heard pervasive rumors that at least one, maybe more, banks in Europe are on the verge of collapse. Our thought was, naturally, Dexia, which is the modern equivalent of AIG, not to mention the bank most rescued by none other than the Federal Reserve. Well, we were wrong. And if the Daily Mail is correct, the two banks about to kick the bucket are French SocGen and Italy's UniCredit. While the fact that these two banks are in trouble has not been lost on the market, which has been sending their CDS to near record highs, the speculation that they are far closer to implosion likely means that the equity value of the European banking sector is about to be decimated. As the News reports: "The merest hint a major bank might fall is likely to reignite panic tomorrow in the stock market, which is already feared to react badly to the credit downgrade of the U.S. by rating agency Standard & Poor’s."

http://www.zerohedge.com/news/socgen-unicredit-bring-disaster

 

[IrishZebra]

Is SonGen Societe Generale?

I thought those guys were in profit with huge reserves

 

[Bjerknes]

They might say they're solvent, but SocGen's exposure to junk bonds and CDS is what will nail them, apparently. Then France will have to bail out SocGen and further stick it to their own people.

It's very easy to see how this story ends. What happens to get us there is the question.

 

[Bjerknes]

S&P futures down 2.5%, but Gold futures made another new high today. That's never good to see oil down 3% while gold remains strong. Nobody trusts any paper currency and who can blame them.