It's Over (http://market-ticker.org/akcs-www?post=193872)
There is persistent chatter about a Greek default over the weekend, which Greece denied, but the denier refused to be named. If it's not true, then put your damned name on the statement or be considered what you are - liars. Greece failed to place their short-term bill rollover. That's a declaration by the market that even for short-term paper the market has utterly lost confidence in Greece and the Euro.
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Do you believe our banks are not similarly exposed and also insolvent? YOU'RE BETTING YOUR FUTURE ON THE BELIEF THAT THEY ARE, SO THIS QUESTION IS QUITE GERMANE AND TIMELY: ARE YOU SURE YOU'RE NOT BEING LIED TO EXACTLY AS WE WERE ABOUT GERMAN BANKS?
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It's that time again when the IMF has just telegraphed something very big and very bad is about to happen.
Well, it is time to shift from the comparative to the superlative: "something biggest must be coming."
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Some 5,000 police officers were deployed and about a growing number of protesters -- at least 15,000 -- were already gathered at the various meeting points, police told CNN.
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Papandreou is expected to announce more austerity measures ahead of a new round of talks with Greece's lenders next.
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Philipp Roesler, Germany’s economy minister, said an “orderly default” for Greece could no longer be ruled out and branded the country’s deficit-reduction measures “insufficient”.
Mr Roesler’s comments come as Germany’s Der Spiegel magazine said finance minister Wolfgang Schaeuble had ordered preparations be made for a Greek bankruptcy.
The rest of the euro zone is losing patience with Greece. German Finance Minister Wolfgang Schäuble is no longer convinced that Athens can be saved from bankruptcy. His experts at the Finance Ministry have been working on scenarios exploring what would happen if Greece left the euro zone.
What gave him the impression that it could be saved to begin with. Certainly the parasites on the government dole don't give a rat's ass what happens as long as they continue to get their blood. Wishful thinking just doesn't cut it if your dealing with unreasonable dolts raised on government largess
Germany Plans for Possible Greek Default (http://www.spiegel.de/international/europe/0,1518,785690,00.html)
09/12/2011Quote
The rest of the euro zone is losing patience with Greece. German Finance Minister Wolfgang Schäuble is no longer convinced that Athens can be saved from bankruptcy. His experts at the Finance Ministry have been working on scenarios exploring what would happen if Greece left the euro zone.
What gave him the impression that it could be saved to begin with. Certainly the parasites on the government dole don't give a rat's ass what happens as long as they continue to get their blood. Wishful thinking just doesn't cut it if your dealing with unreasonable dolts raised on government largess
Germany Plans for Possible Greek Default (http://www.spiegel.de/international/europe/0,1518,785690,00.html)
09/12/2011Quote
The rest of the euro zone is losing patience with Greece. German Finance Minister Wolfgang Schäuble is no longer convinced that Athens can be saved from bankruptcy. His experts at the Finance Ministry have been working on scenarios exploring what would happen if Greece left the euro zone.
"The massive spending programs and new regulations adopted by many countries around the world in response to the economic crisis of 2008 have drawn renewed attention to the role of government in the economy. Studies of the relationship between government size and economic growth have come up with a wide range of estimates of the "optimal" or growth-maximizing size of government, ranging anywhere between 15 and 30 percent of gross domestic product (GDP), says James A. Kahn, the Henry and Bertha Kressel Professor of Economics at Yeshiva University.
Kahn's paper argues that such an exercise is ill conceived.
Modern growth economics suggests, first, that government policies leave their long-term impact primarily on the level of economic activity, not the growth rate.
Second, it suggests that the sources of this impact are multidimensional and not necessarily well measured by conventional measures of "size," such as the share of government spending in GDP.
In fact, measures of economic freedom more closely relate to per capita GDP than do simple measures of government spending.
The evidence shows that governments are generally larger than optimal, but because the available data include primarily countries whose governments are too large, it cannot plausibly say what the ideal size of government is. The data can realistically only say that smaller governments are better, and suggest that the optimal size of government is smaller than what we observe today."
Markets could be pretty bad on Monday morning.
Published: September 18, 2011 (http://www.nytimes.com/2011/09/19/business/global/19iht-euro19.html?pagewanted=2&_r=1&hp)
In Germany, the mood seemed to be turning increasingly in favor of letting Greece fail rather than to bear the growing cost.
Wolfgang Schäuble, the German finance minister, repeated warnings that Greece would not receive any more aid unless it kept promises it had made...
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Voters in Berlin, at least, did not punish Chancellor Angela Merkel for her handling of the debt crisis. Her Christian Democratic Union gained two percentage points in regional elections on Sunday compared with the last election five years ago, winning 23.4 percent of the vote.
Down 200 with banks stocks leading the decline.
And I didin't even see it coming!
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::hysterical::
Down 200 with banks stocks leading the decline.
And I didn't even see it coming!
/
::hysterical::
So...Will there ever be a buying opportunity of bank stocks? Regions Bank, bank I do business, stock was around 3.70 today. I actually own it....at 4.00. LOL