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2012-06-01 Europe

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Posted by tipper 2012-06-01 01:14|| || Front Page|| [3 views ] Top

#1 Time to unleash our missionaries of financial failure; Beranke, Paulson, and Geithner.

Posted by Besoeker 2012-06-01 02:47|| 2012-06-01 02:47|| Front Page Top

#2 Time to unleash our missionaries of financial failure; Beranke, Paulson, and Geithner.
Already happening. Geithner first.
Spain's Deputy PM: Geithner Agrees To Work With Spain To Resolve Bank Crisis

Spain's deputy prime minister Soraya Saenz de Santamaria said Thursday that U.S. Treasury Secretary Timothy Geithner pledged to work with Madrid in its fight to fix its escalating banking crisis.

Spain's No. 2 official said Geithner "has signalled that we're all working together in the same direction and that we have to find a solution for the banks."

Posted by tipper 2012-06-01 03:50|| 2012-06-01 03:50|| Front Page Top

#3 That sucking sound sounds like a roar now. I hope they take out the trash after they are swept out. The klingon's, lifer government types and so on.

Posted by Dale 2012-06-01 08:33|| 2012-06-01 08:33|| Front Page Top

#4 Saw this post "The Short Sellers Association (SSA) has just started a super pact for the re-election of Obama. In return ,the Obama administration has promised to continue blocking all attempts to reinstate the up-tic rule. No promises on tanking the economy though his record speaks for its self. All short sellers are encouraged to contribute a portion of recent gains".

Even in the worst of times some make good money.
Many have done well because of this administration. Crisis created means opportunity.

Posted by Dale 2012-06-01 08:42|| 2012-06-01 08:42|| Front Page Top

#5 Full blown financial crises two Presidential election in a row. What are the odds?

Posted by Grunter 2012-06-01 10:08|| 2012-06-01 10:08|| Front Page Top

#6 ...well, as long as you intervene to avoid the natural destruction in a free market place, you just, sort of putter down the road with the same lame institutions and their ~~campaign contributors and special interests~~ operators leaching on the back of everyone else, one self inflicted crisis to another.

Posted by Procopius2k 2012-06-01 10:59|| 2012-06-01 10:59|| Front Page Top

#7 Have been reading about suspicions that the Fed is ramping up to bail out the European banks to save the Euro due to the assumed impact of a Euro bank run on 0's campaign.

Posted by AlanC 2012-06-01 12:10|| 2012-06-01 12:10|| Front Page Top

#8 AlanC: where? Who has expressed such suspicions?

Posted by RandomJD 2012-06-01 12:24|| 2012-06-01 12:24|| Front Page Top

#9 RJD, I'll look it up when I get home.

Posted by AlanC 2012-06-01 13:11|| 2012-06-01 13:11|| Front Page Top

#10 Ok - thanks. After the Fiscal Compact proves its futility, fewer countries may use the euro as their currency. But it doesn't need to be "saved." I could see some sneakiness via the IMF. Otherwise, I'd be inclined to call bull, because I just can't see what the rationale would be.

Posted by RandomJD 2012-06-01 13:56|| 2012-06-01 13:56|| Front Page Top

#11 I thought our best and brightest have already advised Spain and Greece on how to flip their debt?

Didn't Lehman Bros and JP Morgan/Chase and Gouldman Sucks all do a land office business in crazy crap financial schemes and shinnanegans with the EC?
I think the entire world financial crisis is a product of our nonsensical MBA programs at Harvard, U of Chicago, and Yale. Those leftie infested faculties have pumped a million miles of horse crap up the butts of nearly two generations of unethical twits in pinstriped suits.

PS is Legarde a relative of Janet Reno, Are we sure it is a woman?

Posted by Bill Clinton 2012-06-01 14:09|| 2012-06-01 14:09|| Front Page Top

#12 RJD,

Where I first saw this was back in Dec. & Jan. Apparently the Fed is printing money to swap for Euros and the Euros are using the dollars to bail out their banks. This was from the WSJ. Apparently since this is a "swap" and not a loan there's no need to really account for it.

Ron Paul, (yeah I know but he IS a Congress critter) is calling for his committee to investigate this funny number work as of this month I think that was also WSJ via another site. Supposedly the EU is getting this service for .5% rather than having to go to our over-capitalized banks and paying 1%-2%.

Some other mentions of funny business with the IMF.

Posted by AlanC 2012-06-01 15:14|| 2012-06-01 15:14|| Front Page Top

#13 Saw this post "The Short Sellers Association (SSA) has just started a super pact for the re-election of Obama. In return ,the Obama administration has promised to continue blocking all attempts to reinstate the up-tic rule. No promises on tanking the economy though his record speaks for its self. All short sellers are encouraged to contribute a portion of recent gains".

Even in the worst of times some make good money.
Many have done well because of this administration. Crisis created means opportunity.

'Miss White' (Inside Man): "When there is blood in the streets, buy property."

Oddly enough, the wife and I took said advice last year. Sold our old place and bought a new one in a short sale. (see also: lemons and lemonade)

Posted by Gabby Cussworth 2012-06-01 16:03|| 2012-06-01 16:03|| Front Page Top

#14 Thanks for the follow-up AlanC. I'd be interested to know who is on the European end of the swaps - banks? governments? - but swaps and favorable interest rates do not = bailouts. Ron Paul is a kook when it comes to everything else, but I am glad he is watching like a hawk. Someone has to.

Posted by RandomJD 2012-06-01 16:41|| 2012-06-01 16:41|| Front Page Top

#15 RJD, I won't get into semantics cause I don't know finance that well, but, something about stinky fish comes to mind.

As I understand it the swaps were with the ECB, BUT, given the weird EU banking system I won't swear to it. I'm pretty sure that the individual European gov'ts are NOT involved, this is all the EUSSR.

Posted by AlanC 2012-06-01 17:45|| 2012-06-01 17:45|| Front Page Top

#16 Central banks generally only do business with other central banks (Fed, ECB), and give the discount rate. Still, yes, the European banking system is absolutely byzantine, which the euro made ten times worse. E.g., the ECB can't print money as the Fed can. Each member state prints their own euros (a BIG reason everyone is panicking over Greece.)

I agree, I think it's safe to assume there's a fish rotting in there somewhere. I just sought clarification.

Posted by RandomJD 2012-06-01 18:32|| 2012-06-01 18:32|| Front Page Top

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