Greece – Has The Barber Retired?
There is a Bloomberg story out there stating that the debt negotiations are “complex”. We never believed that the PSI “haircut” was going to get done as a voluntary negotiation. The IIF didn’t have the authority, and having the country take over negotiations has made it even less likely that any haircuts occur without a […]
(ZH) The Hill Just Killed The Market…
http://www.zerohedge.com/news/market-stumbles-conservatives-push-end-imf-bailout I can’t say that I disagree with the bill, but partisan politics is definitely trying to get in the way of what Bernanke tried to get going earlier this week. There have to be a few Europeans pretty mad at us after all our fingerpointing and telling them what they need to do and how easy […]
(SYH) [CPDO] Scheme ‘Grotesquely Complicated’
I have to admit that I had missed the trial in Sydney. I wasn’t aware that it was going on, but do intend to catch up on it. CPDO was quite possibly the worst of all the products. The more leverage, the better the rating. It has been a personal favorite of mine that this […]
Tomorrow, And Tomorrow, And Tomorrow
As Macbeth said, It is a tale told by an idiot, full of sound and fury signifying nothing. Fading the “Grand Plan” rally worked very well. There was a couple days of pain and then generally the market followed a nice path lower. Last week the market had felt oversold and was looking for a […]
Headlines – Today’s, Yesterday’s, And Tomorrow’s
Yesterday China cut rates yesterday potentially as part of a globally co-ordinated central bank plan or co-incidentally because their economy was losing steam or both. I would bet there was communication and that may have impacted timing but with the weak PMI number China did what was necessary for China – as they always do. […]