Sunday Night: Europe and Futures

Rank	Name	Points
#1	Rajesh	4,668
#2	GDD9000	3,058
#3	RE	3,054
#4	HomeGnome	2,706
#5	NGBROI	2,300
#6	Bubblisimo Gerkinov	2,280
#7	JP	1,766
#8	Nanoo-Nanoo	1,756
#9	Blackhalo	1,708
#10	Rob Dawg	1,508

Nanoo-Nanoo wrote on Mon, 9/12/2011 - 4:19 am (in reply to...)

:inhaler: Outsider.

Credit markets reside in a different universe until universes collide. Then we get another BIG BANG!

Therefore the color should be yellow.

Counterpointer wrote on Mon, 9/12/2011 - 4:20 am

I must have missed something in the translation of SocGen's capital bid.

It transpires that they have vast swathes of unencumbered capital assets just itching, nay, burning, to be liquidated. Various disposals, unwinds, and repos coming, immediatement!

Well, I am a silly goose.

I had thought that short-term liquidity to offset spiking coverage ratio requirements was needed, like, in the short term. And, uh, be liquid. Not by 2013.

And that song, why do I keep hearing that song? Sounds like Repo No. 105 ...
YouTube - Lou Bega - Mambo No 5

C

Nanoo-Nanoo wrote on Mon, 9/12/2011 - 4:24 am (in reply to...)

Holy Shitshow: Recordathon In French Bank, European CDS Following Atriocious Italian Bond Auction, Dexia Bail Out, Libor Explosion | ZeroHedge

.....

Lastly, Libor, which we have been following very dilligently, has literally exploded, meaning the Interbank market in Europe is now effectively shut down. From Bloomberg:

Credit Ag submits higher rates for sixth consecutive session as USD 3-mo Libor rises to 0.343% from 0.338% Sept. 9, highest since August 2010, BBA data show.
BNP Paribas 0.36% vs 0.35%
Credit Ag 0.41% vs 0.4%
SocGen 0.3575% vs 0.3525%
Bank of Tokyo-Mitsubishi 0.36% vs 0.35%
Bank of America 0.32% vs 0.31%
Citi 0.305% vs 0.3%
Credit Suisse 0.395% vs 0.3750%
Deutsche Bank 0.3% vs 0.29%
HSBC 0.26% vs 0.25%
Norin Bank 0.38% vs 0.375%
RBC 0.3125% vs 0.3075%
Scotia 0.315% vs 0.31%
Sumitomo 0.37% vs 0.365%
UBS 0.361% vs 0.359%

Nanoo-Nanoo wrote on Mon, 9/12/2011 - 4:25 am (in reply to...)

Counterpointer wrote:

And that song, why do I keep hearing that song? Sounds like Repo No. 105 ...

Nanoo-Nanoo wrote on Mon, 9/12/2011 - 4:27 am

My bird, a little Cockatiel, is 22 years old today. Happy Birthday Chipper!

HomeGnome wrote on Mon, 9/12/2011 - 4:33 am

Counterpointer wrote on Mon, 9/12/2011 - 4:37 am (in reply to...)

And as I've been suggesting, LIBOR's got to be one of the last indicators to go. OIS is dropping fast, thus LIBOR-OIS spread is blowing out.

TED spread is still widening.
Bloomberg.com:
Personal Finance

We're going to get some intense dynamics in transatlantic money markets over the next while.

C

Nanoo-Nanoo wrote on Mon, 9/12/2011 - 4:40 am (in reply to...)

Counterpointer wrote:

We're going to get some intense dynamics in transatlantic money markets over the next while.

gulp

Its not boring.

I wonder what Dick Fuld is doing today?

LoserBeachBum wrote on Mon, 9/12/2011 - 4:43 am

Germany wants "orderly" Greece default. Translation: We trigger the CDS insurances and New York and London banksters will pay back losses ORDERLY!

Yalt wrote on Mon, 9/12/2011 - 4:44 am (in reply to...)

Congratulations to your bird, Nanoo!

My sister has a Moluccan cockatoo. Amazing, talkative bird: it's like having a 2-year-old, except it stays two for decades and it has a 130-db voice.

Nanoo-Nanoo wrote on Mon, 9/12/2011 - 4:45 am (in reply to...)

I know you are in a far removed time zone. thank you.

Very helpful in trying to understand the dynamics in fast moving and chaotic moving parts, particularly which ones to watch for novices like me.

Mr Slippery wrote on Mon, 9/12/2011 - 4:50 am (in reply to...)

Counterpointer wrote:

We're going to get some intense dynamics in transatlantic money markets over the next while.

Credit Crunch, part Deux: This Time It's Personal

Counterpointer wrote on Mon, 9/12/2011 - 4:51 am (in reply to...)

Dick Fuld is doing whatever he likes, at liberty. Something which amazes me still.

I wonder what the Reserve Primary Fund guys, Bent Sr and Jr, are doing today.

C

Pearl wrote on Mon, 9/12/2011 - 4:54 am

Good Morning CRowd!

Why don't the shiny happy people on CNBC seem very worried? They seem slightly irritated but not really all that worried.

I like it when they freak out.. It's what I live for.....

Happy Birthday, Chipper! ( Nanoo--my birdie was named Perky. Chipper and Perky? Cute, right?)

Eric wrote on Mon, 9/12/2011 - 4:55 am

, with a side of

Yalt wrote on Mon, 9/12/2011 - 4:55 am (in reply to...)

Nanoo-Nanoo wrote:

I wonder what Dick Fuld is doing today?

Lawyering up. And selling assets.

Lower-Level Lehman Managers Scramble to Secure Share of Insurance Pool - WSJ.com

You'd think these limit losses on $250 million D&O policies would leave a mark somewhere, but apparently not.

ivars wrote on Mon, 9/12/2011 - 4:58 am

This February 6th forecast graph was not so bad as well:

DJIA 2011-2012

As was 4th of May forecast of current gold bubble:

Gold prices 2011-2013

Why Me wrote on Mon, 9/12/2011 - 4:55 am

French nuclear safety body says explosion rocks nuclear plant in southern France.

We could have another to blame.

Nanoo-Nanoo wrote on Mon, 9/12/2011 - 4:56 am (in reply to...)

Chipper is old for a Cockatiel. He's smart and talks too. You should have seen me trying to move him from Atlanta to VT. Chipper endured it better than me, my husband and my Labrador. It wasn't funny then but it is now. Chipper gets favorite foods today, scrambled eggs, cheerios, sweet potato, toastitos chips. He always makes the funniest sounds when he gets 'special' foods.

Pearl wrote on Mon, 9/12/2011 - 4:58 am (in reply to...)

Eric wrote:

with a side of !

I'll have my scattered, smothered and covered.....

Nanoo-Nanoo wrote on Mon, 9/12/2011 - 4:58 am (in reply to...)

Why Me wrote:

French nuclear safety body says explosion rocks nuclear plant in southern France.

Linkie please?

Pearl wrote on Mon, 9/12/2011 - 5:00 am

Explosion at a French Nuclear Plant in Southern France?

edit: it was just reported on CNBC--I'll look for a real link.

Yalt wrote on Mon, 9/12/2011 - 5:00 am (in reply to...)

Houdini likes scrambled eggs too. I always thought there was something oddly cannibalistic about that.

But what he really, really wants (but doesn't get) is a big fat turkey leg. (I'm not recommending this for Chipper either.)

Rob Dawg wrote on Mon, 9/12/2011 - 5:00 am

Dow futures -204. Off the lows!

Screw the , this is a morning to abide.

Rajesh wrote on Mon, 9/12/2011 - 5:01 am (in reply to...)

Nanoo-Nanoo wrote:

Linkie please?

French media says 1 killed in explosion at nuclear plant in southern France

Nanoo-Nanoo wrote on Mon, 9/12/2011 - 5:01 am

Good morning Eric and Pearl.

Pearl, while my computer was down I had to watch Bloomie and CNBC. I took lots of Pepto Bismol and heavily used that mute button. The late 90s is when I finally couldn't tolerate the talking heads anymore, not even with a comic relief attitude.

HCN your stomach is stronger than an old surgical nurse?

It's Different In Oz wrote on Mon, 9/12/2011 - 5:02 am

Real Estate bubble in Australia? Meh. It's different here. No worries, mate. She'll be right.

The Lorax wrote on Mon, 9/12/2011 - 5:02 am

My big problem is if this is how good the American economy does with a flight to safety occurring, I can't wait to see the whiplash when that stops.

Rob Dawg wrote on Mon, 9/12/2011 - 5:03 am (in reply to...)

I'll have my scattered, smothered and covered.....

Mickey tried that in "The Sorcerer's Apprentice.".

Nanoo-Nanoo wrote on Mon, 9/12/2011 - 5:03 am (in reply to...)

Thanks Rajesh and Good Morning to you.

Eric wrote on Mon, 9/12/2011 - 5:05 am

The Greek crisis is officially solved.

If Bove is calling for a default, Greece is money-good.

Eurozone: 'Only a Matter of Time' Before Greek Default: Bove - CNBC

burnside wrote on Mon, 9/12/2011 - 5:06 am (in reply to...)

FTA:

The BBC says the site is involved with the decommissioning of nuclear facilities, and operates a pressurized water reactor used to produce tritium.

Savannah River Site is similarly configured. This must be somewhere near the Pont du Gard.

Nanoo-Nanoo wrote on Mon, 9/12/2011 - 5:06 am

I suppose that means this year will not be a good year for Bordeaux.

Eric wrote on Mon, 9/12/2011 - 5:06 am (in reply to...)

Pearl wrote:

I'll have my Elmo! scattered, smothered and covered.....

My favorite hangover helper breakfast in college: the White Spot's "One Hell of a Mess". toast, sausage gravy, eggs on top.

sum luk wrote on Mon, 9/12/2011 - 5:07 am

.... clearly, AUSTERITY sux ~ ~ ~ everybody listening ?

Mike in Long Island wrote on Mon, 9/12/2011 - 5:08 am (in reply to...)

Rob Dawg wrote:

Dow futures -204. Off the lows!

Screw the Swill - er- Dunkin Donuts Coffee , this is a morning to abide. The Dude Abides

Okay maybe not apples to apples - but back in the wild and wooly days of Lehman, short selling ban, et al I took a 3 day vacation to go offshore fishing. Things were dicey when I left on Sept 23 - when I got back in cell service range on Sept 26th it seems as if we were guaranteeing money markets among other things.

Well - I'm off today as well - not going offshore but simply floating around the bay in a kayak - I plan on studiously ignoring the blackberry. Maybe we get an extra special guarantee this go round as well. Not saying it's as powerful an indicator as a CR hiking trip but there might be some correlation.

Rob Dawg wrote on Mon, 9/12/2011 - 5:08 am

When the 10y Treasury bond was 3.16 recently 30y fixed mortgages were blended 4.25%. With the 10y now 1.89 mortgages are 4.00%.

Nanoo-Nanoo wrote on Mon, 9/12/2011 - 5:08 am (in reply to...)

Eric wrote:

the White Spot's "One Hell of a Mess". toast, sausage gravy, eggs on top

You just made my gallbladder go into a massive spasm. but oh...now I'm hungry. Why do collapsing credit markets make me hungry?

Pearl wrote on Mon, 9/12/2011 - 5:09 am (in reply to...)

Rob Dawg wrote:

Mickey tried that in "The Sorcerer's Apprentice.".

Scattered, smothered and covered is a Waffle House thing. CA has no Waffle House equivalent. Think several notches below Denny's.....

Waffle House Menu

If you have the stomach to live through breakfast at the WaHo--they let you stay in Georgia.

HomeGnome wrote on Mon, 9/12/2011 - 5:09 am (in reply to...)

Mike in Long Island wrote:

simply floating around the bay in a kayak

You're going to want to paddle; otherwise you might as well be in/on a 'tube, dude.

Eric wrote on Mon, 9/12/2011 - 5:09 am (in reply to...)

Rob Dawg wrote:

When the 10y Treasury bond was 3.16 recently 30y fixed mortgages were blended 4.25%. With the 10y now 1.89 mortgages are 4.00%.

See, Operation Twist works!!!!

So if we take the 10y down to -2, maybe mortgages will go to 3.5.

Mike in Long Island wrote on Mon, 9/12/2011 - 5:10 am (in reply to...)

Rob Dawg wrote:

When the 10y Treasury bond was 3.16 recently 30y fixed mortgages were blended 4.25%. With the 10y now 1.89 mortgages are 4.00%.

You'd think that since banks seem to sell most of their stuff to FRE/FNM and FRE/FNM being wards of the state they could offer better rates in the interests of spurring some refi activity to add to some folks disposable income. Guess not.

sum luk wrote on Mon, 9/12/2011 - 5:11 am (in reply to...)

Rob Dawg wrote:

With the 10y now 1.89 mortgages are 4.00%.

see: Housing Finance: Role of the Government Guarantee - Credit Slips

Mike in Long Island wrote on Mon, 9/12/2011 - 5:12 am (in reply to...)

HomeGnome wrote:

You're going to want to paddle; otherwise you might as well be in/on a 'tube, dude.

I'll be trolling around 1.5 to 2mph for a tasty fish called a striped bass. Mixed in I will drift for some fluke (what your southern folk call flounder). So it will be a combo of paddling and drifting.

Pearl wrote on Mon, 9/12/2011 - 5:12 am (in reply to...)

Mike in Long Island wrote:

Not saying it's as powerful an indicator as a CR hiking trip but there might be some correlation.

Well...CR went hiking over the weekend--might be a combination of the two.....

sum luk wrote on Mon, 9/12/2011 - 5:13 am (in reply to...)

Mike in Long Island wrote:

You'd think that since banks seem to sell most of their stuff to FRE/FNM and FRE/FNM being wards of the state they could offer better rates in the interests of spurring some refi activity to add to some folks disposable income.

from: A Modest Monetary Proposal - Tim Duy's Fed Watch

Maybe at this point we need to be thinking about something a little more direct – one of the proposals floating around is to use Fannie and Freddie to purchase nearly all the outstanding mortgages and refinance them at lower interest rates regardless of loan to value ratios. Better yet, to apply some consistent system of principle reduction for everyone, not just underwater mortgages. Lift the entire boat at once, rather than trying to discern between the most and least deserving lifeboats.

Nanoo-Nanoo wrote on Mon, 9/12/2011 - 5:14 am

McGraw-Hill to split into two listed companies
| Reuters

HCN S&P would have a few little problems to work out after jumping into the FIRE. heh.

Pearl wrote on Mon, 9/12/2011 - 5:15 am (in reply to...)

Nanoo-Nanoo wrote:

Why do collapsing credit markets make me hungry?

Perhaps a caloric-storage thing that kicks in prior to famines/mass starvation?

Rob Dawg wrote on Mon, 9/12/2011 - 5:16 am (in reply to...)

CA has no Waffle House equivalent. Think several notches below Denny's.....

Chicken & waffles. Roscoes House of Chicken and Waffles - Official Website

Bruce in Tennessee wrote on Mon, 9/12/2011 - 5:16 am

I hope when they write the economics textbooks of the future they will explicitly say "do not try to save insolvent banks"

Japan 1990 Nikkei 40k now still well below 10k
US....BofA, others still insolvent...who know where equities go from here...lending to all but Warren B. still difficult....
Europe...see the other examples above.

Sweden...different approach, different result.

Iceland...healing.

But boys will be boys, and they seem to like to keep doing the same old things...

sum luk wrote on Mon, 9/12/2011 - 5:17 am

EIGHT days until the FOMC stick save.

Pearl wrote on Mon, 9/12/2011 - 5:17 am

10 year yield at 1.89.

It got an "ewwww" out of one of the shiny happy people.

pavel.chichikov wrote on Mon, 9/12/2011 - 5:17 am

European banks feel Greek heat - Telegraph

HomeGnome wrote on Mon, 9/12/2011 - 5:18 am (in reply to...)

Mike in Long Island wrote:

I'll be trolling around 1.5 to 2mph for a tasty fish called a striped bass.

Word.

Good luck today, Mike.

Nanoo-Nanoo wrote on Mon, 9/12/2011 - 5:19 am

Pearl:

Bank of America Corp., BAC Stock Quote - (NYSE) BAC, Bank of America Corp. Stock Price

Rob Dawg wrote on Mon, 9/12/2011 - 5:20 am (in reply to...)

Pearl wrote on Mon, 9/12/2011 - 5:17 am
10 year yield at 1.89.
It got an "ewwww" out of one of the shiny happy people.

If they stay true to form the amount of cleavage inverse to indexes to distract us today will include winks of belly button.

Yalt wrote on Mon, 9/12/2011 - 5:22 am (in reply to...)

sum luk wrote:

Better yet, to apply some consistent system of principle reduction for everyone, not just underwater mortgages. Lift the entire boat at once, rather than trying to discern between the most and least deserving lifeboats.

How about some principal reduction for renters? Or the homeless?

Oh, wait, he said principle reduction. Plenty of people reducing their principles these days, for sure....

Rob Dawg wrote on Mon, 9/12/2011 - 5:22 am

Woo hoo! Look at BofA.
Bank of America Corporation (BAC) Pre-Market Trading

Nanoo-Nanoo wrote on Mon, 9/12/2011 - 5:23 am (in reply to...)

sum luk wrote:

EIGHT days until the FOMC stick save.

YouTube - The Beatles- Twist n Shout(Official Video)

Pearl wrote on Mon, 9/12/2011 - 5:23 am (in reply to...)

Nanoo-Nanoo wrote:

Bank of America Corp., BAC Stock Quote

I wonder how things went in Charlotte over the weekend.......

The Lorax wrote on Mon, 9/12/2011 - 5:25 am (in reply to...)

Rob Dawg wrote:

Woo hoo! Look at BofA.

Crikey, who leaked the bankruptcy plans?

sum luk wrote on Mon, 9/12/2011 - 5:25 am (in reply to...)

Yalt wrote:

How about some principal reduction for renters? Or the homeless?
Oh, wait, he said principle reduction. Plenty of people reducing their principles these days, for sure....

I think the Germans are having a very similar debate. Looks like their going to keep their principles and crash their union. We could do that too, I suppose.

Yalt wrote on Mon, 9/12/2011 - 5:25 am (in reply to...)

Rob Dawg wrote:

Woo hoo! Look at BofA.

There's support at 6.66.

Mike in Long Island wrote on Mon, 9/12/2011 - 5:26 am (in reply to...)

Rob Dawg wrote:

Woo hoo! Look at BofA.
Bank of America Corporation (BAC) Pre-Market Trading

Looks like my call on SKF opening between 65 and 100 is going to be on the money.

$84.35 pre-market

SKF

Edit to add : Someone's gotta give poic some competition for his daily Dow close calls

vtcodger wrote on Mon, 9/12/2011 - 5:26 am (in reply to...)

"Japan 1990 Nikkei 40k now still well below 10k"

You can't always compare Japanese Banks to US and European banks. The major Japanese banks are the financial front ends for keiretsu which consist of a bunch of BIG businesses. e.g. Sumitomo Bank is associated with several railroads, Asahi, NEC, Mazda, and a bunch of other businesses. There's a pretty good case that it wasn't the banks that were insolvent, it was the keiretsu that were insolvent.

That said, bailing out a bank anywhere without firing the management and soundly whacking the shareholders and bondholders seems a really bad idea

sum luk wrote on Mon, 9/12/2011 - 5:28 am

Mish's Global Economic Trend Analysis: Greek 1-Year Debt Yield Hits 108%, Still No Comment From Trichet; U.S. and Germany 10-Year Yields at New Record Lows

Eric wrote on Mon, 9/12/2011 - 5:30 am (in reply to...)

vtcodger wrote:

That said, bailing out a bank anywhere without firing the management and soundly whacking the shareholders and bondholders seems a really bad idea

Exactly. If we were going to do TARP in 2008, all the shareholders should have been zeroed, and the bondholders should have gotten a clean, close shave.

Nanoo-Nanoo wrote on Mon, 9/12/2011 - 5:30 am

IBM putting Watson to work in health insurance - Yahoo! Finance

Looks like I have some work to do in the wee hours tomorrow morning. I'll likely go into a multi-page rant dissertation on how/why this is WRONG on so many levels...I'll be awhile dissecting all that. Where to start will be the problem.

It is so interesting that the application of helper computers in health care isn't in care at all, it is completely removed from individuals and their needs as individuals. Nope. I'm gonna blow another artery.

Mr Slippery wrote on Mon, 9/12/2011 - 5:32 am (in reply to...)

Pearl wrote:

I wonder how things went in Charlotte over the weekend.......

I wonder how things went in ~~Charlotte~~ Omaha over the weekend.......

How do those preferred shares taste now?

traderwalt wrote on Mon, 9/12/2011 - 5:32 am

The New York Times has a Reuters report of one death at a nuclear material storage facility in France. The report is listed on its "breaking news" box.

Pearl wrote on Mon, 9/12/2011 - 5:34 am (in reply to...)

Rob Dawg wrote:

If they stay true to form the amount of cleavage inverse to indexes to distract us today will include winks of belly button.

I'm waiting for that Mr. Dreamy guy on Bloomberg to take off his tie and unbutton the first few of his shirt.......

(Nanoo--check out Mr. Dreamy: Erik Schatzker: TV & Radio Anchors - Bloomberg )

Nanoo-Nanoo wrote on Mon, 9/12/2011 - 5:35 am (in reply to...)

Yalt wrote:

.

There's support at 6.66.

Wells Fargo & Co., WFC Stock Quote - (NYSE) WFC, Wells Fargo & Co. Stock Price

That stinky old UncleWarren might be up early today too.

sum luk wrote on Mon, 9/12/2011 - 5:37 am (in reply to...)

Pearl wrote:

I'm waiting for that Mr. Dreamy guy on Bloomberg to take off his tie and unbutton the first few of his shirt.......

.... girls, here's how you attain that figure you've always wanted: Marginal Revolution: The consumer hourglass theory?

Pearl wrote on Mon, 9/12/2011 - 5:39 am (in reply to...)

Mr Slippery wrote:

I wonder how things went in Charlotte Omaha over the weekend.......

How do those preferred shares taste now?

Scrambled--like an Omalette.

Nanoo-Nanoo wrote on Mon, 9/12/2011 - 5:41 am (in reply to...)

Pearl, you crack me up. lol.

comrade mike wrote on Mon, 9/12/2011 - 5:41 am

Layoffs at BAC continue: New numbers all the time.

Daily Job Cuts - Layoff News , Job Layoffs 2009 , Bankruptcy, Store closings and other Business Economy News

The Mortgage Pig wrote on Mon, 9/12/2011 - 5:42 am

Europe: Greek 2 Year Yield hits 64%

vtcodger wrote on Mon, 9/12/2011 - 5:43 am (in reply to...)

"IBM putting Watson to work in health insurance - Yahoo! Finance

Looks like I have some work to do in the wee hours tomorrow morning. I'll likely go into a multi-page rant dissertation on how/why this is WRONG on so many levels..."

What is it that WATSON is supposed to accomplish that a doctor with search engine like Google can't do better? I'll lay odds that either Wellpoint is terminally confused, or there is some plot to use incomprehensible algorithms to screw the insured. ... or maybe both. In my youth, I had the opportunity to observe IBM's conduct in performing contracts. Not something you want to get mixed up in unless playing in the shark pool at the aquarium is your idea of a fun afternoon.

Pearl wrote on Mon, 9/12/2011 - 5:43 am

Guess this is what happened in Omalette:

Meet Ted Weschler: Buffett auction winner, Berkshire's new hire -
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