When keeping score reveals everyone to be incompetent the proper and just action is to stop keeping score.

There are way too many questions in those polls.

Less, Below, Below, Below, Under, and At or Above.

But who knows what numbers tomorrow brings...

So exciting it will be hard to sleep...

Mish's Global Economic Trend Analysis: Ponzi Financing in Greece Continues; Greek Banks Receive €18bn Transfer

It being Memorial Day, I was reading about PTSD in veterans. Scary stuff.

convexity wrote:

It being Memorial Day, I was reading about PTSD in veterans. Scary stuff.

My great uncle Jean was gassed in the Ardennes in the Big One and it was two years after he'd eat on the floor in the dining room from a mess kit. Nothing new with PTSD and all the more poignant.

Rob Dawg wrote:

ECB: "Print it and ship it."

ECB: Emergency Cash Bureau.

So more Greeks will stuff money in their safety deposit boxes and mattresses. \

Well ok.

lawyerliz wrote:

So more Greeks will stuff money in their safety deposit boxes and mattresses. \

I wonder if mattress burglaries are on the rise.

lawyerliz wrote:

So more Greeks will stuff money in their safety deposit boxes and mattresses. \

Only if they are stupid. Bank holiday means no safe deposit box access and when you are allowed it will be with the exchequer of the currency and the tax representative. The tax man will take all your Euros and the exchequer will give you some small face value in Drachma. That is provided you had enough to cover the other taxes for the rest of the contents.

A good point. Here's to the mighty mattress!

Rob Dawg wrote:

That is provided you had enough to cover the other taxes for the rest of the contents

Assuming those aren't conveniently confiscated, too.

Where else?

Sigh.

I'd like to vote in these things, but will over before I sign up for Facebook.

Did this used to be Dewey, Ballantine?

NPR had a thing on this a couple of weeks ago.

Edit: yes, it was.

actually.. John isn't so bad.. he's now a QC - ( top notch barrister ).. still family orientated.. but still why him and not the others..

Investors may be headed toward ‘fiscal cliff’ - Weekend Investor - MarketWatch

Come 2013, tax rates are slated to skyrocket and mandated cuts will slash defense and other federal spending. Higher revenues and lower government spending might suggest good news for our grandchildren, but that cliff could represent bad news for today’s investors.

Some prognosticators see the stock market falling as much as 30% if lawmakers don’t grab the steering wheel and pull hard. That may be overstating the danger presented by higher tax rates ( read this WSJ blog for more ), but the Congressional Budget Office said Tuesday that if the scheduled tax increases and spending cuts occur, the economy will fall back into a recession.

The author of this story obviously misspoke. He meant to say "grab the printing press and print hard".

p.s.: IMHO a statistical recession and 30%+ drop will happen regardless.

They owe their janitors. The people that empty the shredders...

lawyerliz wrote:

I'd like to vote in these things, but Evil will Cold Turkey over before I sign up for Facebook.

Great use of icons. Summertime Kitteh approves.

TJ and The Bear wrote:

p.s.: Antipodes home country wasn't on the list, but "down under" ranked #32 & #49.

She doesn't even text.

Kauai_Kahuna wrote:

Is that like the spice girls? If so you can keep them to yourself. Wink

lol.. no man.. err if yer suggesting I STFU.. I know I know.. its one time in a million bear with me. this is important.. its for posterity man..

as regards Spice Girls.. I shall have to contemplate that.. - you point out a flaw in the original selection of the 14 kids to follow - in 1964. they picked - posh, poor.. that's it - the standard - working class, the toffs image. England was changing then, and was always more disparate than that crude model and there are variegations here so that's definitely a flaw in the documentary..

Don't tell my mom but we kids are getting her an iPad. Currently arguing over the engraving.

ANOTHER one working for the govt.. - solicitor working for a company that produces hydrogen cells for powering cars in the future. - money funding the company -the govt. jeez. that's 10 working for the govt..

Rob Dawg wrote:

Currently arguing over the engraving.

No offence, I hope your mother's well ... but I just had a brainfart; digital headstone.

phooey.

Bubblisimo Gerkinov wrote:

Rob Dawg wrote:

Currently arguing over the engraving.

No offence, I hope your mother's well ... but I just had a brainfart; digital headstone.

Understood. We are laughing ourselves silly with suggestions.

An iPad 2 for your dear old mother?
No iPad 3? Cripes, why'd ya bother?

lawyerliz wrote:

Shall we live forever on the net.

Very very sharp !

at 49 tony had taken on a second mortgage on their home in Woodford LOndon and bought a property in SPAIN !

its lovely.. so now I want to know - where does he get the money ?

Its ALL true - kids living with parents.. and of course I know the score.. still waiting for data on further income data - at this moment in time. they are living off government benefits for the disability payments for the kids.. AMAZING..

CR has become a market indicator. When he posts Sunday Night Futures, it usually means a bad Monday.
We'll get to see what means when he posts it on a Monday night, in the morning.

Edit: Hmmm: everything but natty is green over at FinViz.

sm_landlord wrote:

TJ and The Bear wrote:

RD, sm: Mail

Got it, thx.

Stupid roadrunner taking its time.

Rob Dawg wrote:

Stupid roadrunner taking its time.

Apparently he hit the beach first.

The President of the Bundesbank Lashes Out | ZeroHedge

“Being in favor of growth is like being in favor of peace in the world,” Weidmann said about the raging debate of growth vs. austerity. “The real debate is which path leads to sustainable growth,” he said. And the answer was clear: “structural reforms.” Debt-fueled spending would just create an “economic straw fire.” And then he added, “In fact, I’m asking myself what these discussions are hiding.”

mp wrote:

When the music stops, in terms of liquidity, things will be complicated.

What happens when the music stops and CB's select whom to hose down with liquidity? Is that even more complicated?

sdtfs wrote:

So the electrons have that much further to travel.

FTR, Dawg is between me & sm, so the electrons are catching him on the return trip.

so on this sample of 14 - now 56 who grew up in England

1. We all live longer is true - none of them is dead yet.
2. the transition to working for the govt. is true. I counted 10 out of 13 - that really shocks me.
3. multi-generational living under one roof is true. I counted 8.
4. class( parental income ) affects outcomes is true.
5. divorce rate being shockingly high is true - but DOH right ?
6. I was watching teeth - bad teeth in England is UNTRUE - maybe they all have dentures now ? - but didn't see bad teeth

I'll have to think harder.. meanwhile. just for pavel.. apparently there's a Russian 7 UP 28 UP too. ( yeah you need a nice individuals hack to get to it - but regarding this -

Video - ITV Player

mp wrote:

It won't matter.

YouTube - Yo-Yo Ma James Taylor - Hard times come again no more 

It won't matter because Europe, unlike the United States, has no institutional framework to deal with this problem.

And they aren't trying to create any, even on an emergency basis.

It's going to hit them like a ton of bricks.

skk wrote:

thanks man.. for all my BS for doing the hack for my wife. THIS (7 UP, 14 Up etc ) .. was what I really wanted to hit. wanna choose an image for a tile ? it will be donated on yer behalf by me. my way of saying Thank You to you..

Great that I could help. I figured out the workaround by accident. It's quite nice to have it.

Just watched Michael Wood and was impressed by his statement that Britain only attained its standard of living in 410, the time Roman protection ended, again in 1700. Worth considering.

Anak wrote:

can't seem to find the ton of bricks icon.

works.

RE wrote:

Just watched Michael Wood and was impressed by his statement that Britain only attained its standard of living in 410, the time Roman protection ended, again in 1700. Worth considering.

Yeah,, I noted that.. I STILL say - would you trust someone who looks like that shifty bugger Roman Polanski ?

Anyway - I've posted a tile - its to say ty. to you.

Robert Mugabe: The UN's new International Tourism Ambassador | News | National Post

Mr. Mugabe is also the subject of a European travel ban because of allegations of human rights abuses.

The Canadian and U.S. governments both have issued advisories warning about the dangers of travelling in the country.

mp meet manicured lawn
manicured lawn meet snotty kids

Mot merely meh. a big FAT MEH.
This entire day of FAT MEH.
Meh.

meh

Mary wrote:

Mot merely meh. a big FAT MEH.
This entire day of FAT MEH.
Meh.

hey now.. I got really close to get my bike going..

lost a screw - much merriment in the home as I go around saying . स्क्रेव दिल्लाह है ( screw loose geddit ? ) - trapped in the bloody V of the bike. no shifting that bugger - but wait. there's more - after checking the local bike shop ( back order to 6/23 ) then ordering it at bike bandits thennnn hunting in that old oil can where all loose screws from the past go. voila ! we have one ( well might not be able to stand the temps.. but never mind ).. put it all together - gas tank 'n' all.

really weird - some of the gas spills on the wife - and I have visions of - Asian couple - woman burnt to death in T.O. - heck I'd think "DOWRY BURNING" wdn't ya ?

yeah try explaining I'm a biker and she loves it that we fart around on this at home and ready to help - acknowledging our lack of expertise.. yeah right. ahhhhhhhhhhhhhh stereotypes

btw, the bike runs for 15 seconds.. O yeah it dies after that.. but details, woman, details. that lost screw - still firmly wedged between the V.. sigh..

its been a huge day.. - for me.

so.. tell me about your day.

BK – It seems you might be right. The polls from Greece this weekend have given the European markets a lift today. Do you still believe that the centrist parties will win sufficient votes to form a coalition government and avoid a catastrophe?

Athens – Only a fucking idiot would invest money based on these polls.

Bwahahah!

lol

Call me crazy, and I know you will, I decided that today is the day to rid myself of the rug --this sea grass THING from hell. 9x12. meh.

Do you have a strong magnet and is the screw made of iron?

Tomorrow morning at 7 AM I'm calling the county to schedule curb pick up. Sadly, my prompt attention merely gets me in the queue next Monday.

I was in a rush though this evening. To do something. yanno? I'd just had had it with it... this gigantic molting puppy pad. blech.

Rolling up and tying Mr Obama would be easier.

have a good evening

Mary wrote:

I was in a rush though this evening. To do something. yanno? I'd just had had it with it... this gigantic molting puppy pad. blech.

leave it till next weekend or more its good to say screw it..

I have a list of highly important items left undone - almost 15 long. hey.. gotta prioritize..

I get these emails from the relo lady.. you haven't filed more expenses yet.. what do you propose to do about it..

IGNORE YOU for a start - no offence. we have better things to do - like making sure continuity of Crestor medication..

Rob Dawg wrote:

You reassembled the bowl float incorrectly.

ohhhh.. listening..

so the plastic bit clicks in place thru the bowl onto the needle bit seems right to me clicks in place - that's gotta be right no ? makes installing a cinch ( for that part ) - what am I doing wrong. spiel unnecessary - but a good link that takes a layman thru the issue would be priceless.

56 UP was a really interesting documentary.

Mary wrote:

The relo lady's camped in yer new HQ HR?

luckily 10 miles away... dunno why she cares - I'm not on full - anything goes relo - I'm on a capped relo ( which I'm assured is a better deal ) - and that means if it isn't spent its just paid out as salary - no no no this isn't a boon-doogle totally IRS - the IRS still makes it all deductible, company paid or personally paid ..

I just treated it as a convenience accounting - so the IRS won't hassle me -

You know.. I'm going by relos workings 6 years ago.. have the laws changed ? welll just shows.. how I let things go - cos you've gotta.

poic wrote:

56 UP was a really interesting documentary.

Fantastic that you got to see it. Aye.. definitely.

well I think listening to foucault will do the trick - wonder how far I the cat will get this time.

good luck with that rug Mary.

sdtfs wrote:

Silly putty work? stuff a wad down there and pull it out?

ooooooooooooooohhhh.. that;s good. I'll try it and let you know.. thanks.

skk wrote:

beautiful RD - thanks for the laugh. I'll plug away - this coming weekend and lets see.

Finally getting around to swapping out the old turn signals for LED. Saves about two pounds and 20 sq in of cross section.

Kauai_Kahuna wrote:

Hussman Funds - Weekly Market Comment: The Reality of the Situation

...our hope is that in 2012, the market will finally 'clear,' in the sense that bad debt around the world will be recognized as bad and restructured; that overleveraged financials will be taken into receivership instead of forcing austerity on every corner of the global economy in order to make them flush again...

Hope for that crash instead of the slow drip to hell?

Accelerate the loan losses and the liquidation losses. No more bailouts but clawbacks instead.

Hoopajoops LTD - Been a crazy eight months. Now let us never speak of it again.

Hoops, good to see you around. How you doing now?

The NYT has and article about a huge gas field being developed by Israel in an area also contested by Lebanon. I'm more surprised by the size of the field ( described as huge) than about the discussion of defending it militarily.

greenchutes wrote:

Merovingian banker shills vs nationalists.

Thanks for the description. I now know the slightest bit about the Merovingians because of you and wiki!

Morning

lawyers? bankrupt?

it's almost as bad as when the liquor store fails, or the check cashing shack shuts

we near the end of it all when these types go banko

In escape from Japan doomsday, capital takes flight
| Reuters

The Japanese have been buying real estate overseas in the past, but what has changed since last year's earthquake and the Fukushima nuclear crisis is that it is no longer the province of the rich and the retired.

Increasingly, the middle class and younger people are opening bank accounts in Malaysia, New Zealand and Singapore to buy condominiums and homes that they plan to rent out for a few years before they eventually move in themselves.

Nanoo-Nanoo wrote:

looking for a place to settle that preserves value

People are looking for investments that are 'safe' and high yielding (>2%). But every 'safe' trade has become crowded.

Spain Delays and Prays That Zombies Repay Debt: Mortgages - Bloomberg

Enough Japan bashing. Now back to our regularly scheduled euro

Spanish banks are masking their full exposure to soured property loans while they continue to prop up insolvent “zombie” developers, leading to credit-rating downgrades and plummeting share prices.

OMG

Spain Said to Consider Backing Regional Bonds With Taxes - Bloomberg

Nanoo-Nanoo wrote:

Spain Said to Consider Backing Regional Bonds With Taxes - Bloomberg

Well, see, there is a plan.

Rajesh wrote:

They have not reached the panic stage yet.

They have some other worrisome 'pressure' points too methinks.

I'm not bored.

AllenM wants to tax Greek exports as a way to collect tax in a country where few pay them. But I didn't think there were anyexports.

My idea is to use the old way the Ottomans and others before them used to collect taxes. They established "tax farms" where the ruler appointed people to collect taxes in a defined region. The ruler allowed the "tax farm owner" to keep part of what he collected. Pre 18th century capitalism, sorta. And, of course, the tax farm collector served at the pleasure of the ruler.

(Maybe German bankers could appoint Greeks to collect taxes for them.)

Dewey files for chapter 11 in record law firm collapse - Yahoo! News

Dewey listed liabilities in the range of $100 million to $500 million, according to the filing. It had already terminated 433 of its 533 New York employees earlier this month, according to the state's labor department.

How on earth does a law firm account for 100M in liabilities?

Rajesh wrote:

I'm still watching how the Chinese react to their property bubble collapsing. They have not reached the panic stage yet.

Hey Rajesh - what do you think about the Taiwan, specifically Taipei property market bubbliciousness? I know a few people there that now are adamant that it is immune since it didnt really deflate during the financial crisis and recession. I'm trying to convince them that because it did not, it's even more at risk. There is no convincing. They all felt like they didn't buy then, and are priced out forever.

Greek Euro Exit Aftershocks Risk Reaching China - Bloomberg

Serenity NOW!

Moody’s Fading Relevance Exposed in Nordic Downgrades - Bloomberg

That should give the ole economy just the shot in the arm it needs...to die quietly.

Remind me where I've heard this story before?

BarleyReturns wrote:

How on earth does a law firm account for 100M in liabilities?

Is it related to the pension deficit?

The U.S. Pension Benefit Guaranty Corporation filed suit this month to take control of three of the firm's pension plans, which the agency said were underfunded by $80 million.

Hussman Funds - Weekly Market Comment: The Reality of the Situation - May 28, 2012

"Spain has now committed 23.5 billion euros of public funds to rescue its third-largest bank, Bankia, amid last week's revelation of fresh deterioration in real estate loans and other assets (which again makes us wonder what the losses would look like on the $100 billion-plus of European mortgage debt that JP Morgan has amassed, if JPM was actually required to mark these securities to market). Worse, Spain is providing these funds not as part of any restructuring, but by purchasing newly issued stock of the unrestructured, insolvent bank. While this will give Spain nearly 90% ownership of Bankia, the bailout effectively gives the people of Spain nearly worthless stock in an insolvent entity, putting them behind Bankia's bondholders. In the likely event that Bankia fails, is nationalized, and is then restructured, the 23.5 billion euros of public funds will vanish as worthless stock, and in the process of restructuring, the bondholders of Bankia will recover 23.5 billion euros more than they otherwise would have. In short, by putting off the receivership and restructuring of Bankia, Spain is simply enriching the bank's bondholders at the expense of its citizens, who are already being squeezed by budget austerity. "

...Bankia, I believe, was formed a couple years ago as a collection of bad banks into a new bank...Correct me if that is wrong, but I don't think the thing ever had a good reputation... **

GDD9000 wrote:

specifically Taipei property market bubbliciousness

When China goes, it will be a black hole sucking in half of Asia. A lot of Chinese investors who realize Chinese property prices are too high have been pushing prices up in Taiwan, Hong Kong, Singapore, Korea, Australia. It's all one big bubble.

Bruce in Tennessee wrote:

...Bankia, I believe, was formed a couple years ago as a collection of bad banks into a new bank...Correct me if that is wrong, but I don't think the thing ever had a good reputation.

Like Bank of America?

China Has No Plan for Large-Scale Stimulus, Xinhua Says - Bloomberg

“The Chinese government’s intention is very clear: It will not roll out another massive stimulus plan to seek high economic growth,” Xinhua said today in the seventh paragraph of a Chinese-language article on economic policy, without attributing the information. “The current efforts for stabilizing growth will not repeat the old way of three years ago.”

Report: Mitt Romney's Son Under Investigation for Insider Trading
The very well connected Roger Stone tweets:

https://twitter.com/RogerJStoneJr/status/207413948927066112

StoneZone: Tagg Romney under investigation for Insider trading.

Tagg is Mitt Romney's oldest son and founder of Solamere Capital. Insider trading is a non-crime conducted by many and a great tool to use against political enemies.

shill wrote:

Insider trading is a non-crime

So it's OK, right? It's just how the 1% act. If you think it's OK, it's just another reason to vote for his dad, Mitt Romney for President.

Yeah, non-crime. Now stealing a loaf of bread because your kids are hungry, that's CRIME and you deserve some jail time for that. Smoking a joint? Hard time is needed to mend your errant ways.

deserve some jail time

1 loaf of bread should equal 25 - life, no?

Well, it still burns me that Congress can trade on inside information...

"Ruling Elite" don't ya know...

aka unindicted co-conspirators

CK Congres has recently passsed laws so there will be no insider trading for any critter - evah

Hahaha, sure they won't. They'll just have to be sneakier about it now.

jail for a joint

Automatic life! Yo!

I'd make that "if China goes" not "when China goes". There are signs that there is intelligent life in Beijing -- at least when compared to Washington or Bonn. It's possible but by no means certain that the Chinese can navigate these shoals.

China's real growth rate for the past decade has been between 8 and 11 percent every year. The US, by contrast 5 percent (in 2000) to -2.6% in 2009 -- average ... maybe 2% United States - GDP - real growth rate - Historical Data Graphs per Year

Paul Krugman really ought to be paying close attention to China which seems to be addressing the issue of what do you do when the time comes to unwind a successful Keynesian stimulus?

I doubt he is.

Well, I think most of us here see the problems we just don't agree on the solutions and not always the cause of the problems either. This one is kinda universal, though.

Counterpointer wrote:

will be in where it goes next,

Thank you C. To my vastly untrained eye, it seems to me the options in the open markets are becoming very limited.

Did you see the of backing Spanish bonds via taxation I linked above?

that was my take - they seem to get that you can't buy China, but they think you can buy Shanghai (because IT won't implode, much like SF and NYC) - but they don't get the connections at all, and seem to think TPE is just fine. Makes me sad to be watching the same doom rerun over again, with different soundtrack.

Chief Executive James says the company has contingency plans to shutter up its 69 wholly owned and 29 franchised Greek stores and close them in the short term to protect against any threat of civil unrest and prepare for a switch to a new drachma.

http://www.cnbc.com/id/47588146

Yup it certainly is...just ask Corzine, and the other non crime types still walking around free.

When you think about all the millions & billions that certain entities have "lost" and just go on with a slap on the wrist, and then you think about Joe Shmoe who has been laid off and can't pay his $175k balance on his mortgage and gets his assets stripped...

The problem isn't the consequences so much as it is the 2 different sets of consequences: basic cause & effect for J6P, but lofty justification techniques leading to no expectation for change in behavior in those who lose the really big money.

They say that patriotism is the last refuge. To which a scoundrel clings. Steal a little and they throw you in jail. Steal a lot and they make you king

Why 8 percent unemployment is baked into the cake:

Manufacturers push skills certificate as good jobs go unfilled | McClatchy

So basically, if you don't have a job, you are lazy or undereducated.

traderwalt wrote:

I think there are illegal trading laws in America and recently they have been extended to cover trading by elected Congress people and their staff.

Trader,

Put me in the skeptical column for this one...I read about this as they were hashing this out...it appears to me at least, there was very little meat on the carcass that got through congress..

Outsider wrote:

HG, you should be a songwriter.

You don't need a weatherman to know which way the wind blows.

wind blows

Who broke wind?

Bankia - Wikipedia, the free encyclopedia

Bankia was formed on 3 December 2010 as a result of the union of seven Spanish financial institutions, with major presence in their areas of influence. The merger of the seven savings banks, known as 'cold fusion', took only four months, with the integration contract being signed on 30 July 2010. Caja Madrid, which is itself owned by the government of the Community of Madrid, holds controlling interest. The distribution of shares is as follows:

52.06% Caja Madrid
37.70% Bancaja
2.45% La Caja de Canarias
2.33% Caja de Ávila
2.11% Caixa Laietana
2.01% Caja Segovia
1.34% Caja Rioja
After the merger, Bankia was initially owned by a holding company Banco Financiero y de Ahorros (BFA), and the seven banks controlled BFA. The most toxic assets from the banks were transfered to BFA, which obtained 4.5 billion euros from the Spanish government rescue fund FROB in exchange for preference shares with an annual interest rate of 7.75%, maturing in 2015.

That's for old hippies.

Counterpointer wrote:

Stunningly stupid.

C

Yeah, that one really takes the cake! I couldn't believe what I was reading.

and OH...fresh lows. Its all sad.

IBEX 35 Index, IBEX Index Quote - (STN) IBEX, IBEX 35 Index Index Price

Counterpointer wrote:

Fiscal will be sh!thouse for years, and they're proposing to link variable rates to something that will only look worse and worse over time?

Stunningly stupid.

Jefferson County.

HG - you're right. Lost my critical distance there for a second.

It is a great way to fcuk over the provinces. A centralizer's dream come true. No more annoying Catalans with fiscal independence...

I just found an online Devil's Dictionary, huzzah!

Patriot:

[ The Devil's Dictionary Dot Com ]

C

Newsier. And Truthier.

500K Jobless Lose Benefits Earlier Than Expected - ...in just the first 6 months of 2012

Can you pick out the Republican:

Intrigue in House primaries in Texas - Alex Isenstadt - POLITICO.com

500K Jobless Lose Benefits Earlier Than Expected - ...in just the first 6 months of 2012

Good thing housing has bottomed.

Ambrose Bierce, again:

PANDEMONIUM, n. Literally, the Place of All the Demons. Most of them have escaped into politics and finance, and the place is now used as a lecture hall by the Audible Reformer. When disturbed by his voice the ancient echoes clamor appropriate responses most gratifying to his pride of distinction.

C

Hoops - I missed it!

8 months. hmm. Sounds like a romance.

don't piss on my leg and tell me it's raining

Nanoo-Nanoo wrote:

FT Alphaville » The Eurepo curve spells trouble
a new metric, eh? what was it last time? the libor (RIP) was popular, but there was some other thing.....what was it? Buehler....Buehler

shill wrote:

Insider trading is a non-crime conducted by many and a great tool to use against political enemies.

call your lawyer & tell him that

vtcodger wrote:

China which seems to be addressing the issue of what do you do when the time comes to unwind a successful Keynesian stimulus?

one facet might be to lock up a few of the folks who "intermediated" it.....

"They really made two stupid decisions," said Lynn Turner, a consultant and former chief accountant of the Securities and Exchange Commission. The first was taking risks with derivatives that they did not understand, Turner said.

"The second is selling assets with high income that they can't replace," Turner added. In a low interest-rate environment, the bank will struggle to generate as much income with the cash it received from selling the securities, he said.

Throwing good money after bad. 'Three. Three is the number of stupid decisions...'