Oil up, Iran is winning.

Why I was won over by Glass-Steagall - FT.com

& why its repeal led to ponzi scheme public equity markets

Feckless, Creflo Dollar?

Tom Stone wrote:

Feckless, Creflo Dollar?

Yeah. KP posted this on the last thread. Why?

Megachurch pastor denies choking daughter - US news - Life - msnbc.com

CalculatedRisk wrote:

I have. I had lunch with him a few years ago.

But did you see yourself?

The Asian markets are up tonight. The Nikkei is up about 2.3%, and the Hang Seng is up 2.6%.

is going to have to go to the emergency room with the four hour problem.

@PL, "critics of the Vickers"

lol. I had not seen this. It's funny and yet so predictable.

km4 wrote:

The writer is a professor at the University of Chicago Booth School of Business and author of ‘A Capitalism for the People: Recapturing the Lost Genius of American Prosperity’, published this week

He keeps talking that kind of silly talk they'll can him at Chicago.

Tom Stone wrote:

Creflo Dollar?

I knew a drag queen named Anita Buck.

Fierce!

Feckless Ness wrote:

Tom Stone wrote:

Feckless, Creflo Dollar?

Yeah. KP posted this on the last thread. Why?

If he got caught for a murder spree he could cite the early childhood trauma caused by being named creflo dollar. Is he a decent performer? I don't spend much time on whackjobs who practice ritualized cannibalism and spew fear and hate, just curious...

Feckless Ness wrote:

Restless Leg Syndrome?

Feckless Ness wrote:

Restless Leg Syndrome?

4 hour boner...Viagra...dat shit will fvck you up!

10 yr 1.73
Euro 1.264

Feckless Ness wrote:

early childhood trauma caused by being named creflo dollar

Gee - I never assumed that was his real name. He is a performer, after all.

Plenty of children are named Male' or Female'. I have met a few. I also met a man named Nosmo King. The first thing his mom saw when she came out from anaesthesia was a sign, and she took it for a sign. It's a wonderful world!

Deja vu all over again.

josap wrote:

Read an artical last week saying they would have the crisis and solve it during the scoccer playoffs. While no one was paying attention.

there's truth in dat IMO - was in Raj and Taj's earlier and this guy going on and on about how France is gonna stuff England - and he's gonna go to the Crown and ANchor in T.O. too tomorrow am to witness it - well fair enough lad, besides I rather like that Eric Cantona from wayy back but this English team and this French.. I dunno.. I wdn't be so cocky..

he kept on at it - so eventually I just had to say.. better take a box with you - like Sarkozy.. and he doesn't get the joke so I tell him -

French and Irish fall out over ‘box’ incident « Irish Soccer Insider

Sorry HG

Tom Stone wrote:

The first thing his mom saw when she came out from anaesthesia was a sign, and she took it for a sign. It's a wonderful world!

I went to school with a guy named Tvokulas.

He ended up being called You Might Want to Toke A Little Less.

Well, well, what do you know:

Spain's Handling of Bankia - WSJ.com

Bankia's problems have their roots in Spain's real-estate bust. The country's savings banks—many controlled by politicians—lent heavily to developers and local governments. When the housing market began to tank in 2007, small banks were left with heaps of bad loans and investments. "Having politicians in management positions at the cajas was the real cancer of the Spanish banking system," said Jordi Fabregat, a professor of finance at ESADE, a Barcelona-based business school.

It also turns out that Bankia sold a bunch of stock to their domestic customers when they realized that they were in trouble. Customers took 75% haircuts on the stock.

Interesting article...

Tom Stone wrote:

I also met a man named Nosmo King

O gawd.. my biology teacher told me that joke wayyyyyyyyyyyyy back.. Nice man Mr. Smith. dad to Alisdair - who became a medic - good medic too.

meantime, 40 years later Jeremy Clarkson ( in a facsimile incarnation of a true Brit ) does this shit..

http://i.dailymail.co.uk/i/pix/2012/01/12/article-2085584-0F4C2DDB00000578-44_634x326.jpg

Sigh..

friardaddy wrote:

then work backwards to the present day to set strategy

Not sure if it's 5 years, but you do need to figure out how to get from where you are to where you want to be. In business or not.
Having a path helps, even if it changes along the way.

Alas Ellis Peters is dead.

Thank you, skk. I was reading Nosmo like Cosmo.

Rajesh wrote:

Having politicians in management positions in Congress is obviously so much safer.

Yeah, heckuva job, Barney!

Mary: regarding the City of London "Corporation":

Tax Justice Network: The City of London Corporation: the state within a state

New Statesman - The tax haven in the heart of Britain

"...the City of London Corporation, the local-government authority for the 1.2-square-mile slab of prime real estate in central London that is the City of London. The corporation is an ancient, semi-alien entity lodged inside the British nation state; a "prehistoric monster which had mysteriously survived into the modern world", as a 19th-century would-be City reformer put it. The words remain apt today. Few people care that London has a mayor and a lord mayor - but they should: the corporation is an offshore island inside Britain, a tax haven in its own right.
The term "tax haven" is a bit of a misnomer, because such places aren't just about tax. What they sell is escape: from the laws, rules and taxes of jurisdictions elsewhere, usually with secrecy as their prime offering."

"When people ask - as they often do these days - which is the biggest tax haven in the world, our answer is almost invariably the City of London. The City hosts Britain's largest offshore financial centre and is intimately linked to satellite tax havens across most time zones, ranging from Hong Kong and Singapore in the East, to the British Virgin Islands, the Turks & Caicos Islands, Bermuda, the Cayman Islands and the Bahamas in the West. All of these havens are in some respects the Frankenstein creations of the City, as are the Crown Dependency islands (Guernsey, Isle of Man and Jersey) which are easily accessible in less than one hour by jet from London."

It's historical. Check it out. AIG, JPM's London Whale. There's a good reason they're there, and not somewhere else.

Phone call...gotta go. Later, possums.

Kauai_Kahuna wrote:

when you pick yourself back up

It's all about falling down and getting back up. Just the way life works.

ssshhhh, Roosevelt is speaking.... thoughts and prayers to rededicate ourselves in this great time of need....

Survival?

Blackhalo wrote:

A solvent European Union.

They're more likely to find a brick wall with a bunch of cans crushed against it.

I knew that there was a City of London.

But I didn't know it was a tax haven.

Geesh.

A legacy to be able to be off the grid?

Former Idealist wrote:

Where is the $125 billion coming from? No haircuts for private bondholders? No EU/ECB/IMF oversight or austerity? Sounds too good to be true for the German and French bankers. This band-aid won't stick. Don't be a sucker.

Simply accept a post dated check on a closed account and draw on it as needed. Simple.

It's a lifeline, not a bailout!
Keep up people.

Kauai_Kahuna wrote:

It's a lifeline, not a bailout!

And I'm Donald Duck.

Tom Stone wrote:

Google Male or female jackson, or johnson.

Used to be all johnsons were male. Sheesh, you Northerners.

Quack!

I lost it and I'm glad.

Former Idealist wrote:

Poor Spain has to roll $85 billion this Fall.

It's all ok. The payday window will still be open.

5/11/12

courtesy eurotrib subscription: Greek and Spanish crypto-fascists

Pasok leader is in a desperate last-ditch attempt to form a government of national unity with New Democracy and the small Democratic Left; that would establish Fotis Kouvelis, leader of the pro-euro, anti-austerity DL, as the kingmaker in Greek politics; Kouvelis wants a government that stays in office until 2014; the push for a unity government comes as the latest polls give the hard-left Syriza party a large lead over all the other parties; but platform of a new unity government would still include "disengagement" from the EU-IMF memorandum; Alexis Tsipras, Syriza Pigged leader, toned down his demands from rejection to re-examination of the memorandum; Bankia's auditors discovered another black hole, relating to tax credits of €2.5bn, which may need to be charged against equity; the governing PP has embarked on a blame game campaign to deflect attention from its own role in the collapse of Bankia; among those under attack from the government is the chief of Spain's central bank; the European Commission is ready to grant Spain an extra year to meet the deficit target, but demands a number of quid-pro-quos, including an external supervision of the bank restructuring process;the German government is expected the highest tax revenues in the country history, due to falling unemployment and rising wages; Angela Merkel categorically rules out any debt financed growth measures; Francois Hollande wants to impose his tax on the rich as of June; Daniel Cohn-Bendi[t] warns of a return of military dictatorship in Greece; Germany's Bild is freaking out over the Bundesbank's acknowledgement that German inflation may temporarily exceed the eurozone average; Samuel Brittan, meanwhile, proposes a nominal GDP target (for the umpteenth time), this time as an alternative to austerity.

A few month's earlier El País ran an informative story about the Franco family's RE operations and continuing "transfer payment" schemes among republicans. It's in Spanish though.

Feckless Ness wrote:

Tom Stone wrote:

Google Male or female jackson, or johnson.

Used to be all johnsons were male. Sheesh, you Northerners. Wink

I think the swedes started it, or maybe the brits. I think there are 6 recognized genders now. Maybe more?

Mary wrote:

( I've greater fondness for the Isle of Man meself )

nohhhhhhhhhhhhhhhhhh ! I camped HERE - of the last summer camping trips of us lot as a group before we were torn asunder and went off into the big wide world - very Grease

isle of man map - Google Maps

Absolutely I'm gonna skip the TMI.

O you mean the OTHER use the 3 legs of Isle of Man

josap wrote:

Rajesh wrote:

Europe is desperate to do a deal."

That's what it looks like to me.
Anything to not hit the wall, anything to keep the Euro, anything to keep the banks in place.

It won't hurt, promise. Just a LITTLE wider...

Mary wrote:

Alexis Tsipras, Syriza Pigged leader,

It's a sign.

Spain's banks: Just don't call it a bailout | The Economist

Yet several details of the bailout are still fuzzy. First, it is not clear exactly what conditions would be attached to the aid. The government claimed there were no conditions for the rest of the economy. Other European ministers might disagree. The Eurogroup praised Spanish reforms but said it would also be monitoring deficit procedure and structural reform carefully." Progress in these areas will be closely and regularly reviewed also in parallel with the financial assistance," they said. The Eurogroup also mentioned "horizontal structural reforms of the domestic financial sector", which could mean something.

Second, the Eurogroup did not specify whether Spain would be borrowing from the existing rescue fund (the European Financial Stability Facility or EFSF) or from the new European Stability Mechanism which is due to start in July. This matters because loans from the EFSF are not senior to other bondholders, whereas the ESM loans do have priority over privately held debt. A loan from the latter could spook investors in Spanish sovereign bonds.

Up here in Mennonite country, we call them road apples.

aleister perdurabo wrote:

Yet several details of the bailout are still fuzzy.

That sounds like the flower joke. "You can lead a horticulture but you can't make her think".

sm_landlord wrote:

Investors still own Spanish bonds?

YouTube - The Clash Spanish Bombs

Good luck, Spain.

http://www.leeabbamonte.com/wp-content/uploads/2009/10/bulls-3.bmp

josap wrote:

aleister perdurabo wrote:

The Eurogroup also mentioned "horizontal structural reforms of the domestic financial sector", which could mean something.

This was my favorite sentance.

The financial sector is already horizontal: on a slab waiting for the autopsy.

Horizontal reforms might mean sliding the slab into the crypt.

Greece Threatens Wall Street Jobs in Third Trading Plunge - Bloomberg

Greece is prompting declines as banks face questions about whether they’re experiencing a so-called secular, or lasting, shift in their capital-markets businesses amid new regulations and slower global growth. The industry will see little-to-no growth in the total revenue pool over the next few years and needs to cut 20 percent to 30 percent of its managers, Boston Consulting Group Inc. said in an April 26 report.

JPMorgan Chief Executive Officer Jamie Dimon, 56, and Goldman Sachs CEO Lloyd C. Blankfein, 57, are among top bankers to argue the current slowdown is a cyclical decline that will bounce back.

“We’re in a cyclical business, we’ve always said we’re in a cyclical business,” Goldman Sachs President Gary Cohn, 51, said at an investor conference last month. “And we’re in that part of the cycle where our client base is tending to be more conservative than it is in the up parts of the cycle.”

testing

Do you practice?

Like the other non-bailouts: no clear amount of money, not sure where the money comes from, no clue who will get hammered the worst in the short/long run.

But the market is happy, the world is saved again and the bankers all get bonuses.

josap wrote:

no clue who will get hammered the worst in the short/long run.

I know, you know....

Greece and Spain won't be paying anyone back. If your mutual fund or insurance company buys Spanish bonds, you will no doubt sue them to the wall.

justaskin wrote:

hell, KM4 must not absorb much.....but you too, Tom? Surely you've heard of him?

No TV since 1969.

Rajesh wrote:

“And we’re in that part of the cycle where our client base is tending to be more conservative than it is in the up parts of the cycle.”

Translation: The muppets are broke, and they won't play at our casino any more.

What's 25 b between friends?

No TV since 1969.

Wow. You missed a lot of Simpsons episodes.

Rickkk wrote:

band-aid by band-aid approach

The Curse of the Mummy?

my bad.

ONE HUNDRED BILLION EUROS.

poof

poof

Market to pass judgment on Spanish bailout - The Irish Times - Mon, Jun 11, 2012

BOND MARKETS will pass their initial judgment this morning on whether Spain has broken the link between its fiscal crisis and its banking crisis.
The €100 billion bailout agreed this weekend is being characterised as a bank rescue but investors will focus on the likely terms of the loan. A key issue is where the funds will come from and whether investors holding bonds issued by Spain and its banks will rank behind the new lender.
The funds will be channelled through the state-run Fund for Orderly Bank Restructuring and Spain will “retain the full responsibility of the financial assistance and will sign” the agreement with the other partners, according to the statement issued yesterday.
The document did not make clear whether the European Stability Mechanism – the region’s permanent support fund, due to start in July – or the temporary European Financial Stability Facility will make the loan.
“The risk is now all Spanish bonds are inferior to the ESM,” Steen Jakobsen, chief economist at Saxo Bank in Hellerup, Denmark, wrote in a note.
Holders of the subordinated debt of banks that Spain has to rescue will probably have to accept losses, according to Gary Jenkins, director of Swordfish Research in Amersham, England.

They'll be sorry when they need some good wurds and there are none left.

Tom Stone wrote:

Google Male or female jackson, or johnson. Also try any other common last name. The initial birth certificate comes with the last name and "Male" or "Female"

That urban legend's been around so long it's done vaudeville.

snopes.com: Funny Names

FTL: they have no intention of changing the policies that have left almost a quarter of Spain’s workers — and more than half its young people — jobless.

What's that saying? While we're collecting unemployment, you pretend we'll eventually get a job, and we'll pretend to look for one.

Something like that. I hope they have good UE in Spain.

That urban legend's been around so long it's done vaudeville.

You watching the Tonys too?

"line of credit"? "recap loan"?
"line of credit"? "recap loan"?
"line of credit"? "recap loan"?

justaskin wrote:

Tom Stone wrote:

No TV since 1969.

but still the voices are calling from far away

Those are vices, not voices. And there's one on the couch I should pay attention to. Later.

Outsider wrote:

I hope they have good UE in Spain.

The young ones may never have had a job at all.
Some of those people may not have a job for years.
Imagine not having a job until you are 30.

For most European nations, unemployment doesn't require looking for a job. Many countries have no time limit on benefits either.

No wonder we're watching their economies crumble.

Imagine not having a job until you are 30.

That leaves a lot of spare time when libidos are high.

mwuahahahaa
When NOT IF the euro crashes
that 25B will become
.
.
.
ONE TRILLION DOLLARS!
(and would be a problem for the banks, except that, of course, what cannot be repaid will not be repaid)

Whatever the deep roots of this paralysis, it’s becoming increasingly clear that it will take utter catastrophe to get any real policy action that goes beyond bank bailouts. But don’t despair: at the rate things are going, especially in Europe, utter catastrophe may be just around the corner.

I said that on Friday- obviously I am now channeling Paul Krugman.

Monday Green is but one day of the week- there is so much more Eurodoom to live through.

Someday this war's gonna end...

Tom Stone wrote:

I have worked with two women named Female and met several men named Male. My daughter's first certificate read "Female Stone".

Oh, but didn't you say earlier you knew people actually called that? With the accent over the 'e' and everything.

< wipes tears >

* ECB President Mario Draghi acknowledged last week that the interbank market in Europe was "dysfunctional". Many southern European banks are shut out and totally reliant on central bank money. Investors will be concerned that if the European Stability Mechanism is used to fund the Spanish package, as Germany prefers, bondholders will be subordinated to the permanent euro zone rescue fund and face potential losses in any restructuring, said Gary Jenkins of Swordfish Research.

LIBOR, EURIBOR to EC: it's ON!

Outsider wrote:
"Imagine not having a job until you are 30.
That leaves a lot of spare time when libidos are high.:"

You could always take out Sicilian Insurance.

YouTube - The Sicilian.wmv

Thougt I would log in and post "First"

Sooooooooooooooooooo cut down to size!!

If your sovereignty lasts more than four hours, call your banker.

hehe

CalculatedRisk wrote:

Just more can kicking ...

And market manipulation.

BWAH!

dwb wrote:

It's not even a bailout, its the promise of a potential bailout with unknown fine print at a date to be determined later.

That's it.

Same thing happened with Greece several times.
And Mr Market always responds with a party, for awhile.

"You can lead a horticulture but you can't make her think".

hehe

dwb wrote:

Maybe i am being unreasonably skeptical here.

How skeptical are you? Want to short the open? Or the futures?

I'm thinking about it.

YouTube - The Sicilian.wmv

Parts of this country would answer that this way.

YouTube - Rodney Atkins - Cleanin' (This Gun)

MBW wrote:

someone want to provide cliff notes?

• doom
• gloom
• off-topic chatter

iambroke wrote:

Thougt I would log in and post "First"

Sooooooooooooooooooo cut down to size!!

Hey good evening..

a better way to cutting oneself down to size is watching - no not this ( ) though that does rather cut one down to size - but this :

Griff Rhys Jones joins the crew of a Thames sailing barge to recreate the precarious journey that many similar vessels once made from the east coast into London.

they brought it hay for 30K horses in London but it wasn't a one-way journey - they took back - yup horseshit..

and the discussion of the 30s as the barges lined up near Chatham - all waiting for work and the shenanigans that went to try and get a piece of the action..

reminds me ( and you ) of how the rickshaw-wallahs scramble, totally scramble for work outside Pune Station .. or the day laborers who'll run for work in Los Angeles - I watch it as I see it from the terrace at the Ladyface brasserie .

Has anybody figured out the bailout per capita for the PIIGS so far ?
That might be the only way to keep score.

Agronox wrote:

someone want to provide cliff notes?

doom
gloom
off-topic chatter

yeah, I found that I needed to curtail my reading of HCN to evening, or else I became too depressed and lost all interest in bar study...

Parting Gift for Afghans: A Military McMansion - WSJ.com

William Encanta Wrote:

Think of all the lobster dinners at the WH for Hollywood a-listers that $6 Billion could have bought.

Think of all the 737 jet travel for Moochelle that $6 Billion would cover..

Think of all the European beach vacations for Moochelle and her pals could be scheduled with this kind of cash.

Hell, if we're going to burn that kind of money, I'd just as soon waste it for the afghan army. At lease they don't hate America quite as much.

But then again, the nation being $16 TRILLION in the hole won't stop the Obama's from living the lavish life of billionaires on the taxpayer dole.

Time to end the disgusting Obama skimming of taxpayer money for their personal benefit.

Classless.

Anyone other than the Irish asking for new terms? And do we have an actual number?

MBW wrote:

yeah, I found that I needed to curtail my reading of HCN to evening, or else I became too depressed and lost all interest in bar study...

Which state, if you don't mind my asking?

The Fin Times was reporting Spain requested a bail-out even before they had...it was suggested the rush bailout job was to influence the Greek election but I beleive the rush is that a counterparty is going down and needs immediate cash.

Former Idealist wrote:

it was suggested the rush bailout job was to influence the Greek election

Won't it be funny if that goes the other way.

it was suggested the rush bailout job was to influence the Greek election

Won't it be funny if that goes the other way.

It doesn't matter, it was a diversion. Spain could take down counterparties that are TBTF,

MBW wrote:

Oregon... although I did law school in NY.

I had to integrate comments here--or at the predecessor board--during my bar study as well. Different times. Tanta was still around.

One thing that hasn't changed is that we've predicted recessions every year since 2005, I think it was.

It's a placebo. You want the formula for sugar pills? There's no patent.

The EC and each central bank are bank supervisors --like OCC, FRB, OTS, FDIC in the USA. The ECB shares bank examination, sets price and disburses.

The IMF "role" is largely advisory; it's contribution to EU funded loans in Ireland and Greece was marginal. NO EU government wants IMF money especially since its (blamed soley on Merkel) SAP-dominating loan conditions truly screwed Greece's economy.

It's not even a bailout, its the promise of a potential bailout with unknown fine print at a date to be determined later.

That's what Anglo-merican press reports --the accuracy of which is about as meaningful to casual readers as was done on the great Bear Sterns and Lehman fiascos.

The guys in the conference room x-Pond know exactly what's feasible --and some of those terms are contigent on real-time "bond market" signals between now and 30 June. That's reasonable, wouldn't you agree, if it were your money being "mutualized"?

Why Me wrote:

You would have to be nuts to bet against this market

Don't bet unless the money has no real meaning to you. It's not a casino.

Why Me wrote:

When will the revolution begin and will it be televised?

The revolution is between the 5% and 0.1% and its on TV everyday - on CNBC. Class war baby!

Spain's Telefonica sells Unicom stake for $1.4B - Yahoo! Finance

HONG KONG (AP) -- Spanish phone company Telefonica is selling about half its stake in China Unicom back to the Chinese state-owned phone carrier for 11 billion Hong Kong dollars ($1.4 billion).
Unicom said Sunday it had agreed to buy about 1.1 billion shares from Telefonica at HK$10.21 a share. The shares represent a 4.56 percent stake. After the deal, Telefonica will still own 5 percent of Unicom, whose shares are traded in Hong Kong.
The deal is expected to close by the end of July.
Telefonica's first-quarter profit plunged 54 percent, in large part due to a write-down of the value of an investment in Italy.

Now I have seen everything. Hussman citing ZeroHedge.
The world has gone insane....

Hussman Funds - Weekly Market Comment: The Heart of the Matter - June 11, 2012

dryfly wrote:

The revolution is between the 5% and 0.1% and its on TV everyday - on CNBC. Class war baby!

Barricades and the waving of large flags is over with. You can't throw asphalt and there are no trams to overturn. The Winter Palace cannot be stormed. Kerensky has left the building.

dryfly wrote:

The revolution is between the 5% and 0.1% and its on TV everyday - on CNBC. Class war baby!

The war among the top echelons will be quite the thing to witness. 0.1% versus 0.1% in particular. When you develop sufficient economic inequality and regulatory capture to get a nobility, we can reasonably expect that they'll behave like a nobility - political infighting, backstabbing, treachery, blackmail, marriages to consolidate power... the list goes on...

All that's old is new again!

Why Me wrote:

You're right, a casino wouldn't be able to change a six into a face card to achieve blackjack without the gamblers revolting.

They'd just comp you a room and lots of drinks until you cleaned yourself out.

Sitting here in the hotel bar and there was just the most disgusting ad for "home ownership" -- fewer divorces, happier families - even higher test scores! Ugh. Just ugh. Where's the FTC's obscenity squad when you really need them?

Mary wrote:

The guys in the conference room x-Pond know exactly what's feasible --and some of those terms are contigent on real-time "bond market" signals between now and 30 June. That's reasonable, wouldn't you agree, if it were your money being "mutualized"?

1. A significant amount of money is already mutualized via the ECB, whether Germany is willing to admit it or not. The fact that they are not willing to admit it and just allow the ECB to buy sovs outright and bring down rates speaks volumes.
2. the lack of details means that they could not agree them, which means that there is a high probability that one of the 17 members (like Finland) demand something silly that Rajoy will not agree to.
3. as has happened numerous times, the credibility of the "firewall" will be questioned. what if the "bond market signals" indicate that the bailout needs to 200, 300, 400, 500... at what point do we call the whole thing off?
4. a bona fide EU-wide banking solution involves having German banks merge with periphery banks. does not seem to be on the table. probably it'll take another crisis...

Aren't you supposed to be studying for your bar exam?

How can you do that on a bar stool?

What message are you attempting to communicate?

iambroke wrote:

not sure when the last time you were in Poona, but they are rather discriminatory these days.....even if you nego the rate upfront.

Viva Expat/Outsourcing, (I really like this level of progress)

2008 - there's a veneer of organization I agree and if you follow the rules again I agree - but if you don't know the score ( meaning go to the counter to get the right number for the rickshaw in line ) or fancy yer chances to get it cheaper -

or like me - this is my fuckin' town damnit - I know this process INTIMATELY- so just stride out into the melee - well.. I do.. as 20 rickshaw wallahs surrounded me.. I just said - you - I'll go with you - cos yer going bald - like me..

Cruel heh ? but we all laugh and bob's yer uncle - gets me to my niece's home safely too - but myyyy Pune had changed.. I cdn't find my way down the Uni side, the Khadki side at all - Pashan / Sus Road side - the guy was good - didn't take the mickey out of my "hoist on my petard"ness.

dwb wrote:

a bona fide EU-wide banking solution involves having German banks merge with periphery banks. does not seem to be on the table. probably it'll take another crisis...

Pretty much what BofA does or did try and hedge risk in one market with another.

Not that I like TBTF's but regional banking can't really do that. And of course the TBTF's need to be very sane playing games like that.

As long as you play the game right works like a charm IMHO.

Give us facts on Alberta oil spill, locals demand - The Globe and Mail

Four days after a pipeline operated by Plains Midstream Canada spilled an estimated hundreds of thousands of litres of oil into the Red Deer River in central Alberta, local landowners are waiting for answers.

If history teaches us anything trumps in Alberta.

pavel.chichikov wrote:

You don't assume privacy, do you?

Assuming that's a serious question: of course not.
Not much can really be kept private, it's not easy to do.

Markets up tomorrow. Of course.

mp wrote:

Have a good night.

May we all.

A.J.P. Taylor's English History, 1914-1945

Until August 1914 a sensible, law-abiding Englishman could pass through life and hardly notice the existence of the state, beyond the post office and the policeman. He could live where he liked and as he liked. He had no official number or identity card. He could travel abroad or leave his country for ever without a passport or any sort of official permission. He could exchange his money for any other currency without restriction or limit. He could buy goods from any country in the world on the same terms as he bought goods at home. For that matter, a foreigner could spend his life in this country without permit and without informing the police.
Unlike the countries of the European continent, the state did not require its citizens to perform military service. An Englishman could enlist, if he chose, in the regular army, the navy, or the territorials. He could also ignore, if he chose, the demands of national defence. Substantial householders were occasionally called on for jury service. Otherwise, only those helped the state who wished to do so.
The Englishman paid taxes on a modest scale: nearly £200 million in 1913-14, or rather less than 8 percent of the national income. The state intervened to prevent the citizen from eating adulterated food or contracting certain infectious diseases. It imposed safety rules in factories, and prevented women, and adult males in some industries, from working excessive hours.
The state saw to it that children received education up to the age of 13. Since 1 January 1909, it provided a meagre pension for the needy over the age of 70. Since 1911, it helped to insure certain classes of workers against sickness and unemployment. This tendency towards more state action was increasing. Expenditure on the social services had roughly doubled since the Liberals took office in 1905. Still, broadly speaking, the state acted only to help those who could not help themselves. It left the adult citizen alone.

This is one of the sad things about being on the West Coast... everyone goes to bed so early...

aleister perdurabo wrote:

He could travel abroad or leave his country for ever without a passport or any sort of official permission.

Passports are modern innovations. In the 18th century and before a citizen of one country at war with another could reside in that country without hindrance or even much notice.

bearly wrote:

Awesome news. The more the merrier, RIGHT ?

Saudi Albertan property owners approve this message.

Kauai_Kahuna wrote:

Hussman Funds - Weekly Market Comment: The Heart of the Matter

Meanwhile, we can't imagine that the European crisis can be addressed by piling up excessive government debt to bail out troubled banks, and then relying on troubled banks to buy the excessive government debt. Unless we want a world where public services are cut to the bone in order to make bank bondholders whole, and where recession (or in some countries depression) is forced onto citizens in order to make government bondholders whole, the world's leaders will eventually have to wake up and recognize that bad debt requires bondholders who willingly took the risk to also take the loss.

Yes, well. ECB market intervention was decided by all for Lisbon. And rejected again by all, obviously, this February.

4. # a bona fide EU-wide banking solution involves having German banks merge with periphery banks. does not seem to be on the table. probably it'll take another crisis...

That's original and counter-intuitive, in light of generalized animosity toward Germany's financial, economic, and political institutions. I'm uncertain of your "periphery" meaning here -- EU not eurozone or eurozone PIIGS?

In either case, tell me, how this merger of commercial banks will be accomplished, more swiftly and decisively than case by case loan negotiation. Are you leaning toward military action or hostile takeover bidding?

pavel.chichikov wrote:

Amazing things go on in that country.

UEFA was smoking when they gave them the Euro Cup.

pavel.chichikov wrote:

Subversive idea.

Yep.
The 1% must be maintained and the banker bonuses paid.

Bubblisimo Gerkinov wrote:

when they gave them the Euro Cup.

I cannot reveal a conversation I heard involving Ukraine, partly because the language is too indelicate. There are some really crude characters in high places over there.

Very good, citizen. You can eat this week.

Speculators Fail to Reap Rally in Crops After Wager Cut - Bloomberg

Speculators cut combined bullish bets across the S&P GSCI by 13 percent to the lowest this year on mounting concern that Europe’s widening debt crisis will derail global growth and curb demand for commodities. Agricultural prices rallied as dry weather harmed the corn crop in Iowa and Illinois, the biggest U.S. growers, and Russia’s government declared a state of emergency in some areas because of drought.
“People don’t look at fundamentals when the crisis overshadows everything,” said Stanley Crouch, who helps oversee $2 billion of assets as chief investment officer at New York- based Aegis Capital Corp. “The tug of war gets tough when the correlation between the economy and agricultural commodities is very high.”
Global food prices had their biggest drop in more than two years in May as the cost of dairy products slumped. An index of 55 food items tracked by the United Nations’ Food & Agriculture Organization fell 4.2 percent, the agency said June 7. The gauge dropped 14 percent from a record in February 2011, when higher costs coupled with rising unemployment helped spark protests across the Middle East and North Africa.

josap wrote:

The 1% must be maintained and the banker bonuses paid.

Well, keep in mind that a lot of bonds are held by pension funds. Massive bond defaults would put a lot of pensioners on the street.

That said, the 1% are certainly big bondholders. But you noticed that existing bondholders have been taking a lot of unexpected haircuts recently, right? At least some of the ECB bailouts have put the ECB ahead of the bondholders in a default. This has also happened in several cases in this country, where bankruptcy courts have allowed providers of bridge (DIP) financing to step ahead of existing bondholders.

sm_landlord wrote:

. But you noticed that existing bondholders have been taking a lot of unexpected haircuts recently, right?

First question that occurred to me: Who are the junior creditors?

sm_landlord wrote:

a lot of bonds are held by pension funds

I know.
And I also know there is no good way out of this mess.

creditcriminalslovetarp wrote:

.1 day?

Two days. And I have this set of tableware you might be interested in. It was first owned by Marie Antoinette and used in her tea house at Versailles.

aleister perdurabo wrote:

Agricultural prices rallied as dry weather harmed the corn crop in Iowa and Illinois, the biggest U.S. growers,

The corn crop in Iowa and Illinois is overwhelmingly for either animal feed, HFCS, or ethanol - and thus shouldn't be effecting all food prices. Plus, since corn just went into the ground 3-4 weeks ago, the only "dry weather" that would have such a tremendous effect is that which is currently forecast 2-3 months out from harvest (and not that they're wrong, but that's way too much speculation upon which to drive up prices.) Yeah, I hate BigAg.

This european episode will be studied for quite some time, and perhaps it will afford some entertainment for posterity, in case there should be one.

Bubblisimo Gerkinov wrote:

Does it include a cake server?

Bien sur, Monsieur.

There are some really crude characters in high places over there.

Unlike here? See for example, ‘The Wit and Wisdom of Michael Bloomberg’ Chairman Mike

Shareholders are always most junior creditor, such that equity reserve will fund resolution of all other creditors' claims in the event proceeds of asset liquidation are insufficient.

And ESM text requires applicants to agree to CAC, i.e. discounting senior creditor claims

old news

iambroke wrote:

tu mere jaisa ganja ho raha hai or tu maje sarka takla zhara?

Dude since you are old school, i envy you can adjust to Pune, to me it is always Poona.

Ahh.. well I'm AM old school ( the Sadashiv Peth - killer of Gandhi - Nathuram Godse school - (though it was happening without any awareness on my part so knowing it as Pune, and Mumbai not Bombay and Shivaji the Maratha king not a dacoit would have been part of my upbringing.. )

Of course so also was Camp ( what a name heh in the modern idiom ), the Race Course, the whole military side of stuff that Pune also was/is part of my being. living the two side by side wasn't particularly difficult.

On the one hand you went and listened to Atre's lectures on Marathiness at Shanivar Wada.. next day you went to a Jesus Mary school and read about.. I was a total kid of course .. but sadly a good memory means a lot is still stuck in the brain from the age of .. well very very young anyways.

Samyukta Maharashtra Samiti - Wikipedia, the free encyclopedia

Sanyukta Maharashtra Samiti (Marathi: संयुक्त महाराष्ट्र समिती), roughly translated as United Maharashtra Committee, was an organisation that spearheaded the demand in the 1950s for the creation of a separate Marathi-speaking state out of the (then bilingual) State of Bombay in western India, with the city of Bombay (now known as Mumbai) as its capital.
Flora Fountain was renamed Hutatma Chowk ("Martyr's Square") as a memorial to the Samyukta Maharashtra movement. The Hutatma Chowk memorial with the Flora Fountain, on its left in the background.

The organisation was founded on February 6, 1956, under the leadership of Keshavrao Jedhe in Pune. Prominent activists of Samyukta Maharashtra Samiti were Patramaharshi Dainik Prabhatkar Walchand Kothari, Acharya Atre, Prabodhankar Thackeray, Senapati Bapat and Shahir AmarShaikh among others.

My time's up. The house temp has finally fallen to 78F.
Ask josap.

1 currency now -yogi wrote:

Hey if the Fed prints enough bailout booty to go around even LEH holders can git some.

The magic bloomie has gone on strike - demanding chocolate dilithium crystals served up by nubile wenches with palm fans to cool its heat sinks.

skk wrote:

Marathiness at Shanivar Wada.. next day you went to a Jesus Mary

Well in my post teen years I was firmly ensconcsed in cantonmentn(ahh the old imperial noun), ie Koregoan park since it was sorta north west of MG road shit my bearings are a bit fucked now but but but iny teens were in Rastha Petha....shanivar wad a proverbial fulong away, of course the whisky addled swiss cheese brain would be hard pressed to remember much detail

'Night

< wipes tears and picks nose >

poic wrote:

< wipes tears and picks nose >

http://illustratorsjournal.files.wordpress.com/2012/05/beatlesmartin.jpg

Bubblisimo Gerkinov wrote:

< wipes tears and picks nose >

http://illustratorsjournal.files.wordpress.com/2012/05/beatlesmartin.jpg

Oh wait ... this one's better ...

https://lh3.googleusercontent.com/-WkOcVJoGyXk/T1Xt8-EqSKI/AAAAAAAACU0/oGG3K_x3UTo/s288/Vote2012-pickWisely-splat%252520copy.jpg

1 currency now -yogi wrote:

Hey if the Fed prints enough bailout booty to go around even LEH holders can git some.

If the Fed or better the treasury actually printed money instead of loaned it we might get out of this mess.

greenchutes wrote:

If only Spain had institutionalized and federalized crony-political-RE-banking.

Yeah, see, they regionalized crony-political-RE-banking instead of nationalizing it. That was their big mistake. Now they are wising up and federalizing it.

picosec wrote:

I just came out to play and found everybody has gone home.

Sorry, I was cooking dinner.

Pan Fried Snapper Fillets with Ras el hanout, Roasted Pumpkin with Rosemary, and Brussels Sprout Chips

Good morning Antipodes.

As usual, you exercise my salivary glands in the wee hours.

I've never heard of Brussels Sprout chips before.

Who is this "we" you speak of?

Hey just because Obama didn't kill his mother doesn't mean LBJ didn't kill his sister.

Nanoo-Nanoo wrote:

I've never heard of Brussels Sprout chips before.

First time I've made them. I tossed the leaves with anchovies, shallots, olive oil, crushed red pepper, and salt and roasted them in the oven until they turned crispy. Quite good. You can make kale chips, as well.

The Euro is giving back most of its bailout jump already.

Morning from S.FL