Going for first is so last century.

So is this rally going to last longer than the Spanish bailout rally?

Apparently the "markets" will get that new bailout money just a split second before the workers. If the savvy innovators can just trade it back and forth a few trillion times a second, they can produce real wealth on paper....

CalculatedRisk wrote:

Greece finally leaves the euro.

How, exactly, does that happen?

CalculatedRisk wrote:

TJ and The Bear, I took "No" under QE3 this week.

Yeah, but markets are, um, "optimistic".

New poll:

When will the Fed move to tenths or hundredths instead of quarter points? .25% of $100 trillion (in interest rate swaps) is two thousand, five hundred billion dollars

Asia stocks mostly up after bin Laden news - MarketWatch (May 02, 2011)

The day’s performance came after U.S. President Barack Obama announced that U.S. forces had killed bin Laden in a firefight in Pakistan. The news added to gains in the U.S. dollar and the U.S. index futures, in addition to spurring Asian stocks.

Dow Jones Industrial Average (US:DJIA) futures were recently up 90 points in screen trade.

No SYRIZA

Everyone back off of the PRINT button

volker the viking wrote:

why would you ask such a question

I keep hearing people say that Greece must leave the Euro, but it's nowhere in the Treaty. There is no legal mechanism for a country to exit the Eurozone.

I wish I could identify the source of this banker misinformation campaign.

How does Greece or Italy or Spain leave the Euro? What happens to the liabilities in Target 2?

Is leaving the Euro an act of war?

Onward and upward to Dow 14,000!

Once they do away with the minimum wage the hiring will take off.

sporkfed wrote:

Once they do away with the minimum wage the hiring will take off.

Have to get rid of most of the safety net as well.

josap wrote:

Have to get rid of most of the safety net as well.

The safety net is a pittance compared to entitlements, unless of course you're reclassifying SS & Medicare/Medicaid.

Tom Stone wrote:

Above $15 an hour certainly, probably $20.

The hamburger flippers would all have Master's degrees, but we'd almost certainly have a guest-worker program (or automation) for everything else.

she's going down

NIKKEI 225 Index Chart - Yahoo! Singapore Finance

...... NIKKEI 225 Index Chart - Yahoo! Singapore Finance

YouTube - The Fall - "CREEP"

Hooray! We're saved! Wait, wut?

Is leaving the Euro an act of war?

Whose side are you on?

Rajesh wrote:

Is leaving the Euro an act of war?

De facto or de jure? Which "de jure"? Does "war" = "guerre"? Who defines the terms? Are blitzkriegs legal in warfare?....

you're just being contentious

*Once they do away with wages, the hiring will take off. Fixed It For Ya

Check out the Prison Industrial Complex. *

Actually, I made that very point a couple of days ago on another blog. Thanks for mentioning it.

you better run baby run faster than my bullet

Heh, indeed.

My dinner. Fresh Snapper chowdah. http://imgur.com/W0bdt

Great. Now gas will go up.

It's called uncompensted increased productivity in most businesses. Bonuses depend on it.

WOW, I knew Webb Simpson was going to win.

what else are seeing ahead..can I wager on it?

UPDATE 1-China May home prices fall, pace of declines picks up
| Reuters

Average home prices in China's 70 major cities fell 1.5 percent in May from a year earlier, Reuters calculations based on official data published on Monday showed, and the pace of decline picked up in major cities such as Shanghai.

It was the third straight monthly decline on a year-on-year basis since the government imposed strict curbs on property speculation more than two years ago, with the price decline deepening from a fall of 1.2 percent in April.

OkieLawyer wrote:

Speaking of "volunteer" work, that is the other type of uncompensated work that many business (my profession being one of the abusers) employs to keep "costs" down. In the legal business, they are called "internships."

Even with corporate profits at all time highs, many business leaders insist they cannot be profitable without this "volunteer" labor.

My story is mildly amusing. I made one of those "God if you are there, get me out of this one and I'll" promises about 12 years ago and survived when I should not have. two days later someone I was acquainted with told me they needed help in the jails. I have always done my best to keep my deals. I still have no truck with organized religion, that well was poisoned a long time ago.

Greece can check out of the Euro any time it pleases, but it can never leave Europe...

The Muslim Brotherhood candidate won... something.
Egypt's Brotherhood declares its candidate president
| Reuters

The Brotherhood said Morsy won 52.5 percent of votes while Ahmed Shafik, an ex-military, secured 47.5 percent, Morsy campaign official Ahmed Abdel Atti told a news conference at the Brotherhood's party headquarters in Cairo. He added that these were initial results.

Kristina

Tom Stone wrote:

I still have no truck with organized religion, that well was poisoned a long time ago.

A foolish thing to say, even on your own terms. Do you think only the unchurched work with the poor?

Your prayer was answered. Whose well is being poisoned?

1 currency now -yogi wrote:

Let them eat galactaburika.

I was thinking of Greek deserts today. I liked them very much before I became unable to digest milk products.

The Maastricht Treaty requires all member of the European Union to use the Euro except for Sweden and U.K. which have exemptions. Leaving the Euro would be a violation of the treaty, persumably, meaning leaving the European Union as well.

Goodbye visa free travel.
Goodbye the right to work in other E.U nations.
Goodbye structural funds.
Goodbye tariff free access to E.U. markets.

PastTense wrote:

If this is true then a military coup?

Seems like it. But the most of the Egyptian economy is run by the military.

The game turned when they made that ridiculous call on Durant. Wade jumped into him and he gets his 4th....

1 currency now -yogi wrote:

The game turned when they made that ridiculous call on Durant. Wade jumped into him and he gets his 4th....

Is there basketball on ? I don't recall any discussions of Kobe and the Lakers so nope.. there's no basketball on.

Actually, it's nice to see good hard basketball without the dirty play of the Lakers and Indiana.

most of family as they are pie addicts...including me..

it's the difference between your mortgage payment and what the government considers the fair rental value of your property.

"the other entity is a landlord, who runs a small business owning and renting the house; the landlord has a net income, included in Personal Income (PI) and thence in National Income, constituting the gross rent less mortgage interest, property tax, maintenance, insurance and depreciation."

the stupid thing is that our housing costs have little to do with the actual capital cost of the housing good and everything to do with how much it cost us to not be second bidder for the title when it was purchased.

The primary reason we don't have a Jetson's economy is that we can't mass-produce land like we do other goods -- the more productive we are the more ground rents take it away.

Speed wrote:

Unintended Consequence #2834

It's around #4567 that they get down to brass tacks:

Isn't it time for the tea and saki break in Asia, so they can discuss WTF Greece has to do with the NIKKEI?

Doc Holiday wrote:

It's around #4567 that they get down to brass tacks:

Go long tacks. They're gonna need a load to nail down Tarp 2.

Tom Stone wrote:

McDonald's burger

I see burgers of the future (@ McDonalds) as a mix between Soylent Green Patties and Jack Kevorkian - Wikipedia, the free encyclopedia

YouTube - IT'S PEOPLE!

"Tom Stone wrote on Sun, 6/17/2012 - 8:02 pm (in reply to...)
reply
Doc Holiday wrote:
These too will see the impacts of the baby Boom Implosion; fewer burgers will be served and the nascent robotic burger flipper industry will melt like American cheese You will be assimilated. Resistance is futile.
Should I eat a McDonald's burger before I die?"

Not if you want a lead stomach and colon blow to be on your mind as you're walking towards the Pearly Gates.

1 currency now -yogi wrote:

nail down Tarp 2.

Mittens already has that baked into his election show:

See: ""You and I have a rendezvous with destiny. We will preserve for our children this, the last best hope of man on earth, or we will sentence them to take the first step into a thousand years of darkness. If we fail, at least let our children and our children's children say of us we justified our brief moment here. We did all that could be done.""

100 year bonds backed by beaches?
It will not be pretty, or nice.

CalculatedRisk wrote:

I'd like to hear it.

a variation of Brady bonds...

skk wrote:

at one end - the catholics.. just accept Jesus as your savior and irrespective of what you've done yer IN.

Mormons - you gotta be baptized - then yer in. hence this stuff about baptising your ancestors.
I got a bit lost on the Baptists - something about good works don't get you INTO heaven but doing them is to let the big man know that you believe.. and since you've persuaded him you believe THEN he lets you in.

What do the Lutherans believe then ?

No clue and little curiousity. I know C of E believes in dressing well, or at least the grandma known as "The General" always wore her gloves and a hat when attending services. Twice a year, as an example to the common people.

poic wrote:

Not if you want a lead stomach and colon blow to be on your mind as you're walking towards the Pearly Gates.

making a pile of foul crap while standing at the Gates is probably not a good recommendation for entry.

Feckless Ness wrote:

Pavel, the volunteers I work with come from a variety of faiths.

C'mon, you know his M.O. Did you not anticipate that he would log off before you could respond?

It was not a surprise.

CalculatedRisk wrote:

I don't know. If someone can describe a clear path forward to recovery for Greece - that Germany will accept, and without leaving the euro - I'd like to hear it.

easy man.

GERMANY leaves the euro.

o yeah - will the Germans accept that ?

sporkfed wrote:

I believe Lutherans believe faith alone gets you into heaven , but
Faith without good works is dead.

Heaven for the climate, Hell for the company. Sebastopol is close enough for government work.

poic wrote:

Should I eat a McDonald's burger before I die?"

Not if you want a lead stomach and colon blow to be on your mind as you're walking towards the Pearly Gates.

I'll pass then. It doesn't smell edible anyway.

"JimPortlandOR wrote on Sun, 6/17/2012 - 8:16 pm (in reply to...)
reply
poic wrote:
Not if you want a lead stomach and colon blow to be on your mind as you're walking towards the Pearly Gates.
making a pile of foul crap while standing at the Gates is probably not a good recommendation for entry."

Even if I do 5 Hail Mary's?

poic wrote:

Even if I do 5 Hail Mary's?

Isn't that a little risky? Your wife doesn't seem like the type to share.

must I repeat myself..
for Greece, a variation of the Brady bond
which was a novel financial instrument of the time...
...
are you listening CR? or God? or...

Oji wrote:

The Man Who Quit Money

who? Pol Pot?

glimmerman wrote:

Interesting. Time and time again, when asked to choose, voters choose bank bailouts and austerity.

Not too hard to understand.
It's the austerity you know vs the depression and ostracization from the benefits of the group you are threatened with.

"sdtfs wrote on Sun, 6/17/2012 - 8:25 pm (in reply to...)
reply
poic wrote:
Even if I do 5 Hail Mary's?
Can you even throw a football further than thirty yards?"

No, but I did stay in a Holiday Inn Express.

think of the Mythos, Calimari and bikinis and I'm sold...

josap wrote:

The California system.

Which is still alive and kicking. HCN.

Greece has a 350 billion national debt.

Germany powered out of its FX issue with rentenmarks, secured by some sort of mortgage on the productive land of the reich (well, "rich" too I suppose).

Problem is Greece no doubt already has a heavy mortgage burden (which is sad considering they've been there for 3,000 years and you'd hope at some point they'd be able to pay the mortgages off), while Weimar Germany's inflation wiped out all senior liens I assume.

Greece has 50,000 sq miles so that's a rentenmark burden of $11,000 per acre.

If I were running Greece I'd institute a LVT -- but people who don't have me on ignore would already know I'd say that.

CalculatedRisk wrote:

but all I hear is "Nein, nein, nein"!

Germany could set up similar instruments to the Bradys.
the USA did it because it could see a very dismal future for
Latin America, at least in the near term...
why doesn't Germany see this as their long term interest?

1 currency now -yogi wrote:

I had a purloined copy of "Steal This Book"

saw Abbie speak at Columbia in '84... a real character...

YouTube - The Beatles - Taxman (remastered)

So why no dancing in the streets in Germany?

Switzerland and UK are broke too...maybe Japan is the first to crater....the race is on.

Oji, the Amazon review posted by the best friend of "The Man Who Quit Money" is beautifully written and thought-provoking. Thanks for the recommendation.

Bubblisimo Gerkinov - I just posted a book recommendation: The Man Who Quit Money

Is this the guy living in the desert? He still scavenges, uses the public library for public access, etc.
He has stopped working, and using cash but he has not dropped out of society. I do kind of like the idea until you get sick and need a doctor, etc.

PastTense wrote:

Rajesh wrote:

The Muslim Brotherhood candidate won... something.
Egypt's Brotherhood declares its candidate president

If this is true then a military coup?

The coup already happened. This is a post-coup win!

What impact could the Wisconsin recall election have in November? – Cafferty File - CNN.com Blogs

According to CNNMoney.com, the public pension fund gap for police, firefighters, teachers and other city, county and state employees could be as high as $3 trillion, and that doesn't even include the cost of retiree medical care.

Kauai_Kahuna wrote:

I do kind of like the idea ...

Really?

Seems pretty inconvenient to me.

It's one thing to get things and services without spending money ... but to avoid using money altogether sounds like work.

Kauai_Kahuna wrote:

Is this the guy living in the desert? He still scavenges, uses the public library for public access, etc.
He has stopped working, and using cash but he has not dropped out of society. I

He doesn't seem to use cash at all, but the rest is accurate. You probably have the correct man in mind. The book does detail the very emergency situations we all worry about, including medical care, and tells how he has managed to cope these past 12 years. The author also ponders what will happen as Daniel, the subject, ages-- he's in his early 50s in the book.

Don't buy the rally Monday morning. Nite

Bubblisimo Gerkinov -.. but to avoid using money altogether sounds like work.

Very much so, going it alone and basically going back to survival living is a lot of work. Done it a few times out of necessity because I had no money.
Now with so many homeless or couch surfing what little resources and services available are over taxed and it's much harder.

skk wrote:

Downs believes that about a quarter of the four million freed slaves either died or suffered from illness between 1862 and 1870.

Which compares how to the death rate of the same causes, and others, under slavery during a typical 8-yr period?

1 currency now -yogi wrote:

Downs believes that about a quarter of the four million freed slaves either died or suffered from illness between 1862 and 1870.
...

evacuation of Phnom Penh in '75 had a similar effect.

Doc Holiday wrote:

A spokeswoman for China's space program remarked "Generally speaking, female astronauts have better durability, psychological stability and ability to deal with loneliness," according to Xinhua, which ranked her with Sally Ride, the first U.S. female astronaut, and Russian Valentina Tereshkova, the first woman in space.

The only thing heroic thing I remember about Sally Ride is that he used the shuttle arm to smack a turdsickle off the side of the shuttle -- or was she the one on the ground who advised them on how to do it?

Count de Monet wrote:

The only thing heroic thing I remember about Sally Ride

She must have endured a shitload of BS from her male counterparts every day of her professional career. That's plenty heroic.

Oji wrote:

Which compares how to the death rate of the same causes, and others, under slavery during a typical 8-yr period?

good point.. as I come across data I'll share.

the issue I'm raising is that the war was about saving the Union on one side ( it wasn't just merely a fig leaf to get the more "what's it gotta with me or worse " Northerners to go along for the ride for a more moral imperative ). For the Southerners sure, it was about keeping slavery going.

Post war - nothing much came about of the "40 mules and a acre" did it ? that's the second issue.

Feckless Ness wrote:

She must have endured a shitload of BS from her male counterparts every day of her professional career. That's plenty heroic.

Doubtful, she was one of six lady mission specialists (of 22 total) selected in 1978. It was a whole new scene by then.

NASA Astronaut Group 8 - Wikipedia, the free encyclopedia

California Pension Fund Down Almost 5% as Year End Looms - Bloomberg 

They need 7.5% pa, so 21.5% this next year will get them back on track.

The odd thing is that African Americans have been moving back to the South
reversing migration trends established in the Great Depression. CK complains
About the people in Florida, but their all from somewhere else.

I guess there will be no bonuses for the fund advisors. A shame, when they put in all that hard work throwing darts at paper.

which sees the freeing of the slaves as a triumphant righting of the wrongs of a southern plantation system that kept millions of black Americans in chains.

a WealthandWant Essential Document: "A.J.O." (prob. Mark Twain) - Slavery

Duke of Con Dao wrote:

fuckin' Hollywood

I saw that trailer and I still can't believe it's not a complete spoof. Vampires? Again?

Feckless Ness wrote:

Count de Monet wrote:

Doubtful, she was one of six lady mission specialists (of 22 total) selected in 1978. It was a whole new scene by then.

You have no idea.

No, he doesn't.

Spain real estate ‘madness’ continues despite burst housing bubble | Economy | News | Financial Post
Spain continues to build even with 2 million homes vacant around the country
May 2, 2012
Spain, Europe’s fifth-largest economy, is the current focus of attempts to contain the region’s sovereign debt crisis, as Prime Minister Mariano Rajoy struggles to quell speculation it will need a bailout. Developers are showing similar optimism. They continue to build even with 2 million homes vacant around the country, new airports that never saw a single flight being mothballed, and property appraisers and banks reporting values have fallen only about 22%, said Encinar, who estimates the real decline is probably at least twice that.
On the plain below the central walled city of Avila, a world heritage site and a popular tourist destination, the province with a population of 171,680 has about 19,000 apartments and villas empty or unfinished, according to Borja Mateo, the author of “The Truth About the Spanish Real Estate Market.”
Ministry of Infrastructure figures show 23,419 homes were constructed in the decade through 2007, with another 11,000 homes built there since 2008. The sprawling developments are dotted with thousands of empty parking spaces, while streets have makeshift barriers where the money has run out, others simply end in fields.
The Spanish real estate bust is the biggest test to date for European authorities with Spain’s economy almost twice that of Greece, Portugal and Ireland combined.
“Banks are employing financing like a weapon of mass destruction to sell their stock and keep prices artificially high by using high loan-to-value mortgages,” said Mikel Echavarren, chairman of Irea, a corporate finance company that specializes in the real estate industry. “Today in Spain it’s easier to buy a 200,000 euro flat from a bank with 100% financing than buy a 150,000 flat from an individual homeowner where you have to have a 20% deposit.”

skk wrote:

‘Sick From Freedom’ by Jim Downs, About Freed Slaves

So the editors decided that Freedom was to blame? If they wanted ambiguity, they could have chosen a different preposition, such as Sick With Freedom, otherwise it seems to be a cautionary tale about wanting not to be a slave [edit: and how terrible that is to desire to be free.].

Good night.

I guess my potential retirement villa in Spain awaits- cheap!

The stupidity of our ruling class is immense.

The failure of Greece because of the insane euro requirements is example prime of how neoclassical chicago style economics has failed to provide the advice necessary to advance out of this debt debacle.

Austerity has failed, but the political classes can't get it out of choice set.

Well, the markets are not worried, so why should we?

Someday this war's gonna end...

Someday this war's gonna end...

merchants of fear wrote:

and banks reporting values have fallen only about 22%, said Encinar, who estimates the real decline is probably at least twice that.

I'm happy to see that NAR has embraced globalization. Obviously, kool-aid is being shipped overseas.

TJ and The Bear wrote:

doomed to failure by the sane euro requirements

As most of the countries in the Eurozone no longer can meet the requirements, why don't they just change them?
Seems to work pretty well for when governments don't want to increase benefits or show higher GDP. And the DOW always will go up over years because they drop the lossers off the list.

pavel.chichikov wrote:

Winning is legal. Losing is not.

That is so totally true...

Speed wrote:

GERMANY leaves the euro
Makes the most sense actually. It will be unexpected.

They would get crushed - exports would collapse - they need the euro more than Greece does.

Count de Monet wrote:

Gratuitous assertion.

That depends. Do you feel that there's nothing condescending or insulting by this remark?

The only thing heroic thing I remember about Sally Ride is that he used the shuttle arm to smack a turdsickle off the side of the shuttle

Which if you re-read Doc's quote, had no mention of heroism, merely some desirable attributes. So it seems you were taking a gratuitous swipe at an female astronaut.

sk2322 wrote:

Dollar Shortage Seen in $2 Trillion Gap Says Morgan Stanley - Bloomberg

From the link...

Central banks rebuilding foreign- exchange reserves at the fastest pace since 2004 are crowding out private investors seeking U.S. dollars, boosting demand even as the Federal Reserve considers printing more currency.

If they want them - let them have them. What they willing to give as collateral? Promises?

Count de Monet wrote:

What fucking difference does her plumbing make?

Makes her more susceptible to casual insults.

skk wrote:

I see on FB...

Apostate! Stone him! He worships at the forbidden portal!

Futures mojo fading. More magic dust Tinkerben!

Duke of Con Dao wrote:

MSFT announces own IPad tomorrow in CA?

ZunePad.

Citizen AllenM wrote:

I guess my potential retirement villa in Spain awaits- cheap!

Keep waiting and it will get cheaper.

Duke of Con Dao wrote:

MSFT announces own IPad tomorrow in CA?

I'm starting to fill up at the thought.

Of course, they'll find a way to ruin it.

Duke of Con Dao wrote:

KinPad

MaxiPad?

I was just being flippant, though I do think it's pretty cool that she smacked a turdsicle off the side of the shuttle. IIRC, it was considered a possible hazard on reentry.

sdtfs wrote:

I get mad at the people who think astronauts are brave,...I'd go in a heartbeat if they'd let me.

The bravery is not for the mission, it's for the admission process. (I went to school with one who made it. )

JP wrote:

The bravery is not for the mission, it's for the admission process. (I went to school with one who made it. Duke Point)

{Insert poopy-suit joke here...or several}

merchants of fear wrote:

and maybe

yeah, there's always that.
..
.
.
.
..
.
Who showed you my file?

Count de Monet - does not a hero make.

How about getting you behind shot into space in a rocket made by the lowest bidder?
Works for me.

Kauai_Kahuna wrote:

How about getting you behind shot into space in a rocket made by the lowest bidder?
Works for me.

How about you pay attention to what I wrote.

Rajesh wrote:

Goodbye visa free travel.
Goodbye the right to work in other E.U nations.
Goodbye structural funds.
Goodbye tariff free access to E.U. markets.

bah. the turks are increasingly glad they have not joined the eu/emu. and when all is said and done a number of nations will wish they hadn't.

TJ and The Bear wrote:

Greece was doomed to failure by the sane euro requirements -- you know, the ones they agreed to when they joined.

you mean this sanity:

http://graphics8.nytimes.com/images/2012/06/17/opinion/061712krugman4/061712krugman4-blog480.jpg

sigh. some people eat bankster bull shit like its salted caramel budino.

yuan wrote:

TJ and The Bear wrote:
Greece was doomed to failure by the sane euro requirements -- you know, the ones they agreed to when they joined.

Krugman has an interesting comparison between the EU and the US. Pointing out that the US has a strong federal system while the EU is lacking one, he notes,

"Consider, for example, what would be happening to Florida right now, in the aftermath of its huge housing bubble, if the state had to come up with the money for Social Security and Medicare out of its own suddenly reduced revenues. Luckily for Florida, Washington rather than Tallahassee is picking up the tab, which means that Florida is in effect receiving a bailout on a scale no European nation could dream of."

I wonder how many Floridians realize this?

His column is still behind the paywall but is summarized on some other blogs.

Rob Dawg wrote:

The employed ones that see the first 30% of their pay go to D.C. every pay period?

I don't think so. Neither do the rest of the Americans who resent the government, but depend on government spending for their livelihoods, security, drug, food, or airline safety regulation, etc.

(Dow up 45, nothing to do right now; so I'm going back to bed.)

krugman is absolutely right

He does mention the 'huge housing bubble' and 'the bubble burst'.
And then a 'perhaps fatally — flawed monetary system' and he says 'Blame the euro' and 'Foreign money poured into Greece...'.
Then he says 'we have a strong central government, and the activities of this government in effect provide automatic bailouts to states that get in trouble.'
So he likes bailing out the rigged casino system.
His emphasis is on bailing out the wreckless bubble makers & big spenders & lenders, it seems, which some on HCN agree with...

merchants of fear wrote:

Where is austerity popular?

In countries that big fat Germans call "PIIGS". Greek austerity is popular in France and Germany.

Slobbering Senators Woo Dimon While They Gut Dodd-Frank - Bloomberg

one need look no further than the kind of slobbering, fawning comments that many members of the Senate Banking Committee -- on both sides of the aisle -- used to greet Dimon during his two-hour hearing last week.
Instead of pushing him to explain why, two years after the signing of the Dodd-Frank law, he encouraged his bankers and traders to take risks that shouldn’t be taken with his depositors’ money, we got this from Senator Jim DeMint, Republican of South Carolina: “We can hardly sit in judgment of your losing $2 billion. We lose twice that every day here in Washington. And plan to continue to do that every day. It’s comforting to know that even with a $2 billion loss in a trade … your company still, I think, had a $19 billion profit. During that same period, we lost over $1 trillion.” He concluded: “So the intent today is really not to sit in judgment but to maybe understand better what happened.”
Good Lord, can this really be happening?

Slobbering Senators Woo Dimon While They Gut Dodd-Frank - Bloomberg

President Barack Obama signed the 2,300-page Dodd-Frank law nearly two years ago, in July 2010.

2,300 pages of what?

merchants of fear wrote:

2300 pages of what?

The CFPB wants you to blow the whistle on lawbreakers > Consumer Financial Protection Bureau

Maybe someone can report JPM's discount window tab.

Consumer Financial Protection Bureau

Check under the budget/funding link on the website:
The CFPB budget > Consumer Financial Protection Bureau
And 'funding (requests and) acknowledgement(s) from the Federal Reserve Board'.

Consumer Financial Protection Bureau
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) established the Bureau of Consumer Financial Protection (CFPB or Bureau) as an independent bureau within the Federal Reserve System and made it responsible for protecting consumers from abusive financial services practices.
http://files.consumerfinance.gov/f/2011/02/CFPB-2012-BIB.pdf

Hit up the Fed when the crash comes or the world "economy" blows up...

Risk transfers... and they are considered 'legal'? Or out of the area of regulation.

merchants of fear wrote:

and they are considered 'legal'? Or out of the area of regulation.

I'd like to see 50 State AG's and 50 State insurance commissioners challenging that crap in federal court. But judging by the foreclosure settlement they're happy to play ball.

I'd like to see 50 State AG's and 50 State insurance commissioners challenging that crap in federal court.

Me too.

This is important:
On the designated transfer date, July 21, 2011, certain consumer protection authorities will transfer to the Bureau from seven existing federal agencies.
http://files.consumerfinance.gov/f/2011/02/CFPB-2012-BIB.pdf

Morning

Till debt do us part this earth.

Sunday night appears to be over...

SPANISH GOVERNMENT GENERIC BONDS - 10 YR NOTE Analysis - GSPG10YR - Bloomberg 

That's a pretty sizable jump!

Open: 6.84000
High: 7.13900
Current: 7.11700

It appears to me and my highly untrained eye that each crisis resolution produces desired positive affects which are weaker and weaker/shorter and shorter in duration by the only measure that appears to count, the markets.

Uh oh.
10 yr. back to 1.59.

Nanoo - ac was saying that very same thing a few days ago.

Outsider wrote:

Nanoo - ac was saying that very same thing a few days ago.

Thanks Outsider, I didn't see it so my apologies to ac. At least that is a good sanity check for me that my perceptions aren't totally off.

and oh..this has probably been discussed already too but

Egypt Stocks, Bonds Fall as Military Curtails President’s Powers - Bloomberg

India stuns, keeps rates steady as growth crumbles
| Reuters

...

India's March quarter economic growth of 5.3 percent was far worse than expected and the weakest annual pace in nine years. The data sparked calls from industry for immediate action to lift an economy that Standard & Poor's says could be the first BRIC nation to lose its investment-level credit rating.

Meanwhile, April industrial output figures last week suggested little pickup in economic growth heading into the current quarter.

The government is politically hamstrung, so is unable to drive reform and its deep fiscal deficit leaves it no room to provide stimulus spending at a time when the euro area debt crisis is weighing on the global economy, a factor set to dominate a G20 meeting in Mexico on Monday and Tuesday.

...

I see the way is prepared for Fed reopening of international dollar swap lines.

burnside wrote:

Fed reopening of international dollar swap lines.

I'm not sure I understand completely the implications or potential consequences of this.

It appears to me and my highly untrained eye that each crisis resolution produces desired positive affects which are weaker and weaker/shorter and shorter in duration by the only measure that appears to count, the markets.

I think that's pretty much correct Nanoo. This is all way beyond my understanding, but I think the basic problem is that the Euro_peans are trying to force the Euro to behave in ways that are fundamentally unworkable. A single currency isn't rocket science. Countries as diverse as the US, Russia, Britain, and Brazil manage to maintain a single currency. Even Iraq which has three pretty much autonomous provinces with their own damn army has a single currency. In fact, the only country I can think of that doesn't have a single currency is China which allows local currencies in Macao and Hong Kong because the economies in those areas need a fully convertable currency which the renminbi currently isn't.

I'm coming to suspect that the problem isn't the Euro at all. The problem is that some Europeans have made some (stupid) loans that are not going to be repaid and they refuse to face up to their self-inflicted problems. In the meantime, the Greeks, Irish, Spanish, etc are suffering not only for their own past mistakes, but from the consequences of German arrogance and incompetence.

We have the G-20, G-7 and the Federal Reserve meeting this week. Next week the E-4, E-17 and E-28 have meetings.

Yipee! Free croissants all round. Too late in the year for skiing, but maybe participants can work in a round or two of golf. If it weren't for the "free" food and drink, I wonder how many folks would show up for these parties.

Does Ben have the testicular fortitude to fire off his last bullet? What happens when news from Europe turns the market lower and he is unarmed?

Tuesday the ECB conducts its fine tuning operation, so we shall see. Everyone, yours truly included was looking for a Euro dump...still waiting.

sporkfed wrote:

What happens when the Greeks can't afford to hold
elections anymore ?

Trade for boxes of voting ballots with hanging chads?

What happens when the Greeks can't afford to hold
elections anymore ?

Hold on let me check and see...we have problems of our own ...the Greek drama needs to move on.

U.S. National Debt Clock : Real Time 

I was thinking more along the lines of a military takeover there.
Will the Greek military be beholden to the banks ?

Don't Drone me bro

No ECB printers, no free monies.

G20 might do something. But not soon.

No free monies.

And we know what Mr Addicted Market makes of that.

G-20 Said to Discuss Mix of Global Stimulus If Needed - Bloomberg

C

Not allowed in the EU mandate.

Funny thing Barley its not allowed in our mandate either and yet I read stories of downed DRONES in our own back yards.

I know

I would imagine rules will be ignored in the future as in the past.

Eric - He go winded in the home stretch and had to bow out for a bit.

NAS is