Stacy Summary: Ooooooh boy. And by the way, there is a downgrade warning in the article just for you @Mike/Liverpool.
“The first year is fiscally the easiest. Next year they have to cut another 3pc of GDP, and the following year a further 3pc,” said Chris Pryce, the agency’s Greece expert. “The great question mark is whether the Papandreou government is going to conform. There is already dissent in the cabinet,” he said.
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Just checked UK Pound Vs AUD. Its AU61.5c – Wow, thats double what it was when I was there in the 90′s.
1st folks
These rating agencies are a joke!
@ Mini US…you beat me by seconds!
Traders here saying tonight(my time) is the equinox and traders should beware as it is also historically March lows time for the markets.
Ooooooh! is right.
Ha. I think its a first for the first.
Totally by accident
Congress sets up bailout “trust fund” http://bit.ly/8Z0Mqh, to be invested in, oh, say, Treasury debt? 2 B redeemd by more debt? Hmmm
China’s surplus shrinks http://bit.ly/9UIjar. Who will buy our bonds? We could buy ourselves, but what about U.S. consumption? Gets tricky
it’s all one trade. Long/short vol & liquidity. Sell, pull the pin & wait for $$
Can California Declare Bankruptcy?
California passed a gas tax last week to help make up for its nearly $20 billion budget gap, the latest in a series of measures to right the state’s teetering economy. The country of Greece is in even worse shape, with accumulated debt higher than 110 percent of GDP, set to reach 125 percent this year. Can a state declare bankruptcy? Can a country?
http://www.slate.com/id/2246915/
Again piched from peter schiff
@Y’All
10 Years After: A Look Back at the Dotcom Boom and Bust.
http://www.wired.com/magazine/2010/02/10yearsafter/all/1
h/t initials bb.
Who is lying Fitch or Prodi
Greek Crisis Is Over, Rest of Region Safe, Prodi Says
http://www.bloomberg.com/apps/news?pid=20601087&sid=aOkYIczFiqp4&pos=1
Video
http://www.bloomberg.com/avp/avp.htm?N=video&T=Prodi%20on%20Greek%20&clipSRC=mms://media2.bloomberg.com/cache/vds9DAT7I.y4.asf
@Y’All
anutha from boinboing.
http://www.washingtontimes.com/news/2010/mar/09/detroit-looks-at-downsizing-to-save-city/
Talking Heads – Nothing but Flowers.
http://www.youtube.com/watch?v=RZuuxcm513c
Here we stand
Like an Adam and an Eve
Waterfalls
The Garden of Eden
Two fools in love
So beautiful and strong
The birds in the trees
Are smiling upon them
From the age of the dinosaurs
Cars have run on gasoline
Where, where have they gone?
Now, it’s nothing but flowers
There was a factory
Now there are mountains and rivers
you got it, you got it
We caught a rattlesnake
Now we got something for dinner
we got it, we got it
There was a shopping mall
Now it’s all covered with flowers
you’ve got it, you’ve got it
If this is paradise
I wish I had a lawnmower
you’ve got it, you’ve got it
Years ago
I was an angry young man
I’d pretend
That I was a billboard
Standing tall
By the side of the road
I fell in love
With a beautiful highway
This used to be real estate
Now it’s only fields and trees
Where, where is the town
Now, it’s nothing but flowers
The highways and cars
Were sacrificed for agriculture
I thought that we’d start over
But I guess I was wrong
Once there were parking lots
Now it’s a peaceful oasis
you got it, you got it
This was a Pizza Hut
Now it’s all covered with daisies
you got it, you got it
I miss the honky tonks,
Dairy Queens, and 7-Elevens
you got it, you got it
And as things fell apart
Nobody paid much attention
you got it, you got it
I dream of cherry pies,
Candy bars, and chocolate chip cookies
you got it, you got it
We used to microwave
Now we just eat nuts and berries
you got it, you got it
This was a discount store,
Now it’s turned into a cornfield
you got it, you got it
Don’t leave me stranded here
I can’t get used to this lifestyle
Morning Gang
Stacy
Brown on TV now talking about “Recovery is now here”…….also the £ just went to 0.91 to the Euro………………question is will it fall more?
Mike
In recent years, many fine analysts and ‘citizen journalists’ have come to provide information on the true state of out economy. Whether it’s people like Peter Schiff or Max Keiser, or documentaries like ‘Zeitgeist’, more and more Americans are learning the truth. A new documentary chronicling our financial meltdown is, “Generation Zero”. Released by Citizens Union Productions, the same group that fought in court over their documentary on Hillary Clinton, “Generation Zero” tells the tale of how our house of cards came crashing down.
http://www.gather.com/viewArticle.action?articleId=281474978065640
American Rating Agencies on the Rogue – Target: Europe
Keefe, Bruyette & Woods downgraded Dutch banking and insurance group ING http://www.marketwatch.com/story/ing-downgraded-to-market-perform-at-kbw-2010-03-10
New credit crunch risk as banks face funding crisis http://www.telegraph.co.uk/finance/economics/7409166/New-credit-crunch-risk-as-banks-face-funding-crisis.html
Are we headed for one of those unexpected 1:15000000000 year events?
(at least 4 Nobel Prizes in Economics have been awarded on this basis – even though the earth is only 4.5 billion years old, by best estimates)
Yes it’s the ‘Efficient Market Hypothesis’ again…hahahah…
Credit Default Swaps (CDS) – a primer
http://www.theglobeandmail.com/report-on-business/economy/what-are-credit-default-swaps/article1495104/
Who rates the rating agencies??
Just wonderin’
@ rezebra nice question
But its always $$$$$$$$$ which help them rate
Also ya really gotta see if a Co. is in need of liquidity my guess is it becomes AAA ten
It’s a mathematical impossibility to pay this debt. Fitch go to hell.
If there’s a downgrade for the UK, does this mean we’ll see starving scousers on the streets of the UK?
Prosperity is just around the corner. Past the intersection of Bedlam and Squalor.