OMG, for the first time in months I watched CNBS in the afternoon instead of Bloomberg. Wow, what a bunch of bullshit they spew. You would think the EUR going to 21 was a good thing. I'm surprised they put the MW replay on a few times noting the impending disaster in the financial sector. Must be like a disclaimer, "This 30 second spot is just in case." Absolutely horrifying and criminal what they are pumping and what the "money managers" and "analysts" are trying to sell you.
I'll spare you a total recap of Zero Hedge at this point, but a quick glance reads like an obituary for the markets. My favorite and most telling (since I am a conspiracy nut), Moody's Head Of Sovereign Ratings Pierre Cailleteau Leaving Disgraced Firm to me this is the biggest tell of all that this has been a rigged game. I'm speculating that Pierre can't take the lies anymore and has had enough. I would expect to see him in a courtroom as an expert witness before to long (depending on the size of his US taxpaor funded sevarance package of course).
Of course the news that rocked the market was Germany To Ban Short Selling At Midnight, Only Naked Shorts To Be Affected. That morphed into German "Reform" About To Whack FX Market: FinMin Says Likely To Ban EUR Derivatives That Don't Hedge vs FX Risk. Contagion will spread as governments go into a full court press against the banks that have been holding them hostage (well, at least across the pond they are, here...LOL...we're still bought and sold by the Fed and the TBTF daily). reform with teeth may come one day, after the TBTF's have been busted up or have totally collapsed (I'd bet on collapse first).
Mish covers the fact that Individual Stock Circuit-Breakers Coming Your Way as our SEC begins to get into the act of further regulating markets to try and stop the impending fall. Mish also has an updated Interactive Map of Failed Banks in 2010 with Texas Ratios, Capitalization Ratios, Etc; All Failed Banks By Name and Date Since 2000. This was very enlightening last time and should be even better as the regulations take place and the fraudulent earnings and balance sheets go away. FAZ and SKF holders might actually get some sort of reward I'm guessing (anything is possible right?). And we'll cap off the Mish section with something that we can all see coming a mile away -Legalized Theft - UK Proposes 50% Tax on Capital Gains, Up From 18%, yes folks the cap gains laws here will be changed and those with legacy holding will have a tough decision to make (not that the markets aren't making those decisions any easier). To sell at current rates (which I think will cause a massive dump) or hold and be charges and extra exorbitant amount (on what will most likely be worth a lot less)? Tough call LOL.
No, no conspiracy or fraud here in the US of A involving the banks. Really. I swear! Wait, what's this Denninger has uncovered - ALL The Banks Ripped Off Taxpayers? Karl does a great job trying to educate and defend you and me. We should all thank him for his efforts (as well as ZH, Mish, naked cap and a handful of others). "Anderson said he referred scores of cases to the Justice Department when he was with the IRS. He estimates that bid rigging cost taxpayers billions of dollars. Anderson said prosecutors are lining up conspirators to plead guilty and name names." LOL, but the banks are not being prosecuted, just the employees. What a screwed up nation we live in. that's right, no conspiracy here between the big banks and the bought and paid for representatives
Naked Cap has something you will surely not see on the MSM. Racial Wealth Gap Quadruples in Since Mid 1980s this eye opener will help you understand the glaring wealth disparity that exists in the county, and IMHO the root of all this evil we're experiencing right now. The rich get richer while the rest are left for dead. Now, nothing wrong with being rich as hell. I'm all for that. The problem I have is when they use their assets to influence and further their positions (like buying congress so their banks can do all sorts of (once) illegal things to steal trillions from the rest of us).
Our government sucks. that is all there is to it. This post from Washington's blog is a good one emphasizing the ineptness of our elected leaders at solving any issue.The Responses to the Gulf Oil Spill and to the Financial Crisis Are Remarkably Similar ... And Have Made Both Crises Much Worse The quote from William Black is a classic, " the government's entire strategy now - as during the S&L crisis - is to cover up how bad things are ("the entire strategy is to keep people from getting the facts". CNBS is doing their part, are you? I can see those Uncle Sam posters now, "I Want You - To LIE!"
And WB has this post on the oil spill - Criminal Negligence: Despite Knowing It Had a Damaged Blowout Preventer, BP STILL Cut Corners By Removing the Single Most Important Safety Measure I think it is a must read. conspiracy, bought and paid for government? No way. Never.
I'll do what I can with the charts tonight. I'm thinking it is time for another impulsive move south soon. It is collapsing. turn off the MSM and listen to your head. Not what the cheer leading BS propaganda machine is pitching. The trillion bailout to the EU just a week ago got 'em what? Time to pull the rip cord I think.
GL, thanks for the views and have a good evening.