From Zero Hedge:
We have discussed at length the need for the equity market to be significantly lower in order for Bernanke to step in with his munificence.
Critically, this is less about the absolute level of the S&P 500 (though anyone expecting the Fed chairman to step in with the S&P 500 within a few percent of multi-year highs is dreaming) but, as Barry Knapp from Barclays notes – based on [...]
A few days ago we suggested that this action by LCH.Clearnet was only a matter of time. Sure enough, as of minutes ago the bond clearer hiked margins on all Spanish bonds with a duration of more than 1.25 years. Net result: the Spanish Banks which by now are by far the largest single group holder of Spanish bonds, has to post even more collateral beginning May 25. Only problem with that: it very well [...]
Three weeks ago we discussed the ultimate-doomsday presentation of the state of Spain which best summarized the macro-concerns facing the nation and its banks. Since then the market, and now the ratings agencies, have fully digested that meal of dysphoric data and pushed Spanish sovereign and bank bond spreads back to levels seen before the LTRO’s short-lived munificence transfixed global investors. However, the world moves on and while most are focused directly [...]
Main Street Responds to the Wall Street Manifesto
Main Street America has issued a point for point rebuttal to the Wall Street Manifesto, with a manifesto of its own. Each paragraph of the original Wall Street Manifesto is reprinted below and is immediately followed by Main Street’s rebuttal in italics.
We, the bankers of these United States, want to assure all Americans that we are devoted, heart and soul, to the interests [...]
We, the bankers of these United States , want to assure all Americans that we are devoted, heart and soul, to the interests of this great nation. Contrary to countless disparaging remarks by so-called pundits, there is absolutely no daylight between the interests of Wall Street and Main Street . One of our leaders eloquently expressed this view when he said [...]