Posted on 05/28/2012 8:40:23 AM PDT by blam
Spain Gets Demolished
Joe Weisenthal
May 28, 2012
Awful day in Spain on both the equity and sovereign debt front.
The benchmark IBEX stock index is heading to a loss of nearly 2%.
(Go to the site to see the chart)
Meanwhile, the 10-year yield hit nearly 6.5%.
The big news in Spain concerns the bailouts of Spanish banks... PM Mariano Rajoy today announced plans for a 19 billion EUR bailout of the Spanish bank Bankia, which itself was an agglomeration of weaker banks.
He insisted that no banks or regions would fail, and he died that the country's financial institutions would need any outside rescues.
Spain is clearly the #1 story of the moment.
With borrowing costs where they are, the status quo is unacceptable.
(Excerpt) Read more at businessinsider.com ...
Charts here:
But Spain is the leader in subsidized green energy. So that investment should be paying off any minute... /sarc
Looks like they are, to use an old Native American observation, cutting one end off the blanket and sewing it to the other end in hopes that they will have a bigger blanket.
Maybe Spain needs a Memorial Day for their economy.
He did? He looked just fine here last week.
This chart is from the Economist and is a comparison of the housing price indexes of Spain and the US. You can play with the whole chart app here. As ridiculous as real estate got in the US, it got even more ridiculous in many other places. This is why the Spanish banks are crashing.
Greece is just the opening act. Spain, Italy and France to follow. No bailout will be big enough and financial gimmicks simply do not produce wealth. Three generations of deficit spending creates non sustainable debt, squanders capital and leads to poverty. Things will get ugly.
Freudian slip. Perhaps he was thinking of Spain. :-)
and he died
Died, Denied, what’s the difference?
Bailouts are simply a 'wealth transfer' from the working 'class' TO the ruling 'class'.
Wow. 6.5 percent. Will they hit 7 like in Italy?
Denied
LOL,I like that.
I'm gonna remember that one and use it when I can.
THIS IS WHAT THE SPANISH PEOPLE VOTED FOR!
They elected a crazy Socialist a few years ago, and now are whining that the economy has crashed!
None of these people who voted socialism have a bitch coming.
The pols cannot be blamed since they are doing what everybody with any sense knew they were going to do...
ELECTIONS HAVE CONSEQUENCES...
.....(remember the Obama)
That comes from:
When told the reason for daylight savings time the Old Indian said, “Only the government would believe that you could cut a foot off the top of a blanket, sew it to the bottom, and have a longer blanket.”
Well, the socialist libs will just say “at least Franco’s not in power anymore.”
Perhaps it’s Franco’s revenge.
PLACE MARK
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