And Boat laughed at my valuation of Greece. The country is a mess and has NOT lived up to any of the conditions they agreed to when they got the 2nd round of money/debt rollover. Their will not be a 3rd round. Spain is paying more than 2x in interest on what I pay for my home. Italy is tinkering on the edge. France can't toss in too much money into the pot as they already have too much debt. The UK also has some debt issues (as does the USA)
Germany? They are fiercly independent and abhor debt as a culture and will not use their money to bail out too much more. The want the Eurozone to exist but the cost is beginning to look to high.
It is gonna get ugly over there. This stuff is real and not real easy to solve.
The derivatives situation is bad, but not as bad as it cold be. Most US based institutions and firms have been pulling back from any counterparty risk in the Eurozone. There has been a lot of work going one for the past couple of years regarding counterparty risk and better risk selection. And trading activities are almost always cash secured after a small unsecured benchmark is reached.
And then we have the fiscal wall coming at us in the USA. And if you think the politicians (from either side) is going to do much of anything before the elections you need to begin taking drugs to help with your affliction.
Peace to all. Be careful.
"I warned on Greece, Erozone Early"
"And Boat laughed at my valuation of Greece".
And what was the result of your "months of warning"?
SPX GETTING BACK TO 1400????
Not far NOW from it's April high?
You sound like the "boy who cried WOLF"!!!!
It's true though. SPX "cyclical bull" 41 MONTHS old will eventually begin it's "topping out process". BOTH BOAT & ZARCON are aware of this. Keep warning about Greece and eventually you will be right. Then you can come back and tell us "How right you were"!
It's very funny after all those months ago....you couldn't forget that "BOAT" disagreed with your analysis that Greece was a strong detriment to the MARKETS. If you are "honest with yourself" and with SPX NOW near 1400....it looks like you need to concede that BOAT was right and you were wrong.