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  • There's no respite for Greece as retail sales fell 16.4% Y/Y in January, double the pace from the previous month. The grand total for retail sales contraction in Greece over the last four years: 34%.  [View news story]
    You said " they're going to have to find the bottom that they can sustain themselves without having other economies pump in enough to keep them afloat with loans they will never pay back."

    Is that possible as a member of the EU, any bottom that they find will be one imposed on them by other members in one way or another
    Mar 29, 2013. 01:09 PM | Likes Like |Link to Comment
  • Cyprus' banks reopened for the first time in nearly two weeks with stiff capital controls in place to prevent a wave of fleeing cash. "We expected much more people," says a Bank of Cyprus branch manager. "Customers reacted fantastically." The controls are scheduled to be in place for seven days. [View news story]
    On the eight day they will rest because the government is so secure in their belief there will be no runs on their banks that they extended the control from 7 days to 30 days
    Mar 29, 2013. 08:32 AM | Likes Like |Link to Comment
  • Where Is Europe Going? Is This The German Plan? [View article]
    JC- so this is the best of the worst scenario option, because as usual EU bureaucrats refused to take proper action sooner hoping for a miracle cure instead that didnt cause any pain to them. As a result Cyrpus with its back up against the wall agreed to give up their first borns as sacrifice. IMO- that was a very stupid move because the EUcrats have now showed their hand and even the small investors can see the writing on the wall. The EUcrats have run out of ideas except to confiscate depositor monies. With the banks opening today and indications are depositors biding their time having 7 days of withdrawals controls in place the big question is what happens on day 8.
    Mar 28, 2013. 07:58 AM | Likes Like |Link to Comment
  • Cyprus' banks reopened for the first time in nearly two weeks with stiff capital controls in place to prevent a wave of fleeing cash. "We expected much more people," says a Bank of Cyprus branch manager. "Customers reacted fantastically." The controls are scheduled to be in place for seven days. [View news story]
    and then on the eighth day depositors will do what?
    Mar 28, 2013. 07:41 AM | 1 Like Like |Link to Comment
  • Troubling to European shares (which had been higher in early trade) is Italy Democratic Party chief Pier Luigi Bersani saying he will not try to form a coalition government, and labeling as "insane" anyone who would try to govern in the current environment. Stoxx 50 (FEZ) -1.4%, with Italy (EWI) and Spain (EWP) both down a similar amount. S&P futures (SPY) -0.4%[View news story]
    Hasnt the MSM been priming the market pumps for the Cyprus contagion affect when banks open today but now they have jumped to Italy, MSM in its desperation running anywhere to find something to fill the headlines hoping they can stay relevant no matter what the cost to everybody else.
    Mar 27, 2013. 07:43 AM | Likes Like |Link to Comment
  • A Pending Market Crash Waiting For A Catalyst - The EU Delivers [View article]
    Its not surprising in spite of its impressive brainiac members SA community is no different then dumbed down TV audience. See, hear and believe what they prefer to, in other words human nature.

    This thread should be called " doom day preppers" for those waiting for the end of days, the eventual markets collapse. Thats not to say one day it wont come to pass again, I mean the last 15 market years has been a roller coaster ride which has left its black mark on many investors, so much so most cannot and or refuse to see any light at the end of the the tunnel for fear it will be a train.

    There are strong arguments for and against the markets future prospects but IMO the key is find your own way to muddle through all of it, to try and protect yourself financially from enemies real and imagined.

    No matter what charts you have, your reasoning, how people vote, what politicians do, nobody knows how anything will actually play out with any degree of certainty because there is no absolutes as proven by the markets greatest SURPRISE advance in history, born from the most dark and troubling economic recession of 2008. It was the greatest love to hate rally ever known and still is to the detriment of many investors!
    Mar 26, 2013. 08:04 AM | 5 Likes Like |Link to Comment
  • Should Cyprus impose a levy of 20% on more on bank deposits, Russia could hit EU businesses could be hit with reprisals, as Russian citizens hold an estimated €30B on the island. "There are a number of large German companies operating in Russia," says former Kremlin adviser Alexander Nekrassov. "You could possibly look at freezing assets or taxing assets." However, Nekrassov doesn't think Russia will cut off gas supplies, as it did with Ukraine in 2009. [View news story]
    The best way for Cyprus to find out the answer to the initial question is to give all depositors 72 hours to decide what they want to do, take it or leave their money in Cyprus banks. Simple, direct and unequivocally clear, end of story and also the end of Cyprus but at least the rest of the world would know without any doubt what would be in store for them should they want to consider a similar foolish tactic. IMO this would also squash the world markets concerns for contagion, no politician is going to volunteer to the next causality of such disruptive folly or worse be in the sights of the angry Russian mafia who they stole from.
    Mar 24, 2013. 10:20 AM | 2 Likes Like |Link to Comment
  • Why Is Everyone So Gloomy? [View article]
    Tom the only definition I could find was the one you posted "Financialism is an economic system where the primary activity consists of creating and manipulating financial instruments. Financial instruments…are in their original form firmly linked to economic reality. However, when financialism sets in, financial instruments become progressively further removed from their role in supporting commerce in the real world and develop a life of their own."

    Do not see any reference to politicians role in your definition. I agree that politicians are willing an eager because they get to bake the cake and eat it to which was the essence of my response. Soon the same will be said about our medical insurance industry, what the politicians did to the banks they have now done to the insurance companies the end result will be no less catastrophic .
    Mar 22, 2013. 07:45 PM | Likes Like |Link to Comment
  • Why Is Everyone So Gloomy? [View article]
    Tom you said " The crisis, as previously stated, was caused by Financialism. "

    but to be honest you should have ended by saying "which was enabled and legislated by politicians", because they know full well that " those Banks with the gold rule" and those with the power to legislate hold they hold the keys to the bank rules.
    Mar 22, 2013. 07:43 AM | 1 Like Like |Link to Comment
  • Why Is Everyone So Gloomy? [View article]
    Your said about # people working " Demographics don't change like that overnight; perhaps the decline in the participation rate has more to do with a change in the incentives to work. "

    Somebody once said " you give a man a fish he eats for one day, teach a man to fish and he eats for a lifetime"

    What young people are being taught very well in America today is that our Democratic system is not fair and its all at their expense, 30% of those surveyed preferred Socialism over Capitalism, which means they want someone to give them the fish. The stigma of getting a hand out from the government for many has been eradicated by the social justice movement.
    Mar 22, 2013. 07:38 AM | 3 Likes Like |Link to Comment
  • The U.S. Housing Bubble Is Back [View article]
    TCM- just like with the recent stock market talk about trouble brewing because of the incorrect belief the majority of the so called dumb money is now investing, selling bonds and buying stocks, the same for housing, people are just now peeking out from under their beds, tip toeing back into the light and we have all the talk about another housing bubble because we have one year average of housing price appreciation of just under 10%.

    Same for new sales, condos, multi family, MSM implies markets gone wild yet as posted by SA member BBRO on another thread concerning new housing " Housing Starts to Total nonfarm payrolls ratio... .68%. The housing starts to total nonfarm payroll employment averaged 1.17% in the 1990's, The range in the 1990's was .73% to 1.40%

    So even there we see new home starts are well under the historical norm yet that doesn't stop many from providing detailed explanations of why we are in a bubble yet again.

    BTW- you emphatically state that when it a sellers markets this is when bubbles occur, only if you assume steady acceleration which in this economic environment is not very likely, but lets say it does, can you tell us what inning this game is now in of nine, 1st , 5th or last, with your explanation as to why,
    Mar 19, 2013. 04:29 PM | 3 Likes Like |Link to Comment
  • A Much Better Alternative For Cyprus [View article]
    AB- that ship has sailed
    Mar 19, 2013. 12:48 PM | 1 Like Like |Link to Comment
  • The U.S. Housing Bubble Is Back [View article]
    Great data, pretty charts but the " bubble " warning is over blown :) NAR stats and others indicate the market in many areas is finally turning from buyer in favor of seller which means prices are on the rise anywhere from 5-10% average YOY , oh boy, yes but from where? from an unprecedented 50% decline, so what, we are finally seeing light at the end of the tunnel and you saying its a "train" Chill, we are far aware from any housing bubble.
    Mar 19, 2013. 08:07 AM | 3 Likes Like |Link to Comment
  • Market recap: Little Cyprus was big news on Wall Street, as investors weighed whether the country's plan to impose a tax on bank deposits to finance a eurozone bailout would lead to broader European problems. Most key sectors closed negative, led by financials and energy. The euro plunged to a three-month low vs. the dollar; gold closed above $1,600 for the first time this month. [View news story]
    2 days must be the beginning of a LT Trend, sell, run, hide
    Mar 18, 2013. 06:12 PM | 1 Like Like |Link to Comment
  • Cyprus's parliament is due to convene this afternoon to debate an astonishing eurozone demand that it tax all bank deposits at up to 10% in return for a €10B bailout. While approval is not guaranteed, Cypriots rushed to take as much money as allowed out of ATMs. And although EU Commissioner Olli Rehn ruled out a deposit raid in other eurozone countries, menacingly for savers, eurogroup chief Jeroen Dijsselbloem would not. "We are in a new world," says an economist. Update: The parliamentary debate has been postponed until tomorrow. [View news story]
    Now Cyprus idiotcrats are rethinking this bailout savings tax looking to shift more of the burden on to larger depositors (social fairness) in excess of 100,000 Euro and either vacating the lower tax or reducing it. Talk about adding fuel to the fire, this reconsideration is going to blow up in their faces more then if they left it as is. Indecision not what Cyprus needs right now!
    Mar 17, 2013. 07:31 PM | 1 Like Like |Link to Comment