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2/8/10 Midday Report: Debt crisis forces EU to pull Super Bowl ad, can only afford to broadcast it on new 24 hour Michael Bolton Hip Hop Channel

|Includes: GOOG, Winnebago Industries, Inc. (WGO)

The market opened down again before bouncing back a bit as people are more worried about Europe's debt problems than they are about global warming, health care spending, and that thing on Drew Brees' face.  The President of the EU's Central Bank, Jean Claude Trichet (and it must be pointed out that his name is an anagram for "tend rich ejaculate," which is exactly what he is doing by tending to the crisis caused by an overspending splooge filled orgy by the already rich European bankers), is steadfast that Europe's debt problems are not an issue and budgets can be cut but he has as much sway on how Europe's countries operate as James Polk did over the Treaty of Guadalupe Hidalgo (Shout out to Nicholas Trist. Word word).  The point is Monsieur Trichet can recommend whatever he wants and can publicly fellate Greece/Portugal/the whole Iberian Peninsula until he is blue in the face (pun completely intended), but it will likely come down to the countries of the EU acting in unison to bail out a country (or several) which are irrelevant to them.  The EU is the ultimate free rider system for small countries like Greece to continually take risks since there are no real political repercussions as the rest of the EU has exactly zero votes in any Greek election or Greek policy.  So when Monsieur Trichet said over the weekend when being asked questions about Greece: "I doubt that, in a press conference, Ben Bernanke would have a question on Alaska or Massachusetts," that was a completely bogus, non-sensical, and irrelevant remark because Bernanke/the US Federal Government could absolutely fuck with Alaska or Massachusetts while all the EU can really do to Greece is tell them their kabobs were a little dry and to "maybe not suck so much at  managing your budet."  Any other line of action could potentially lead to a complete disbanding of the EU and that would be about as helpful to the global economy as Mr. Horton was helpul to Arnold and Dudley in picking out bikes in that very special Diff'rent Strokes.  The problem is that the EU may simply prove to be pareto inefficient, like lesbian porn where somehow adding a money shot would make everyone better off.

 

In US news, a flurry of blue chip upgrades are keeping the market from continuing it's sell-off.  Google was upgraded by...read more...


Disclosure: long goog, no other positions