Posted on December 7, 2011
0
The market’s bubblicious buoyancy of the last two weeks has come to a halt.
S&P warning that it will downgrade pretty much all of Europe is what everyone is pointing to as the reason the market stopped running like Forrest Gump, and frankly that’s retarded. If anyone is investing in France (et. al) because it’s AAA, they should have their head chequed. The markets are WAY ahead of ratings agencies. Frankly, I don’t even know why we have ratings agencies covering sovereign debt anymore. But I digress. No, that’s not the real reason the market rally stopped. It’s because we are all waiting for the answer coming out of the EU Summit in Brussels starting Thursday. It’s the trillion dollar question…
What shoe size is going to kick the can o’ debt a bit further down the road?
My armchair take is this, I don’t expect Europe to disappoint. I’m imagining something Shaq-esque stomping on this one — especially with all of the pieces now in place:
All that’s left is Germany…
We shall see, but to me — This looks like the Hustle In Brussels. (and yeh, It doesn’t exactly rhyme, I know. It was either Hustle or Tussle. Or I could have done the whole ‘Muscles from Brussels’ theme, I just didn’t want to get all Jean Claude Van Damme up in here)
…And just look at all of the other Goldman people ready to run this one. Don’t Hate The Playa…
zerohedge
Read Full Article »