The "up-to-the-minute Market Data" thread

Originally posted by mossme89
Anybody know if the FOMC rate decision is still due today? I know the meeting is now 2 days, but this site that I use for economic news still has the rate decision at 2:15 today.

From what i heard,its supposed to be tomorrow,after the Meeting is finished (it was extended to 2 Days,today and tomorrow) there should be a Press Conference...

The MSM is trying very hard to give the view that everything is fine. I have Fox Business on in the background and there was one part that was actually kind of comical. They had a guest on analyzing the Greece situation.

Anchor (to guest): So, do you think the Greece situation will be taken care of with another bailout?
Guest: Well perhaps for now, but Greece is only the tip of the iceberg. In Europe, there's much more still-
Anchor (interrupting after like 5 seconds): Very well said. When we come back, we discuss what Obama taxes mean for you!

WTF?

reply to post by mossme89


Its FOX,what do you expect?

Anyway...more bad News,which should send Stocks even higher in this totally fcked up Markets

Slovenian Government Collapses After Confidence Vote Loss; EFSF Ratification To Be Delayed Until 2012

As expected earlier, the next domino in the European contagion cascade, has just tumbled after the local government has collapsed following loss of parliamentary confidence vote.

- SLOVENIAN GOVT LOSES PARLIAMENTARY CONFIDENCE VOTE - BBG

This means that the pan-European EFSF vote, originally scheduled to be completed by the end of this month, will likely be delayed until 2012 which means at least 4 more months of SMP bond purchases and more anger at direct ECB monetization of Peripheral debt.

Muhahahahahaha

reply to post by Shenon


Hell yeah! Time to die Europe! No EFSF for you!

Slovenia, the country that is pretty much irrelevant today, saves the world !

Go Slovenia! Today shall be Slovenia kicks butts day!

Only a Rumour,but Slovakia may be the next to fall (Both the ESFS and the Goverment)

Edit: Found an Article from today with a quick Google Search

UPDATE 1-Slovak FinMin says PM backed confidence vote on EFSF

Athens news, and the fight begin.

Public-sector strike planned on Thursday

The civil servants' umbrella union Adedy has decided to hold a protest rally in Klafthmonos Square at noon on Tuesday, as well as a series of labour mobilisations to support the staff of organisations included in the labour reserve measures.

www.athensnews.gr...

All Athens public transport to strike on Thursday

The strike was a reaction to the government's announcement of the labour reserve measure that will send some 50,000 public-sector workers home on half-pay, with only a scant possibility of another job in the public sector and the prospect of unemployment at the end of the year. (AMNA)

www.athensnews.gr...

Protest rally against new measures in Athens on Wednesday

State entities and organisations that have been included in the labour reserve measure announced by the government have decided to hold a protest rally at Klafthmonos Square in central Athens, followed by a march to Parliament, on Wednesday.

www.athensnews.gr...

When citizens are not happy with their governments dealings in their behave they paralize the nations.

I wish this would happen in the US.

Because right now the Fed is at it again, they are to print toilet paper again and they do not need Obama or congress to do it anymore

Q3 and Inflation

Helicopter Ben is at it again.

Ben Bernanke wants us to stop worrying about inflation. He downplays its significance at every opportunity, especially when he wants to inject more cash into the economy. Bernanke knows that his worst enemy is knowledge-knowledge on the part of the America people that all this fantasy money will at some point lead to inflation that will make the 1970′s look tame.

Bernanke is going to flood the economy with dollars including the EU, this will cause inflation, the dreeded word that no politician wants to hear.

Thus, Q3 (a stealth round of increasing the money in circulation) is in the works. This time, the strategy appears to be using the proceeds from the money the Fed lent to government to buy more bonds (lend the government more money). In the end, the effect is the same as printing money outright.

History tells that using fake money alwasy have a negative outcome.

Throughout history, attempts to pay for things with fake money have ended badly. Our own Continental Congress printed paper money to pay for the war (sound familiar?). It was worthless by the end of the conflict. Ditto for the Greenback during the Civil War. Will our dollar meet the same fate?

Who benefits from this false economic boost, Politicians occurs they get to have more useless money in circulation to make the people think they know what they are doing

But guess what people are not illiterate like they were back in the days people are more educated they know is all bull crap

Politicians love this way of thinking because it gives them an excuse to spend money created out of thin air. They usually call it a “multiplier effect” to make us think they know what they are doing.

commonsenseliberty.wordpress.com...

edit on 20-9-2011 by marg6043 because: (no reason given)

reply to post by Shenon


I watch it because it's kinda entertaining how wrong they are, plus just to have something on in the background. Their countdown show to closing bell just started, and the first thing the woman said was "Oh look, S&P 500 at session highs!" Um, no it's not. S&P is at 1214, session highs were at 1220.

Greece says troika talks "satisfactory": report

SAN FRANCISCO (MarketWatch) -- The Greek government's talks with the so-called troika of the International Monetary Fund, the European Commission and the European Central Bank were satisfactory but discussions on specific details will continue, Reuters reported late Tuesday, citing the Greek Finance Ministry. Finance Minister Evangelos Venizelos will resume the talks in Washington D.C. this weekend when he attends the annual IMF meeting while the troika officials are expected to return to Athens next week, Reuters said.

"Satisfactory" my Ass. The Greeks would reveal more Details if that was the case. Not this "Everything is going to be okay,don´t worry" BS. They are just hoping Bernanke will blow up the System tomorrow...

Any Updates on those "Talks" are probably gonna end up in more Empty Words and Promises...so i´m gonna hit the Pillow now Night

Well today is Bernanke big day.

Me thinks he will disappoint because he's taking too much flak about him destroying the economy.

So I think he will do nothing big.

So I expect the markets to be flat or plunge.

But I secretly hope he'll print like a madman.

Originally posted by Vitchilo
[...]
BRICS nations already buying EFSF debt: report

WTF... Europe just doesn't care do they? Screw the people... we'll print EFSF already even without a vote!

edit on 19-9-2011 by Vitchilo because: (no reason given)

Had to go back a few Pages to find that Post...

Brazil Says Europe Must 'Save Itself'

For the Full Article,go to the Link above

NEW YORK -- Brazil has set a high bar for providing support to the euro zone under a potential plan that would involve other large developing nations, demanding that the common currency bloc first find concrete solutions for its sovereign debt crisis.

"Europe has to save itself because it has the tools to resolve the sovereign debt problem of Greece and other countries and the problem of bank weakness," Brazilian Finance Minister Guido Mantega said Tuesday.

As i thought...


Anyway,i´m going to write about Greece,again, in the next Post. I read the (base) demands of the Troika on a German Site a few Days ago,gonna find and post them translated next...

Typical Toronto Local News Pulse 24 Before breakfest propaganda looks like the local news are also cheer leaders for the supposed Good News out of greece


Today on Pulse 24 Before breakfest the guy who hosts the canadian BNN Show, cliamed that greece is off the radar but fed ben speaking today is way important then greece it seems.



I think i will be avoiding our own local news channel, they are really starting to annoy peoplem not to mention CP24 was the first to fear monger Toronto with the swine flu i think i will be avoiding them.

First,here is the newest Agreement between Greece and the Troika,courtesy of ZeroHedge:

Greece Promises To Front-Load Austerity Even As Troika Has Not Yet Agreed To Provide Next Dose Of Monetary Heroin

[...]
and the IMF made it clear that cuts have to happen immediately if not sooner, the country has released a statement that in exchange for getting the latest round of Troika funding (which it needs desperately: recall that it has another €2 billion debt paydown this Friday), it will front-load some of those mythical austerity measures that otherwise would have never really occurred.
[...]

Promises...we all heard it a thousand Times,nuff said


And here (German) are the basic demands which,and i quote (translated): "The Greek Newspaper Protothema got a leaked Version of the Troika Demands" and here it is:

- To lay off 120,000 civil servants immediately (saving volume: 2.5 billion annually)
- 50,000 more initially set to "on reserve" (ie to provide the service free for 60 percent of salaries - and then released after one year)
- 30 percent reduction of all the pensions of retirees "of privilege" businesses like the telephone company OTE, the electricity company DEI and other state-owned enterprises
- Increase the tax on tobacco and alcohol
- Align the tax of fuel oil and diesel fuel (ie fuel oil price from now on then about 1.60 € / l)
- Reduced expenditure on health
- Immediate closure of 150 state-owned enterprises (whose closure has been discussed already) and now another 60 new businesses
- Increase the penalties for illegal construction

By contrast,Finance Minister Venizelos has first announced on the Cabinet emergency meeting on Sunday, that there would initially be no further austerity measures. He would try to convince the Troika today in a telephone call, that the current measures were sufficient. (Note by Shenon: This is before the call on Monday)

Apparently, the resistance in the PASOK (ie the ruling party) has become too large. According to ProtoThema, there are many in the party and even among government officials who say more austerity measures were no longer viable. The situation in the population has become "too explosive". Some even say now that it is better to conduct new elections.

Google Translated and corrected by me - Shenon

reply to post by Shenon


That cant be good for the greek people i am sure those filthy stocks love the suffering of people

you just made worry even more for my family freinds in greece, this will end pretty badly.

reply to post by Shenon


Greece government lying again, the Greek population getting shafted again... what has changed?

20 Most Miserable Cities In America

Number 1 : Las Vegas
Unemployment: up 7.5%

Employment: down 13.4%

Gross Metropolitan Product: down 12.8%

Home prices: down 64.5%

Florida and California cities are there a lot too.

And there is more,this time Austria Banks...

Hungary draws Austria in crisis

Due to a new Hungarian law, Austrian banks have to write off up to 25 percent of their foreign currency loans. This calls the credit rating agency Standard & Poor's on the plan, which puts Austria on "observation" (or Watch).

I´m not gonna translate the whole Article though,suffice to say,its not good...

reply to post by Shenon

Due to a new Hungarian law, Austrian banks have to write off up to 25 percent of their foreign currency loans.

How is this even possible? Without translating the article can you explain a little more?

reply to post by Vitchilo


I can try to translate (wtih the help of Google) the important Parts,which is almost everything...

Many banks gave loans in euros or Swiss francs to private individuals in the former Eastern Bloc countries [at favorable interest rates, MGR]. Two-thirds of the debtors can´t pay anymore. Its 5 billion euros that Austrian banks in Hungary lent alone to the citizens. From 1.3 million borrowers,800.000 can´t pay as of now. And every day there are more. The Austrian banks gave Hungary loans in Franc, as the price of the euro against the Swiss franc was high.

Now, the Parliament in Budapest passed the controversial law despite fierce protests from the Austrian government. It allows for early redemption of foreign currency mortgage loans, at a fixed exchange rate. This allows the holder of foreign currency loans, to pay off their mortgage in one lump sum at the rate of 180 forints per U.S. dollar (which is almost a quarter below the actual exchange rate). Mainly those Austrian banks have to write off the loss ,which mediated the most foreign currency loans in Hungary.

There are approximately one million of these loans, over 90 percent in Swiss francs. Since the Franc was always stronger, however, the foreign currency loan rates have become so expensive that more and more Hungarians can not pay them off. Because you have to pay 235 forint today instead of 150 forint for one Swiss franc.

The Austrian government knows the risks of this enormous write-offs due to the new Hungarian law and protested violently against the state: "Expropriation of their banks, which must now write off billions and could even get into difficulties". She is considering legal action and hopes for support from Brussels.

The result is that the rating agency Standard & Poor's is now targeting Austria because their banks "may lose significant amounts" (almost 25 percent).

Hope that helps.


Edit: If i got that right,than the Loans which Austrian Banks gave to Hungarien Citizien for the then 150 Forint/Swiss Franc Exchange Rate,can now be payed back with a fixed Exchange Rate of 180 (as stated in the new Hungarian Law),since alot couldn´t pay them back due to the weaker Franc (235 Forint/Franc) now.

The Banks have to write of the rest...i.e. Loss

Originally posted by Vitchilo
reply to post by Shenon

 

Due to a new Hungarian law, Austrian banks have to write off up to 25 percent of their foreign currency loans.

How is this even possible? Without translating the article can you explain a little more?

This is the only real solution, isn't it?
Lets just stop playing that murderous game, shall we?

You owe me - I owe you DEFINITION OF LOVE
You own me - I own you

Looking at the Markets,it may not be Greece that Defaults first,but a French Bank,namely BnP. As of this Moment,its down another 5,30 %. There was a massive Selloff shortly after Markets opened.

Yes,i´m going to call it now,BnP will probably go first