Good Monday morning. After a delightful weekend, its back to work.
Once again, the pesky Europeans seem to be grabbing all of the attention again. Moody’s downgrades
Cypress Cyprus, and the likelihood of that nation-state needing a bailout is near 100%. Spain makes it official request for a bailout. All of which will be capped off by the European Union summit taking palce at the end of the week.
This is # umpteenth in a long series of European meetings designed mosztgly to disrupt short sellers rather than actually accomplish anything. The region’s banks are still laden with excessive amounts of sovereign debt, as most of the EU slips into a recession. Note that Oil remains in freefall as commodities enter an official bear market.
The bailout pig continues work9ing its way through the python, as Central Bankers around the world prop up economies and the financial sector to the detriment of the rest of the economy.
Corporate profits are at record highs, but likely to have peaked; Unemployment has improved, but marginally. Sentiment is better than it was during the 2008-09 crisis, but not nearly as strong as healthy economies enjoy. Ideological asshattery ensures that there will be no intelligent rational resolution of most of these issues anytime soon. Oh, and its an election year, so partisan political childishness will continue to make sure that the news cycle is tedious as humanly possible.
If we had a time machine that allowed us to bring back newspapers from the past 5 years to key players during the prior decade, do you think anything would have turned out differently?