SYSTEMIC RISK IS ON RED ALERT

Posted by: Phoenix Capital Research

Post date: 06/15/2011 - 13:54

Remember, we never actually “took the hit” we needed to take in 2008. The same junk debt remains in the system (it’s just been hidden by loosened accounting standards). The same enormous derivatives time bomb is still ticking (it’s over $600 TRILLION in size). None of these problems were solved. None were even addressed. 

 

 

 

 

Fraudclosure | Michigan Attorney General Subpoenas (CRIMINAL) Lender Processing Services, Fidelity National Financial Inc. (FNF) and CT Corporation System in Probe

Posted by: 4closureFraud

Post date: 06/15/2011 - 14:19

The subpoenas are part of a criminal investigation into questionable mortgage documentation (Linda Green) filed with Michigan’s Register of Deeds offices. The subpoenas were approved by the state court in Lansing June 13 and require responses by June 30.

 

 

 

 

The IMF's Day Just Got Worse: Noonan Seeks Haircut On Anglo Irish Senior Bonds 

Submitted by Tyler Durden on 06/15/2011 12:15 -0400

Distraction #1

• NOONAN SAYS IRISH SHOULDN'T REDEEM ANGLO SENIOR BONDS AT PAR
• NOONAN SAYS IMF OFFICIALS UNDERSTOOD POSITION ON ANGLO IRISH
• NOONAN SAYS ANGLO IRISH NO LONGER A BANK

Well, don't keep us in suspense... WHAT IS IT? Oh, and the IMF may have some decision-making issues, now that it is facing a European banking system collapse not on one, but two fronts.

Pandora Triggers $20 Sell Orders, Now Streaming "Timberrrrrrrr" By The Algos (2011) 

Submitted by Tyler Durden on 06/15/2011 12:24 -0400

And it seemed like such a nice day for idiot momo investors everywhere.... 

 

 

 

 

 

 

 

 

 

 

 

 

Marketwide Circuit Breakers Active For Another 2 Hours 

Submitted by Tyler Durden on 06/15/2011 12:30 -0400

Don't fret: the NYSE has it all under control. If the market plunge continues the market will simply close. Better get it in the next 2 hours though. In the meantime...

 

Lehman Deja Vu: There Goes Market Liquidity

European liquidity just went into Defcon 1. 

 

 

 

 

 

 

 

 

 

Some Intraday Hilarity From The Federal Reserve 

Submitted by Tyler Durden on 06/15/2011 13:00 -0400

Presented without commentary:

• FED'S PARKINSON SAYS FED'S JOB IS TO COUNTER OVER-OPTIMISM' BY BANKS
• FED'S PARKINSON CITES `SHORTSIGHTEDNESS' BY BANKS PRE-CRISIS
• FED'S PARKINSON URGES HIGH-QUALITY CAPITAL ON SIFI SURCHARGE
• PARKINSON: FED TO PAY CAREFUL ATTENTION TO DIVIDENDS, BUYBACKS

Actually one word, or abbreviation, of commentary: WTF

"Odious Debt" - A Definition 

Perhaps it is time to look at some basic defintions for a term that will soon be quite prevalent...

  

Guest Post: “Only Thing We Have to Fear Is A Lack of Fear Itself” 

Why is there no fear? I think it all comes down to 3 letter words. Mom, Dad, Fed, IMF, and ECB. Children know that their parents are there for them, to take care of them, and to make them safe. At the first sound of thunder, a child will look for their parent and take comfort in their arms. Little children don?t necessarily know why, they just know that mom and dad will be there for them and will make them feel better. The market must have that same faith in the Fed, IMF, and ECB. Whenever the data gets bad, the market ?knows? that one of these entities will be there for them. Maybe it is QE3 instead of warm milk, but these entities will be there to support them. I don?t know how long these entities can support every blip in the stock market. The real economy is different than the stock market, and all the cures and comforts of these entities have done a great deal for the stock market in the short term, but relatively little for the economy, and the long term consequences of their actions are yet to be felt. I certainly don?t want a 30 year old kid living in my basement because I made it so easy for him that he was never able to go out and do it on his own. At some point the Fed is going to have to kick some birds out of the nest and see if they can fly on their own. In the meantime, the market clinging to hopes that its parents can take care of them runs the risk that the problems are just too big to be dealt with easily and quickly. Then we might get some real fear in this market. 

 

 

 

 

 

Charting Key Breakdown Levels In The EURUSD, The S&P, The VIX And The Spanish 10 Year 

Submitted by Tyler Durden on 06/15/2011 14:30 -0400

Looks like John Noyce's prediction, who among the Goldmanites, has long been bearish on the EUR, is about to be proven right. Below we present his latest technical observations not only on the key FX pair, but on the VIX, The S&P, and, perhaps most importantly, the Spanish 10 Year. In brief: if today's weakness is not contained, there could be a very signficant downside risk breakdown in numerous market indicators. 

 

 

 

 

 

Papandreou Issues Pre-Recorded Announcement: Will Stay, Reshuffle Cabinet, Seek Vote Of Confidence; Long Weiner/Short G-Pap Pair Trade Started 

Submitted by Tyler Durden on 06/15/2011 14:47 -0400

From Bloomberg:
PAPANDREOU SAYS THAT HE WILL CONTINUE, RESHUFFLE CABINET, SEEK VOTE OF CONFIDENCE
He also says that he has been struggling to save the country and is attempting to reach a national consensus. More importantly, it appears he bluffed when saying he would leave, a decision likely halted as nobody wanted to pick up the live grenade of responsibility.
Kiss bailout #2 goodbye.

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