There ain’t a bazooka big enough for whats coming.
-19% today -14% yesterday. Billion in bad loans. Bailed out once before. All sorts of problems.
Anyway, this is one of the European banks no one really talks about over in Europe. Actually the average person hasn’t even heard of it. Its near Florence, and has been around since DaVinchi was chasing little boys around the fig garden. Its dying,just like the rest of Europe’s banks are dying. I don’t care how much money Draghi or the IMF has, the dye has been cast as they wait for death. The death that came to Lehman and Bear Stearns.
It won’t be tomorrow, but death is coming. The bankers are now impotent.
Having collapsed 99.7% from its July 2007 highs at, Banca Monte dei Paschi Siena – Italy’s 3rd largest bank needs a lifeline. Moments ago, Italy just banned short selling in its shares.
Remember when the geniuses banned short selling in our banks in 2008? I do. Didn’t help. We crashed harder and faster. You cant curtail momentum, good or bad.
All the band aids on cancer from the Central banks are becoming useless. Japan, Europe the USA. Gooses all cooked kids. Its over.
$CS $SAN $RBS $DB, $HSBC… the list goes on. There’s no bid, so don’t ask.
All the defensive groups are leading again. Utilities, consumers staples, bonds, gold, sliver. No growth, a lot of deflation.
Perhaps I’m venting because I have a summer flu that I cant shake or maybe its because I’m just seeing just too many similarities between 2008 and today. Eerily similar in a lot of ways.
See you in the morning.
