Shocked Investor

On Bloomberg:
Remember: nothing has been fixed...
“If you put one or 100 sick banks in a union, it does not change the fact that they're sick. In my view the markets are rallying because they were grossly oversold. When markets are grossly oversold, especially markets of Portugal, Spain, Italy...

It's not raining, it's pouring in Europe. This was all expected, in spite of the flowery stock market on this first half of the year,
Moody's downgraded 28 Spanish banks yesterday, just when Spain formally requested loans to bail out its banking sector.Moody's said the downgrades were driven by the Spanish government's "reduced creditworthiness", which impacts its ability to bail out...

Yesterday Moody's downgraded 15 banks by one to three notches to reflect "the risk of losses they face from volatile capital markets activities".
Banks of course criticized the move as backward looking.
Morgan Stanley had its long-term debt rating lowered by two notches. The downgrade left Morgan Stanley more highly rated than Bank of America Corp and Citigroup Inc., but a step below Goldman Sachs Group....

I have been saying this for years. These bailouts don't do anything to fix the underlying causes, it's just can-kicking and a Ponzi scheme.
"The Whole Thing is a Giant Ponzi Scheme".
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