FOLLOWUPS

Hi,

I have some follow up links to some of my blog posts.


Goldman Sachs wants to settle: http://bit.ly/cqW0vI


Spanish bank needs EUR 3.0B: http://bit.ly/c38e2g
Why Fitch says Spain is not AAA: http://bit.ly/ctEdT9
Long boring powerpoint on why Spain is (not) in trouble: http://bit.ly/aHI5xK

More is coming.

Thanks,
Manny

O HAI,

I HAZ SUM FOLLOW UP LINKZ TO SUM BLOG POSTZ:


GOLDMAN SACKZ WANTZ TO SETTEL: http://bit.ly/cqW0vI


SPANISH BANK NEEDZ EUR 3.0B: http://bit.ly/c38e2g
WAI FITCH SEZ SPAIN IZ NOT AAA: http://bit.ly/ctEdT9
LONG BOARING POWERPOINT ON WAI SPAIN IZ (NOT) IN TRUBBLE: http://bit.ly/aHI5xK

MOAR IZ COMING.

K THX BAI,
MANNIE

IT'S STILL GOOD! IT'S STILL GOOD! IT'S JUST A LITTLE DOWNGRADE!

• It's just a little dirty.
• It's still good, it's still good!


• It's just a little slimy.
• It's still good, it's still good!


• It's just a little airborne
• It's still good, it's still good!

Homer Simpson

Hi,

My fans have been asking me, "Manny, what's this PIGS they always talking about in the news?"

Well readers, PIGS is what we call an acronym. Each letter in the word represents a different European country

• Portugual
• Italy
• Greece
• Spain.

Nowadays, they add Ireland (FOR PIIGS); and sometimes Great Britain (FOR PIIGGS).

I think this acronym was started around 1997 (long, long before I was born) by British bankers (and I think it was Goldman Sachs, my world domination heroes). It was suppose to refer to countries whose debt was 100% of GDP (Gross Domestic Product) or going to be.
(Click the graph to see how bad it really is.)

Now, I wrote about Greece before (see here, here, and here). By the way, I translated the first post for you, since I wrote it before I learned English.

Last week, many bad things happened for Spain (the S in PIGS). This company named Fitch lowered their rating of Spain from AAA to AA+. This is not a big deal, but still means there is very, very small chance Spain will default on their payments. It's not good.

Spain is a bigger problem than Greece, just because Spain is a bigger country than Greece. Too big to fail, but also to big to bail out. The Spanish government tried to pass austerity measures to cut spending by EUR15.0M (USD$18.0M) and it barely passed. The vote was 169-168-13. This is also not good.

To make things worse, it looks like the Spanish public doesn't want their government to cut spending. If they had an election right now, the opposition party would win most of the votes. I think that the Spanish Prime Minister has to call an election soon, since the vote was so close. It's too bad he doesn't have a smoking hot wife. to help him get votes. Instead, his daughters are kind of scary.

More on Italy next.

Thanks,
Manny

O HAI,

MAI FANZ HAZ BEEN ASKING ME, "MANNIE WHUTZ THIS PIGS THEY ALWAYZ TALKING ABOUT IN TEH NEWZ?"

WELL REEDERZ, PIGS IZ WHUT WE CALL AN ACRONYM. EACH LETTER IN TEH WURD REPRESENTZ A DIFFERENT YOURUPEEAN COUNTREE

• PORTUGAL
• ITALY
• GREECE
• SPAIN.

NAOADAZE, THEY ADDZ IRELAND (FOR PIIGS); AND SUMTIMEZ GREAT BRITAIN (FOR PIIGGS).

I THINKZ THIS ACRONYM WUZ STARTED AROUND 1997 (LONG, LONG BEFOAR I WUZ BORN) BY BRITISH BANKERZ (AND I THINKZ IT WUZ GOLDMAN SACKZ, MAI WURLD DOMINATION HEROZ). IT WUZ SUPPOZ TO REFER TO COUNTREEZ WHOZ DEBT WUZ 100% OV GDP (GROSS DOMESTIC PRODUCT) OR GOANING TO BE.
(CLICKZ TEH GRAPH TO SEE HOW BADZ IT REELY IZ)

NAO, I ROTEZ ABOUT GREECE BEFOAR (SEE HERE, HERE, AND HERE). BAI TEH WAI, I TRANZLATED TEH FIRST POST FOAR YOU, SINCE I ROTE BEFOAR I LERNT ENGLISH.

LAST WEEK, MANY BAD THINGZ HAPPENZ FOAR SPAIN (TEH S IN PIGS). THIS COMPANEE NAYMED FITCH LOWERD THIER RATING OV SPAIN FRUM AAA to AA+. THIS IZ NOT HOOJ DEAL, BUT STILL MEANZ THERE IZ VERY, VERY SMALL CHANCE SPAIN WILL DEFAULT ON THIER PAYMENTZ. IZ NOT GUD.

SPAIN IZ BIGGER PROBLEM THAN GREECE, JUST BECAUZ SPAIN IZ BIGGER COUNTREE THAN GREECE. IZ TOO HOOJ TO FAIL, BUT IZ ALSO TOO HOOJ TO BAIL OUT. TEH SPANISH GUBBERMENT TRIEZ TO PASS AUSTERITY MEASURZ TO CUT SPENDING BAI EUR15.0M (USD$18.0M) AND IT BARELY PASSED. THE VOTE WUZ 169-168-13. THIS IZ ALSO NOT GUD.

TO MAKEZ THINGZ WURZ, IT LOOKZ LIEK TEH SPANISH PUBLIC DUZNT WANT THIER GUBBERMENT TO CUT SPENDING. IF THEY HAZ TEH ELECSHUN RITE NAO, TEH OPPOSISHUN PARTEE WUD WIN MOST OV TEH VOTEZ. I THINKZ THAT TEH SPANISH PRIME MINISTER HAZ TO CALL ELECSHUN SOON SINCE TEH VOTE WUZ SO CLOSE. IZ TOO BAD THAT HE DUZNT HAZ SMOKING HOT WIFE TO HELP HIM GETZ VOTEZ. INSTEAD, HIZ DAUGHTERZ IZ KIND OV SCAREE.

MOAR ON ITALY NEXT.

K THX BAI,
MANNIE

NOBODY EXPECTS SPANISH INQUISITION (OR BAILOUT)

Hi,

Today, I read that Spain is next to fall apart in Europe. And I found this story that four banks in Spain are going to merge into one super bank: http://nyti.ms/aQHf1o.


The state of Spanish Economy

I think they learned this from American banks. If you are too big to fail, the the government will bail you out, and you still make a bonus. It's nice to see that the Spanish are learning from us.

Spain use to be socialist. Now they are captialists. But they are very bad captialists. They like to take naps in the middle of the day. They have high unemployment even when times are good. And they spend more money then they have.

They sound like cats!

 

Thanks,
Manny

O HAI,

TODAI I REEDZ THAT SPAIN IZ NEXT TO FALL APART IN YOURUP. AND I FINDZ THIS STORY THAT FOUR BANKZ IN SPAIN ARE GOING TO MERGE INTO ONE SUPER BANK: http://nyti.ms/aQHf1o.


TEH STATE OV SPANISH ECONOMY.

I THINKZ THEY LERND FRUM AMERICAN BANKZ. IF YOU ARE TOO HOOJ TO FAIL, THEN TEH GUBBERMENT WILL BAILZ YOU OUT, AND YOU GETZ TO MAKEZ BONUS. IZ NICE TO SEE THAT SPAINISH ARE LERNING FRUM US.

SPAIN USE TO BE SOCIALIZM. NAO THEY ARE CAPITALIZM. BUT THEY IZ VERY BAD CAPITALISTZ. THEY LIKEZ TO TAKE NAPZ IN MIDDLE OV DAI. THEY HAZ HIGH UNEMPLOYMENT EVEN WEN TIMEZ ARE GUD. AND THEY SPENDZ MOAR MUNNY THEN THEY HAZ.

THEY SOUNDZ LIKE KATZ!
 

K THX BAI,
MANNIE