Oil Down $3.50/bbl on Spain Fears, DOW down 100.
That's right, Spain. Spain owes something like $1.4 Trillion in derivatives and the bank bailout is utterly capable of dropping the entire EU into decades of poverty. Not weeks, months or years. Decades. It seems that the bad ideas of inflating ARM mortgages that were so popular in California a decade ago really took off for British tourists wanting to buy vacation condos in Spain. So they did the same horrible mistakes, invested in inflating price housing, and the bubble burst in Spain. All that inverted value, all that collapse. Just because its warmer in Spain than Britain and back then, flights were cheap. Everything has changed in the last 6 years so the values aren't coming back and any bailout of Greece, which is worth 1/4th as much as Spain, is just small potatoes. And how sad is that?
The end result is the collapse is still ongoing. When investors get reminded of Spain, the pain comes again. They call this mess "contagion" and that's an appropriate word. Its like financial plague, and the result is terrifying. Of course, if you keep your head firmly lodged up your rectum you don't care, but then you're probably not reading this either so couldn't tell either way.
The end result is the collapse is still ongoing. When investors get reminded of Spain, the pain comes again. They call this mess "contagion" and that's an appropriate word. Its like financial plague, and the result is terrifying. Of course, if you keep your head firmly lodged up your rectum you don't care, but then you're probably not reading this either so couldn't tell either way.