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Monday, June 11, 2012

Mailbag; "Bear Trader" Writes Re Spain, Spain, Spain

Spain, Spain, Spain" For Spain to be really rescued would be tough. What Spain wants is the same thing that Greece wants, that is, all the free money it desires. Actually "rescuing" Spain requires putting adults in charge of government spending at all levels, that is, cutting politics and voters totally out of the fiscal loop. Spain has shown itself incapable of self government. Spain's banks are deeply insolvent. They have to be recapitalized. I don't mean that they need loans because the last thing they need is to be deeper in debt They need cash (and right now), not loans, and about 400 Billion Euros worth. Like the Spanish government the Spanish banks have shown themselves feckless and completely irresponsible, not capable of acting like bankers, who make prudent loans, but instead like drunken sailors or the guys who caused the American S&L debacle in the late '80s and the 2008 crash. You would be amazed to see the garbage Spanish banks wrote loans on. Spain won't accept that German bankers should have line item veto power over the budgets of every level of government or that German bankers be put in charge of each and every Spanish bank. Germany doesn't want to give Spain 400 Billion Euros just to watch them piss it away and come back for more. The Question: On 6/8/12, The Observer wrote: > Bear Trader > The press the past three days has had the two parties blaming each other in > advance for the coming collapse--- > Can Germany rescue Spain? or just with smoke and eurobond games... > I see a long slow hot summer and decline into the election. What is your > forecast? >

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