Submitted by Reggie Middleton on 02/29/2012 18:00 -0500
Today's big headline from Bloomberg: Euro-Area Banks Tap ECB for Record Amount of Three-Year Cash
Euro-area banks tapped the European Central Bank for a record amount of three-year cash in an operation that may boost bond and equity markets.
The Frankfurt-based ECB said today it will lend 800 financial institutions 529.5 billion euros ($712.2 billion) for 1,092 days. Economists predicted an allotment of 470 billion euros, according to the median of 28 estimates in a Bloomberg News survey. In the ECB’s first three-year operation in December, 523 banks borrowed 489 billion euros.
So, basically, nearly twice as many banks are in trouble now as compared to just three months ago. This is bullish, right???!!!
“The astonishing number this time is the number of banks participating, which signals that a lot more small banks looked for the money and it is likely they will pass it on to the economy,” said Laurent Fransolet, head of fixed income strategy Barclays Capital in London, who estimates about 300 billion euros of the total is new lending. “So the impact may be bigger than with the first one.”
http://www.zerohedge.com/contributed/2012-09-29/does-anyone-see-emergency-emergency-or-half-trillion-euro-pay-day-loan-bullis?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29
Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.
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