Moody's announced, after the bell, they downgraded 26 Italian banks which has sent the Euro sliding following its fall below the $1.30 psychological barrier.
The media had been hyping up the ramifications of Spain failing to find investor's to buy its sovereign bonds over the last several weeks.
Following Europe's Bear Stearn's moment, Spain fell far short of raising funds they needed in their bond offering this morning, sending Spanish sovereign debt rates soaring while the story was barely a hiccup on the media radar, who instead diverts the attention of the masses to the JP Morgan debacle.
http://blog.alexanderhiggins.com/2012/05/14/jp-morgan-diversion-moodys-downgrades-26-italian-banks-sends-euro-sliding-132891/
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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