John Isner of USA finally won the longest match in tennis history, which lasted for 3 days. The American hit a backhand winner to win the last of the match’s 980 points, and he took the fifth set Thursday against Nicolas Mahut, 70-68.
The first-round match took 11 hours, 5 minutes over three [...]
Today (May 20, 2010) on Wall Street
The pounding continues in Asia (9:08 PM, May 20, 2010)
What is going on? Sovereign debt crisis, leading to disintegrating Euro, leading to major currency crisis. More on this on Friday, May 21st MMGL.
Here is the video that Mohan garu mentioned on MMGL
In 1997 the Asian debt crisis was termed by the western media as “Asian Contagion.” The implication being – it is some sort of a terrible communicable disease from Asia. In the interest of ‘fairness’ I am calling the current European debt crisis, “European Contagion.”
Zero Hedge reports:
Now that Greece is thoroughly irrelevant, the market just [...]
The problems in Greece have exposed structural problems associated with Euro as a currency. Several parallels are drawn between Greece and Bear Sterns: Greece problems are to sovereign debt as Bear Sterns problems are to mortgage debt. I am watching this unfolding crisis with disgust over two things: a) Wall Street corruption that has a [...]
As I have alerted earlier on this blog that the epicenter of a new financial storm is currently centered in PIIGS countries – specifically, Greece. The problem is simple – Greece borrowed heavily for Olympics related spending and other growth. About 30 Bil Euros of that debt is due or needs to be rolled over [...]
Few people with vested interest in financial markets openly say things that are worth listening to. Mr. Mohamad El-Erian of Pimco is one of the few financial gurus with some integrity left. He is telling us to be cautious in financial markets. Why? You can read more on his thoughts at Bloomberg, “Mind the Gap.” [...]
In the next few weeks we will be hearing a lot about sovereign debt crisis for Greece. Debt crisis is derivatives crisis. Derivatives are Greek – a lot of Greek! I found this simple chart at Zero-Hedge and it explains the ramifications in a decision tree, and in simple English.
If you watched news in US for a long time, you probably have an idea when Tom Brokaw or Dan Rather tossed to the reported and how the reporter filed a report. They all have a standard template. A template that is perhaps cooked-up in some ‘reputed school of journalism.’ All these news reports look [...]
It has been widely reported that Goldman Sachs got a sweet-heart deal from the bailout arm of the US Treasury, courtesy the then Treasury Secretary Paulson and the NY Fed Chairman, Tim Giethner. Tomorrow’s hearings on Capital Hill about AIG bailout has already shed a lot of light on the skeletons in Goldman’s closet.
I said [...]
Get ready to embrace being embarrassed more at airports. This news is via Financial Times (FT)