What exactly happened in European summit?
Even the participating national leaders seem a little confused about some of the outcomes.
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How about this? European leaders go long on securities. Then, they announce they've had a productive meeting. Dow up over 200, sell securities. Then short securities. Then, announce they've broken off talks with Greece. Dow down 200, pull the short trigger. Then, go long. Then, announce that they have had a very productive meeting. Dow up 200. Sell. Then short again. Then, announce they've broken off talks with Spain. Dow down 200, pull the short trigger.
Lather, rinse, repeat.
The clock has been ticking for a long time. This is one of the world-class stalls. Reminds me of President Nixon promising to end the Vietnam war. How long does it take these people to move their money out of Europe and sell their last few munis for pennies on the dollar? They need high-speed trading like we got. Jim is right. Cash is king. Keep your powder dry.
2. A eurozone-wide single bank supervisor will be created for all banks, replacing the current regime in which each country's banks are governed by the country's national bank or national bank regulators. German Chancellor Angela Merkel has said that she expects a proposal on how to do this by the end of 2012.
Remember the golden rule - whoever has the gold rules. This is a scary amount of power for one person to have!
The European economies are not socialist economies. They are market economies with social safety nets. The social nets are theoretically the same in northern and southern Europe, yet the northern countries can maintain them while the southern cannot. In US we do not have even 1/10 of the social safety nets, yet we have the same, if not worse debt problem. Even here some states are able to provide the same services in budged while others are in debt. There is a lot of excess in Europe, especially in the indebted countries but I do not think that providing some kind of basic health care, retirement and eduction to everybody will make us socialists.
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[BRIEFING.COM] The S&P 500 trades higher by 0.2%.
Just reported, existing home sales hit an annualized rate of 5.15 million units in July, while the Briefing.com consensus expected a reading of 5.00 million. The pace for July was up from the prior month's revised rate of 5.03 million units (from 5.04 million).
The Philadelphia Fed Survey for August jumped to 28.0 from 23.9. Economists polled by Briefing.com had expected that the Survey would slip to 15.5.
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