Delusional Hopes of Greece “Progress”

One day the stockmarket is down because of fear; the next moment it is up again - responding to to some rumour or “good news” of some intervention to put off the inevitable - usually at the beginning of the week as a reaction to some announcement that is always made just before the weekend.

Perhaps a truer indication of the situation in Greece is the bond markets, which are not nearly as optimistic as the stock market.

This is what Mish Shedlock has to say about this;

"Ass Backwards Thinking

The idea of continually throwing away money to prevent the inevitable is ludicrous. We would be far better off now if more major banks had failed and bondholders adequately punished.

Instead the crisis drags on and taxpayers pay the price thrice: In a dearth of jobs, in low yields that squeeze those on fixed income, and in higher energy costs.

Three Lessons of Lehman

1. Lehman was undercapitalized and overleveraged

2. It should have failed and it did

3. The world did not end

Uri Landesman has it ass backwards. The crisis would be far closer to an end had only there been more Lehmans.

Instead we suffer prolonged torture and delusional hope from by those who think this situation is fixable short of default."