As usual, news:
- TED spread at 4.51. I don’t even have a metaphor for this.
- Now Germany to recapitalize banks. It’s the new new thing. “Have you recapitalised your banks today?” is the question all central bank heads will ask. And shake their heads when you ask why.
- The US automakers are heading to bankruptcy, says S&P. So have you capitalized your auto makers today?
- If that’s true, what happens to the obscene amount of debt and CDS written on that debt? In Bangalore, when you’re a kid and hear something you’re not supposed to hear, you say “Shantam paapam”. This is one of those things.
- India down 8% and nearly everything else is down 8%. The US is up but nowadays that means 8% down by the end of the day.
- ICICI managed to close down “only” 18%, with Chanda Kocchar doing the rounds of all news channels and saying things like “Jis ne bhi is bank mein invest kiya hai, shares mein ya deposits mein, unka paisa safe hai”. (For the record, Aaj tak) Tell that to someone who lost 18% today. Looks like the US is even worse – pricing is at 311 at the mo.
- I am still long, but that’s not news, it’s probably an obituary.
