"However, the Spanish people already fixed their own political...

"However, the Spanish people already fixed their own political situation by dumping the socialists and elected the economically responsible conservative party of Rajoy."

By this theory, French have dumped a conservative president and elected a socialist for the president. Do we say the voters in France have fixed their situation too.

Probably next year Angela Merkel is going to go the same way unless she pulls a rabbit out of the habit.

Voters are just kicking the incumbents out of office.

As for the banks getting the restructuring aid, what happened to the so called 700 billion dollars stimulus money in America. Exactly the same will happen in Spain.

If markets were left to free market theory (which is the mantra from the conservatives), then the poor decisions made in loaning everybody that put their hands out for loans need to be let run their course and bankrupt these banks. These endless bailouts to banks leaving the same old crooks at the helm are not going to help anybody anything.

Sure enough there will be euphoria for a week carefully orchestrated by the big funds that will ramp up the markets for a couple of days. Then the doubts will be sown and an excuse to ramp down the market. In this process the large funds make a few free zillions pay lions share of that zillions into the pockets of those running these funds. Since they are already super rich they don't need to spend so spending will not rise.

Having tasted the free way of making money they will invest in their funds and the cycle keeps repeating itself. Never really adding any value to the economy. Moreover, this circus results in the retail investors getting burnt and then less of them available to be fleeced. Eventually leaving the funds prey upon each other that will lead to collapse of the financial system.

As for LYC, it is due for a ramping up anyway so it may catch a tail wind and end up $1.12 but the basic fundamental issue that TOL is not issued will be used to down ramp back to $0.90s again by the end of the next Friday.

All too familiar scenes being played out for the past few months.

PSC report is to be tabled on 14-06-12 and it is a Thursday. The discussion will be on 19-06-12. That is a Tuesday.