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Tuesday, February 1, 2011

How 'Money Junkies' view Egypt- part 2

Some more news excerpts to show how sociopathic money junkies on Wall Street are viewing the Egyptian situation...

Markets largely higher in face of Mideast Turmoil (CBS Marketwatch) -  "Global stock markets are higher and the bond market’s yawning...  "There’s a sense that [Egyptian President Hosni Mubarak] is gone and whoever replaces him will be secular and the country will be freer as a result,” says Peter Boockvar, equity strategist at Miller Tabak & Co. in Manhattan. “There’s no concern that it spills over to other countries; if there were, the markets wouldn’t be reacting this way.” "

~  Yes, revolution can be so passe..

US Banks have little Egypt exposure: Analysts (CBS Marketwatch)- "“In general, American banks tend to be very landlocked,” said Richard Bove, a banking analyst at Rochdale Securities... “The only bank with some exposure would be Citigroup, because it’s everywhere in the world. But it’s unlikely that it has enough exposure to create significant problems.” "

~ Whew.. that's a relief. Wouldn't want banks exposed to risk...

Investors pile into Egypt fund (WSJ) - "If you need any further evidence that some investors have gone completely ga-ga for emerging markets, look no further than what's happening in Wall Street's only publicly-traded Egypt fund. While the Middle Eastern country teeters on the edge of chaos, investors have been piling into the Market Vectors Egypt Index fund (EGPT)."

~ Kinda like rats leaving their holes for a meal

Investors are already moving past Egypt (CNBC) - "As chaos reigns in Cairo, calm has fallen on Wall Street.  A one-day selloff in the stock market on Friday seems all but forgotten and investors appear ready to move on...   So if the overthrow of governments in the oil-rich Middle East can't rattle investors, what will?  "What you need is something more dramatic that gets the market's attention," says Quincy Krosby, strategist at Prudential Financial. "What happens is the market moves on, and it has in every event. It moved on after 9/11. Unless there is a growing concern of contagion and the kind of contagion that affects the oil markets, the market will go on now." "

-- Sociopath:  A person, as a psychopathic personality, whose behavior is antisocial and who lacks a sense of moral responsibility or social conscience.  (

~  These are the people who were and are currently the recipients of all the government bailouts; the people who used your tax dollars to cover their losses after the 2008 crash and now are padding their investment portfolios.  

And there you have it...

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