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-- Foley's associate editor Barron's and this is quite -- -- market today and you know the idea that.
Europe is targeting serious about what we've been told for two years were serious problems.
Suddenly a market moves in a positive way.
While the context obviously is coming into this week the market was really on its back and a good way oversold you have very pessimistic sentiment especially about what might happen in Europe.
But I do think just a little bit of a whisper.
That in fact specifically that some of the leaders over their might consider.
Kind of essentially assuming all Europe wide debt centrally in other words of -- mutual -- in the debt and saying you know we're gonna be responsible for whoever issues it.
I think that was not necessarily very far along the process but there was gonna be better.
Was going to be a dinner what they once were calling the summit then became a dinner.
-- so yeah I do think the market was ready for an excuse to stop selling off and we got that do you think investors.
The retail market is all but gone.
But do you think investors have just about how to belly full of shorts dominating.
-- the coverage.
I mean I can't think of anything I would like better than to try to convince if I'm short.
And significantly so.
The world that the country of eleven million people with less than 2% of the GDP of the European Union.
Is some pretty -- Darth Vader against which.
We're going to have to -- Air -- I mean this has been selling its -- for traction if itself if we're just Greece and its.
Economic impact on anything of course that would be ridiculous excuse for any -- that the market to do much of anything but obviously I do think that because were less than.
You know four years removed from that time when you know Lehman Brothers essentially kind of showed us what nobody thought would -- happened I -- I don't believe it's where anything remotely.
Poised for a rerun of that.
But I do you think there's muscle memory out there on both the long and short side.
Of how these things can become chaotic and unravel.
I don't think again it's it's the reason I think what it is is.
If there's around the Greek banks and the European Central Bank does not quickly enough create a firebreak and -- -- we're gonna -- -- -- if the if the European Union and the ECB.
Do not have fire breaks now this -- Then they deserve whatever comes their way if the United States has not be toppled at least in terms.
Of immediate impact from about what would be a farce to play out.
Around Greece that we deserve whatever weekend and we had economics -- question is did the market's kind of perceive it that well the banks have open markets perceive there's always.
Important of course but the fact is is.
Is Ben Bernanke points out.
We've reduced our exposure -- -- banks have reduced our exposure.
By more than two thirds to the yes to the odd people and more importantly our banks have raised a lot of capital when they could.
European banks have not done that which is one of the reasons it's still vulnerable.
So let's move to.
Our own idiocy and that is based in in and it very parochial.
I'm talking about of course -- yeah.
The idea that FB got off to such a horrible start.
We -- some people initially trying to I think it will is a good deal critically fine and what could you expect.
To acknowledging the fact this was a farce rather talk about the NASDAQ -- talking about Morgan Stanley lead underwriter.
And and what would -- all -- accomplices mean.
Yet know the process broke down -- multiple points along the way I really do think that bottom line.
They got to their eyes got to date.
And they they added a lot more stock to be sold at the very last minute once a lot of the -- already said how much they might want us 25% more and then didn't exactly and then decided to be what now looks very aggressive on the price.
You know there's a -- that goes on and IPOs right you say you you want two million shares if you're big mutual fund company expecting to get 500000 if they come back in the got a million.
It's more than you actually want -- so that's what happened in in hook and hundred billion dollar company at a market guy -- issuance.
Is not an easy thing for this kind of -- market this law.
Your sense of what this market showed us today what do you expect.
Expect to unravel -- -- proceed.
From here I do you think the market is attempting on a short term basis to kind of bottom a little bit and and and get back a little bit of those eight or 9% losses from the high we saw on April -- may.
I don't necessarily think it means it's off to the -- I do feel like we're gonna chop around with the European headlines and fortunately.
Until we get that stage where the Europe the US.
Recovery story reserves and so we should for.
For the next puppetry than -- simply disregard.
There earnings that -- continued to him bluntly though that we seriously earnings aren't going to be coming against and so I do -- -- do think that we are so we should get over all -- that always -- we should we should realize that it's a cushion under the market we can't count on for the next court but last summer we had great earnings still we went down you know close to 20% that's the problem.
So now we're going to repeat no I I don't think so but that's the reason people of cringing just -- just -- just -- for.
Thank you very much right.