Notable Notes and Quotable Quotes From the Week That Was

It was a week with no shortage of quotable moments, as everyone and their brother, second cousin and UPS delivery man had an opinion or comment on the Eurozone debt crisis and the summit negotiations. We’ll cover quite a few of the more notable utterances related to Europe, as well as some items far afield.

So let’s get started with the obligatory European newsmakers:

“Europe is wealthy enough that there’s no reason why they can’t solve this problem. It’s not as if we’re talking about some impoverished country that doesn’t have any resources.” --Pres. Obama

"I assessed how important it is for the US and countries around the world that Europe succeed. I'm confident they will succeed. But I will not discuss what the ECB should do, will do or can do." --Treasury Secretary Tim Geithner after talks with European leaders

"The Führer has requested our presence." --An unnamed enraged European diplomat referring to pressure tactics from German officials this week (ouch, that is a little rough and inappropriate)

“I'm very happy with the result because we had to avoid a lousy compromise for the euro, and we have succeeded. Everybody in the world will see that we've learned from the mistakes in the past, that credibility is paramount and that European institutions ensure that nations keep house well.” --German Chancellor Merkel

"I said before I came to Brussels that if I couldn't get adequate safeguards for Britain in a new European treaty, then I wouldn't agree to it. What is on offer isn't in Britain's interests, so I didn't agree to it." –British Prime Minister David Cameron

"The substance of this has not been agreed. It requires to be checked and analyzed by each individual country.” --Irish Prime Minister Enda Kenny

"I was surprised by the implicit meaning that was given to my comments last week." –ECB President Mario Draghi, with his now infamous market-moving comment on the ECB lack of commitment to extensive bond-buying

Ok, enough on Europe for now. Surely something else happened in the world this week that is worth quoting…

“I don’t know. I did not know. There is no way I could know. I simply have no personal knowledge. I am not aware. I have no records.” (and fifteen other variations) --MF Global's Jon Corzine in testimony before the House Agriculture Committee. When one committee member wondered if he should call Mr. Corzine Senator, Governor or just Jon, Mr. Corzine replied that he was sure some people had “many other names for me.”

“Give me your ‘blanking’ name” –Alec Baldwin to the flight attendant who was “unfairly harassing” him for refusing to turn off his cellphone and before he was tossed from an American Airlines flight. Reportedly Mr. Baldwin was deeply involved in a session of “Words with Friends” on his phone (a game from soon to be IPO’d Zynga) which is “all the rage”, and we guess helps create some rage if interrupted. Zynga reported a surge in players of the game when the Baldwin story was hitting all the wire reports).

“Who knows more about the issues than I do? I have always had a very high IQ.” (as opposed to suddenly acquiring a high IQ, we wonder?)—the always modest Donald Trump, in discussing his qualifications for moderating a Republican Presidential debate in late December, which may or may not happen due to a lack of willing participants.

“Detroit Lions head coach sounds like a prison warden praising the craftsmanship of license plates being produced while the inmates riot and set fire to the cafeteria.” --New York Times, commenting on the Lions who have numerous unnecessary roughness and unsportsmanlike conduct penalties this year and are regarded as the NFL’s “dirtiest team”. (They made waves recently also by mocking Denver QB Tim Tebow’s overt Christian gestures, in what is now known as “Tebowing”…the much criticized Tebow is now 7-1 as a starter for Denver!).

“Our proposal makes sure millionaires do not receive unemployment benefits or get food stamps.” --Republican Sen., Minority Leader Mitch McConnell on Fox News Sunday, on how the Republicans are not soft on the wealthy (if we had not heard it with our own ears we would not believe this could be said with a straight face…oh wait, maybe we could).

“I will make you a $10,000 bet you are wrong.” --Republican Presidential candidate Mitt Romney on challenging Rick Perry on one of his assertions in Saturday’s debate (does not do much to help Romney overcome his wealthy elitist image, no?)

“Current banking regulations coddle the survival of the fattest rather than promoting survival of the fittest.” --Dallas Fed President Richard Fisher

“We have a new credo: carpe noctem—seize the night” --fund manager Doug Kass on the market’s year-long dependency on European developments and the need to start watching the European markets in the very early hours of the trading day (retail brokerages are reporting a 100% increase in U.S. futures trading before 6 am EST).

“The best thing about not running for office again is not having to pretend to like people you can’t stand.” --the always feisty Massachusetts Congressman Barney Frank on choosing to step down at the end of his term

“New Year’s Day without a college bowl game is like Christmas Day without a church service, presents and eggnog.” --anonymous web blogger (we did a double-take when we read this but it is apparently true, with Jan. 1 falling on a Sunday we assume the bowls do not want to go up against the NFL schedule).

“Surely there must be some financial institution or nation left that we can still downgrade?” –S&P, Moody’s and Fitch ratings agencies (ok, we confess, we made that one up)… but it reflects the market’s frustration with the zealous and non-stop actions being taken by the ratings agencies in a time of great market fragility…as one analyst said, “They are becoming the story and their calls are all garbage; they are sewing chaos in the markets.”

Although there is an awful lot more out there to report we are probably well over the limit of anyone’s patience already and will close with just one more Euro debt crisis story.

"Over the next few years, the dollar will be stronger and the euro weaker. We want to take advantage of that by playing more of our shows in Europe now, because they will be more profitable for us”. –Heavy Metal band Metallica, in explaining why they have moved their next European tour up in their schedule.

Good Trading!
David W. (aka The Underground Trader)
Manager The FlashTrading Service

 

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