Morning Audibles 6.2.10 - The Rain In Spain

CV never gets tired of Audrey Hepburn...

Overnight, Spanish banks BBVA & Santander are getting creamed on credit worries (whocoodanode?)... I mean just 3 weeks ago, Cramer was telling us...

http://seekingalpha.com/article/209742-cramer-s-stop-trading-is-the-banco-santander-ceo-a-hype-artist-6-11-10

After the CEO of Banco Santander (STD), Alfredo Sáenz Abad, said the mid-term outlook is "brilliant," the shorts went looking for cover. "He got right in their face saying the numbers look good, the dividend looks good, the outlook is brilliant," said Cramer. "Banco Santander is the canary in the coal mine. If this goes, Europe goes. It is the Citigroup (C) of Europe." While some called Abad a "hype artist," Cramer noted the banks undervalued assets... (Cramer & Dick Bove must be be bestest buddies)...

As for BBVA?

http://press.bbva.com/latest-contents/press-releases/spain/angel-cano-the-bank-of-the-future-requires-a-new-retail-model-and-a-different-kind-of-relationship-with-customers(9882-22-101-c-50111).html

Ángel Cano: “The bank of the future requires a new retail model and a different kind of relationship with customers” (yeah - how about managing your business property and NOT asking to be bailed out for starters?)...

But CV is sure that this is an ISOLATED event [snark]... I'm sure CNBS is cranking up the spin machine as we speak... Bernocchio will tell us this is all "contained" (like subprime)...

That, while 10y yields hit a 2 handle overnight, the 2y yield has just hit fresh all time lows at 0.586%, a level not seen since Dec 2008 after the Fed did its last ZIRP cut...

Translation? This ain't good for you equity bulls! 

You've got nothing in the stock market say you?... Well consider this (with regards to the general economy)...

http://seekingalpha.com/author/jeff-nielson/comments/symbol/bbva

Conspiracy and the Impending Spanish Bank Collapse: Who Needs TV for Entertainment?

In fact, the "conspiracy" taking place is the round-the-clock, Chicken-Little propaganda about the "Euro debt crisis" - while the same, U.S. propaganda-machine ignores the much WORSE finances of U.S. state economies.

California's economy is roughly the same size as Spain's - and in much worse shape. Michigan's economy is roughly the same size as that of Greece - and in much worse shape. Illinois' economy is roughly the size of Portugal's - and in much worse shape (etc., etc.)...

Coming soon, to a town near you...