By abutton� || August 29, 2011 at 19:25 GMT
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We?re going to have a nice gain in stocks but at the end of the day what really changed? Sure, US spending was good but it was July data and July is also known as The-Month-Before-The-Downgrade. The Greek bank news is positive but it?s not going to boost growth. We?re also reading that the banks wrote down a combined 1B euros ahaed of the merger.
What?s going to stay with me is Lagarde?s comment on Saturday that European banks ?need urgent recapitalization.? This is someone who knows what the bank balance sheets really look like.
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