S&P Downgrades Greece To Junk

Coming soon to a country near you.

Overview:

* We have updated our assessment of the political, economic, and budgetary challenges that the Greek government faces in its efforts to place Greece's public debt burden onto a sustained downward trajectory.
* We are lowering our ratings on Greece to 'BB+/B' from 'BBB+/A-2' and assigning a negative outlook.
* The negative outlook reflects the possibility of a further downgrade if the Greek government's ability to implement its fiscal and structural reform program materially weakens in our view, undermined by domestic political opposition at home or by even weaker economic conditions than we currently assume.

Full obituary.

Housing Crash Update....

"Two major banks are expecting major increases in foreclosures, by the end of 2010.

"According to the Irvine Housing blog, Bank of America, which currently forecloses on 7,500 homes every month will see that number rise to 45,000 by December 2010.....

“JPMorgan Chase is forecasting bigger foreclosure numbers in the coming months. According to a presentation at the end of February, JPMorgan expects the amount of real estate owned (REO) properties in its portfolio to reach between 33,000 to 45,000 in Q410. By comparison, in Q409, REO inventories were at 23,100." ("Big Banks Prepare for Major Rise in Foreclosures Ending 2010" Jon Prior, Housingwire.)

Now do you still believe the talking heads when they say 'the worst is over'?

Highly recommended.

CERN admits black hole ripped in space by Large Hadron Collider

A spokesperson for the European Organisation for Nuclear Research (CERN) has confirmed the fears of many in the scientific world after revealing that the reason for the sudden closure of the Large Hadron Collider, the world's most expensive physics experiment, was not due to "technical problems" as previously stated, but because its controversial particle collisions have sensationally rendered a "tiny black hole" in the fabric of space.

"I can confirm that, yes, the first stages of the experiment resulted in the appearance of a miniscule black hole," said the spokesperson to gathered reporters on Monday. "The black hole is being kept under quarantine and our scientists have been monitoring its progression," he explained.

Earthmonkey again on a very bad trip, easily fatal.

Lying sacks of shit now say they're gonna keep it 'under quarantine'.

Read.

There Will Be No Recovery