The Great Bailout Dellusions: Gone faster and Faster; Spanish Bank Bailout Turns Sour

The markets jumped at the open, but The Wall Street sums it up:



Bailouts have been great delusions, or illusions, but their effects are dissipating faster and faster. As if a bailouts would fix anything!

Spanish bond market has been very unimpressed: Spanish 10 year bonds fell all day long, closing with yields up 30 basis points from Friday's close, to 6.5%.