The Twelve Days of Christmas

It's Macro Man's last day in the office of the year, and hence time for a bit of holiday fun. While Macro Man hasn't the energy to concoct anything this morning, at least he can pass along the tune that the fellow next to him was humming on the train this morning.....

On the first day of Christmas, the market sent to me,
A huge loan from Ben Bernanke.

On the second day of Christmas, the market sent to me,
Two year swap spreads and
A huge loan from Ben Bernanke.

On the third day of Christmas, the market sent to me,
Three French banks,
Two year swap spreads, and
A huge loan from Ben Bernanke.

On the fourth day of Christmas, the market sent to me,
Four margin calls,
Three French banks,
Two year swap spreads, and
A huge loan from Ben Bernanke.

On the fifth day of Christmas, the market sent to me,
FIVE YEAR GOLDMAN CDS!
Four margin calls,
Three French banks,
Two year swap spreads, and
A huge loan from Ben Bernanke.

On the sixth day of Christmas, the market sent to me,
Six banking bailouts,
FIVE YEAR GOLDMAN CDS!
Four margin calls,
Three French banks,
Two year swap spreads, and
A huge loan from Ben Bernanke.

On the seventh day of Christmas, the market sent to me,
Seven day workweeks,
Six banking bailouts,
FIVE YEAR GOLDMAN CDS!
Four margin calls,
Three French banks,
Two year swap spreads, and
A huge loan from Ben Bernanke.

On the eighth day of Christmas, the market sent to me,
Eight percent sell-offs,
Seven day workweeks,
Six banking bailouts,
FIVE YEAR GOLDMAN CDS!
Four margin calls,
Three French banks,
Two year swap spreads, and
A huge loan from Ben Bernanke.

On the ninth day of Christmas, the market sent to me,
Nine dancing ladies (until the entertainment budget was canceled),
Eight percent sell-offs,
Seven day workweeks,
Six banking bailouts,
FIVE YEAR GOLDMAN CDS!
Four margin calls,
Three French banks,
Two year swap spreads, and
A huge loan from Ben Bernanke.

On the tenth day of Christmas, the market sent to me,
Ten bp T-bill yields,
Nine dancing ladies,
Eight percent sell-offs,
Seven day workweeks,
Six banking bailouts,
FIVE YEAR GOLDMAN CDS!
Four margin calls,
Three French banks,
Two year swap spreads, and
A huge loan from Ben Bernanke.

On the eleventh day of Christmas, the market sent to me,
Eleven ABX marks,
Ten bp T-bill yields,
Nine dancing ladies,
Eight percent sell-offs,
Seven day workweeks,
Six banking bailouts,
FIVE YEAR GOLDMAN CDS!
Four margin calls,
Three French banks,
Two year swap spreads, and
A huge loan from Ben Bernanke.

On the twelfth day of Christmas, the market sent to me,
Twelve hedge funds closing,
Eleven ABX marks,
Ten bp T-bill yields,
Nine dancing ladies,
Eight percent sell-offs,
Seven day workweeks,
Six banking bailouts,
FIVE YEAR GOLDMAN CDS!
Four margin calls,
Three French banks,
Two year swap spreads, and....

A huge loan from Ben Bernanke.

While Macro Man will not return to the office until January, he'll continue to offer occasional thoughts in this space over the Christmas period. He wishes all readers a happy holiday season and a prosperous new year.
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21 comments

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M.G.
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December 19, 2008 at 10:04 AM ×

I would like to wish you Merry Christmas and Happy New Year.

I just drop this quote of 2008

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Anonymous
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December 19, 2008 at 10:51 AM ×

Same to you Mr Macroman, lots of Kiwis love reading your blog here in Auckland.

Some one with deep pockets is buying EURJPY at 124.50

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December 19, 2008 at 10:57 AM ×

It's last day in office also for me, and we leave with a series of credit cut, just to be happier!!!
Merry Christmas and Happy New Year to everyone!!!

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Macro Man
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December 19, 2008 at 10:58 AM ×

Well, short sterling today has given someone either a very large present or a very large limp of coal. 125 bp round trip in 5 minutes...yowsah!

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Anonymous
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December 19, 2008 at 11:05 AM ×

yeah my stops are so tight they are religious

seriously someone is selling a truck load of yen and buying euro

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SD
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December 19, 2008 at 11:14 AM ×

Merry Christmas and Happy New Year to the entire MM family! Read you next year!

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Damcanu
admin
December 19, 2008 at 11:18 AM ×

Best wishes MM, to you and your family from South Wales. Nadolig Llawen to all.

------------------------------

Xmas Welsh lesson anyone ???

English to Welsh translation:-

speculate
(v.) damcanu [damcan-]

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Anonymous
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December 19, 2008 at 11:19 AM ×

One of the best.
All good wishes to you and your family.

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Margintale
admin
December 19, 2008 at 11:44 AM ×

Trades dont take time off, everyone knows this...

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Anonymous
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December 19, 2008 at 1:44 PM ×

Merry Christmas and Happy new year

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Anonymous
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December 19, 2008 at 1:55 PM ×

uh oh, with you guys gone the markets will be yanking around worse than 1st 1/2 of the month!

credit measures improved further, high yield bond funds bounced, and dubya has provided a little downtick in treasuries thus far with tarp for autos
-deacster

merry Christmas!

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Macro Man
admin
December 19, 2008 at 2:01 PM ×

I'll still be keeping an eye on things, never fear.....

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Manc Trader
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December 19, 2008 at 2:15 PM ×

Great post.
Merry Christmas to you and your family MM.

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Anonymous
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December 19, 2008 at 2:46 PM ×

Happy Hols to all, I certainly echo the sentiment for a prosperous 09, and thanks for the daily MM.
Cheers, JL

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martin
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December 19, 2008 at 3:12 PM ×

Merry Christmas (let's ban the "X") to you and the Macro family. Have very much appreciated your insight and wit through the Fall of 2008.

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Anonymous
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December 19, 2008 at 5:53 PM ×

HAHAHAHAHAH!!!!! that is HILARIOUS!! hahahahh.... thanks Mr Macro! best blog running, one of only 3 i read daily! have a good xmas :)

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Anonymous
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December 19, 2008 at 7:09 PM ×

Brilliant! Best wishes and happy holidays from New Jersey.

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Anonymous
admin
December 20, 2008 at 12:56 AM ×

Silent bid, holy bid
All is gone: no more quid
Ten yards down from high water mark
Jerome 'n' Bernie, they played their part
Short and heavily freaked
Short and heavily freaked

Silent bid, holy bid
Toxic waste, can't get rid?
Goldman's minions they work their book
While in office by hook or by crook
ZIRP, their savior is born
ZIRP, our nation folorn

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Anonymous
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December 22, 2008 at 9:19 AM ×

Merry Christmas!

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Nancy Smith
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December 27, 2008 at 1:36 AM × This comment has been removed by the author.
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