Der USA Bären-Thread

www.calculatedriskblog.com/2009/05/rite-aid-and-cre.html

In year-over-year measurements, the industry’s occupancy fell 11.1 percent to end the week at 59.4 percent. Average daily rate dropped 9.3 percent to finish the week at US$98.31. Revenue per available room for the week decreased 19.4 percent to finish at US$58.39......

www.calculatedriskblog.com/2009/05/...ancy-revpar-off-194.html

On Tuesday, S&P issued a request for comments on proposed changes to their CMBS rating methodology. This was the key sentence:

Our preliminary findings indicate that approximately 25%, 60%, and 90% of the most senior tranches (by count) within the 2005, 2006, and 2007 vintages, respectively, may be downgraded.

After some negative analyst reactions, S&P extended the comment period (ht Jason):
Standard & Poor's Ratings Services today extended the comment period for its proposed changes to its methodology for rating U.S. CMBS conduit/fusion pools to June 9, 2009. The longer consultation period, which many market participants have requested, will allow time to provide further constructive feedback.downgraded.
Citi held a conference call this morning to discuss the proposed S&P changes. One of the key points was that Citi considered the S&P rent assumptions draconian. Basically S&P was going to start with the lower of current or market rents, and then decrease rents a further 6 to 30% depending upon property type.

Actually this seems reasonable - rents are falling for all property types. ....www.calculatedriskblog.com/

Halter nachrangiger US-Bankanleihen könnten - nach einer fulminanten Kurs-Rallye von im Schnitt 18 % ab den März-Tiefs (teils bis über 100 %) demnächst das Nachsehen haben. Die meisten Banken in USA haben negatives Eigenkapital und müssen verstaatlicht werden. Die Aktien werden dann wertlos. Bonds-Halter von Washington Mutual gingen letztes Jahr ebenfalls leer aus.

Die im Text unten genannten Grafiken füge ich in Folgepostings an. Die Grafik unter diesem Text zeigt die Kursgewinne der Bank-Bonds seit März.

---

Banking
Bank Bond Run Can't Last
By Tom Graff
Street.com Contributor
5/29/2009 3:30 PM EDT


Green shoots may be springing up, but one really has to question how well financial bonds have been performing. In April and May, corporate bonds of all stripes have been performing well, but the performance of financials has been especially striking.


You are reading that right. Over the last two months, supposedly investment-grade subordinate financial bonds have returns almost 18% on average. Various sub notes from Capital One (COF) , Fifth Third (FITB) , PNC (PNC) , Lincoln National (LNC) , SunTrust (STI) and Regions Financial (RF) all have produced 50% or greater returns in May.

To be sure, these issues are still trading at large discounts to par value. Most of the issues mentioned above went from prices of $30-$40 to $60 vs. $100 par value in the last month. But that is beside the point. The fundamental picture surrounding banks remains very shaky. Investors in these firms are counting almost entirely on government support.

Consider the FDIC's Quarterly Banking Profile released on Wednesday. Mainstream media coverage has focused on the obvious: number of problem banks rise to 305, loan loss reserves up 64%, while the FDIC's insurance fund is down 25%. In reality though, this is all old news, not of much use to investors.

Look a little deeper, and you'll find more disturbing news. The FDIC reports insured banks have $7.7 trillion in loans and leases, broken down as such:

Banks' Loans and Leases
(in $billions) - FDIC
   
We can take this data and overlay the loss estimates the Fed used in its Supervisory Capital Assessment Program (a.k.a., the stress test):

Indicative Loss Rates Provided to Bank Holding Companies for SCAP
(cumulative two-year, in percent) - Federal Reserve
   
The Fed was careful to emphasize that "these estimates are not forecasts of expected losses." Regardless, it does provide a mainstream view of potential losses on loans.

Multiply these loan loss estimates and the assets as published by the FDIC. It paints an ugly picture:

Losses (Estimated and Actual) - Fed/FDIC
   
In the above chart, the blue bars represent the range of "baseline" loss estimates, and the red bars reflect the range of "adverse" estimates. Based on Fed estimates, banks in aggregate will lose between $345 billion and $809 billion. The green bar on the right represents the aggregate amount of losses for which banks have already accounted: $171 billion in loss reserves and $150 billion in charge-offs.

Even under the low end of the baseline scenario, banks in general are under reserves for potential losses. Now consider that these aggregate numbers actually represent a combination of some banks with more benign loan portfolios, better geographics and/or better loan types, and other banks with worse geographics and weaker loan types. So the banks that are weak look much worse than the aggregate.

Admittedly, odds are good that the Treasury will backstop any systemically important bank, but what form future bailouts take is unknown. Look no further than the treatment of Chrysler's debt holders. Normal rules of bankruptcy won't apply if taxpayer dollars are involved.

Plus, one has to question the definition of "systemically important." KeyCorp (KEY) has $98 billion in assets. Fifth Third has $119 billion. In its last quarterly filing before its failure, Washington Mutual had $310 billion in assets; WaMu subordinate bond holders were wiped out. Why are investors so sure that the same fate wouldn't befall Key or Fifth Third?

Bear in mind that subordinate bonds have an uneven risk/reward profile. In the event of bankruptcy, sub-note holders will likely get wiped out. But even if a bank's credit improves, the return on a sub-note is limited. With many of the weaker bank sub notes trading at $60 to $70 vs. $100 par, the upside is no more than 50%. The downside is -100%. I'd argue that if Fifth Third or KeyCorp or Regions survive into the next several years, there is much more upside in the common stock, but with the same downside: 100%.

Yesterday, news came that the government was backing away from the Legacy Loans Program portion of the PPIP. This is bad news on top of bad news: Not only are banks not going to enjoy any capital relief on their bad loans, but it's signaling that banks can't sell their assets at market-clearing prices and remain solvent.

The bottom line is that many banks are insolvent now and would have no access to capital markets without government interference. While the Treasury's programs are probably the right move for the economy overall, it doesn't guarantee bank securities will produce profits, especially for subordinate bond holders who face such a large downside.

---

Corporate Bond Performance, Quelle: Merrill Lynch/Bank of America

 

Banks' Loans and Leases
(in $billions) - FDIC

Losses (Estimated and Actual) - Fed/FDIC

(siehe dazu den Text im letzten Teil von # 43882)

Die "forcierte Banken-Rallye" am Freitag - in Deinen Charts erkennbar am exorbitanten Volumen (besonders bei WFC) - war offenbar ein gezieltes Abschlachten von "Bank-Bären" (z. B. Shorts auf XLF, Longs auf SKF und FAZ), die zuvor mit den miesen FDIC-News (nun "308 Problembanken" - Details: # 43882) in diese Positionen gelockt worden waren. Die beste Möglichkeit, Kurse hochzubringen, erhält man, wenn man erst Shorts reinlockt und dann eine Kaufpanik inszeniert.

Die Zockerbanken nutzten die FDIC-News, um die daraufhin "fundamental" zu erwartende Positionierung der Shorts gegen sie zu verwenden. Je unlogischer ein Move, desto verzweifelter die Reaktion der Vernünftigen. Belohnt hingegen wurde, wer auf Goldmans Empfehlung des US-Bankensektors hörte (kurz vor dem Stress-Test-Ergebnis) und sich long positionierte. GS betreibt somit aktiv "Erziehung", dass Trader auf die hauseigenen Calls "hören".

Für Öl hat GS übrigens ein Kursziel von 70 Dollar "vorgegeben". Wer die Futures hat, hat die Macht.

Die extrem bärische Berichterstattung der US-Medien in der Frühphase der Rallye ab März könnte ähnlich Ziele verfolgt haben (Shorts reinlocken). Am Hoch sind die US-Medien nun plötzlich -  weisungsgemäß - "megabullisch", weil die Großen an die Kleinen "distribuieren" wollen und die Shorts zum Covern gezwungen werden sollen (hilft ebenfalls gut beim "Distribuieren").

und sonstige (Soft-)Commodity-Preise (food) wieder etwas runterbringen:

www.marketwatch.com/story/...still-juice-energy?dist=bigcharts

Aktien- und Rohstoffindizes werden gesteurt durch die Future, ehrliche böhhhse Zungen sagen manipuliert. Mal wieder schön am Freitag im Land der unbegrenzten Möglichkeiten zu sehen. Beim Ölpreis erleben ebenfalls eine handfeste Manipulation der Ölmafia. So viele Mitglieder, wie am zuerst glaben möchte, sind nicht notwendig; Hauptsache, sie sind kapitalkräftig genug, um dem Markt anzustoßen; den Resrt machen die Trittbrettfahrer. Die Brüder Hunt waren damals zu gierig und haben den Ausstieg verpasst statt sich frühzeitiger zu verpissen ( sorry ). Die Ölmafia ist wesentlich raffinierter. Hier noch ein Link zur alten Silbergeschichte
www.faz.net/s/...81AA7C5014A314D7F5~ATpl~Ecommon~Scontent.html

möchte aber mein Bärenfell noch in die Sonne legen.

Richard Fleming, UK head of restructuring at accountant KPMG, said that property failures to date are just the "tip of the iceberg".
Mr Fleming said: "Our work on the JJB [Sports] CVA and the Lehman real estate portfolio in Asia has given us an insight into what we think is just the tip of the iceberg. We predict a wave of fallouts in the commercial property market as the true value of losses becomes apparent." He added that the restructuring that would be required in the commercial property market could be "the next big milestone in this recession".

"With the June quarter day fast approaching and with £43bn of debt repayments falling due this year, we could well see a very busy period of activity," he said. ....

Europe's banks are ready to pull the plug on faltering UK commercial mortgages to limit losses.

More than £10bn of commercial mortgages have so far breached their terms, a recent study shows, and banks are running out of patience with problem borrowers.
In 2009, £43bn of property loans mature, posing a much larger risk than commercial mortgage-backed securities (CMBS), which have largely been sold on, according to the De Montfort University study.
www.telegraph.co.uk/finance/newsbysector/...res-predicted.html

Die Instis wissen das und laden im Trendkanal zwischen 875 und 925 - in dem sie die Aktien zur "Unterhaltung" der Kleinen mittels Future-Käufen wahlweise nach oben oder unten schieben (Bewegung muss sein, um Interesse zu wecken) - ihre Bestände ab: Distribution. Ein Fake-Ausbruch über 925, bei dem die Kleinen "beherzt" getreu ihrer goldenen Chart-Regeln zugreifen, bildet dann den "krönenden Abschluss" der Rallye. Sieht man sich im Bärenmarkt der letzten 18 Monate die früheren "oberen Wendepunkte" des SP-500 an (blaue Kreise unten), so fällt auf, dass jeder größeren Trendwende nach unten eine kleine (inszenierte) "Kaufpanik" nach oben voranging, bei dem die Kleinen als Kanonenfutter für die nachfolgenden Abverkäufe der Instis in den Markt gelockt wurden. Eine solche inszenierte Kaufpanik könnten wir mMn auch letzten Freitag zum Marktschluss in USA gesehen haben.

Man sollte es daher machen wie die Instis und gestandene Kaufleute: Buy cheap, sell high. Vor allem dann, wenn man mit dem "Geschäftsmodell Börse" Geld verdienen will. Die Börse funktioniert im Grunde wie ein Krämerladen, bei dem die Instis die Krämer sind (und Werber für ihre eigenen Interessen - via Analysten).

Kein Wunder, dass gerade die Amis so "chartverliebt" sind. Den Instis kommt dies gut zupass, haben sie mit den Futures doch die Manipulationsmittel bei der Hand, die Kleinen nach ihrem Gutdünken über's Stöckchen (und anschließend über die Klinge) springen zu lassen.

Auch nach der Pleite lassen die Belastungen nicht nach. Bereits vor der Pleite musste der Staat 19 Mrd. locker machen.

Summe bislang: 59 Mrd - Tendenz: steigend.

---

GM-Aktie fällt auf 75 Cent

Das Gläubigerschutzverfahren für den US-Autobauer rückt näher - und die Aktie des Konzerns wird zum Penny-Stock. Das ist noch nicht alles: GM braucht nach der Insolvenz fast 40 Mrd. $ - die muss der amerikanische Steuerzahler fast allein schultern.

...

Die Insolvenz des Konzerns ist mittlerweile so gut wie unausweichlich - für den amerikanischen Steuerzahler wird sie richtig teuer: Die US-Regierung will den Opel-Mutterkonzern während eines Insolvenzverfahrens mit weiteren 30 Mrd. $ unterstützen - zusätzlich zu den 9 Mrd. $, die die kanadische Regierung stellen will. Das sagte ein hoher US-Regierungsvertreter der Nachrichtenagentur AP, der nicht namentlich genannt werden wollte. Die US-Regierung hat bisher bereits 19,4 Mrd. $ aufgebracht, um General Motors vor der Zahlungsunfähigkeit zu bewahren.

www.ftd.de/unternehmen/industrie/...lt-auf-75-Cent/520556.html

 Nichts prinzipielles gegen die Meinung im Post, aber zur Verbreiterung der Wahrnehmung doch eine Anmerkung zu:

"Inzwischen sind die Charts allerdings schon wieder an der oberen Schmerzgrenze ihrer fundamentalen Bewertung angelangt. Der SP-500 z. B. , der aktuell Gewinne von insgesamt 60 Dollar verzeichnet, hätte beim Stand von 900 (= 900 Dollar) bereits ein KGV von 15 - was man in Anbetracht der stark kriselnden Weltwirtschaft samt akuter Pleite-Gefahren (GM, Banken) als teuer bzw. "recht ambitioniert" bezeichnen kann. An wirklichen, nachhaltigen Tiefs sind eher KGVs um 5 bis max. 10 typisch"

Wir haben aber jetzt kein "wirkliches, nachhaltiges Tief" mehr. Ich will gar nicht auf die KGVs an sich eingehen oder ob sie berechtigt sind (danach gucke ich eher nicht), sondern auf die Logik der Kritik im Post: wenn die Gewinne 60 Dollar sind (d.h. in Zukunft sein sollen), dann hätten wir in der Tat bei SPX=900 ein KGV von 15. Bei dem März-Tief von ca. 660 hatten wir dann aber ein KGV von 11, also knapp noch am Rand des erwähnten "vernünftigen" Ranges für Tiefs. Von März bis heute dürften sich die immanenten Gewinne ja nicht wirklich verändert haben.

Das zeigt die Tücke der ganzen KGV-Betrachtungen, die IMHO zwar strategische Orientierung geben können, aber meinem Eindruck nach fast überhaupt nichts darüber sagen, ob eine Aktie oder ein Index im nächsten halben Jahr höher oder tiefer stehen wird.

Eine andere Story wäre es, wenn sich ab jetzt in der Zukunft die Gewinne bzw. ihre realistische Erwartungen ändern (für mich vorzugsweise nach unten :-), zum Beispiel durch Wieder-Verschlechterung des wirtschaftlichen Horizontes (womit ich rechne). Dann würden die KGVs sich derart aufblähen, dass sie die Börse doch nach unten ziehen.

baltimorechronicle.com/2009/052909Lendman.shtml  (notfalls zu erreichen über Beginn des Links)
Wall Street's mantra is that markets move randomly and reflect the collective wisdom of investors. The truth is quite opposite. The government's visible hand and insiders control markets and manipulate them up or down for profit - all of them, including stocks, bonds, commodities and currencies.

It's financial fraud or what former high-level Wall Street insider and former Assistant HUD Secretary Catherine Austin Fitts calls "pump and dump," defined as "artificially inflating the price of a stock or other security through promotion, in order to sell at the inflated price," then profit more on the downside by short-selling. "This practice is illegal under securities law, yet it is particularly common," and in today's volatile markets likely ongoing daily.

Why? Because the profits are enormous, in good and bad times, and when carried to extremes like now, Fitts calls it "pump(ing) and dump(ing) of the entire American economy," duping the public, fleecing trillions from them, and it's more than just "a process designed to wipe out the middle class. This is genocide (by other means) - a much more subtle and lethal version than ever before perpetrated by the scoundrels of our history texts."

Fitts explains that much more than market manipulation goes on. She describes a "financial coup d'etat, including fraudulent housing (and other bubbles), pump and dump schemes, naked short selling, precious metals price suppression, and active intervention in the markets by the government and central bank" along with insiders. It's a government-business partnership for enormous profits through "legislation, contracts, regulation (or lack of it), financing, (and) subsidies." More still overall by rigging the game for the powerful, while at the same time harming the public so cleverly that few understand what's happening.
The Plunge Protection Team

On March 18, 1989, Ronald Reagan's Executive Order 12631 created the Working Group on Financial Markets (WGFM) commonly known as the Plunge Protection Team (PPT). It consisted of the following officials or their designees:    *  the President;
   * the Treasury Secretary as chairman;
   * the Fed chairman;
   * the SEC chairman; and
   * the Commodity Futures Trading Commission chairman.

Under Sec. 2, its "Purposes and Functions" were stated as follows:......

In August 2005, Canada-based Sprott Asset Management (SAM) principals John Embry and Andrew Hepburn headlined their report on the US government's "surreptitious" market interventions: "Move Over, Adam Smith - The Visible Hand of Uncle Sam" to prevent "destabilizing stock market declines.....

   Current mythology holds that (equity) prices rise and fall on the basis of market forces alone. Such sentiments appear to be seriously mistaken....And as official rhetoric continues to toe the free market line, manipulation has become increasingly apparent....with the active participation of selected investment banks and brokerage houses" - the Wall Street giants.

In 2004, Texas Hedge Report principals Steven McIntyre and Todd Stein said "Almost every floor trader on the NYSE, NYMEX, CBOT and CME will admit to having seen the PPT in action in one form or another over the years" - violating the traditional notion that markets move randomly and reflect popular sentiment.

Worse still, according to SAM principals Embry and Hepburn, "the government's unwillingness to disclose its activities has rendered it very difficult to have a debate on the merits of such a policy," if there are any.
Further, "virtually no one ever mentions government intervention publicly....Our primary concern is that what apparently started as a stopgap measure may have morphed into a serious moral hazard situation."

Worst of all, if government and Wall Street collude to pump and dump markets, individuals and small investment firms can get trampled, and that's exactly what happened in late 2008 and early 2009, with much more to come as the greatest economic crisis since the Great Depression plays out over many more months.

That said, the PPT might more aptly be called the PPDT - The Plunge Protection/Destruction Team, depending on which way it moves markets at any time. Investors beware.

Manipulating markets is commonplace and as old as investing. Only the tools are more sophisticated and amounts involved greater.......

The Counterparty Risk Management Policy Group (CRMPG)

Established in 1999 in the wake of the Long Term Capital Management (LTCM) crisis, it manipulates markets to benefit giant Wall Street firms and high-level insiders. According to one account, it was to curb future crises by:

   * letting giant financial institutions collude through large-scale program trading to move markets up or down as they wish;
   * bailing out its members in financial trouble; and
   * manipulating markets short or longer-term with government approval at the expense of small investors none the wiser and often getting trampled.

In August 2008, CRMPG III issued a report titled "Containing Systemic Risk: The Road to Reform." It was deceptive on its face in stating that CRMPG "was designed to focus its primary attention on the steps that must be taken by the private sector to reduce the frequency and/or severity of future financial shocks while recognizing that such future shocks are inevitable, in part because it is literally impossible to anticipate the specific timing and triggers of such events."

In fact, the "private sector" creates "financial shocks" to open markets, remove competition, and consolidate for greater power by buying damaged assets cheap. Financial history has numerous examples of preying on the weak, crushing competition, socializing risks, privatizing profits, redistributing wealth upward to a financial oligarchy, creating "tollbooth economies" in debt bondage according to Michael Hudson, and overall getting a "free lunch" at the public's expense.

CRMPG explains financial excesses and crises this way:

   "At the end of the day, (their) root cause....on both the upside and the downside of the cycle is collective human behavior: unbridled optimism on the upside and fear on the downside, all in a setting in which it is literally impossible to anticipate when optimism gives rise to fear or fear gives rise to optimism...."

   "What is needed, therefore, is a form of private initiative that will complement official oversight in encouraging industry-wide practices that will help mitigate systemic risk. The recommendations of the Report have been framed with that objective in mind."

In other words, let foxes guard the henhouse to keep inventing new ways to extract gains (a "free lunch") in increasingly larger amounts - "in the interest of helping to contain systemic risk factors and promote greater stability."
Or as Orwell might have said: instability is stability, creating systemic risk is containing it, sloping playing fields are level ones, extracting the greatest profit is sharing it, and what benefits the few helps everyone.

Michel Chossudovsky explains that: "triggering market collapse(s) can be a very profitable undertaking. (Evidence suggests) that the Security and Exchange Commission (SEC) regulators have created an environment which supports speculative transactions (through) futures, options, index funds, derivative securities (and short-selling), etc. (that) make money when the stock market crumbles....foreknowledge and inside information (create golden profit opportunities for) powerful speculators" able to move markets up or down with the public none the wiser.
As a result, concentrated wealth and "financial power resulting from market manipulation is unprecedented" with small investors' savings, IRAs, pensions, 401ks, and futures being decimated from it.

Deconstructing So-Called "Green Shoots"

Daily the corporate media trumpet them to lull the unwary into believing the global economic crisis is ebbing and recovery is on the way. Not according to longtime market analyst Bob Chapman who calls green shoots "Poison Ivy" and economist Nouriel Roubini saying they're "yellow weeds" at a time there's lots more pain ahead.

For many months and in a recent commentary he refers to "the worst financial crisis, economic crisis and recession since the Great Depression....the consensus is now becoming optimistic again and says that we are going to go from minus 6 percent growth to positive growth in the second half of the year....my views are much more bearish....The problems of the financial system are severe. Many banks are still insolvent."

We're "piling public debt on top of private debt to socialize the losses; and at some point the back of (the) government('s) balance sheet is going to break, and if that happens, it's going to be a disaster." Short of that, he, Chapman, and others see the risks going forward as daunting. As for the recent stock market rise, they both call it a "sucker's rally" that will reverse as the US economy keeps contracting and the financial system suffers unexpected or manipulated shocks.....

....Yamada says structural bear markets typically last 13 - 16 years so this one has a long way to go before "complet(ing) the repair process." She calls the current rebound "a bungee jump," very typical of bear markets. Numerous ones occurred during the Great Depression, 8 alone from 1929 - 1932, some deceptively strong.

Expect market manipulators today to produce similar price action going forward - to enrich themselves while trampling on the unwary, well-advised to protect their dollars from becoming quarters or dimes.

Stephen Lendman is a Research Associate of the Centre for Research on Globalization. He lives in Chicago and can be reached at lendmanstephen@sbcglobal.net.

Unreported or Underreported Real Pandemics, Not Fake Ones Like Avian and Swine  Flu
derselbe Autor am 4.5. zu einem Thema ,das wir hier auch schon hatten,aber wer weiss schon,dass Donald Rumsfeld Chairman von Gilead Sciences war und jetzt Grossaktionär ,die heftig an Impfungen verdienten
sjlendman.blogspot.com/search?q=

Abschuss freigegeben?
Hoppla, was heißt das denn:
Mit Blick auf die von Wirtschaftsminister Karl- Theodor zu Guttenberg (CSU) diskutierten "Planinsolvenz" von Opel, sagte Merkel, die Risiken einer Alternative zu einem Rettungskonzept seien für sie "politisch absolut nicht verantwortbar".
Guttenberg vertritt wohl die Ansicht, dass die neue Lösung wirtschaftlich absolut nicht verantwortbar sei.
Aber, lieber Guttenberg, hasst Du noch nichts von yes we can gehört? We are the Champignons!

das gestern Abend gedreht wurde: Die fulminanten Volumenanstiege insbesondere in den letzten zehn Handelsminuten sind nicht nur bei Bankenwerten, sondern auch bei einer ganzen Reihe anderer Werte festzustellen.

Hier nur ein paar Beispiele:

F: 23 Mio  -  GE: 17 Mio  -  IBM: 2,5 Mio  -  INTC: 18 Mio  -  MSFT: 13 Mio  -  X: 3,2 Mio

Alles absolute Rekorde für 10-Minuten-Phasen.

Das Wochenvolumen des SPX ist jedoch in Anbetracht eines Feiertages als absolut "normal" zu bezeichnen. Wie wäre dieses aber wohl ohne diese "high fuel injections" ausgefallen? Das vorgegaukelte "Heile-Welt-Szenario" hätte bei einem desaströsen Wochenvolumen ja Schaden leiden können - und dies konnte "man" - noch - nicht  zulassen.

Die Preis-Recovery des SPX zwischen 2003 und 2005 war von fast konstanten Monatsvolumina begleitet. Seit drei Monaten sehen wir jedoch ein ungeheuerliches "Volumen-Doping", bei dem zwei Merkmale auffallen:

a) sinkende Volumina und b) sich verkürzende Kerzen.

Hier will "man" wohl mit aller Macht einen ökonomischen "Fall Out" verhindern.

Indiskrete Frage zu diesem "Doping": Woher stammt wohl das Geld dafür?

Brutale Antwort: Von den Steuerzahlern!

Ich habe gerade festgestellt, dass Ariva den Landscape-Chart nicht vollständig darstellt. Daher liefere ich den Chart in einer niedrigeren Auflösung.

Aber die Wende ist doch aus dem Chart klar ersichtlich: W-Boden, bow ei! -;)