...And if Europe wasn't bad enough, how about Spain?

Has anyone noticed that the IBEX of Spain is -20% this year, seriously? That's worse than a midtown Manhattan hedge fund managers performance who is long a tonne of gold stocks while short a boat load of futures - OOPS! (you know who you are). Anyway, we kept hearing about Spain's upcoming - now passed - auction on CNBC and other talking head news channels but isn't anyone concerned about the 20% drop this year alone! Maybe we have become so numb to the demise of that country that no one cares anymore.

Take a look at these refreshingly ridiculous numbers:
2008 IBEX -39%
2009 IBEX +29%
2010 IBEX -17%
2011 IBEX -13%

HELLO (or should I say HOOLLLLLAAAAA) is anyone home!?!?!?! But why should we worry, all those European officials who work a long hard 4 hour day until the ripe old age of 50 before they retire say there isn't any trouble....who are we to argue? All I have left to say on the matter, for now, is if the S&P was revisiting its 2009 lows like the IBEX is we would be in a big enough panic to make Occupy Wall Street look like boy scout camp (although it kinda was except with unemployed grown-ups with dreads or baseball caps instead of unemployed 12 year olds with pimples) and The Bernank would be talking about QE9. Nuf said there.