Euro Dominoes: Spain next?

A major savings bank in Spain has ceded control to the Bank of Spain, moving one step closer to nationalization of financials.

What does it mean? Banco Santander (STD), one of the world's largest banks, has watched its market cap collapse since the start of the new year. Shares rose this week, though, off their low near 10 on Monday to 10.98 by Friday's close.

Austerity is an uncommonly used word today, but for most of us working stiffs, defining it would probably sound something like this: Stop spending money you don't really have or you'll have to cut back big time later, dumbass! There's a limit to bailouts somewhere down the line, no matter how many sugar daddies there seem to be. That runs dry sooner or later.

Spanish shorts are appealing, but I'll just watch for now