monday1929

FASB Changes Perpetuate Fair Value Lying

Your Deluded beliefs have been and will be highly profitable for me, but damaging to society. If you believe that Govts. are larger than the Market, you do not know History.


On Apr 03 10:23 AM Conan the Barbarian wrote:

> citez: Agreed, but let's carry it forward a tad.
>
> All of the World's Governments are now focused on "fixing" the problems
> and will do Whatever it takes to do so. If anyone actually believes
> that any kind of credit contraction will stand in the way of their
> concerted efforts, they have fully deluded themselves.
>
> The US no longer stands alone in this effort.

Banks: Just a Shadow of Their Former Selves

You hit the nail on the head. there was Trillions looted from the economy by the financial elites. They may just get away with it. There seems to be a well organized effort, up to and including Obama, to "not point fingers" and to say that "we are all to blame". No, the criminals who rob the jewelry store are more guilty than those who bought a watch a little beyond their means.


On Jan 21 06:37 PM Fitz919 wrote:

> I've been wondering for a long time now whether the sliced and diced
> motgage backed securities, so cleverly invented, and so unable to
> be honestly rated, were even legitamate "mortgage backed" secutities.
> The secrecy which continues to surround them, the inability of anyone
> to unravel them and reveal any actual mortgages which could be refinanced
> at their core, the reluctance of any other financial institution
> to buy them, the fact that the Govt chose to buy preferred shares
> rather than these securities, makes me suspect that they were actually
> just an enormous ponzi scheme, which institutions chose to insure
> with massive credit default swaps. As long as they could keep selling
> their phony securities they had lots of money with which to pay the
> interest to the securities holders, and the premiums on the credit
> default swaps, and the game could continue on uninterrupted.
>
> Then actual sub-prime mortgages started to reset, and lots of folks
> had to default. Since no one knew what was in the mortgage backed
> securities they owned, they suddenly became high risk assets. No
> one would buy them anymore, and no one could sell the ones they had.
>
>
> The big players in this scheme don't want to get caught and prosecuted,
> and figure they still have time on their side. If they can keep getting
> bailout money for a few more years they'll make it scott free. <br/>
>
> Doesn't anyone else think it's odd that these mortgage backed securities
> aren't being dissassembled, and the good and bad mortgages identified?
>
>
> If the bulk of them are phony, then the Emperor Has No Clothes, and
> our prisons will fill up with bankers, and accountants. Maybe the
> cages at Guantanimo will be useful after all. We could let our soldiers
> come home, and we could hire some currently unemployed folks to guard
> them.

Netting Derivatives: Slippery Slope Marred by Opaqueness

Even if the liars (banks) were acidentally telling the truth here, and assuming all counterpaties will make good (an absurd assumption), that may leave about 3 trillion in losses for JPM, Citi ie. the U.S. taxpayer.

S&P's Downgrade of Financials Is a Definitive Bear Signal

At this late date, why not short the "unprotected"? The Treasury will not be able to bail-out the Russell 2000.
And why are these people not in prison yet?