TomF75's Comments

When Will the Market Turn Negative Again?

Sat, 06 Jun 2009 19:12:46 -0400

Oil hasn't doubled?!?!? Dude maybe you need to take 4th grade math again:
12/30 spot price: 33.97
6/4 spot price: 68.45

looks like a 2 bagger to me

On Jun 06 01:22 AM IronBob wrote:

> Please post facts. Oil has not doubled. In fact, it's not even close
> to double. Steady and sporadic increases in oil prices usually don't
> have that much of an impact.
>
> It's the clear and present jumps of $3-$5 a day over a course of
> a week or two that hugely impacts the economy. If that occurs then
> you are correct, all bets are off because inflation is waiting around
> the corner.

Doug Casey: What to Do in 'The Greater Depression'

Thu, 26 Feb 2009 09:49:32 -0500

Not to play Devil's advocate here, but in the last paragraph where it mentions the authors previous books:

Crisis Investing: Opportunities and Profits in the Coming Great Depression in 1979...in 1993, with Crisis Investing for the Rest of the Nineties. In between, his Strategic Investing: How to Profit from the Coming Inflationary Depression (Simon & Shuster, 1982) broke records for the largest advance ever paid for a financial book.

It seems to me that whenever this guy comes out with a book about "crisis investing" the crisis is pretty much over.

Great Depression in 1979...umm don't think I recall that one?

Crisis investing for the 90's...yeah with the exception of that LTC/Asian blip in '98 I think that was a pretty good decade for equity investors

Coming Inflationary Depression in 1982...Does it count if the author is 28 years to early?!?!? I mean a broken clock is right two times a day after all.

I don't deny that the US and Western Europe have some serious structural deficiencies to deal with, but it seems like if you followed this guys investing advice you would've had to hawk your possessions at the nearest pawn shop a long time ago.

Was Subprime Lending Just as Dishonest as Madoff?

Tue, 24 Feb 2009 12:53:04 -0500

Good article, with many great comments. I think another thing to touch one is outright misuse of products. Many have said Subprime lending existed for years, why did it suddenly become a problem. I recall hearing one of the founders of Golden West talking about the Pick-A-Pay mortgage.

He described this mortgage as being created for sales people who had high, but fluctuating incomes. Those products obvisouly didn't cause a problem when they were marketed to the person they were intended for. It was only when those products began being marketed as a way to get yourself in too a bigger house than you could normally afford that they became a problem.

Ditto to a previous poster on the 80/20 loan, ridiculous how these things were allowed to pass muster by the main mortgage bank.

Was Subprime Lending Just as Dishonest as Madoff?

Tue, 24 Feb 2009 12:49:13 -0500

I suspect what the poster meant by "Conventional" was simply non-subprime. I have a 5/1 ARM from ING that was signed with all conforming docs, 75% LTV, and a proper income:debt ratio. I am not an expert, but I think this mortage could be considered Conventional.

On Dec 26 12:05 PM BerkeleyBob wrote:

> I don't understand the poster's final comment that 2009 will be bad
> because conventional mortgages will reset and interest rates reset
> will cause large scale loan failures. Isn't a conventional mortgage
> fixed? Isn't a conventional mortgage not an Alt-A, not a no Doc?
> If interest rates remain low and stable, maybe some re-financing
> activity but a re-finance is not feasible with less than a .5% interest
> reduction and is expensive in terms of taxes, fees, etc.

The Coming Depression: See It Clearly Through Historical Eyes

Tue, 24 Feb 2009 12:36:34 -0500

"...People fail to read and apparently never learned in school how to
actually analyze data or analyze an argument for correctness. If
they had much misery would have been averted..."

No, unfortunately my wife is too busy being forced by the Fed's to teach anti-bullying lessons (god forbid their feelings get hurt), and AIDS education to 8 year olds (important, but to 8 year olds? Difficult to teach kids about an STD when you can't mention sex...Duh!).

Not too mention the Every Child Left Behind Act forces teachers to teach kids to pass a test, not too actually learn the subject matter (b/c losing funding is the primary concern, not teaching the kids). Then, when you get to college you get indoctrinated by a host of whacko hippie crackpot professors that can't cut it outside the Ivory Towers.

Unfortunately, if we want our children to have common sense they aren't going to learn it in school. But, then again how many Americans possess anything resembling common sense (e.g. I make $60K so if I take out a $2000 mortgage and a $500 car lease theirs plenty left over for vacation & fun...oops did I forget I have to eat, fill gas in the car to go to work, pay the electric, cable & phone bill).

That's my rant for today, thanks and happy investing!!

On Feb 23 09:10 AM kelm wrote:

> A truly well written article and one which I have to say "amen" to.
>
>
> We have evolved a culture that is sound bite based and in which the
> most vocal majority constantly shouts down those who disagree with
> them. We have a financial media focused on selling people stocks
> rather than providing them with information. All of this conspires
> to keep people buying into myths. I heard these myths recited time
> and time again as the markets declined, like a Gregorian chant or
> a prayer "stay in for the long term, too late to sell, long term
> perspective, must stay in the market, diversified - I'll be saved".
> People fail to read and apparently never learned in school how to
> actually analyze data or analyze an argument for correctness. If
> they had much misery would have been averted.
>
> I agree with your conclusion. Perhaps against the odds the US pulls
> a miracle out but I doubt it. I think the crisis has occurred at
> a point coincident with a fundamental shift in the center of world
> commerce occurring. When we emerge from the crisis we will be a major
> but not the major player in the world. The center of gravity will
> have shifted to Asia.

Currency ETFs: One Area Where There’s Always a Bull

Tue, 24 Feb 2009 09:22:12 -0500

I'd like if possible to know the authors opinion if FXA. Australia's economy seems to be stemming the tide and holding its own (for how long is the $64,000 question). The 7+% yield has had my eye for sometime know, just can't get to pull the trigger during a dollar rally.

Santelli's Chicago Tea Party: The Quest for Our Nation's Soul

Mon, 23 Feb 2009 14:16:41 -0500

Well based on that Cramer link...If Jimmy boy is ready to jump out the window, that must be a good sign we are approaching the end of this mess!

Can Pontiac Turn Back the Wheel?

Fri, 20 Feb 2009 14:24:38 -0500

The only problem I have with your statement is you label the GTO an Aussie ripoff...Take a look at the window sticker on a G8 my friend! The G8 is actually the Holden Commodore (much like the goat was a Monaro).

www.holden.com.au/www-...

That being said, I think using Pontiac as a niche brand to distribute its exciting vehicles from Holden and Vauxhall is actually a great idea.

On Feb 20 09:36 AM oilcan821 wrote:

> if gm had made a retro gto instead of an aussie ripoff, i think pontiac
> would make it in today's world. it wouldn't be rocket science to
> take a g-8 platform, and put a '69 style front and rear end on it.
> with the cool hideaway headlights, judge striping, and things like
> hood scoops and tach. the drivelines are alot more peppy and reliable
> which in a retro body would sell as long as the price is affordable
> (start at low $20,000).

S&P 500 Earnings: 'The Pain of Mean Reversion'

Thu, 19 Feb 2009 12:39:28 -0500

Couldn't agree more...think about it, deflation is good for the saver, dreadful for the borrower. Since our government hasn't been a saver for 20-30 years, they will do whatever they can to induce inflation for their own self interest...regardless of whether that is good for you or I.

On Feb 19 12:11 PM constructe wrote:

> The vaporization of equity, goodwill, real estate, etc. is already
> taking place. The consumer is already deleveraging. Corporations
> are already pulling back. All as they should. It is normal in a cyclical
> downturn. The only one encouraging people, banks, and companies to
> stay overextended is the government for its own self interest.

>
> Deleveraging is fine as long as it ends in a timely fashion. Prolonging
> the downturn only risks a persistent downturn and the doldums that
> ensue from a multi-year down cycle.

The Great Inflation Moderation That Wasn't

Thu, 19 Feb 2009 10:17:30 -0500

I have, can't remember where (probably on SA). If memory serves correct trend was generally around 3x (ranging from 2.7 to 3.2) until around 2000 when things went parabolic topping out in the neighborhood of about 4.5. Basically what that means is real estate needs to fall about 40% from top to come back to trend.

On Feb 19 09:57 AM Steve Pasq wrote:

> Very interesting charts. Has anyone seen an historic chart of the
> relationship between income and housing prices?

Obama's Housing Plan: Elegant and Costly

Thu, 19 Feb 2009 09:07:56 -0500

I've been supporting a Swedish style bailout from the beginning. If anybody saw CNBC's "House of Cards" over the weekend they profiled a gentleman who earned $47K and bought a $584K condo by lying on his app claiming he made about $200K.

I'm sorry, but no f'ing way should an idiot like this received a DIME of my money!! I'm stuck in the middle of the boondocks b/c I felt it was irresponsible to buy the $190K condo I wanted on my $60K income so I settled for the $130K model 35 minutes up the road. Here this guy makes less than me and buys a house nearly 3x's!!! Gimmie a break!!

And I don't want to hear the "Its Calfornia" excuse b/c I am sure you can get a 3/4 Bdr apartment for less than the mortgage on this place was.

On Feb 18 04:41 PM Chris B wrote:

> It seems like most commenters on this site got a degree from the
> Andrew Mellon school of classical economics at Herbert Hoover University,
> where pointing fingers and simplistic slogans are more respected
> than the lessons and experience of history.
>
> The ideology of "do nothing and let the free market correct " is
> what led to the great depression. There are also consequences to
> weak, mostly symbolic responses such as Japan's in the 90's. At least
> their wimpy response was enough to prevent a depression there. Those
> attempts by governments to save a buck and not overwhelmingly confront
> the crisis cost them a lot more in the long run.
>
> If anyone is interested in the right way to deal with a housing bubble
> - bank crisis, look here.
>
> en.wikipedia.org/wiki/...
>
> The fact that almost nobody has even heard of the Swedish bank crisis
> is testament to the success of its solution. Yes, it was initially
> expensive. Their standard of living is still among the highest in
> the world too.
>
> For those of you who are unconcerned with boring subjects such as
> facts and history, carry on with the politicized banter and bitching.

Obama's Housing Plan: Elegant and Costly

Wed, 18 Feb 2009 16:37:02 -0500

The only thing that makes me feel good about this program is that in reality it will help no one, but its a feel good measure so the government can claim they are doing something.

By capping the program at 105% LTV the biggest dip$hit$ have already been eliminated...e.g. I bought a $600K condo in Bubbleville with a No Money Option ARM in 2006. That $600k home is now probably worth about $400K MAX, and no way the principle value is below the 550-575 range at this juncture, hence this example is automatically eliminated.

Not too mention, I think the most irresponsible people have already walked away or been foreclosed on by now. Just MHO. No doubt it'll cost me more money though. Bermuda, Canada, Australia, and New Zealand are starting to look better by the day.

For Your Amusement: General Motors' Restructuring Plan

Wed, 18 Feb 2009 12:22:39 -0500

Is it really any surprise to anyone, that both of these zombies have their hands out already for more money. The govt should create one large company, call it Zombie Automotive & Finance, and throw C, GM, and Chrysler in it.

Then the govt can throw the finance wing TARP money, which can then be used to finance the cars sales, and the inventory that doesn't sell can be bought back by the government, and sent overseas as "Economic Aid" to some underpoverished 3rd world countries, or used as fleet vehicles for the Feds, then everyones happy...Best of all the taxpayer gets stiffed coming and going, its amazing no one on Capitol Hill has thought of this one already.

How the States Are (Barely) Coping

Wed, 18 Feb 2009 09:39:31 -0500

Actually, it looks like not even 1/2 dozen states use any calculation of federal taxes in your state tax burden:

www.taxfoundation.org/...

I found 4, and 6 others don't have income tax.

As many other posters have stated their problems have to do with over spending during the boom, and ridiculously generous pension payouts to employees (my Moth-in-Law worked for 36 yrs, and retired @ 58 on 85% salary + COLA...if she lives to 84 [which according to SS Mortuary Tables she has a 50% chance of doing] she will have spent 2/3 of her working life in retirement, earning near her full salary), its an unfortunate fact that most state & municipal workers today have their heads in the sand if they think their benefits will be anywhere near as generous.

Barring any major demographic or economic shift to the positive, I suspect within 10-15 years the state & muni pension will go the way of the private industry pension.

I didn't do any research, but I find it hard to believe in this area PA, NJ, NY and DE have NOT seen expenditures grow at a significantly higher rate than CPI and Pop growth.

On Feb 17 01:44 PM Just Say Whoa! wrote:

> "The simple fact is that the states overspent during the boom..."
>
>
> That's not a fact!
>
> Actually, the states all tax people as a % of Federal. Federal taxes
> go down, state taxes go down. That's the "simple fact" you were looking
> for.
>
> The Fed over taxcut the states.
>
> If you look at actual spending, after inflation, adjusted for population
> growth, you won't one state that substantially increased it's spending.
>
>
> Not one.
>

How the Crash Will Reshape America

Tue, 17 Feb 2009 11:42:28 -0500

Actually, everything I'm reading says that Gen Y will be the generation that moves back into the cities. They are looking for a less ostentatious lifestyle than their spoiled boomer parents, and want the benefits of living close to the city center. Urban gentrification in many small to mid size cities will probably be the next wave in the real estate boom. As a person living in the Exurbs of NYC, I'm actually a little scared that 20 years from this place will be a ghost town...be it high gas prices, lower real estate in the city...whatever the catalyst will be, doing a 50-60 mile commute at some point just becomes ridiculous.

On Feb 14 12:22 PM henarl wrote:

> The current generations will not easily give up their suburban McMansions
> and fancy automobiles as they have grown up with the belief that
> such material wealth is the badge of success and self esteem. It
> will take a lot of pain and several generations for a new less ostentatious
> lifestyle to become acceptable, let alone desireable, to the majority
> of adult Americans.

Four Myths About the Obama / Geithner Plan

Fri, 13 Feb 2009 15:44:59 -0500

Preach on Jegan!!! I'm Disciple of the 1994 revolution, who feels disgusted and let down by the garbage of the last decade. Looks like the only thing that changed since '94 is the size of the budget defeicit.

On Feb 12 07:41 PM jegan ;-) wrote:

> So far, I approve of Obama's approach. I like a guy that doesn't
> sugar-coat the truth. We had enough of that the last 8 years. I'm
> not sure how anyone that listens to what is said can misunderstand
> his statement that there is no easy fix for our problems. For that
> matter, why would any adult think otherwise?
>
> jegan
>
> Disclosure : I used to vote Republican. When the GOP considers the
> needs of the people of the US, than lining their friend's pockets
> and chasing the God vote, I might consider changing back. Somewhere
> it is written "Of the people, by the people and for the people."

The Economy: How to Tell When It's Improving

Fri, 13 Feb 2009 13:32:17 -0500

As Jay-Dawg said its 1% growth. Not too mention its 1% growth at what cost? If that "growth" was the result from 50-75% post-xmas sales/BK Liquidations etc. IMHO that's hardly good news.

Additionally the 25% drop in forclosures is the DIRECT result of the Freddie & Fannie foreclosure moratoriums during the holidays.

I wish the news were better, but like the author I think we're in for a rough year, not too mention thanks to the increase in money supply, when V does excelerate, I think the Fed will have to put the brakes on so fast that there's a good chance to kill the recovery will be DOA. Govt intervention or not, I think it'll be at least 2012/2013 before we can ring the all clear bell.

On Feb 13 12:48 PM Good News Economist wrote:

> Rick,
>
> I enjoyed the article but have to disagree with your analysis of
> what is actually happening right now...

Another Round of Farcical Congressional Hearings

Thu, 12 Feb 2009 11:37:06 -0500

These ignoramuses (spelling?) are pathetic! Makes me long for a good bout of dictatorship!! could it really be that much worse than watching a circus of criminal & incompetant Congressmen scold a bunch of criminal & greedy (also some incompetants as well) CEO's. Hey but at least they fixed baseball!!

Starbucks Lacks Direction and Soul

Tue, 10 Feb 2009 13:42:20 -0500

Back when I used to have an Expense account, I was religous in my devotion to Starbucks (usually 3x's per week). Now with no expense account, and having to pay for my own coffee, MCD and Dunkin's coffee taste ALOT better than it used too.

Can We Go Back to the Old Wall Street?

Mon, 09 Feb 2009 15:30:10 -0500

I agree. Not to mention the fact that by definition it will forbid the creation of "To Big to Fail Entities". Is it any wonder BAC & C are having trouble. If you take several commodity businesses (Thrift, I-Banking, Insurance, mortgages) and merge them together you're just as likely to get one large commoditized organization that is more bureaucratic, less specialized, and in all likelyhood less customer focused.

Not too mention in the cases of the GS, MS, LEH's of the world it removes the "pressure" of pleasing the stockholders, when under the original model the stockholders are all employees, and will probably act more in accordance with sound risk management (e.g. self preservation) than they did under the current models

The Next American Revolution: Main Street vs. Wall Street

Fri, 06 Feb 2009 09:08:17 -0500

Not unlike AIG "having" to fork over $400 Million to keep their "brightest talent" in their derivatives unit from "going somewhere else". To steal a quote from Marie Antoinette..."Let them eat cake!".

I'd love to be a fly on the wall during an interview with one of these jokers:

HR REP: Thank you Mr. X for taking the time today. So tell me a bit about your responsibilities at AIG

MR. X: Well as a Quant on the Derivatives Desk, I was responsible for the creation, and trading of the firms MBS, CDS, and CDO's.

HR REP: OK Great! Well that concludes our interview today. Do you have any questions for me? No, great then. Don't call us, We'll call you!! Er-r I mean, we'll be in touch. Thanks have a great day.

On Feb 03 09:57 AM frosty wrote:

> Bonuses began life as 'performance bonuses' and were given only to
> those who demonstrated exceptional performance compared to challenging
> objectives. Of late, they have become entitlements in the financial
> industry to the tune that after a year when the financial industry
> drove the entire world to the brink of a depression, the average
> wall street bonus is DOUBLE the median family income! Pay to retain
> these 'most capable', 'brightest', 'best performing' people? Sorry,
> they should all be fired for the poor performance they contributed
> to! And they should give back prior year bonuses! Personally, I'm
> getting burned twice - I took big stock losses from several of these
> firms and now I have to give them tax money! OK - if they take tax
> money, they work for the government and should be put on the civil
> service pay scale.

BofA's Merrill Purchase: Good for America, Bad for Them

Thu, 05 Feb 2009 14:44:53 -0500

Before we go declaring Ken Lewis a saint with full honors from the Vatican, LETS GET REAL!! If John Thain could "pull the wool" over Mr. Lewis' eyes than maybe he isn't sophisticated enough to be running a "Financial Supermarket". What his excuse for overpaying for that pig Countrywide. Was he just soo enamored of Mr. Mozillo's tan that he had to gobble up the whole company when almost everyone with a brain new we were in the first few innings of a major crap storm.

Ken Lewis didn't buy ML to "Save America" he bought it b/c he was scared of getting left in the dust by WFC and JPM when the storm clears, plain and simple. The difference is both WFC and JPM were smart enough to wait until AFTER their "partners/victims" were seizied by the Feds to pony up the $$$ to make the deal.

Housing Price Decline: You Ain't Seen Nothing Yet

Thu, 05 Feb 2009 14:26:57 -0500

VNO (Vornado) also has significant holdings commercial & retail in NYC Metro.

On Feb 02 04:33 PM User 345288 wrote:

> interesting, but what's the trade? is there a NY specific short real
> estate etf? I know of things like SRPIX but this is not NY-specific.

The End of the U.S. As We Know It: Tracking the Dollar Downward

Mon, 02 Feb 2009 12:01:37 -0500

Just what every Canadian has always wanted...A share of the massive US Federal Deficit!! NOT!!!

We spent it, we're stuck with it!!

On Feb 02 11:23 AM MichaelJ007 wrote:

> Paco, I agree with many of your comments. Inflation WILL occur, hyper-inflation
> is very possible. I am in complete agreement that the US, like the
> fallen nations/currencies before, is in complete denial of it's ability
> to sustain itself. However, I think that if and when the US economy
> collapses the shift will be towards that of unity instead of division.
> As in the North American Union or something to that extent. We will
> need more citizens to share and repay our debt burden as well as
> more means of production and consumption so that the Gov can continue
> to grow(spend) and consume(tax). The Federal Government is NOT stepping
> off the throne anytime soon and an alliance of some sort is much
> more beneficial and therefore likely than an overthrow or dissolution.

The End of the U.S. As We Know It: Tracking the Dollar Downward

Mon, 02 Feb 2009 12:00:25 -0500

Apparently the author is unaware that the govts of NY and Cali are more bankrupt than the USA itself. Additionally NY has the highest level of OUT migration in the nation. California ALSO has a huge OUT migration, the only that keeps it population going up is the massive immigration from Mexico.

On Feb 01 04:17 PM donzelion wrote:

> "Now, remind me again why these economic blocs [Texas, NY, and California]
> would want to remain in a bankrupt union whose currency has failed?"
>
>
> I guess since without the union, New York would be a province of
> Canada and California/Texas would be part of North Mexico, it's sort
> of a moot point. I suspect there's quite a few folks left who realize
> that there are ties and bonds that go deeper than even what looters
> and lobbyists can pillage.

Five Missing Pieces to the Stimulus Plan

Fri, 30 Jan 2009 10:36:02 -0500

I think you hit the nail on the head. According to my math TARP + Stimulus = $1.525 Trillion. That works out to about $5,083/person (assuming 300M Americans).

Here's a novel idea, send me & my wife a check for $10,166 and I guarantee we'll do a better job stimulating the economy than either of these two boondoggles has or will accomplish!!

On Jan 29 09:46 PM Captainess wrote:

> Should also add in eliminating pork barrel spending and special interest
> projects. Supposedly $650 million more on digital tv conversion coupons??
> Are we going to pay Oprah to star in more ads warning about the perils
> of not getting the right tv? Hey, how about giving that $650 mil
> to everyone to just buy a new tv for some direct stimulus...

Dividend Stocks: The Good, The Bad and the Ugly

Fri, 30 Jan 2009 10:24:53 -0500

About a week or 2 ago PFF popped up on my radar screen. As of this writing, I see a dividend of 10.62%. HOWEVER, when I dug deeper I noticed that not "some" but "most" of the stocks are financial related...76% to be exact (the rest utilities). I'm not ready to trust any of these banks, since even the "good ones" (e.g. BAC) seem to still have scary $hit hiding in their balance sheets somewhere...Invest @ your own peril!!

On Jan 30 09:04 AM hazenyc wrote:

> if you're looking for a more diversified high-dividend-yield there
> are too good ETFs that have 11-14% yield and have been trading fairly
> stabily over the recent bloodletting.. tickers are:
> PFF and PGF ..
> they both contain preferreds, corporate bonds and shares in the ETF..
> disclaimer: some of the companies are kinda toxic but certainly outperforming
> their common share counterparts - includes the likes of WFC, USB,
> FCX, C, MET, ABN, JPM, C, MS, GS, ING etc
> so just an idea to play with!

'Wars and Rumors of Wars' - Time to Look at Defense Stocks

Mon, 26 Jan 2009 15:47:04 -0500

If it didn't occur during Mr. Bush's (i.e. Savior of Israel) watch I highly doubt it will happen, since at this juncture only the looniest of right wing religious zealots is pushing for any type of incursion like this. Also, the Iranian govt like the Russians are smart enough that they may stir the pot a bit, but won't push the envelope so far they start a full blown war.

On Jan 11 06:16 PM Gold Barron wrote:

> Iran is next on the USA list.

The Scariest Chart Ever

Thu, 22 Jan 2009 16:55:30 -0500

While I mostly agree. NKE does not "make" ANYTHING in the USA. My iPod was "designed" in California but "Made in China". Their is a huge difference between a company being headquartered in America, and them actually producing those goods in America. I do agree with Defense. War is always a bullmarket!

On Jan 21 01:40 AM najdorf wrote:

> occdude/sentinel: It's a pretty common trope that America used to
> make stuff and now it doesn't. This idea is nonsense. Let's make
> a list of what America still makes better than anyone else in the
> world:
>
> 1. Health care products - ABT, JNJ, MMM, XRAY, PFE, MRK.
> 2. Computer software - ORCL, MSFT, IBM, plus a million smaller companies
>
> 3. Advanced industrial products - GE, EMR, MMM, ETN
> 4. "Cool" brands - NIKE, KO, PEP, YUM, MCD, music/movie industries
>
> 5. Airplanes/defense tech - BA, LMT, RAY, NOC
> 6. Computer/communication... hardware - AAPL, TXN, INTC
>
> You might think that our banks will pull us down, but the only things
> worse than American banks are everyone else's banks. Japanese banks
> haven't had decent profits in 20 years. European banks went in for
> subprime/bad CDOs/crooks like Madoff at a level that no one over
> here did.

A Good Bank / Bad Bank Primer

Thu, 22 Jan 2009 09:21:48 -0500

Thanks. Good Well written article explaining the pros and cons of our current situation. Hopefully we'll be able to find a happy medium that doesn't completely screw the taxpayers, yet doesn't make all participating banks instantly insolvent. Got my fingers crossed!!!