SeeTheLight

A Summary of Q1 Bank Earnings: World, You Just Got Hustled

Excellent article. One of the best I've read on Seeking Alpha. I don't see anyone refuting your facts of how the banks managed record profits one quarter after posting record losses. Clearly accounting shenanigans as you so eloquently described. So, the world was hustled again. Surprise surprise. Nothing new there, GS has been doing that since the 20s. With the inevitable Watergate like investigations still years in the offing, the question is how to respond now to protect and capitalize off this situation. The reality is I think we are faced with a great depression scenario. If you look at some of the charts of the 30s and 70s it is amazing how closely they align, and yes there was a massive extended bear rally right about this time in both of those before the final slow multi-year descent. I bought in a bit over the past 6 months and now I'm getting some stops in. I'm happy to miss the first few days of the pendulum switch because who knows how high and far this thing can go. I suspect the next downward swing will be slower and more drawn out, unlike the quick shocks in Oct., Nov., and January. The repercussions from those wounds are only now beginning to set in and that is the next challenge for the global economy. Yes, the patient was rushed to the hospital and was saved, but while the world hurrahs that disaster was averted, the truly insidious effects of those strikes is only now beginning to show up in the body. The hangover will occur, the only question is when will the patient notice.