As I mentioned in several earlier posts, cherish the official statistics while they still exist because they are in the process of being “cooked” along with the balance sheets of the big derivative players:
Of course, with the discarding of real accounting standards in the United States, the true extent of this toxicity will now conveniently be obfuscated from the general public in further OCC reports, “..new mark-to-market accounting guidance will be effective for the second quarter, with early application allowed for the first quarter, and not be retroactive. Not retroactive? “Effective for the second quarter, with early application allowed for the first quarter?” Who are these CLOWNS trying to kid? From this time forward, this shall no doubt become known as “the Goldman Clause”.
You may want to read the full article on this one from Coyote Prime.
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My comment is not for this particular post. It’s the way I view not only this post but your entire site. KEEP UP THE GREAT WORK!!! Our tax dollars has already made these white collar criminals too wealthy already!
But why should they think any different? We’ve bailed out these people several times over the past century. They knew the taxpayers money would come to the rescue when they entered their ‘den of theives’.