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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Giordano Bruno who wrote (350059)12/1/2007 10:14:50 AM
From: stan_hughes  Read Replies (1) of 436258
 
No surprise that the banks are trying to hoard cash here ahead of the calendar yearend and don't want anybody trying to borrow from them at the moment. I wouldn't either if my balance sheet was offside and I didn't have the ability to meet my own obligations, much less underwrite somebody else's obligations.

Now that the ABS and SIV fee spigots have been turned off as a revenue source, the banks will have to return to the boring business of making loans for a living. However, not having any money to loan out kind of makes being in the banking business a bit pointless.

Meanwhile, back on board the USS SPX, with the ominous shape of a gigantic debt iceberg for a backdrop, no one seems to have noticed that the banking sector is sinking and will take most everything else with it -- out on deck, the band plays on beneath the pale glow of the occasional distress flare soaring up into the moonlight.....
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