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Politics : Welcome to Slider's Dugout
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To: SliderOnTheBlack who wrote (9403)4/28/2008 2:28:27 PM
From: jim_p  Read Replies (3) of 50691
 
The signs are all there for anyone to see how bad the problems really are if people would just open up their eyes.

1. Bear Stearns gets taken over by JP Morgan, not because they are the strongest but because they had the most loose in the melt down with over 1/3 of the derivatives market.

2. The AAA (wink wink) mono line insurers are not AAA and everyone knows it, but no one will down grade them because they would trigger another Bear Stearns type event and cause the banks losses to increase.

3. The fed lowering interest rates when inflation is clearly increasing and the USD is at risk of falling further.

4. FASB adopts new disclosure rules so people and better understand the exposure the banks have to the securities they hold that are less liquid and SEC comes out at the last second before the new rules go into effect and renders the new disclosure rules meaningless when it’s their job to do just the opposite.

5. The Fed issues treasuries for worthless MBS.

6. The discount rate borrowings done by the banks are now done in secret using term facilities instead of overnight borrowings.

Etc etc etc.

These are not normal events in normal times and these problems are not going to be cured by the Fed lowering interest rates and waiting 6-9 months.

Jim
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