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Politics : Welcome to Slider's Dugout

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To: Crimson Ghost who wrote (9546)	5/12/2008 1:36:48 PM
From: SliderOnTheBlack	Read Replies (1) of 50531

re:["Maybe Bernanke will take this $400 billion of crap off Citi's hands."] The Fed still has lots of letters in the alaphabet to create new lending facilities with. Why not just call it what it is: "CRAP" -- Citicorp Residental Asset-backed Paper. RESCAP (GMAC/Cerberus mortgage subsidiary), at one time, the 8th largest mortgage lender in America, is battling a cram down/bankruptcy from bondholders. AIG is still in chaos, and has had it's market cap halved over the last year. CITI has sounded 3 all clears, only to keep announcing further writedowns/capital infusions. But, remember - the credit crisis is over! The US Dollar has found a bottom at 72, but can't find legs to get much higher. Gold bugs - be patient. Volcker said it best: "All the Fed can do here, is buy time." The greatest "tell" on this crisis was the SEC memo telling banks how to "cook the books" relative SFAS 157. An implicit endorsement of Enronesque accounting. "Enron Walking"... Message 24455487 With the SEC giving permission for banks to cook the books, the one thing the street wants from the financials - is the one thing they can't get....clarity. Tick, Tock. SOTB

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