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To: Secret_Agent_Man who wrote (371503)	7/16/2008 2:25:21 PM
From: stan_hughes	Read Replies (1) \| Respond to of 436258

I'm into Yogi Berra-isms when it comes to this credit crunch and sell the banks stuff, i.e. "it ain't over 'til it's over" All the bottom calling I'm hearing today appears to be based upon a logic of "look how far they've fallen and how cheap they are" rather than a bottoms-up first principles argument that genuine value exists at these price levels. I'm quite convinced that almost all current bank earnings reports understate the true nature of their losses, and will continue to understate them for many quarters until all the skeletons come out of the closet The thing that pisses me off is that the Fed/government appears to be complicit in this arrangement to hide the losses and allow them to be trickled out against future earnings Japan-style. That game could go on for years if not decades, and in the meantime these banks don't actually have any lendable resources despite what the books say because those resources don't in fact exist anymore except on the bank's bogus balance sheet That's no way to run an economy or get on with a recovery, that's just a way to extend a recession for 10 years -- but nooooooo, they're going to help their friends stay in their management positions collecting their salaries and bonusses while everyone else in the country rots