If there is a crash, this time I have cash. Hoping to get some bargains...l
“To book a loss, a lender had to conclude it was “probable” that one had already happened.”
Funny, they don’t say it is “probable” if I miss a mortgage payment. They’re pretty good at those books and never fail to include the late fees.
Accounting is no longer balance sheets: assets vs liabilities, income vs expenses. It’s all smoke and mirrors to hide bad loans to make more bad loans. After all, why not? The fed will bail you out with taxpayer money once the public notices.