pretty much...
Posted on 05/10/2012 2:47:31 PM PDT by tcrlaf
Snort! FOFL!!
I’d pull my millions out of there.
Seriously, I change banks.
At this rate, the Fed might as well cut to the chase and just start distributing printing machines to keep up with the demand for “free money.”
That little can is now a 55 gallon drum.
Don’t forget that Jamie Diamon was huge Obama supporter and bundler and was considered “Obama’ s favorite banker”.
Watch what they do next, it one or all of the following :
- QE 3
- Passing the Volker Rule
- opportunity for Obama to stand up to those much hated bankers
Trust no one.
In all fairness I’m quite happy with Chase and I refuse to go to another bank.. Unless somehow the BOA buys out Chase or a different bank buys out Chase.
pretty much...
I nominate that for post of the day.
Good analysis.
Between M2M and bundled bad mortgages you have one of the most stupid situations in the world of finance.
You could have millions of dollars of solid property bundled together with a few bad ones. Due to the bad ones no one will buy the bundle. And so its ‘market’ value goes to zero. Though its backed by millions of dollars of hard, real assets that better than cash.
I hope Mr. Sarbanes and Mr. Oxley are proud of their Frankenstein monster.
It's going to get destroyed sooner or later no matter what, and the longer you put off the inevitable the worse it's going to be.
In theory, I agree.
But you have to look at what we allowed to be made. This won’t be a quick crash, with rebuilding following. This will be the end of the Western (and maybe world) economy for a long time. A lot longer than most seem to think.
“(By the way - doesn’t the FED hold untold billions of these inflated ‘assets’???)”
The guys at Zerohedge were on this LAST WEEK, especially after Goldman’s Friday call for another round of QE (Free Taxpayer Money).
They really do front-run the markets, although the doomage gets tiring, at times.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.