[JasonC]

I believe dollars in and dollars out. I do not believe ridiculous rules that pretend some of them are "earnings" and others are not, demand that possible losses we capitalized immediately on the worst possible assumptions of the lowest bidder, but forbid gains to be capitalized under any circumstances, etc.

On any rational accounting basis, the major banks are sound and will earn large profits in the future, in real dollars, provided only that they are not seized at gunpoint by idiots from the government.

I believe what Citi and B of A tell me about their cash flows and their breakdowns, about their charge offs and their loan loss experiences. I do not believe GAAP "earnings" crapola, mark to default accounting, projecting losses forever provisioning, pretending that liabilities that cost 2-3 are worth more than assets that pay 6-8, etc, etc, ad nauseum - in the slightest.

[marshmallow]

On any rational accounting basis, the major banks are sound and will earn large profits in the future, in real dollars, provided only that they are not seized at gunpoint by idiots from the government.

Less than a week ago, Citi broke the buck. In another era, not so long past, they'd have been delisted from the NYSE.

Apparently American investors in general are not blessed with your unique vision and insight into the financial world.