Joanito

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Sun Aug 3rd 10:56 AM | Rating: 0 0
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Is the U.S. Banking System Safe?

Silly shorts with their never ending parade of "facts". The recent runup in the financial stocks proves everything is ok. Our government says everything is fine. Bottom's in. Whew... that was a shallow downturn. 10 years of the most abusive credit practices in the history of credit, and we're already out of the abyss. Thanks to the FED and Paulson. I'm sleeping better at night already....

Just kidding.

The financial sector jumped about 30-50% in a month, based on the most fundamentally baseless and atrocious (but still hiding something) earnings of any sector.
WB announced their losses were not far off the inverse of Exxon's profits. Their stock went through the roof, more or less because they announced that they might keep their doors open for a little while longer, Oh and, of course that they are an excellent buyout candidate. It's just fine; our government says so. What's really laughable is that the SEC is trying to kill the canary in the coal mine: the shorts (well really the already illegal, but rarely prosecuted naked shorts).

Keep dreaming. I hope that things don't go as badly as the real dooms day scenarios predict. However, many of these banks need to fail for the benefit of all mankind. I am absolutely seething that the treasury and the FED have decided that it's OK to hit my kids up for the tab on this debacle. U.S. citizens will be paying for these losses for decades, unless China and other holders of our increasingly risky debt decide they feel warm and fuzzy enough about the U.S. to let us write off our debts. There is no bailout for the taxpayer.

Fleckenstein has been warning about this since 2005. Yes, he is a bit dark and jaded, but his predictions have been deadly accurate to date.

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