While I don't like Dennis Kucinich much nor his party, Kucinich gets this one right!
Posts Tagged ‘banks’
Gillian Tett, Insight: Time to expose those CDOs
Friday, February 27th, 2009http://www.ft.com/cms/s/0/2970532c-0421-11de-8, triple A assests45b-000077b07658.html?nclick_check=1
Folks, I have mentioned on air long ago that I’m “in love” with Gillian Tett. This woman’s mind is captivating. She is by far the best writer the Financial Times has. Certainly, she is more conservative and Gillian Tett’s insight is impeccable!
Moreover, Miss Tett is right. She is absolutely correct: THE HUGE HOLES THAT HAVE BEEN BLASTED IN THE BALANCE SHEETS OF THE BANKS HAVE NOT BEEN BASED ON ANY REAL MARKET NUMBERS.
And what we have to do in order to have any semblance of confidence in investing in the markets is to establish the real capital hit to the banks and insurance groups. Until that time, how can one invest in the market, any market, with confidence?
That answer: You can’t!
We need a public sale, even an auction to establish what if anyvalue remains.
Until that time, it is mere fiat money