Friday, October 22, 2010

The American Debate Begins...



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  1. China ownes a ponzi scheme, lol

  2. "But those securities had representations and warranties about what was in them. And guess what, the investment banks may have stretched credibility about those warranties. There is the real probability that the investment banks that sold them are going to have to buy them back."

    fraud in the bubble can be proven but will it and if so the US banks are in for a world of hurt..sorry taxpayer.

  3. Fraud in the bubble HAS been proven. Rampant fraud at the highest levels, known by all involved including the regulators. Question is will it be prosecuted? The best thing that could happen to the sorry taxpayers is to put the world of hurt onto the banks where it belongs.
    There will be NO real recovery until they admit that all the big banks are... well... bankrupt, throw the perps in jail after relieving them of anything that can be recovered, set up some new banks under some rules similar to what was put in place following the great depression and served well for 50 years. Foreclose on all houses that the owers (sic) can't afford, allow the market to find it's correct level and start over.
    We need a stable sound banking system, we don't need the unstable unsound banks we have. Once an honest safe boring bank is not put at a huge disadvantage by allowing liars and cheats to thrive new banks will appear.
    Read some of Denninger's recent rantings. He is right.