Is it time to buy
the short ETF'S? Giggling I just could not resist concealedweaponR, You are right. However You can buy it just depends what. Now about BAC. I think the Buffet buy is a last dich effort for the bank. I read this post. http://caps.fool.com/Blogs/obama-goes-all-out-for-dirty/633745
So the banks will just get a slap on wrist. I sometime wish we could do one gigantic class action law suit knowing that we will never see any money. Geithner at the FED help to come up with how to chop up the morgage. Then the FED and SEC enforce. The banks fail and we yes should have let them go. So we came up with TARP with a 4 min deadline of martial law if Congress didn't. Taxpayers to the rescue. Then we let thanks to Frank Dodd to write the new banking rules. I tell you what. If my son wrote a contract to clean his room and only cleaned half I sure as heck not let him write the new rules. Yet Congress wrote it and then the Congress passed it. Ech..... Then somewhere around this mess the FED comes along and says oh you committed Fraud and sued the banks.http://moneyland.time.com/2011/06/22/federal-agency-sues-banks-for-credit-union-failures/
2011-08-25 20:45 (UTC)
NEW YORK, Aug 25 (Reuters) - Foreign central banks' overall
holdings of U.S. marketable securities at the Federal Reserve
fell in the latest week, data from the U.S. central bank showed
Well shiver me timbers folks.
Tuesday, June 7, 2011 Citizen Sues Atlanta Fed Based on Allegation that It's Issuing Federal Reserve Notes That It Has No Intention of Redeeming, Which Amounts to Counterfeiting ... Asks that Atlanta Fed's Charter be Forfeited
Well this went under the Radar. I wonder if they will be going after all the FED banks? http://www.washingtonsblog.com/2011/06/citizen-sues-atlanta-fed-based-on.html
Back in Jan. The Federal Reserve plans on making changes to the TILA (Truth in Lending Act) laws, where homeowners will find it impossible to sue Banks and prevent Foreclosures! This is despite the outcry from consumer groups and even the Senate Finance Committee! http://sherriequestioningall.blogspot.com/2011/01/federal-reserve-planning-to-change-laws.html
Then you have this. http://www.nakedcapitalism.com/2011/05/the-new-york-fed-working-to-bend-real-estate-law-to-suit-needs-of-banks.html
No this is just not a good time to own BAC. or any other bank at this time. I also remind you about some banks being involved with drug laundering money. Yes BAC and wells Fargo. 2 Banks the Buffet says are good. I wonder what other worms they are going to find.
Also if you look at the Debt clock you will see under the Morgage Debt it is decreasing not increasing.If the debt is being paid down and not growing the the banks won't make money.
On another note. Blood Cousin Buffet and Obama had a talk. http://www.reuters.com/article/2011/08/22/obama-economy-idUSN1E77L10020110822
Buffet CFR member is taking a bath ( oh that so reminds a statement from Greenspan ) and gets this idea to buy into BAC. Nope. Do not trust the FED or the Banks. This is still just the tip of the ice berg. We are at a cross roads. We will either have a one world banking system or we will go back to the way it was before the FED.
As it is written so shall it be. Justice will be for the People of the USA and the world from the FED UN World Bank and IMF"S. And now good night. I send all good to every one you love and thank all who have served or who are serving. I rember and I thank you from the bottom of my heart.