The BS is getting outta hand
September 11, 2008
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CEO's saying they see the light at the end of the tunnel and then dumping millions of shares at the same time.
Banks saying they are well capitalized when much of the capital is capitalized interest that is likely to default.
Companies creating illusory revenues by selling to customers on credit they know are likely unable to pay simply to maintain compliance with the dwindling credit facility.
Auto companies want to borrow $50 Billion that they know they can never repay.
Our government taking billions $$$ from taxpayers and giving it to a few select financial institutions.
Policticians on both sides of the table knowing how bad things are and making BS promises.
The $$$ well is running dry. Buffett knows it and has stopped insuring banks. No more stupid soverign funds to pony up billions only to watch it evaporate a few months later. Companies shutting down daily as banks simply can't extend anymore credit and play the BS game anymore.
Volcker is telling us the system is f#*ked and Wall Street cheers? Trust is running low, false rumors running high, and nobody knows what is behind door number 3. Once people really know how distressed the financial condition is of many our companies, public and private,....it will take over a generation to repair the damage that will be inflicted.
Remember if the banking system is screwed, we are all screwed.
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