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User Info	Koolaid iditots; entered at 2007-12-02 00:01:52
Genesis Posts: 114037 Registered: 2007-06-26	Go back and retake 4th grade reading. $1.5 trillion in direct losses X 15:1 leverage (fractional reserve banking) = $22.5 trillion in credit that can't be created (loans have to be repaid with CASH - when that repayment vaporizes this is the amount of the impairment over the next several years that hits the capacity to lend) This was clearly stated but heh, if you're incapable of reading its not my fault. As for WaMu's impairments, I also clearly stated that I have no idea of the quality of WaMu's book (and neither does anyone else other than Killinger and company, since they don't put enough color in their 10Qs and 10Ks to accurately figure it out) but if their impairment is ONE EIGHTH that of E*Trade's mark on a percentage basis their net asset value (assets less liabilities) is completely wiped out. That's the defintion of functionally bankrupt. 2007-12-02 00:01:52