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User Info	Koolaid iditots; entered at 2007-12-02 01:08:29
Genesis Posts: 114066 Registered: 2007-06-26	The point here is that NOBODY outside of these actual institutions KNOWS what's on these books. ETrade ran this line of * that they had all PRIME loans and were SAFE. As recently as two weeks ago, before my accounts were ACAT'd out of there, they had a bulletin up from their officers saying that - and STRONGLY IMPLYING that the TOTAL losses would be under $1 billion. Guess what - they lied. How do I know they lied? They marked to market the only way that counts - THEY SOLD THEM! You can* and moan all you want, but neither you or I knows what's on WaMu's "asset" side in terms of their book of loans. All I know is what they SAY** they're worth. What I know is that if ETrade's "mark" is eight times worse* than what WaMu's ends up being, WaMu is STILL insolvent. Now if Killinger and company would like to put some COLOR on their balance sheet so I can evaluate it, heh, I think that's a grand idea. They've not done so and neither has anyone else. Bear, Lehman, Merrill, Goldman, none of them have - say much less Wells or anyone similar. What I know is that every single time these **tards (collectively, not just WaMu) come and tell me something so far its a lie. WaMu has been running their books with their dividend being "paid" out of Negative Amortization "income" (an asset but its not cash and you can't spend it!) since APRIL! Their net CASH income has been insufficient to pay the divvy since that time. You think this doesn't count? The way I see it all of that NegAm "income" is horse and will not get paid back. With most of their book in California I'd bet on that being the case. Now are they going to go down? I have no ing clue. But if you asked me to loan them money, I'd tell you to go get ed by a horse, as I can't tell what their balance sheet actually looks like or what the impairments actually are! That's the problem here with all of these ***s. I can't tell and neither can anyone else. None of us have the first ing clue whether these banks are solvent, insolvent, ok, not ok, dead, dying, or anything else. This is why the credit markets are locking up and NO AMOUNT OF RATE CUTTING FIXES IT. The only fix is to get the TRUTH out there where investors, both ordinary and those who would loan these banks money (or deposit into them) can SEE what's going on and make some kind of judgment. I am forced to assume at this point that they ARE insolvent, because were they not, they'd disclose this in detail and get it over with! This sort of horse is how we got the Depression in the 30s and they're doing the same ing thing. The regulators - Congress, The Fed, The SEC, OTS and OCC have the ability to force these institutions to cut that out right ing now. The FDIC could refuse to cover a bank, for example, unless it cut that crap out. There ARE** ways for the existing regulatory system to take care of this, but they don't want to. Why not? Is it that the truth really IS as bad as we think it might be? 2007-12-02 01:08:29