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| User Info | Just sent an email to FNM ... ; entered at 2007-12-01 13:20:08 | |||
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Rmonical Posts: 2771 Registered: 2007-07-04 Glendale AZ 
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It is also designed to defer recognition of defaults/losses. The big banks did this with government approval after the Latin American defaults. Many of the banks PEs fell to 3 because everyone knew that they were holding large, unrecognized losses. Similarly, the Japanese did the same thing when their real estate bubble collapsed. Karl is in favor of pulling it onto the balance sheet now. I think that the system - banks, regulators and congress want to stretch the pain out and try to muddle through. 2007-12-01 13:20:08
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