"I have had trying days in my efforts to keep those interested enough to stop by www.jsmineset.com informed with what is really happening as the blizzard of fabrication causes a “White Out.”
Today was one of those.
Today the story was that the Federal Reserve was doing a study on tightenening up capital requirements in order to protect investors. This comes directly on the heels of practically eliminating capital rules for the inventory taken on by Morgan from Bear Stearns. That is a total contradiction.
Wall Street celebrities were paraded out today to declare all is well in the credit market. One placed us late in the third quarter (football) of the situation, indicating a prompt fix to everything.
Yesterday former Chairman Volcker declared this to be the “Mother of all financial crises’.” He made his point not because it was ending but because of the enormous danger out there.
Greed, lies and deception got us here Greed, lies and deception will not repair the damage done.
International investment houses continue to write OTC derivatives. They have to, as that was what delivered the clear majority of their earnings. With normal investment businesses off, they will not stop writing OTC derivatives. This is the greed part of the lies and deception noted above..."
At http://www.jsmineset.com/home.asp
CNP Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
