weird wally wednesday, page-141

subprime, CDO's etc etc could all be described as ponzi schemes.

i used to think matters could be finessed but no longer. america's fed has lost control of this situation.

the reckoning could be closer than we think

what's needed is a TRUE accounting of bad(ie. uncollectable) debts held by banks worldwide.

only then can there be clarity about the future

i will not be surprised if one or more MAJOR us financial institutions cease to exist after all is said and done.

bye bye citigroup, bear sterns, merrill lynch??