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??
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