your an absolute guru........., page-87

elchagie, It seems that a lot of this selloff is due to uncertainty about the extent of the spread of the subprime problem in the usa. That uncertainty is fuelled in part by the lack of transparency by big banks and big hedge funds over the issue, aside from the few that have had no option but to come clean. There is a lot of suspicion that the big banks and other instocs are not only going to take a big hit in earnings from the housing downturn but are probably doing their best to cover up the extent of their subprime exposure. For Henry Paulson to come out and make soothing statements to the market is probably counter productive, given his back ground as ceo of I think Goldman Sachs - one of the biggest writers of derivatives and derivative traders on the globe. No doubters are going to believe him, and its a reminder of just how much big banking is now entrenched in the white house.