Ilargi: Remember the bans on short selling? In the US, 19 major financial institutions were protected from the practice. Now we see that many of them, though they never tire of knee-jerk denying, lose an aggregated $30 billion on shorts they bought on Volkswagen. But does it amtter anymore? They’ll just hold out their hands and get more of your money from the Fed and Treasury. Nice play by Porsche, though. Nice denial too.
As I said before, 'moral hazard' concerns have long since been thrown away with the bathwater of the meek and innocent. All it took was a few ass clowns shouting 'crisis' and Mayday. Jim Kunstler this week asked why we hardly ever see terms like 'fraud' and 'swindle' in the media. Well, because we have a crisis, of course. First things first. The Fed will lower interest rates to levels so low that banks get paid (even more) just to take money from the public trough.
Read on...
The Dow is up this morning. The TSE is up this morning. Enquiring minds want to know if Peacenik thinks the financial crisis in contained. Peacenik thinks the crisis in uncontainable and that most of the existing efforts are designed to rip off the pubic and prevent a total collapse until after the U.S. election. Peacenik remains bearish and frightened.
