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Thread: The secret is getting out!

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    God/dess Deogol's Avatar
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    Default The secret is getting out!

    This would be good news if it were credible. But the International Monetary Fund has just released a study of estimated losses on U.S. loans and securities. It was very bleak -- $2.7 trillion, double the estimated losses of six months ago. Our estimates at RGE Monitor are even higher, at $3.6 trillion, implying that the financial system is currently near insolvency in the aggregate. With the U.S. banks and broker-dealers accounting for more than half these losses there is a huge disconnect between these estimated losses and the regulators' conclusions.

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    Banned Melonie's Avatar
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    Default Re: The secret is getting out!

    ^^^ isn't it handy that a federal accounting rule change was just approved that allows these US banks and broker-dealers to 'mark to magic' the stated value of their toxic derivatives contracts, and thus instantly transform the $3 trillion in losses into a paper profit !!!

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