I didn't hear this on CNB(S)C Enron style accounting can go on for another year http://www.reuters.com/article/gove...4320080730?pageNumber=1&virtualBrandChannel=0
Agreed. http://www.elitetrader.com/vb/showthread.php?s=&threadid=133072 Also see my recent thread about the U.S. Banking System: http://www.elitetrader.com/vb/showthread.php?threadid=133197 Wharton School Professor makes same case - collusion between Fed Reserve, Treasury and FASB to buy more time (much, much more) for the banks. If they had to bite off all their losses now, we would have an economic meltdown that could set up the next depression.
That's okay. Read that second link. It's a real eye opener. CNBC has a vested interest in lying to the investing public. They only speak truthfully after the losses are announced or the crisis hits. Even amidst this incredible financial and economic crisis, which will only get much worse, CNBC is the conduit for hard up analysts to recommend which stocks to buy. CNBC is owned by General Electric (as is NBC - which is why NBC has the balls to turn to Jim Cramer on economic matters on the 'World News' at 7 pm; what a joke), and most of their revenue comes from financial and brokerage firm advertising. How objective could they possibly be?
Peter Schiff has all but been banned from CNBC because he speaks the truth and that causes the few viewers they have to change the channel... marketing people are obviously running that place and it's gotten so bad that the on air staff interviews each other.. Carruso-Cabrerra still thinks that TIPS bonds are inflation protected.