``If we could figure out a way to have on our desks a screen that gave us the capacity to predict financial crises of this magnitude, we would do it in a second,'' Geithner said. ``It's a good thing to work on, but it's very hard to do.'' What this clown really means is: We can't prevent crisis and also let our friends in high places rob and pillage. No way to run our scams and also have careful oversight. Sorry, our pockets must be lined before any other consideration. Thanks for your time and come again. ========================== Bring Back Public Hangings
Didnt they say the all banks (in the world) have 100 days to disclose full extent of possible losses. Yea that will happen, the SEC just tweaked the accounting rules on how to value level 3 assets. So why would they listen to the G7 demands... Tiger may be toothless..what say yee..
From what I read today they want to prevent this from happening again but do not want to make changes or endorse changes that will take effect now to prevent more instability. Looks like some sort of forced reserve management system or something. The side effects of which IMO will dampen the next cycle in the financials but make future cycles more extreme. Overall the action seems re-active and not proactive as usual.