WASHINGTON (AP) -- America's banks are still broken despite all their bailout billions, Treasury Secretary Timothy Geithner told impatient rescue overseers Tuesday as they pressed him on when things will get better and how much it will cost. A bleak new report estimated U.S. banks and other financial institutions could lose a stunning $2.7 trillion in all... Lovely.
Interesting... the bear might have a roar or 2 left... I've said it before and I say it again... No one can hold the market... not even the US gov...
You can not trust any "Positive" news coming from any GOV office. PERIOD. Now, if independent sources start to sound off on the positive.....then maybe one should listen. Just chalk up all the positive news from any of the FED members or from Sec. Tres, or OBAMA's Crew as bullshit. Period. This report is probably has far more truth to it than what Tim said today.
Just saw the clip of Art on the floor today. He seems like he is a bit worried.....as is Faber. Huymmm Art spoke of when FDR (SOCIALIST LIKE OBAMA) Shut the banks down for 4 or so days and said, whoever opens up is safe. The stress test is bullshit, everyone knows it. Question is, does the ghost of the SOCIALIST FDR come to life under OBAMA and we have our "Bank" Holiday. You have to be a fool to have any monies in the US STOCK MARKET RIGHT NOW...as a hold. Trading is great.....but those 401ks, Pensions who are long this market are FUCKED. The crash is around the corner...so to speak.
You guys seem to be under water in a short position. If that report is so important, why is it that the futures are holding steady. If there is a selloff tomorrow, it has nothing to do with that report.
That AP story doesn't really capture the totality of the hearing today. The author's take-away has a negative bias, whereas most perceived what Geithner said as being positive. For example, it's strange that the article didn't mention Geithner's view that the "vast majority" of the banks have the capital they require.