And poof, just like that, hundreds of billions of dollars in losses will vanish into the whirlpool of slime that is the dollar. Everyone go about your happy business and believe in the fed, they have found the golden key to locking away recession forever.
According to a Marty Weiss letter yesterday, 5 Banks hold 97% of all derivatives. For every one dollar, Wachovia has 83.3 cents of exposure to default by trading partners. BofA has 1.12 in exposure. CitiBank has $2.53 in exposure JPM/Chase has more than $4.16 in exposure. HSBC exposure is greater but overseas it's in a stronger position. .............. The FED knows exactly what it is doing..... being the Socialist Commie Godless Ghouls that they are. .
I guess the general public will really need those $1-2K tax credits just to pay for the higher prices they'll soon face on all the imported shit they buy at FU###ng Walmart. I actually hate going to those stores. They've got the ugliest, dumbest, most overweight people on the planet shopping there. Chinese really are laughing all the way to the bank.
Actually the they aren't making as much as most people think. Yes, the products are produced in China, but most of the fat margins are made by the giant companies retailing them here. Sides who cares with the Fed having infinite write down abilities? Citigroup has 400 billion of bad loans on its books? No problem, give it to the fed, the fed can write it all away, all the while giving citi tax credits for no apparent reason.