by pup55 » Fri 14 Jan 2011, 12:17:15
$this->bbcode_second_pass_quote('', 'T')reasury Secretary Timothy Geithner warned that the U.S. government may have to take control of major financial institutions again if there’s a crisis as big as the last one
Silly Humans....
What no one is saying, but what is 100 percent true, is that no one knows what anything is worth in the country right now... starting with B of A....
Nothing has been done to stop the bleeding since 2008. All of the 3.1 million houses that are in various stages of foreclosure right now are on some bank's books in the form of an asset.... meaning that they supposedly have some value in the marketplace, when it is abundantly clear that they do not....no one will buy them....and the house on either side of it that is still occupied, with the loan that is still "performing" also has no value.....
All of the bailout money paid thus far has vanished into the system to prop it up.... but has done nothing whatsoever to solve the problem or even put a tourniquet on the problem. The whole thing is surviving on faith, and faith alone.... because it is easier to imagine the system functioning than it is to imagine the effect of the inevitable revaluation.