Get ready: Banks are cooking books!

This could be the catalyst: http://www.foxbusiness.com/markets/2...cooking-books/

Regardless, the bal of 2010 and into 2011 are going to be one wild ride. Hope we all survive it.

I'd need a bit more evidence. I don't consider fox biz network that credible...more of an entertainment network.

theyre all cooking the books cause they have to....even govt's are. Why won't they let the fed be audited LOLLLL! The powers that be will NEVER let the fed be audited..... This is no secret, it's all smoke and mirrors. Everything you see on the media is what they want you to see. Think of the state we would be in if the truth was told. People don't wanna hear the truth. Markets gain in the past year and a half have been a complete and utter illusion.....lets look at the facts they put out(its safe to assume they are much worse).....

mortgage deliquencies----over 9%.....completely atrocious

new home sales------273k, no one is buying a house, this is a pretty good indi that there is no hope of positive future outlook.

look at unemployment rate how long has it been over 9%?

weve continuously been losing jobs for over 2 years now....

GDP-----1.6% terrible

are people in america this dumb?! there is no recovery, depression is right around the corner....I know its painful for people to accept this fact, but they should come to terms with it and quit turning a blind eye and ignoring reality.

its pretty clear the economy is in ruins, people don't have jobs and they can barely afford to live. It's bad when college graduates are settling for min wage jobs. I dunno about you, but every time I go into the grocery store, I pay more for less quantity. Middle class is a thing of the past, there are only the rich and the poor now. All so a few dudes could make a couple billion......

lets look at yield curve of sp.....back in march "BOTTOM", it was heading down, now at the "recovery point" its turning. This is a red flag...a rude awakening is ahead. The panic is getting closer, people getting restless when they cant feed, clothe or shelter their families.

New money is created by new debt

If there is no debt there is no money

This concept has to fail sometime.

Exactly. It, the Federal Reserve System, not Madoff, is the largest Ponzi scheme ever invented.

Of course we shall all survive it!
The state of the battlefield thereafter will be interesting.

Nice to hear a cheery voice

you must be wrong, Krugman is still warning us of deflation....

Well, Monkeyboy, all your hoping and dreaming do not change reality. Keep clicking the remote... who knows, maybe the hurricane might bypass your house.

this is stagflation........

"An SEC spokesman had no immediate comment."

- maybe he had Vikram's lingam in his mouth. It's not polite to speak with your mouth full.

Krugman is still trying to distract everyone from the fact his prediction the banking system was going to melt down didn't come true. Reports I have been reading is that a lot of economists are quietly laughing behind his back. He pretty much lost all credibility when he was pitching how the US should mimick Sweden and nationalize all the big banks.

His list of getting it wrong is becoming quite long so he seems to have resorted to just throwing all sorts of nightmare scenarios out there and hoping one of them ends up being right.

Or maybe he is just jealous because Dr. Doom Roubini get's more attention than him for being a professional pessimist.

LOL...oh yea, it's Faux so it must be true......

[Sorry for my english I'm not native US]

That the banks are nationalized or not doesn't change anything ! All the scheme has been this Hegelian Dialectic between Public and Private whereas the problem lies elsewhere: who are in control ? That is it private or public Bank the same are in control: Wall Street Advisors.

In 1955 Bertrand Russell did advocate the reign of Financial Oligarchy: the Banks and the Government would make alliance together. That what has happened that it is in the US where Private System is dominating or in Europe where Public System is dominating.

The trick is to make people think that Public / Private is the key whereas the key is this alliance between the Banking System and the Government System: none even among so called Economics Experts never argument about this Oligarchy problem and fake the debate between Private / Public so that all the mass parrot them the same useless debate over and over again.

This Oligarchy Problem is hidden behind so called necessity of "Regulation by Gov" whereas Gov is not regulating for the benefit of economics of the people but for the benefit of economics of the Financial Oligarchy.

Rockfeller Grand Father did say: "I own nothing but I control Everything". Private or Ownership doesn't count anymore it is Control that counts and the debate about ownership is an illusion for the mass.

Yeah but we gotta remember its not hard for Citi to make money atm, they borrow from the fed at 0.25%. You can whack it in Govt bonds and earn much more.

Innocent until proven guilty. we'll see.

The Rotchild Grandfather did the same thing when he died: he did create a bank foundation to which his sons could borrow at very low interest, make business and then pay back tiny interest to this foundation that is not taxed.

Same scheme for FED which is just owned by the big banks. Citi can fail it doesn't matter it's just a packaging sometimes they need to throw a packaging to make a new one to attract people : just marketing 101.