Sometimes when I see someone actually telling the truth I get so excited I cant help myself. Check out this quote from Gary Dorsh's column at financial sense today. I highly recommend you check these folks out weekly."The stunning rebound from March 6-20th was only the fifth time since 1929 that the S&P 500 Index has run up by more than +20% in 14 days or less. The rebound has been dubbed the “Green Shoots” Rally, signaling the initial stages of a recovery in the battered global economy. Most importantly, under heavy political pressure from the Fed and Congress, FASB altered rule #157 to allow American bankers to value toxic assets at their own discretionary judgment.
The switch-back to “mark-to-make-believe” accounting is an expedient scheme that allows the banking elite to conceal their losses and use the same obscure and discredited models to inflate their balance sheets. The recent spate of better-than-expected earnings reports by US banking giants Goldman Sachs, JP-Morgan, Citigroup, Bank of America, and Wells Fargo is a testament, not to the strengthening of the real economy, but rather due to accounting gimmickry."
Take that CNBC!
