Is everything now hunky-dory? The stock markets are up, the pundits (some of them) are saying, or implying, that we've turned the corner -- and the Banksters are saying they don't really need taxpayer bailouts after all -- especially if it means cutting back on those all important bonuses.
What's not being mentioned, at least in the mainstream media, is that the mark-to-market rules were changed to suit the Banksters, so they can now claim that they are not in trouble after all, it was just an accounting glitch. In other words, the old magical thinking that did Enron in is back in force on Wall St. -- assets can be valued according to fantasies about what they might be worth two or three years down the line rather than what they are actually worth in the real world market of today. Reality finally caught up with Enron and it will catch up with the Banksters as well -- only this time we are all at risk.
I'll be away from my desk for a long weekend trip, and will probably not be posting here until the middle of next week.
"Miss me, miss me, miss me/ Miss me darlin' when I'm gone/ Miss me darlin when I'm gone." (from Payday as performed by Pete Steele.)