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PhillyDeals: 'The Big Short' author counsels patience
"Anything that comes out of the mouth of Goldman Sachs now is instantly discredited," he said.
"The popular anger is unbelievable," Lewis said. "It's orders of magnitude different from what I saw with Liars' Poker, in the attitude, in the tone of the crowd, in the level of interest in the details that people have. This is a political force that will not be denied."
What's different? "When I wrote Liars' Poker, nobody seemed to be suffering. Wall Street just went right along growing," he explained. "Now, people are suffering, probably unfairly. . . . If we have another 2,000-point reversal in the stock market, there'll be people in the street with pitchforks."
US bank accounting 'masks true debt levels'
By James Quinn, US Business Editor The banks – which include Goldman Sachs
Major Wall Street banks are using accounting techniques similar to those utilised by Lehman Brothers in its final days to mask the size of their balance sheets at the end of reporting periods.
The banks – which include Goldman Sachs – use complex but perfectly legitimate transactions in order to present investors and the wider market with a brighter assessment of their financial health.
Data analysed by the Wall Street Journal found that 18 major banks were, on average, able to reduce debt levels used to fund securities tradesby 42pc over the last five quarters using repurchase agreements, also known as “repo” trades. Under certain circumstances, some repurchase trades can be booked as “sales” and used to reduce debt.
There is a good, funny article by Andrew Ross Sorkin in the NYT;s Business Section on line
Imagine the Bailouts Are Working...click here to read the whole article
By ANDREW ROSS SORKIN
Published: April 12, 2010
New York Times
What if, after all that panting over Washington’s bailout of the financial system, we learned that it actually worked? And what if, after all that vitriol over the government’s risking hundreds of billions of dollars to rescue Wall Street from disaster, it turned out that taxpayers might actually lose nothing, or even make a profit?Could it be? Really?
Every couple of months the Treasury Department takes a moment to strategically leak some good news about the bailouts. It happened again on Monday, when a Treasury official told The Wall Street Journal that America’s coffers would be only $89 billion lighter after all accounts were settled from the rescues, down from an earlier estimate of $250 billion.Yes, the Wall Street led bailout of Wall Street certainly makes me feel much richer. You can't imagine how relieved I am that some of the TARP funds have been repaid. I am even happier that the government has actually made a profit from some of these sham bailouts. What a relief! Maybe now I can get a good nights sleep knowing this. Our worries are over and the Great Recession has been a success.
It’s enough to make us all feel rich, isn’t it?
Imagine, a profit to the American people. How wonderful is that and oh boy, "what a country". They can use our money to rescue their buddies who go from being broke to becoming highly profitable. They cover up the crimes that caused the country to experience the Great Recession and they hold meaningless Congressional hearings to show us they care. But "we" have made a profit "they" say. The American people have actually made money on this scam. Hoorah!
I guess we can all look for that piece of the action - profit - in our mailbox any day now. Oh, but what of those millions that have lost their homes and don't have a mailbox any longer? Can they go to the local Post Office and just claim their prize money there? Or maybe they can go to their local IR S/S office and just pick up their cash.
Oh, and for those on Food Stamps - the largest number of Americans EVER - don't despair - your cash will just be transferred to your EBT card, Check your balance daily, it's coming. Keep dreaming!!
And for those of you millions that are unemployed and no longer receiving unemployment benefits, well, I'm sorry, you really don't exist as a statistic anymore so you can't get your prize money. But, good news for you millions that are still receiving benefits - you still count as an unemployed person - your piece of the action will be added to your next check. Well, maybe not!.
Yes, as the old saying goes, "When America Wins, You Lose".
This rant is a departure from our "all things Goldman" policy but I just could not resist. I like Andrew Ross Sorkin and his article just hit a cord with me.
After listening to The PBS Lehrer Repost this evening on a piece that did on foreclosure sales in Cape Coral, Florida, it rang loud and clear that THERE IS NO HELP PLANNED OR COMING for the American people.
The report showed how foreclosed homes are selling for 38 cents on the dollar of what they sold for previously and how investors and other potential owner occupants are reaping the benefits. They showed an investor from the UK who owns 20 so far and is looking for more bargain basement values to buy and rent out.
(you can listen to the report...20100412_ salmon .mp3)
The irony here is that folks still living in homes going through foreclosure are attempting to make offers to their lenders equal to or even better then what they will get if they foreclose. Those offers of modifications and workouts are refused by the banks.
Yes, those same banks we bailed out would now rather kick you out of your home and sell it to someone else for even less then what you would be willing to or able to pay yourself. Why, because in the world of "creative accounting" and fraudulent transactions the benefits are greater for a lender to foreclose then to "work out". The government has programs that pay them for that.
There is no REAL government program to help save homes or save American people from this holocaust. .Real people are being devastated, children by the millions are being affected, lives are being destroyed and the bureaucrats and banksters are gloating as they laugh all the way to their own banks.
Yes, the bailout is working but for who? WAKE UP AMERICA!