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Bomb blast outside the Greek stock market.
Hmmmm, is domestic terrorism towards financial institutions beginning?
That bloomberg article is hilarious. I guess when Bernanke decided he wasn't going to allow the banks to fail he didn't think about them running around looking absolutely rediculous as a side affect.
What is the latest on the FASB Mark to Fantasy change back? Last I heard, they were meeting at mid August to ponder a return to M2M standards, but that banks were lobbying big time against it.
the mark to market (fasb fas 157) you refer to is not likely to change for some time and from what i read and hear, FASB is not pushing due to the whipping they got from Congress. The issue that is hot and that the banking lobby is freaking out about is the FASB FAS 166 and 167 changes that have already been approved that requires bringing off balance sheet fecal matter back to momma balance sheet commencing Jan 2010. the fdic is seeking comments now as to how to handle the matter of increase capital requirements due to this change.
So the crap will come back to the balance sheet, but will still be marked at 100% value, or whatever the bank wants it marked to, is my understanding of your response.
FASB was castrated by the .gov. Their balls are on display in Barney Frank's office for our amusement and his pleasure.
B'berg headline: "Jobless claims higher than expected (Bloomberg)"
I love this shit....!
The Green Shiiits are taking hold! What next, Green Projective Vom___ing???
yahoo finance's headline was completely different also...I was going to copy and paste it, but they changed it.
AP = captured entity
'The world economy is headed for an earlier recovery than previously forecast, although the pace of the rebound will likely remain modest for some time to come, the OECD said Thursday.
The Paris-based watchdog of industrialized nations said recessions this year in Japan and the euro zone will be less severe than the organization forecast in June, while the outlook for the U.S. is stable.'
they've obviously been loading up on swiss/austrian bank shares.
By far, the most appropriate headline of the day:
Quebec's pension fund risk manager is on sick leave
(sorry, link is in French only)
The Bloomberg / Weil piece is another classic.
"A U.S. judge refused to dismiss a lawsuit against Moody’s Investors Service Inc. and Standard & Poor’s, rejecting arguments that investors can’t sue over deceptive ratings of private-placement notes because those opinions are protected by free-speech rights."
That is too funny.
+1 NICE UPDATES
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The Cleveland Fed report shows a conservative estimate that public debt will reach 76% of GDP. Once it goes over 60% and there is no evidence that deficits will be curtailed then the bond vigilantes will speak. This pretty much guarantees whether there is a recovery or not that either all bailout and stimulus will have to end with taxes having to rise or the bond vigilantes will speak.
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