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Direxion Daily Financial Bear 3X ETF Message Board

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  • yourdeadmeat69 yourdeadmeat69 May 6, 2009 9:08 PM Flag

    JPM has around 100 trillions in credit default swaps

    That's correct, they didn't look into the balances the banks would have to report because they took the value of the underlying assets off the books--the banks said they shouldn't have to mark to the market evaluation, because "they can't determine real value and it was unfair".

    Make believe you're playing Monopoly, everybody else has houses and hotels, but you've only the cheaper properties. Suddenly you land where you shouldn't, you can just pout and say "unfair" and the rent is waived.

    See how that works?

    No? Neither does anybody else, which is why this bubble has to break sometime--I mean how long can they keep those assets off the books--they can't do that indefinately, and the market is way ahead of itself thinking we've made a turn.

    We've made a turn allright, into the same dead cat bounce that happened in 1931. A 50% retracement built on BS, which rolled over in 1935....

    Nobody believes this rally, including the pump and dump pundits on TV--how they can look at themselves after the crap I saw...unbelievable.

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