to this day most people still don't believe that the banks are being allowed to hold two sets of books. The one with all the toxic assets on them, and the ones without them. But the fact is the FASB has allowed it. Their stock price/earnings are based of course on the ones without them. So, how do you know the company that reports next Wednesday, is really telling the truth? Frankly you don't. So when they say GS or C or BAC or JPM made a profit ... it's a LIE, SCAM, FRAUD.
Now pay attention to this because it's important. During the last earnings releases, more companies saw their revenues fall than rise. But not only that, if we strip away the things we know of, like currency swaps, tax breaks, "one time charges" etc, true earnings per share would be down almost 40% across the spectrum. That's how much of our recent earnings are "manufactured".
So, next week, when earnings season starts in full, pay attention to this and take note. Falling revenue on rising earnings CAN NOT LAST forever. Got all that? Good.
here more to my point ...Sovereign nations will default whether it be Greece, Italy, Spain, OR the US. There is no way we'll be paying our debts off. The only reason we haven't already seen defaults is because the banks won't take a haircut on their bond holdings.
Politicians who have all been bought out by the banks have fallen for this charade so far. But it won't last much longer. Banks may get you elected... but they can't keep you safe from a populace that is rioting outside your door. So the banks will all be taking a BIG hit in the future.