i hate mondays
Bankers and politicians once again find themselves in the position of wishing Monday did not exist, because that's when 'the market' opens. The market trading mass slavery, murder and pension burglary on a massive scale. They have called it 'Black Monday' and 'Meltdown Monday', but really every Monday is Moron Monday, because we are all fools for putting up with this charade for so long. The banks are insolvent, the money has all gone ages ago.
Mish's Global Economics Trends July 2008:
Of the $6.84 Trillion in [US] bank deposits, the total cash on hand at banks is a mere $273.7 Billion. Where is the rest of the loot? The answer is in off balance sheet SIVs, imploding commercial real estate deals, Alt-A liar loans, Fannie Mae and Freddie Mac bonds, toggle bonds where debt is amazingly paid back with more debt, and all sorts of other silly (and arguably fraudulent) financial wizardry schemes that have bank and brokerage firms leveraged at 30-1 or more. Those loans cannot be paid back.Nothing has improved since then, and the British Banks are exactly the same as in the US; they are all Madoff pyramid scams only worse. Not too big to fail; too big to arrest for fraud. We are still letting them get away with it. Gordon Brown's latest plan, a bad debt insurence 'fee scheme', is the dole culture gone mad; "for a 1-5% "fee" taxpayers will be on the hook for 95-99% of the losses" [Mish]. Only a fool would do that with their own money, but Brown is not a fool - he is doing it with our money not his own. We need to close these banks, before they make spring extinct. This is one debt we owe ourselves.
• schmoo's credit crunch package to restart britain