I read the headline, thats it. Why? Here was my response.
The bottom will be in when this happens:
Banks must use international accounting practices as we did for the last 80 years. Mark to market valuation of assets, no "off balance sheet" debt, etc.
Simple math Assets one column, debts other column, valuation is what the capitalist market place will pay. (Example, if I try to sell my house, what $$$ will I get).
Until the above happens, we haven't hit bottom. We are not recognizing our debts, not paying our debts, not COUNTING debts when evaluating our solvency.
Thats where I stand. If you believe fixing means changing the rules to evaluate fiscal health, by all means, buy every share of the top 10 banks. Don't invest anywhere else. On paper, they are rock solid according to new rules.
Back in 2000 there where dot.coms that where rich, back then profits didn't matter, wealth was measured in market share. If you believed that, you lost a fortune.
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