[Post Summary]And my heart yearned for him.
—Song of Solomon
* * * * *
Why does no one stop to ask the reason Level 3 assets are burdening bank balance sheets? Why did markets for these assets freeze? What underlying truth has caused confidence to cease?
If there had been no John Law, no South Sea Bubble, no Charles Ponzi, then maybe the answer would be a great mystery. Instead, it's so plain that, only a bunch of Pinocchios fail to fathom how no shade of lipstick can mask a deformed nose for solutions to the ongoing financial breakdown crisis.
No offense, but what Joe Duran advocates before an audience of Fast Money traders is the fast track to the poor house if the "simple solution" he claims worthy is not made some afterthought to a much more encompassing approach leaving nothing to chance with time's passage, which Duran claims is all banks need to recover. Here's the problem. Banking ventures today thought still profitable are dying enterprises. They are inextricably tied to that which has already passed away — that which is classified a Level 3 asset. The game bringing these fraudulent financial claims into being has been stretched to its limit and is breaking down.
So, short of resurrection of the Roman Empire the game's consequence will continue defying every attempt at reviving play within the confines of rules whose ends have all too well facilitated fraud and usury. No, Joe, short of anything whose potential return dwarfs certain losses banks have written onto their books, the burden one day will be realized. Why not sooner rather than later, then? Is not time constraining one's own life of the essence? What of the life of one's children?
Bank balance sheet losses cannot possibly be delayed by decree, as reasonable as the proposal might seem. Anyone not willing to admit a plainly bankrupt, securities-based financial system got this way because it is built on fantasy (and a heaping helping of deceit) likely has little of real use to offer, and instead stands as more of the same noise we would all do better hearing a lot less of.
—Tom Chechatka
0 comments:
Post a Comment