Banks are being propped up by the Fed, so Soros is wrong

Quote from bwolinsky:

http://www.bloomberg.com/apps/news?pid=20601213&sid=aNR3f9WE2L9s&refer=home

www.themarketchatter.blogspot.com

Normally I wouldn't say anything, but I can't believe this blatant fear mongering just to prop up a short position. He missed his chance to cover. His bet, aimed at financials, is a classic mistake of "betting against the federal reserve."
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I hate to break the news to you and mr. blogger but Soros has made a massive fortune betting against Central Banks around the world.

and btw, this is a bear mkt rally:D
 
Buddy as of late August 2008 you were still denying we were in a recession. Apparently you had no clue as to the condition of the banking system at that point, but now just a mere 8 months later your so smart that not only do you know the banks are fixed but what Soro's intentions are too. Pretty good learning curve.
 
Banks are insolvent.

The FED will be insolvent when this all said and done.

Either they print dollars until we are using them for firewood. Or they cry uncle, and the government has to cut its budget by 50%.

There is no way out of this trap.
 
Quote from lrm21:



Either they print dollars until we are using them for firewood. Or they cry uncle, and the government has to cut its budget by 50%.
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Are you suggesting the US is going to move to a wooden currency?
 
See, bulls win for now. Show me new negative news, b/c the worst has already been priced in, and <i><b>that's what makes a trough.</i></b>
 
Quote from bwolinsky:

bwolinsky


Registered: Jul 2008
Posts: 918


07-17-08 05:52 AM

I was just about to start a thread asking this question.

I believe the quote, "All the indicators EXCEPT GDP GROWTH indicate recession." What are we left with? No recession. I guess if you keep saying there will be one, EVENTUALLY you'll be right. Keep playing. I'll be here all week.

No, really, by definition there is no recession. And, trust me, I would know what the definition is.
.</i></b>
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Yes that would have been prior to any release of negative GDP growth. Notice what strikes me the wrong way about Mr. Soros' comments isn't that he's wrong about GDP contracting this quarter, it's that we contracted in the first two months and after that expanded a bit. The "fear mongering" is what bothers me, and I believe he's wrong at this point.
 
Quote from lrm21:

Banks are insolvent.

The FED will be insolvent when this all said and done.

Either they print dollars until we are using them for firewood. Or they cry uncle, and the government has to cut its budget by 50%.

There is no way out of this trap.
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I've been paid several grand to determine yes or no to this. There are some insolvent, I'll give you that, including WFC and BAC, but there are also other banks that have adequate capital. Lumping them all together is the problem. It's done on a case by case basis. Some are, and as I said, I'll give you that, but some aren't. Using a broad swath to simply state "they're insolvent" is what the problem is, and I already know which banks won't pass the stress test, b/c they are already undercapitalized.
 
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