Quote from Eight:
These bankers aren't as stupid as people assume. This is not the first time for B of A to be completely bankrupt either. They had some loans to South America that went very badly for them a few decades back. They had no reserves at all but they nursed back to health after a few years... this recession has been going on since April of last year, it's now been going on longer than the typical recession and I get that, the banks are really in a mess. It's hard not to be all gloomy right now but personally I think it will all get better sort of abruptly at some point in the near future. The money on the sidelines for investment is staggering in amount and it's going to get tired of being tied up in real assets or whatever it is in.. that stuff could not be more boring to trade.... the money on the sidelines is waiting for transparency of toxic assets and the BO admin, or the Fed, whoever really runs all this shit, is setting things up so the toxic garbage trades OTC. Once that is in place, and the banks are seen to be minimally functional, forget the gloom baby... new business cycle, they last about eleven years...
