Change in Bank Rules Lifts Stocks
Giving the market momentum was a change to accounting rules that could make some banks look more profitable on paper. The Financial Accounting Standards Board voted to ease mark-to-market standards, giving companies more leeway in valuing mortgage-backed securities………
Investors are bracing for a bleak report Friday when the March jobless rate is announced. But Steve Sachs, director of trading at Rydex Investments, said the newly optimistic market dynamic might withstand be able to the shock. “We all know employment’s a lagging indicator,” he said.
Pledging still more trillions to prop up the crashed globalized banking system, the big wigs of the rich world gathered in London assured us all that all will be OK, we just need to print more money, make a few rules to make the paper wealth look, well, tidier, and nothing to see here, keep moving.
Meantime another 750,000 Americans lost their jobs last month, For Sale and Foreclosure sign proliferate like dandilions in spring, and maybe the bluster from Brown and Obama looks more like cover than coverage.
Denver suburb, red = foreclosure
2007 Foreclosure Map, Blue = House gone
(imagine what it is today….)
“Where does money come from, Daddy?”
“Uh…. I think, uh, the Fed prints it.”
“But honey, it’s the Chinese.”