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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 dandelions 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

concentration of unstable loans St. Paul.jpg

2007, Mnpls-StPaul

(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.\”



One Comment

  1. The unemployment numbers just released: 8.5%. And you best believe that number is significantly greater. And what to do when the benefits run out? “Why, boy, this is Amurrica! Man up! No free lunches here. We have the opportunity to succeed, and the right to fail.”
    “Well, uh, I was succeeding. I was employed, and now I’m not. I was laid off. And I can’t get hired anywhere.”
    “You looking for a handout boy? These are tough times for everyone. But Amurricans can do anything. You heard Governor Jindal! Tough times. But we will get through this!”
    “Rent? Food? What am I supposed to do? Where’s my assistance? Welfare?”
    Welfare?! What, are you some kind of god damn socialist? You’ll find work boy. Just don’t lose hope. If that sumbitch Obama would just let the market work all this out. We’ll come out of this stronger than before. You’ll see!”
    “Yeah, but…”
    “Just keep your eye on the ball. God bless Amurrica!”

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