03-04-2009, 02:05 PM
Has anyone been reading Simon Johnson's baselinescenario.com. Former chief economist for the IMF. It's really interesting and frankly, paints a pretty scary picture of our economy. One interesting point he made was that if it were any other country, the IMF would have recommended the temporary nationalization of the banks and shit can the executives who led their nation into this mess.
Second, he think that if you made the banks mark their assets to market rates, some of the largest banks including citigroup and bank of america would be insolvent which means their assets + capital won't cover their liability. Scary shit.
Second, he think that if you made the banks mark their assets to market rates, some of the largest banks including citigroup and bank of america would be insolvent which means their assets + capital won't cover their liability. Scary shit.
Two feet.