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The Big Lie

Posted by Larry Doyle on May 9, 2009 1:00 PM |

These viewpoints are not widely disseminated by the mainstream media. The numbers don’t lie, however, and the level of defaults already being experienced on prime mortgages falls into the range (3-4%) of what Treasury designated as “worst case.”

Karl Denninger, at Market Ticker, writes a detailed, must-read sobering piece: Why We Are Absolutely Screwed

In addition, William Black – a former bank regulator – opines the lack of rigor in the bank stress tests. The 5-minute video clip, The Big Lie: Stress Test Optimism Just Wall St. Propaganda, is enlightening.

william-black-on-techticker

  • LD –

    Denninger’s piece on The Market Ticker is fantastic. I couldn’t agree more that the stock market right now is trading on “hype and intentional misrepresentation”. Amen. Excellent points on the FDIC Insurance, the sales tax revenues for states like California, giving more debt to a debt-addicted economy, and the no-win scenario Bernanke is about to find himself in.

    Matt

  • Peggy Sue

    Larry, I’ve said this before: you’re truly doing a public service with your reports here and at NQ. I’ve been reading Denninger’s updates with a growing sense of horror. The majority of the public is “not” being given the facts on the ground. All you find is happy talk and carefully managed numbers.

    But it’s going to hit the fan, sooner rather than later. And then, God help us all.

    Thanks for your astute and honest [what a concept!] observations.

    I’m a fan :0).

    • Peggy Sue…I sincerely appreciate your generous comments.






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