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.