In fact, they are buying. But you had some central bank selling, and the initiation of large short positions by some banks.
Now we'll soon have a revised bail-out bill, with a change in the alternative minimum tax rate and an increase in FDIC insurance.
But mark-to-market accounting? Buy some mortgages at rates that aren't fire-sale and you'll clear up that problem. The markets need transparency; then we can get a multiple. Wasn't Lehman's book value $28 a share? And supposedly, wasn't Neuberger Berman, which was just sold for $2 billion worth $10 billion?
Brian Wesbury supports mark to model, who says that consumer psychology (the basis of this weakness) is why the economy is suddenly becoming weak. Lop off 40% from the value of your home and stock accounts, and I think it's more than psychology that is affected. It's their wealth!
Here's his latest:
http://www.clubforgrowth.org/2008/09/brian_wesbury_on_the_bailout_v.phpNow we'll soon have a revised bail-out bill, with a change in the alternative minimum tax rate and an increase in FDIC insurance.
But mark-to-market accounting? Buy some mortgages at rates that aren't fire-sale and you'll clear up that problem. The markets need transparency; then we can get a multiple. Wasn't Lehman's book value $28 a share? And supposedly, wasn't Neuberger Berman, which was just sold for $2 billion worth $10 billion?
Brian Wesbury supports mark to model, who says that consumer psychology (the basis of this weakness) is why the economy is suddenly becoming weak. Lop off 40% from the value of your home and stock accounts, and I think it's more than psychology that is affected. It's their wealth!
Here's his latest:
No wonder gold is getting a bid. The public isn't that stupid!
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