And Lo, He has Spoken about the Plight of the Moneylenders!
Good for him.
SEC to the rescue!
They’re going to investigate the relationship that the credit rating agencies have with those they rate for conflicts of interest.
In July.
Phew, the cavalry has arrived.
After watching the monoline insurer fiasco unfold, these rating agencies are all a sack of shit.
It’s like the American automotive press. Nobody ever says a bad thing, it’s [...]
Someone who’s more eloquent and mathematically focused has asked a good question.
Where the FUCK is my money Mr. Banker?
(He didn’t actually use any profanity. In fact, the writer of this article is much nicer and less sweary than I am.)
http://www.youtube.com/watch?v=OnME92JU9zc
This is a very interesting graph showing how much money banks have available for lending and in reserve.
If you notice, they don’t have any. In fact, they have what looks to be around -10 billion dollars in reserve.
Normally this gets you shut down right quick. But there’s a nifty program the Fed runs that lends [...]