>Last May I wrote a piece theorizing the market rally was started and was due to the change in accounting rules. The article is below. I also have argued for the past two years that the banking system is effectively insolvent and this has been hidden by the loosening of accounting rules. If the above linked to Bloomberg article isn’t further proof, I don’t know what is. Mark-to-Fantasy lives so that banks can appear profitable when in fact they are losing enormous amounts of money. Viva La Bankers!
Scott Dauenhauer CFP, MSFP, AIF