- The banks are still insolvent.
- That little tweak to mark-to-market accounting a couple of months ago has allowed us all to plunge into deep denial.
- Now that the banks are allowed to lie about what their toxic assets are worth, they’ll never sell them (because if they did they would have to write them down).
- The smaller banks are undercapitalized and will have to raise another $12-$14 billion. And so on…
Those are the basic messages from Elizabeth Warren, head of the Congressional Oversight Panel. Warren’s 10 minutes on Morning Joe (via Zero Hedge) are worth watching.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.