Thursday, March 12, 2009

Boy am I Glad That's Over

And lo, the banks were profitable again and money was lent as manna from heaven and the markets sighed deeply and began their weary climb back up.  Would you like to buy a bridge?  I don't believe anything those banks say about their balance sheets right now, they have powerful incentives to lie about it.  I sincerely hope I'm wrong and that we've turned a corner with the economy in terms of the credit crisis but I find much of the optimism surrounding the Dow's recent uptick ill founded.  History is littered with defunct financial institutions that gave rosy projections until their last breath.  As a matter of fact, isn't that what we saw with Lehman and Bear?  Don't believe the hype.