Tuesday, April 21, 2009


There's all kinds of "clever" accounting tricks being used by banks to declare profitability in the first quarter of '09. There are also all kinds of "clever" accounting tricks going on with Treasury and the Fed to make the system appear more stable.

While all this might be well and good for pacifying the general public, and those not well versed in economics, it can't possibly be fooling those who really matter in this at the end of the day: our Asian creditors.

Does anyone seriously believe we can financially outsmart our Chinese and Japanese benefactors with "clever" accounting tricks?

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