Hey Joe,

No kidding eh.. just goes to show the solvency of the banks are hidden in “off-balance-sheet” losses. If the biggest banks were required to put their losses on the books and at fair market value the truth of insolvency would be out in the open, which IMO is fair to people of the United States.

However, after Nov 15th the banks are going to be required to move “some” of those off-balance sheet losses back onto their books. This may get more houses on the market instead of banks holding them at inflated prices thus further prolonging the housing led recession.