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John,
As I stated in an earlier post, the banks’overstated balance sheets are based on exaggerated numbers when compared to the actual value of their underlying collateral.
This pesky fact is not contained to housing. As values fall for SUVs, Boats, Motor-homes, ATVs, Trucks…the entry in the banks’ ledgers remains the same, that is until they become the proud owners of the overstated assets. Did I say assets?
CRisk just posted this:
I just got off a conf call with Citi analysts. They were pounding the table on the GSEs, happily answering questions for an hour and a half, until…
(paraphrasing)
Q: What about the fact that their capital is largely deferred tax assets that they’ll never be able to recognize?
A: That kind of detail should be taken off-line. Let’s move on to the next question.