Summary
TheTreasury Secretary's remarks as reported in the subject article can not be believed.
Analysis
If the Treasury Secretary's comments are to be believed then why won't the Banks simply start unloading their toxic assets at fire sale prices?
The Treasury has done everything to prop up the banking system and is under the misguided illusion that an economic recovery is at hand.
Ask the average person on the Street or the small to medium business owner and ask what they think of this beginning of an economic recovery.
Just yesterday on MSNBC it was reported the majority of Americans don't believe there is any kind of recovery going on and that it is totally irresponsible for the Government to saying there is when there is so much ongoing and projected pain in the unemployment ranks, credit accessibility and so forth.
There was another report yesterday that simply said the reported GDP is overstated by at least 1.5%. This was due to the Government not taking into account the vast numbers of knowledge workers and others that are not producing.
We've been told the "official" unemployment number represents 10 million workers, while another report suggests it is closer to 17 million due to the Government no counting those whose benefits have expired, people who have given up looking for a job, those that are in low paying temp jobs etc.
We know the Government is never ever correct with their "official" numbers on any aspect, so how is it we are to believe the Treasury Secretary regarding the solid foundation in which the banks find themselves.
Most articles I have been reading are suggesting that only the Major 4 remaining largest Banks will be immune to the upcoming commercial real estate loan crisis, the rest will be in deep trouble. If that is how the Treasury Secretary wants to parse his words then we know he is just being a political animal and not a servant of the People of the United States.
