It is becoming clear what this entire "scheme" was between the treasury, the fed, and all the major banks.
TARP is not working, we know that now. JPM, BAC, USB, were doing their best to "hide" all the really bad crap they had. Same w/ GS & MS, though they did a premptive strike by converting to banks.
Get ready for the real wave of "confessions" from the banks. The TARP was nothing more than an effort to forestall the end. This stock market rally was nothing more than the big boys trying to pad their accounts and salvage a bad year, all on the backs of dumb americans who think that this is the end of the bear market.
Next phase is coming folks. The real confessions are almost upon us.
Just think. We were told for example that USB was is really good shape, etc. Now all of a sudden they announce that they too have bad crap on their books.
Gee...out of nowhere?
Once again, congrats to CNBC, the pump monkey fund managers they bring on, as once again they have convinced the blind general public that the worst was over and it was time to buy.
Until we the public, either stop watching CNBC, make it unprofitable for them to stay on the air, or hold them accountable in some way, mom and pop will keep losing their money to these bold faced liars.