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what the statement implies in relation to realisations by Banks who foreclose, and therefore the true value of their property "assets"....

In a word DENIAL.  No one is going to acknowledge reality until they at least think they can find a profitable path forward by so doing.  No agency head wants to be seen as the one who popped the bubble, even if all acknowledge the bubble.  Now California investors are blaming Sen. Schumer's letter for the FDIC take-over of Indy-Mac.

If sanity be culturally normative, then by the norms of this culture I claim insanity.
by ARGeezer (argeezer a in a circle yahoo dot com) on Fri Aug 22nd, 2008 at 01:53:15 PM EST

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