Yesterday I sent out an alert showing that Price/Earnings Ratios are totally and completely out of whack thus making the stock market massively overvalued. Today news came out that is just more proof that the Earnings part of the equation is a total lie!
Now Zerohedge is reporting that the Fed Dallas has told the banks to NOT write down their impaired oil/gas assets, and NOT mark-to-market as is required by US Accounting Laws.
Dallas Fed Panics and Tells Banks to “Cook The Books”
Should be ugly next week!
May the Road you choose be the Right Road.