NBER’s Recovery is a Two Year Ripple in a Twenty Year Trough

"Both the Fed and conservatorshipped Fannie / Freddie are hiding levels of toxic assets on their opaque balance sheets that they can’t possibly deal with. Over the weekend we saw from hints in what numbers they do make public that they’re clearly tossing the hot potato back and forth between them, in the style of the trucker with an overweight trailer who periodically bangs on the side of his rig to keep the canaries in the air. The cavitation will have reached the hull of the carrier once that little farce completes and the assets consolidate onto Treasury"