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Recession! How bad will it be?
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[QUOTE]Originally posted by glassman: [QB] apparently Cramer picked UBS as a buy back in Oct. i guess he assumed UBS was not going to take the level three accounting write-downs, because they had been keeping better books than alot of the others... there are two separate issues at play now, one is the sub-prime mortgage issue which everybody talks about, but there was also an accounting rules change that is hurting the financials even worse, and everybody just "talks around" it and pretends it's all sub-prime.. many if these big write-downs are nothing more than an old accounting trick being phased out of the books. [/QB][/QUOTE]
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