Mish: G7 Plan Is Secretive And Subverts Market

Mish Comment: For Christ's sake. What the Hell is "The Plan"?

BusinessWeek: "The plan is designed to make financial markets less secretive and improve supervision, which in theory would help prevent a repeat of the current financial debacles."

Mish Comment: The "plan" is the biggest kept secret in whole world.

BusinessWeek: "It calls for strengthening oversight to make sure financial companies have sufficient capital, cash and risk-management practices to handle problems. It also would bolster transparency and the valuation of complex investment products, improve the operation of credit-rating agencies, strengthen authorities' responsiveness to risks and put in place arrangements to deal with stress in the financial system."

Mish Comment: Is that the plan? Sheeesh. The market has already eliminated liar loans, 0% down payments, no doc loans, asset backed commercial paper (ABCP), etc etc etc. So far, as best as I can tell "The Plan" is to do what the market has finally done on its own accord.