Stuff is worth what people will pay for it

Yeah, so, how much are banks worth now? They're only worth what people will pay for it.

MarketWatch today hit up Marc Groz, founder and chief investment officer of Topos LLC. :

"What are these toxic assets worth? The correct answer is: It depends on what happens and what people do. We're heading into a long weekend, and [Treasury Secretary Timothy] Geithner is off to Europe, and still nobody knows how much these assets are worth."

He right. We don't know what it's worth. And Timmy G. has his hands full until we start seeing some sort of clarity in valuing financials.

But they gotta be worth something, right? The price of stuff drops until someone buys it.

It's just how things work.

Sweaters at Macy's are like, really cheap right now. Even I can afford that sweet, sweet cashmere.

But those sweet, sweet sweaters are a lot like those toxic assests Citi and friends are stuck holding. Excuse me, that you and me and Citi and friends are stuck holding.

Macy's thought they could make a killing selling $150 Club Room sweaters. Based on those awesome profit margins, getting big and expansive sure looked attractive. Turns out, people only really want to pay like $40 for 'em. And now all those stores they opened up are gushing wounds.

But hey, Macy's same-store sales weren't as terrible in January as anyone thought they'd be.

Maybe Citi and friends have a chance...

Great haircut on Dimon; Pandit looks smart

Today, Congress ran the train on some banker dudes. These poor bankers, road weary from their uncomfortable commercial flight seats and standing on the Metro, got dragged out before the House of Representatives (you know, the big one), and it was, to put it bluntly, brutal.

Ball-breaking questions, tirades, polemics, oh, and mucho posturing from Congress. Same shtick , just bloodthirstier now.

Here's how the CEOs did:

JPMorgan Chase's James Dimon: Haircut, meticulous. Well-spoken, but at times he looked a little puffy. God I want that haircut.

Bank of America's Ken Lewis: Kinda frumpy.

Bank of New York Mellon's Robert Kelly: Boring.

State Street's Ronald Logue: Boring.

Morgan Stanley's John Mack: He's OK, but I dunno, seems like a cheap date.

Citigroup's Vikram Pandit: smart guy. His bank is doing the worst of all of 'em, but you'd think from listening to him that he was shittin' in high cotton.

Wells Fargo's John Stumpf: a damned grouch.

Goldman Sach's Lloyd Blankfein: now that guy's a BANKER!

Look, I have nothing but appreciation for what bankers do. I know these guys work all the time and whatnot. and most of the guys that really shoulda had their testicles in the Congressional vice today either left or got bought out (ahem Sandy Weill, John Thain. Ya'll better be thankful it wasn't your nuts stomped by a panel of angry House reps).

But come on guys, you're really gonna let Vikram show you up?

Do better. Prepare. And don't get risky with my money.

How'd the House do? Typical House. "Oh, my constituents are soooooo mad." Just imagine and repeat.

Next: Stimululz