I found this blog post too good not to share. Give it a look-see and draw your own conclusions. Not that I'm an expert in any way, shape, or form on most of what he speaks to, but I am aware enough of basic economics and life in general to detect a rotten smell.
Take care.
DAL357
2 comments:
I think he's spot-on. Back in March, I wrote a piece called Crisis of Confidence. It's what we have right now, in spades.
People have begun to lose their belief that banks are sound, and their money is secure. They now see people standing in lines in front of IndyMac trying to get their money, and it's reminding them of the lines at banks during the Great Depression.
The FDIC has publicly stated that they expect 150 failures in the next few years. I don't know of anyone in banking that thinks that number is near the real number.
Wall Street is starting to get it. Again today, the Dow was punished, primarily because of bank stocks. It will get worse before it gets better, trust me...
Looks like the banking system is going to sink faster than the Titanic!
RW
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