That is how Professor Nouriel Roubini phrases his prediction that thousands of banks will fail across this country in the next few months,causing losses in excess of 2 trillion dollars.
He says that the mortgage crisis has only hit the subprime loans as of today causing the crisis for homeowners and the big banks.
He says that the loan losses are going to hit even the upper end of the mortgage pole, causing a calamity of even greater proportions.
Bank failures will become ubiquitous.If the US treasury that bailed out Bear Stearns,Fannie Mae or Freddie Mac,repeated the pattern we will have hyperinflation and stagnation at the same time.
The US is at the end of its tether.What could be hidden before can no longer be done.
“Flee from the wrath to come” says the Bible.
Atrios agrees with you.
Another comment you might agree with: “When you see a bank CEO or Government official say everything will be all right,head for the hills.They are lying.They didn’t see this coming and they have no idea how this will end.”
Professor Roubini of NYU says that we are only in the second inning of a nine inning game which will end in the systemic collapse of our entire financial system.
We are on the eve of destruction, said Jim Morrison.
Here’s the article – Barron’s interview with Roubini:
Yes, That’s $2 Trillion of Debt-Related Losses
Thanks Mr. Bubble.
oh joy, “bubbles” greenspan, the man primarily responsible for laying the ground work for the dire straits now being faced, “thinks” “There may be numbers of banks and other financial institutions that, at the edge of defaulting, will end up being bailed out by governments.”
no shit sherlock.
that he can still find an outlet for his ridiculous ramblings, as he laughs his way to the bank, is a sad testament to the quality of the discourse in the msm vis-a-vis the economy.
alan, just go away.