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.