Banking System is Hopelessly Insolvent: "
All the taxpayer money poured in has done little to nothing to solve the problems. It has deferred the collapse. Stupid economics but good politics — “don’t let it happen on my watch!”
Monty Pelerin
It has been my contention, as well as several (increasing in numbers) others, that our so-called financial crisis is not over. It has barely begun.
There are creatures hidden under rocks that are unimaginable. Eventually they will either crawl out or the rocks will be overturned.
The Daily Bail presents testimony before Congress that states that our four largest banks are insolvent. The testimony was based only on their second-mortgage exposure. Unfortunately, there are a lot of other assets overvalued on their books.
The problem is hardly limited to the large banks. The entire banking system is insolvent. All the taxpayer money poured in has done little to nothing to solve the problems. It has deferred the collapse. Stupid economics but good politics — “don’t let it happen on my watch!”
Unfortunately, the “good” politics is merely temporary and has assured much greater pain in the future. That future is not far away.
Read the Daily Bell article to see the videoed testimony and get as much related information on the insolvency of the banking system as you want (or can stand).
No comments:
Post a Comment