Thursday, Jul 24, 2008
If you did not know it before, you do now. The entire US banking system is insolvent.
321gold: You Know The Banking System Is Unsound When...
Mike "Mish" Shedlock
Jul 24, 2008
1. Paulson appears on Face The Nation and says "Our banking system is a safe and a sound one." If the banking system was safe and sound, everyone would know it (or at least think it). There would be no need to say it.
2. Paulson says the list of troubled banks "is a very manageable situation". The reality is there are 90 banks on the list of problem banks. Indymac was not one of them until a month before it collapsed. How many other banks will magically appear on the list a month before they collapse?
Posted by malct @ 05:13 PM (87 views) Add Comment
2 Comments
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1. Dbcreed said...
If you find Nouriel Roubini's website there is a recording with Roubini and some straight geezers on a televised financial advice show which at first goes to form with Roubini talking very fast and convincingly then the straight-looking preppie type says "Perhaps we should nationalise the American banking system. I'd go with that".Roubini rows back from this by saying it would be easier to nationalise the entire American mortgage industry,since 50%( Freddie /Fannie) are nationalised in all but name already. Roubini came across as a moderate,strangely.
2. Malct said...
For many years I've been conscious of the fact that the rate of change in my lifetime has been accelerating.
- and that people have difficulty coping with change - everything has, I know (thinking physics)
But it has just dawned on me that the financial turmoil we are witnessing is a fundamental manefestation of change.
Is it designed to disable further our ability to cope?
this has no chance of getting past my minders!