Things are getting bad
Lehman Bros went into bankruptcy tonight. Merrill Lynch got bought by Bank of America for 70% of it's value. Other banks are just as bad off.
Christopher Whalen, managing director of Institutional Risk Analytics, a research firm, predicts that approximately 110 banks with $850 billion in assets could close by next July. That's out of 8,400 federally insured institutions, he said, which together hold $13 trillion in assets.
Individual customers are starting to get nervous about the financial health of their banks for the first time in generations, he said. Whalen's firm analyzes the safety and soundness of banks for business clients, but began receiving inquiries from individuals in the past two months for the first time, he said.
"If we don't get ahead of this, we are going to face a run on the retail banks by election day," he said.
Hey, our next President is going to get the Hoover treatment--
bank holidays, bread lines, and tent cities. I know neither Obama, with his minimal, and failed, business/economic program experience, or McCain with his holdover Bush policies, is up to the challenge. Either one is just a one term President, on the basis of them being unable to solve this financial morass.
Christopher Whalen, managing director of Institutional Risk Analytics, a research firm, predicts that approximately 110 banks with $850 billion in assets could close by next July. That's out of 8,400 federally insured institutions, he said, which together hold $13 trillion in assets.
Individual customers are starting to get nervous about the financial health of their banks for the first time in generations, he said. Whalen's firm analyzes the safety and soundness of banks for business clients, but began receiving inquiries from individuals in the past two months for the first time, he said.
"If we don't get ahead of this, we are going to face a run on the retail banks by election day," he said.
Hey, our next President is going to get the Hoover treatment--
bank holidays, bread lines, and tent cities. I know neither Obama, with his minimal, and failed, business/economic program experience, or McCain with his holdover Bush policies, is up to the challenge. Either one is just a one term President, on the basis of them being unable to solve this financial morass.