Quote:
Originally Posted by joe2288
|
No, the 7th wasn't the start of the slide, but it was the day that most people realized that the global financial system is totally boned. I have been in the financial services sector for 13 years and talked with many people that were shocked by what was happening.
I don't think you realize how serious this is. The credit markets are locked, the economic fundamentals of our economy are in the toilet, and there is too much debt being carried by the consumer and government sectors. Many bank's balance sheets are loaded with non performing assets (bad loans), which is restricting them from lending and putting a strain on their cash requirements.
There is a lot of blame to go around, but now isn't the time. The government throwing a few trillion of our tax dollars at the problems will more than likely make this worse. Do you see how this is building up? What the web bot guys are reporting is something my wife and I have been discussing since September.