Read it and decide for yourselves.
That would be a disaster for all of us if that is true. I’ll have to see a few more sources confirming this before I believe it though. The way things are going, it wouldn’t be terribly surprising.
I am NOT sure about this source. I found this link via another site and I’ve never heard of Turner radio.
If that report is true, that would certainly explain why the government is delaying the release of the stress test results and why they are worried that the stock market may be adversely affected. In addition, it makes a lot of sense. Loan modifications aren’t working to fix the foreclosure problem. Commercial defaults are really just beginning. Credit card defaults are on the rise and the credit card companies are raising interest rates and cutting back on credit to their best customers. The banks are insolvent, we already knew that!
Mike
I have to get ready for work so I didn’t read that whole page but what I saw is definitely NOT good. Mike, cover those Ford shorts and start shorting banks.
Its because of the insolvency of the banks why so many hedge funds are making huge returns in 2009…Buying bank notes at .30 on the dollar and buying 1000’s of homes in Vegas,Florida,Arizona at .30-.40 on the dollar…Hedge funds are starting to get into the Hard Money arena more than ever…Collateralized lending at low LTV’s is reaping huge returns…I hope these banks stay insolvent for a while…The stock market is second fiddle right now to the opps being seen in the HM,note buying markets…