This is unbelievable. I hope the article is wrong:
http://www.nytimes.com/2009/02/13/business/economy/13insolvent.html?_r=1&hp
Yes, the big banks are insolvent and should be allowed to fail. Unfortunately, that’s just a drop in the bucket compared to our real problem. The real problem is that the government (country) is insolvent, having promised far more money in entitlements than we can possibly deliver. The entire country is a house of cards that will collapse in the near future.
Mike
Well, I hope you and the article are wrong, Mike …
Is there anything safe now? Gold, T-Bills? Guns? Dirt? :shocked
The term “bailout” has become such a buzzword lately that I think it’s hard to decipher between a handout and a loan. Will the “bailout” money given to banks, autos, etc… be paid back? If so, when? At what interest rate if any? I feel better about the taxpayers giving a loan. But there are no actual details in the nature of these bailouts that I can easily find. I do believe that certain banks,homeowners and companies will fail. That could provide opprtunities for people and companies who acted responsibly.
I say real estate is our safest investment…I think that’s why most of us are on this forum.
I agree!