I remember posting here about a year ago, basically repeating what I'd read on the "reality-based" political blogs, that the subprime mess was only the tip of the iceburg. A few people mocked the idea, economy was strong, great expansion, no big deal lol. Now we know what was being said was true, this entire "expansion" was all built on a financial house of cards with overleveraged banks making bad mortgages while the gubmint looked the other way.
I read today (http://www.southernstudies.org/facingsouth/) that Wachovia bank, which just posted billions in losses and cut thousands of jobs, barely afloat awaiting a buyout from Citibank, after freezing loans to colleges and businesses... managed to make a new loan today to a national congressional committee for EIGHT MILLION DOLLARS. Yeah, we're f---ed.
Re: CHECK THE (DOW JONES) lowest since 2003
Member #: 4750
Registered: 1996-2001
Posted:
529
Name:
Keith
Occupation:
Retired
Location:
NY
Personal:
late 70s
Experience:
~52 years
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