The mess at ETrade might be happening with banks every day but we are unaware of it. That would explain why Bernanke seemed so catatonic when Ron Paul was letting him have it. His mind was elsewhere.
Wachovia has a problem, to cite one example.
Here is a thought. How will these perpetual writeoffs affect the U.S. Government's tax receipts?
The housing bubble aftermath is easy to fix. People switch into fixed-rate loans while the Fed is giving them a window of opportunity before the inevitable rise in interest rates, and that is that.
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