But here's the problem with the conventional thinking these days -- this ISN'T THE 30s! Some 92% of every homeowner is paying ON TIME. That means this entire exercise is regarding the 8% of those who are in trouble and I bet it's better than half of those were flippers who got in trouble at the top of the market.
So, here we are with banks in trouble because they are stuck holding bad mortgages they thought they could sell and insurance companies who insured that garbage without the collateral/capital to back up those bets.
But the question is, over 75% of all banks nationally are doing just fine, thank you and last week a spokeman for the smaller banks association said many of them saw this potentially coming and saved for it.
So, is this talk of doom and gloom REALLY for real? Or, is it a more sinister ploy to scare the public into agreeing on government spending proposals to pay off donors under the guise of a crisis?
I'm betting the latter.
When my wife and I go out, it's still standing room only at restaurants. Hardly soup kitchen line times out there.
There is going to be hell to pay one day when the general public figures it all out. The bad thing is that the way they'll be figuring it out is when they realize that like the 1970s, over 60% of their income is getting pissed away in taxes.
Oh, do I see it coming. Reagan was born out of this garbage. The question is, who's the next one? I have no doubt that the way Obama is going, he's going to trump Carter in spades. The Democratic party is going to be stuck with the tax and spend liberal label for decades just as Carter did to them.
Boy, if there ever was an example of how the emperor has no clothes (in this case, the Messiah), Obama is it.
