A startling press release hitting the media this morning. The Royal Bank of Scotland warning investors of an imminent stock market crash between now and September adding to the Bank of International Settlements warning of a second Great Depression plus Morgan Stanley reissuing an old warning of a crash in equity markets. One thing we know for sure: the big banks have postponed the workout of their massive bad debts for about a year by playing pattycake with the Federal Reserve and the Bank of England. It's a game that couldn't go on forever. It has led to paralysis in lending. Meanwhile, these banks have shut down their securitization mills, meaning they are no longer generating the huge fees they'd become routinely accustomed to. And every month the securities they sit on lose value as the revenue stream is choked down by defaults.
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