yes, very sad. Read the linked article I just posted this AM. It will send shivers down your spine. If that scenario is played throughout the real estate market we're in serious trouble.
Banks turned the corner......ROTFL. Welcome to Lala land.
The sad part is many like Citibank likely failed the 20 mph high storm winds stress test - all while many shareholders complain about government cash injections being placed into their bankrupt bank.
You have to wonder what ownership interest these "shareholders" think they still hold in a failed bank.
Since the bank operated with just a tiny sliver of the capital they needed to backstop the risks they took on, because prudent banking standards were not enforced, their returns were generous during the good days. But those returns come at the result of complete financial failure during the bad days.
It's just as possible as not that banks will actually experience 100 mph storm winds. Guess how many banks pass that test.
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