Saturday, August 23, 2008

Ninth U.S. Bank Collapse in 2008; Pace Accelerating

Bloomberg.com: Worldwide

Nine down, an estimated 50-80 more on the way. Let's say that's wrong, that only 25 more banks collapse: What does that do to the U.S. economy? Seems to Me it delivers a harsh body blow, as roughly $300-380 billion get sucked out of government coffers and ends up as debt We have to shoulder.

Someone has to pay the piper, and the piper is not Us: It's someone who will own Us in the long run.

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