Wednesday, 07 July 2010
U.S. BANKS RISK 'UNTOLD PROBLEM' AS MUNI DEBT SWELLS
comment by
Michael C. Ruppert
© Copyright 2010, Collapse Network, Inc. – All Rights Reserved
This is the cliff edge. Along with Richard Duncan's permanent blackouts emerging; the all-too-obvious signs of a Chinese implosion, the bizarre behavior of the out-of-touch Saudis, the death struggles of the Euro, Israel and Iran -- and Deepwater Horizon, this is the cliff event... when the cities fail.
I have been asking myself since it happened how Deepwater Horizon would affect Collapse. I think I have an asnwer now. We will have Commercial, Political and Social Collapse all at once instead of sequentially; not overlapping perfectly but a perfect CAT 5 storm nonethless. I am now convinced that we are in a full, head-on, fast-crash scenario. That will be great for those around two generations from now... but rest-assured, it's going to be hell on us.-- MCR
Bloomberg
By - Jul 6, 2010
U.S. Banks Risk `Untold Problem' as Muni Debt Swells
“There is a huge untold problem here,” said Walter J. Mix III, a former commissioner of the California Department of Financial Institutions who closed 30 banks during the last banking crisis in the 1990s. “The economics lead to the conclusion that there will be downward pressure on these bonds.”
