Jim Rogers is a legendary investor and partner of George Soros. He is known for being blunt, and, I’ve found from watching what he says, usually quite correct. He is now saying most major US banks are bankrupt.And it it just gets worse from there in a back assward game of "theftocracy"...
12/12/08
Are the Big Banks Completely Bankrupt?
Bob at Politics in the Zeros seems to think there is good reason to believe this is the case...
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2 comments:
I wouldn't doubt it.
Now here's the question - if your bank. lender. student loan grantor etc go bankrupt - what will happen to you, the consumer, and what legal protections should you be looking to secure for yourself?
I wonder if let's say fer' instance, a bankruptcy of major banks and lenders relieved consumers of their obligations (which it won't but let's pretend) that might actually stimulate the economy - wouldn't it?
If all of a sudden, people no longer have the burden of debts over their heads, they have more disposable income - theoretically.
The reality is that all of those loans will get sold off to other companies (other banks, debt collectors) to reconcile the banks debts.
But it sure would make a difference if the average American could be debt free.
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