Sunday, August 3, 2014
Sunday Beaver - Financial edition
Think there's another consequence to all this too, another economic melt down. I saw all the tower cranes that graced the Seattle skyline back in 05 and 06 that disappeared in 09 and 10, well they're back up and busy as ever. That would be a good thing if the rest of the economy was doing well but building more and more apartments and condos won't do much if nobody can afford them and they sit empty. Banks are slowly riding their books of foreclosures but a larger price that will come due is all the savings that was sucked up from the melt down. That's the money banks rely of to leverage more debt and it's not there anymore. Take note of Argentina which can't pay it's debt now in default. It's just a matter of time before the house of cards falls again. And pay no attention to the Dow, it's numbers were perverted years ago with the advent of supercomputers. Forget congress. Their solution was no solution. All they did was make more rules that nobody understands and that banks don't follow anyway. Check your local news for the homeowners who were illegally foreclosed on in the last two years.
That's my two cents.
Bank fails: Two banks failed in the last two weeks one in Ga. and another in IL.