in 12 steps, outlines how the losses of the American financial system will grow to more than $1 trillion - that's one million times $1 million. That amount is equal to all the assets of all American banks.
I read this and called BULLSHIT!
So like I usually do I fact checked.
Assets Ranking as of 2007:
1. Bank of America 1.4 Trillion
2. JP Morgan 1.15 Trillion
3. CitiBank 907 Billion (Banking Assets) Total Assets 2.02 Trillion
4. Wachovia 496 Billion
5. Wells Fargo 415 Billion
6. WAMU 347 Billion
7. BanCorp 208 Billion
8. SunTrust 178 Billion
Forget the top 8 Banks in the US, the #1 Bank in the US totally blows apart the first paragraph of this article.
"The end of the third quarter of 2008 (thus late September, a mere seven months from now) will be marked by a new tipping point in the unfolding of the global systemic crisis.
"At that time indeed, the cumulated impact of the various sequences of the crisis will reach its maximum strength and affect decisively the very heart of the systems concerned, on the front line of which (is) the United States, epicentre of the current crisis.
"In the United States, this new tipping point will translate into - get this - a collapse of the real economy, (the) final socio-economic stage of the serial bursting of the housing and financial bubbles and of the pursuance of the U.S. dollar fall. The collapse of U.S. real economy means the virtual freeze of the American economic machinery: private and public bankruptcies in large numbers, companies and public services closing down."
Mark down your Calendars folks.
I'll be reporting back on how accurate this was in September.
Seeee you, in September.....see you....when the summers through......
I have seen some doom and gloom in the last few years, but DAMN, seriously to call for a coming Depression? Come on. For real?
In this article it also talks about the GEAB report for 200 dollars.
Its free here. Thank me later.