Financial Companies are Crumbling
September 15th, 2008
bank of america, lehman brothers, merrill lynch, mortgage crisis, sub prime lending debacle
The disaster of the sub-prime mortgage crisis has not seen the bottom. Only one shoe is off the foot and it seems there is more room to fall. Ever since IndyMac closed up shop, the industry dived into tailspin. Here is a list of all the banks that have closed up shop since 2000. So far 11 banks have failed, I expect this list to double over the next couple months.
How did we get to this point? Warren Buffett (the great Oracle of Omaha) foresaw this problem almost 5 years ago.
2 Responses
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Christian September 17, 2008 at 1:35 pm
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Aren’t you supposed to be working?
Buffett wasn’t the only one that warned us about this collapse 5 years ago. The Revolution Himself, Ron Paul, was on Glenn Beck the other night and they ran a clip from 5 years ago of Ron warning the U.S. of this potential disaster. I’m not sure if I can dig up that episode but if I come across it I’ll send it your way.