Credit cards are next Credit crunch- Meridith Whitney
Filed Under (Accounting) by admin on 22-01-2010
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Meridith discoverer titled the banking grouping founder as farther backwards as 2007, today she is backwards warning of the incoming footgear to drop, assign cards.
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Yes, this whole “green shoots” nonsense is to dupe private capital into buying the market while insider selling skyrockets. It’s just another chance for the fat cats to bail while the retail suckers hold the bag. Bob Hoye expects another big Fall decline just like in 2008 to happen again this year, I’m lightening up on my positions near the top of this rally. He also expects 2010 to be great for precious metals miners, particularly the juniors.
Commercial real estate defaults are the banks dirty little seceret. People getting thrown out of houses makes the news and is tracked by many organizations. But when a commercial building or strip mall goes belly up, no one knows about it. There are hundreds of large vacent office buildings in Phoenix either REITS, banks or insurance companies are holding the bag on those. The past 18 months are just a warm up for what is coming. This sucker ralley is so smart money can unload.
looks like the majority agree with you prescottbill, that is a good thing!
MB is always cheerleading for Citibank, can she post her news analyst disclosure. I bet money that she holds assets of Citibank.
Real state prices need to go down to make sense. It doesn’t make sense while hold or purchase anything foreseeing whatever you are pay now will eventually go down.
This is a good thing. Debt is slavery.
I’ve listened to a ton of Celente interviews. He’s frightening in that he is 99% right. I’ll have to check out Bob Chapman. I agree…I don’t think the politicians are telling the public how bad it really is. I’m reading Financial Armageddon right now by Michael Panzner which came out in 2007. It is horrific how right that book’s conclusions are. Panzner wrote a new one called When Giants Fall: An economic road map for the end of America.
That is not even the whole story, just type in Gerald Celente on youtube and listen to what he has to say,even BoB Chapman will open your eyes further on how bad things really get! Most people in America and in Britain don’t even know half of it because the damn politicians lie to them!
I saw the 60 mins piece by Scott Pelley about the future resets you speak of. Man, it is some terrifying crap.
I believe Whitney. She tells it like it is as do Taleb and Roubini. Bill Maher showed a news piece where American Express is offering customers $300.00 to give the card back.
Your right about commercial real estate. With all these massive layoffs and downsizings no one is going to buy the empty space. Gerald Celente has mentioned this too. He argues that it will be worse than residential housing because commercial real estate is heavily leveraged. Celente believes it will make the residential housing mess look like a picnic.
$700 trillion shadow banking and credit default swaps, Alt-A morgages resetting can be added as well, then also baby-boomers starting to retire this year 2009! The shit is going to hit the fan, govenment lies about the unemployment figures as well, nevermind the CPI and PPI figures all bullshit! Nefarious U.S. govenment!
You can add comercial real estate to the list, too. With unemployment rising, the residential real estate mess still has a long way to go.