Wall Street financial house JP Morgan announced today that they are revising their loss projections to go beyond $4 billion..... $4,000,000,000 !!!
And that is just what they are admitting to. The reality is very likely to be much worse because there is NO upside to the mortgage backed securities market and that means there is no upside to bonds or trading futures.
Bad enough that the greedy and the stupid have been allowed to squander the greatest economic opportunity in the history of mankind. But the freekin idiots in government decided to use borrowed money to bail the dopes out.
The piggy bank is empty arseholes! And ... your IOUs are useless.
Just to be clear .. it is NOT the capitalist system that is failed .... it is the socialist system that is poisoning the well.
What the heck do you think happens when there is no money to be made in lending or borrowing?
As of right now ... if you do not have some useful skill to trade on ... you are forked.