Skjellifetti

Nothing Suggests We're Anywhere Near the Bottom

Schill:

Did you fail Reading Comprehension 101? I made no claim except one: that the author had not proven his claims.

On May 13 12:12 AM Schill wrote:

>
> Skjellifetti:
>
> Responding in your same I-Failed-Logic-101 speak: You have made
> claim that there is more than one solution, and yet you have not
> provided another solution. So--get to it. For example, why don't
> you explain to us how California is going to solve its budget crisis
> in the midst of an absence of lending *and* an absence of taxes?
> And, no, "the federal government will bail them out" is not a valid
> response.

Nothing Suggests We're Anywhere Near the Bottom

You have made unprovable claims that your solution is the only solution using a very poor argument by analogy.

On May 12 08:48 AM Karl Denninger wrote:

> Do you realize that paying pensions to firefighters of $200,000 a year from the taxpayer's teat is absolutely unsupportable - and unsustainable?

Citation, Please?

> The fact of the matter is that we OVERSPENT by borrowing at all levels - consumer and government.

> The solution for being an alcoholic (debt junkie) is not to mainline some Everclear!

> You may not LIKE the solution but that doesn't make it invalid.

> When that is the only solution that will work (and it is) whether you like it or not becomes immaterial.

The Second Wave of Bank Troubles

NCC purchased two FL thrifts in 2006 in an attempt to enter the FL market. They overpaid and are (at least partially) in trouble due to subprime lending in FL.

Huntington Bank is down due to a purchase of Sky Bank which has cost it the usual merger/acquisition/int... stuff plus Sky had a link to Franklin Credit Management Corp. (NASDAQ:FCMC) which has forced Huntington to take a $500 million loan loss set aside on subprime mortgages related to the Sky acquisition.