helplessobserver

Prepare for More Banking Problems

Where we are now the losses have been mostly absorbed by shareholder, i.e, a portion of my wife's IRA which held Wacovia stock. Large debt holders have not taken the hit they deserve and here in lies the problem. Once the commercial real estate walks on their debt the pension funds will have to scale back benefits. Look for trouble in the streets when this begins as the government, having used its resources to keep GS et al solvent, won't be in position to do any bailing.