As was expected today was a horrible day in the market. I don’t expect a rally tomorrow. We are in the storm for sure now. There is no longer any stopping it. I have been skeptical about saying this out loud but I really do believe that hundreds of bank will fail very quickly after the new president ( Probably Obama for Obvious Reasons) takes office. Even if by some fluke McCain was to win hundreds of banks will still fail. It seems to me that our debt based consumer driven economy is finally being exposed for what it is…worthless.
“The upheaval in the American financial system sent shock waves through the stock market Monday, producing the worst day on Wall Street in seven years as investors digested the failure of one of its most venerable banks and wondered which domino would be next to fall.”
On the plus side…if you have the money to buy up property especially rentals than your about to make a killing over the next for years. After all people have to live somewhere. And if they can’t buy they must rent.
— Justin of Vizionkc