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We Just Witnessed The Worst Week For Global Financial Markets In 3 Years

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Global Financial Markets Crash - Public DomainIs this the start of the next major financial crisis?  The nightmarish collapse of the price of oil is creating panic in financial markets all over the planet.  On June 16th, U.S. oil was trading at a price of $107.52.  Since then, it has fallen by almost 50 dollars in less than 6 months.  This has only happened one other time in our history.  In the summer of 2008, the price of oil utterly collapsed and we all remember what happened after that.  Well, the same patterns that we witnessed back in 2008 are happening again.  As the price of oil crashed in 2008, so did prices for a whole host of other commodities.  That is happening again.  Once commodities started crashing, the market for junk bonds started to implode.  That is also happening again.  Finally, toward the end of 2008, we witnessed a horrifying stock market crash.  Could we be on the verge of another major one?  Last week was the worst week for the Dow in more than three years, and stock markets all over the world are crashing right now.  Bad financial news continues to roll in from the four corners of the globe on an almost hourly basis.  Have we finally reached the “tipping point” that so many have been warning about?

What we witnessed last week is being described as “a bloodbath” that was truly global in scope.  The following is how Zero Hedge summarized the carnage…

  • WTI’s 2nd worst week in over 3 years (down 10 of last 11 weeks)
  • Dow’s worst worst week in 3 years
  • Financials worst week in 2 months
  • Materials worst week since Sept 2011
  • VIX’s Biggest week since Sept 2011
  • Gold’s best week in 6 months
  • Silver’s last 2 weeks are best in 6 months
  • HY Credit’s worst 2 weeks since May 2012
  • IG Credit’s worst week in 2 months
  • 10Y Yield’s best week since June 2012
  • US Oil Rig Count worst week in 2 years
  • The USDollar’s worst week since July 2013
  • USDJPY’s worst week since June 2013
  • Portugal Bonds worst week since July 2011
  • Greek stocks worst week since 1987

The stock market meltdown in Greece is particularly noteworthy.  After peaking in March, the Greek stock market is down 40 percent since then.  That includes a 20 percent implosion in just the past three trading days.

And it isn’t just Greece.  Financial markets all over Europe are in turmoil right now.  In addition to crashing oil prices, there is also renewed concern about the fundamental stability of the eurozone.  Many believe that it is inevitable that it is headed for a break up.  As a result of all of this fear, European stocks also had their worst week in over three years

European stock markets closed sharply lower on Friday, posting their biggest weekly loss since August 2011, as commodity prices continued to fall and and shares in oil-related firms came under renewed pressure from the weak price for crude.

The pan-European FTSEurofirst 300 unofficially ended 2.6 percent lower, down 5.9 percent on the week as the energy sector once again weighed heavily on wider benchmarks, falling over 3 percent.

But despite all of the carnage that we witnessed in the U.S. and in Europe last week, things are actually far worse for financial markets in the Middle East.

Just check out what happened on the other side of the planet on Sunday

Stock markets in the Persian Gulf got drilled Sunday as worries about further price declines grew. The Dubai stock index fell 7.6% Sunday, the equivalent of a 1,313-point plunge in the Dow Jones industrial average. The Saudi Arabian market fell 3.3%.

Overall, Dubai stocks are down a whopping 23 percent over the last two weeks, and full-blown stock market crashes are happening in Qatar and Kuwait too.

Like I said, this is turning out to be a truly global financial panic.

Another region to keep an eye on is South America.  Argentina is a financial basket case, the Brazilian stock market is tanking big time, and the implied probability of default on Venezuelan debt is now up to 93 percent

Swaps traders are almost certain that Venezuela will default as the rout in oil prices pressures government finances and sends bond prices to a 16-year low.

Benchmark notes due 2027 dropped to 43.75 cents on the dollar as of 11:35 a.m. in New York, the lowest since September 1998, as crude extended a bear market decline. The upfront cost of contracts to insure Venezuelan debt against non-payment for five years is at 59 percent, bringing the implied probability of default to 93 percent, the highest in the world.

So what does all of this mean for the future?

Are we experiencing a repeat of 2008?

Could what is ahead be even worse than that?

Or could this just be a temporary setback?

Recently, Howard Hill shared a few things that he looks for to determine whether a major financial crisis is upon us or not…

The first condition is a serious market sector correction.

According to some participants in the market for energy company bonds and loans, such a correction is already underway and heading toward a meltdown (the second condition). Others are more sanguine, and expect a recovery soon.

That smaller energy companies have issued more junk-rated debt than their relative size in the economy isn’t under debate. Of a total junk bond market estimated around $1.2 trillion, about 18% ($216 billion, according to a Bloomberg estimate) has been issued by energy-related companies. Yet those companies represent a far smaller share of the economy or stock market capitalization among the universe of junk-rated companies.

If the beaten-down prices for junk energy bonds don’t stabilize or recover a bit, we might see the second condition: a spiral of distressed sales of bonds and loans. This could happen if junk bond mutual funds or other large holders sell into an unfriendly market at low prices, and then other holders of those bonds succumb to the pressure of fund redemptions or margin calls and sell at even lower prices.

The third condition, which we can’t determine directly, would be pressure on Credit Default Swap dealers or hedge funds to make deposits as the prices of the CDS move against them. AIG was taken down when collateral demands were made to support existing CDS agreements, and nobody knew it until they were going under. There simply isn’t a way to know whether banks or dealers are struggling until the effect is already metastasizing.

I think that he makes some really good points.

In particular, I think that watching how junk bonds perform over the next few weeks will be extremely telling.

Last week was truly a bloodbath for high yield debt.

But perhaps things will stabilize this week.

Let’s hope so, because this is the closest that we have been to another major financial crisis since 2008.

  • Paul

    The 1600 page $1.1 Trillion dollar spending just passed was a disgrace. Therefore, I have a suggestion for changing our national anthem.

    Oh, say can you see by the dawn’s early light
    What so sadly we hailed at the economy’s last gleaming!
    Whose battered stripes and dim stars thru the middle class plight,
    O’er the congress we watched were so callously scheming!
    And the American people’s blank stare, the derivative bubbles bursting in air,
    Gave proof through the night that America’s debt crisis was still there.
    Oh, say does that star-spangled banner yet wave
    O’er the land of the fleeced and the home of the debt slave

    • Mudpie

      Well said. It certainly is not Land of the Free and Home of the Brave anymore.

      • Mr Hevil

        I have A friend who works for the Union Pacific railroad and he’s worried about his future retirement.

        • Richard O. Mann

          A person who works for the rail road is worried about his retirement. Now that really scares me. The rail roads have been one of the most stable places to work and retire from. I wonder who else out there is worried about their retirement plans? Not me. I don’t have one. It went south in 2001. I have yet to recover.

        • care package

          All should be worried about their immediate futures. Anything long term is a pipedream.

        • Mudpie

          Can’t blame him a bit.

    • T.

      Perfect anthem for the New U.S.S. of Amerika.

    • Kate

      May I share this?

      • Paul

        Sure Kate

        • GenEarly

          Going viral ! (along with the collapse unfortunately) but some sheeples may bolt out of the corral in time.

    • chilller

      CLAP..CLAP..CLAP…BRAVO!

    • tacoma

      $1.1T may be a disgrace, but disgrace is only a mild negative. What’s beyond disgrace, indeed dangerous to world peace, is $0.6T in direct ‘defense’ spending for the next year. Add to this is $0.2T for active foreign military operations – aka wars. Does the US need such money for defense? Of course not – with its already mighty military operational, 12 carrier battle groups, enough nuke to wipe out the Moon, no country dares to touch the US. A $0.2T defense spending is all that’s needed to maintain this mighty military machine of empire. What’s the other $0.4T+$0.2T=$600 billion for?

      Glad you ask. The other $0.6T is to bully the world (aka containment), maintain hegemony, fight holy wars, and invade any country who dares to threaten the U.S. dollar position.

      So, why does the U.S. want to be such an asshole, eh … hegemon? Correction. The government wants to be the hegemon, not the people. The people, 330 million Americans, just want a job, a good place to live, some fun and happiness like all human beings. But the government wants power, glory and superiority. And the U.S. government, used to being at the top since WW2, will start WW3 to maintain its top-cat status. And therefore they demanded and got an extra $600 billion to play its games known all over the world as ‘Regime Change’, ‘Economic Sanctions’, ‘War On Terror’, ‘Shock & Awe Bombing’, and even plain old ‘Let’s Nuke the Russians’.

  • Bill

    Most people measure the drop in oil by the price on the gas pump. The Big dogs have done a great job of delaying the drop for the pump price especially in rural areas. Sock it to them.

    • Tim

      There are some places here in SC where gas is below $2! I understand that the big drop in oil prices over the past few months doesn’t bode well for the economy, but, man, I sure love these lower gas prices.

    • El mico

      The fuel companies are pretty quick to blame the price of oil when they put up the price at the pump but it doesn’t seem to work as fast or at all in the reverse.
      I’m pretty sure if everyone bought no fuel for a week the tables would turn.
      But sheep need gas.

      • Mike Smithy

        I have yet to see diesel fuel drop in price? Any theories as to why?

        • El mico

          Transport industry relies on it. Not as profitable as gasoline. A deterrent to those thinking of buying a diesel vehicle. And my suv uses less of it compared to similar gas suv.

  • K

    Well, now the taxpayer is on the hook, to back up banks, even derivative swaps. Your pension plan can now cut your pension anytime they feel they need to. The banks can grab at least some of your deposits, if they get in trouble. And now Feds can spy on you without a warrant, anytime, anywhere. Are we nearing a tipping point? Sure looks like the Feds think so. Also if you have been watching the protests. You know in many cases the cops have been pushing the protesters, towards violence. In Oakland they caught an undercover cop, inciting people to riot. Folks, if you are still in the cities, at least have plans, on how you will get out.

    • Bill

      Did you read “Bix”? The new budget just passed guarantees $300 trillion in bank derivatives. Unbelievable!!!!

      • K

        Yes, totally insane amount. Now add the Fed is buying bank examiners emergency survival kits. Also recently they bricked in the first floor windows of the Chicago federal reserve. People need to understand, the warning signs are everywhere. All they have to do is open their eyes.

    • kfilly

      Yes, I believe this is proof that governments around the world are in collusion to enslave the world population. Saudi Arabia cuts oil prices, and it effects the US and Russia. Sanctions on Russia are likely to lead to War as they get boxed into a corner financially. It also destroys a booming sector of our economy. When our economy goes bust, I see the wonderful MyRA getting implemented. The government comes in and steals people’s money in exchange for worthless IOU’s from the treasury. Most ignorant Americans will applaud te government helping them out as they are too stupid to see that this is a hagelian (spelling) dialect (create problem, develop solution, implement solution) used against them by the government and it’s coporate masters. I see a whole lot of nothing good coming out of this.

      • Mr Hevil

        I will tell you who is all behind this stuff. It’s not Brack Obama. It George Soros and the Rothchilds and that ugly Soros and Rothchilds are going to hell when they die.

        • kfilly

          I know. Those are the evil people that control all of the governments through the power of money creation.

          • Lennie PIke

            I agree with you and kfilly

        • none

          There is some good news that Michael forgot to mention!
          Last article I pointed out that President Obama’s children did not want to ride Air Force one for ten hours to get to Hawaii, for Christmas!
          This week he was finally able to get them to!

      • Richard O. Mann

        The countries of the world working together to enslave the people of the world? Now, what gives you that idea. HA! Nothing new about that. It’s being going on since the beginning of civilization.

    • WeeWee’d Up

      Glad I’m already out.

  • Bill

    As the doom spreads we know the protesters will be more active. Of course you also know that these complainers are called terrorists by big brother and that funding is needed to keep these thugs from destroying America. So— if the Terrorism Bill isn’t renewed the Super Bowl might have to be canceled. (Yes, this is now being reported). Is this intimidation or preparation for a big crash?

  • Tim

    I just went to Google Finance. All of the stock indexes listed there are in the red, except for two of them which are unchanged.

    • Bill

      I find it very strange that the direction changes so quickly. A few hours later in the middle of the night the arrows are now green. Big bucks are made on these”little” twists and turns.

  • FortuneSeek3rz

    Looks like we have a hostage situation in Sydney now. Cafe across from a news outlet is shut down and everyone is line up against the wall. Two men say they have an explosive device and have hung a black flag with white Arabic lettering.

    • K

      Sorry to hear that. The flag you speak of is sometimes used by Al Qaeda, and always used by ISIS. Countries who have mostly disarmed their citizens, I fear have made themselves targets. After all when Russia says, it is ok for their citizens to arm themselves. You have to know, that is a bad sign.

    • Bill

      Also talk of a “false flag” event since the cafe is across the street from a certain big bank that is now under lock down because of the situation.

      • Bill

        Now Sidney airspace is closed. Perhaps the media will focus the sheeple on this for a few days. Takes the focus off other stuff like the 300T guarantee.

    • Piglet

      My Iraqi coworker pointed out that the text on so-called ISIS flag in Sydney is in Persian, not Arabic, but which westerners would know the difference? Persian is the language of Shia Iran, while ISIS is a Sunni-based group. Definitely no love lost between those two. The hostage-taker appears to be just a loon, and a violent one with a criminal record, too.

      • FortuneSeek3rz

        And he was indeed from Iran.

      • guy2014

        Your being said Iraqi coworker can not read his/her own language!? Its Arabic there

        • Piglet

          Farsi uses the same alphabet but it’s a different language. Sort of like English and French using the same alphabet but they’re not the same language.

          • guy2014

            Wrong answer! Arabic has 28 characters while Farsi has 32. BTW, whenever there is AL in their written, its for sure Arabic

          • Piglet

            If you want to argue with my Iraqi coworker, who grew up in that part of the world and used to teach classes on Arabic, to include 40 different dialects, you’re welcome to do so.

          • guy2014

            Its not needed, being an Arab, I can read my language, just saying your colleague is not telling the truth

  • Thea

    Drama drama drama. You make good points michalel but everything you type about is fixed by tptb. You love talking derivatives…..now they pass bill to cover that. Etc ec etc.
    All great points but it all would have come down already.
    This oil news…I’m sure is fixed and some making fortunes on the nosedive knowing they can make oil go back to 100 whenever they want. Jamie Dimon runs the govt!

  • Rufus T Firefly

    Buying opportunity!

    • Joel

      yes, but as danbax says here below AFTER 2015 (probably) when the stocks really crash then buy low… now it is a wrong idea to buy anything in a crazy market like this one…

    • Mike Smithy

      Do it. Even better, max out your cash advances on your credit card and buy some energy stawks.

  • john

    it’s time to buy stock and make big bucks, wowoo!!

    • Joel

      On the contrary it is time to get out of it, and fast, and reinvest in commodities with high return like wheat, corn,… anything basic for human consumption… (gold and silver are not part of those commodities, although it is wise to invest in some).

      Personally I tend to follow the flux of money from the ultra-rich. They are in position to have information we don’t have. When those same ultra-rich begin to move toward commodities and out of the stocks it is time to do the same as well. Maybe you guess it, but I believe in Jim Rogers point of view about where the actual Economy is heading.

      I deeply recommand his books : “Street Smart” and “Hot Commodities” to have an idea.

    • RiP

      i’m here to say farewell for our beloved friend, john. he is nice & optimistic man, but financial & stock market is ugly brutal monster. we’ll miss you, john!

  • danbax

    just hold on to your money ! after 2015, time to buy some low priced stocks !

    • Priszilla

      Buying into the financial market is for gamblers. If you like the stress and the sleepless nights just go ahead.

  • WK

    A dead clock is right twice a day, Sure there are downturns, there are always downturns. But that doesnt make the armageddon people like Michael right if it actually happens this time. I didn’t see any of our so-called financial experts, ZH included, in the blogosphere forecast a depression in oil prices earlier this year before the fact. The catalyst was Putin and coordinated moves by western oil powers to debilitate Russia’s power by harming them financially where it hurt them the most, oil. What no one counted on was that Saudi Arabia and the US could not agree on how production was to be cut once Putin was successfully brought to heel. This reneging led to the freefall we see in oil today. The bloodletting will stop when both sides realize they have more to lose than to gain by continuing this catfight.

    Saudis better be careful trying to stick it to the US too much, remember no one is more adroit for regime change than the US government. Wars have been started in the past for a lot less than this, the US will not willingly lose control of the petrodollar global economy. The banksters will see to it.

    • Priszilla

      After Christmas the price for bicycles usually drops.

    • Gay Veteran

      falling oil prices due to falling demand, which means the economy is going down the toilet

  • Jackie Milton

    I wish it would go to 5 bucks or 500 bucks a barrel. Either way wouldnt matter to me as long as it crashed the US economy and forced this country to discontinue entitlements.

    • CharlesH

      Discontinue entitlements and you’re going to have a whole lot of expected and unwanted company for dinner.

      • Jackie Milton

        Most likely a lot of dead bodies in my yard Charles. It’s going to come to that sooner or later . Less than half the population can’t continue to support the other half. This country needs a population reduction.

  • Steve Collins

    Funny, this economic Armageddon never seems to come. Every month there is an article on sites like this that prognosticate, “it’s just around the corner.”

    • Fannie

      Steve,do a google search on seven year crash cycles…then the Shemitah…it is always in a 7 year cycle…so, for 6 years the warning has gone out…they always happen at the same time, all the time…so prepare for September 2015…jes sayin’

    • Malcolm Reynolds

      Every month? This site is dedicated to documenting it daily and if you don’t like it, you’re free to leave. And didn’t you post the same exact thing last month?

      Are you under the impression that an economic collapse of this magnitude is like flipping a light switch?

      Are you under the impression that somehow we aren’t in the initial stages of a collapse?

      Or perhaps, you’re just so much more learned than people like Martin Armstrong, Warren Buffet and Peter Schiff to name a few? Please enlighten us.

      • Steve Collins

        Just stopped in to tell you it still hasn’t happened yet. ROFL
        I am not sure how you lumped Warren Buffet and Peter Schiff into the same category, Buffet being pretty much an “establishment figure” regarding economics and Schiff being an Austrian.

        • Malcolm Reynolds

          And I’ll reply the same thing I did then

          “Are you under the impression that an economic collapse of this magnitude is like flipping a light switch?”

          Yikes, China’s market is in the process of the worst crash in it’s history, Greece is completely falling apart (and threatening the Euro with it) and some odd 21 other countries having debt meltdowns as we speak.

          You must think that’s gonna all happen in a vacuum. LMAO! Thanks for popping your head in and making yourself sound like a complete imbecile.

          Me thinks you chose the wrong day to beat your chest because it’s all around you, dolt.

  • Lex loathar

    It’s only a matter of time before the US Ponzi scheme collapses. Invest in the three G’s.

    • Drud

      It’s the 5 B’s: Beans, Bullets, Bullion, Band-aids and Butt-wipe.

      • Lex loathar

        That also. It’s only prudent to have some supplies on hand.

    • Mike Smithy

      Guns, Gold…What is the other G?

      • cpjohn146

        Get away plan.

        • Scared Economist

          Guns, Gold, Grub

          • Lennie Pike

            God, through his son Jesus Christ. All of this is their rebellion against him.

  • nekksys

    Looking at the Eurozone market charts, there is a precipitous drop over the last few months but especially over the last few days. Yet our financial sector keeps trying to prop things up…

    You think that’s because they know what’s coming and want no part of it?

  • ST

    The economy has and will always have ups and downs. It’s a fact of capitalism. It corrects inflation and deflation. However, when the government gets involved and tips the scales in favor of banks and corporations, it’s no longer true capitalism and the cycles become much more unstable and dangerous.

    Thing will always get bad and then get better. If things stay bad for too long and the American people feel that pinch on a scale that threatens their well-being, that is when change will abound. Until then, as long as the majority of people have jobs and the rest have welfare, there will be no feelings of hopelessness on a large enough scale to incite change.

    It’s sad really. We live in a great country. We just lost our way. Is it too late to work in the system to get the change we need or will things get so bad we need to arm ourselves and fight for that change? I hope it’s not too late, but every day I feel a little more unsafe, a little bit more insecure, and as I look to the future, my feelings of hope turn to despair.

    Even when Obama leaves office, America’s problems will not leave with him. While the majority of Americans are much too busy day to day trying to survive and feed their families by working low paying jobs, the corrupt are stealing the country right our from under them. This used to be a country of opportunity, now it’s a country of corporate slavery. Wages decreasing as the cost of living rockets out of control, basic necessities such as water cost more than gasoline, politicians gain wealth and power off the people who employ them.

    We’re Rome and these are our last days.

    • Yes.

      That is why democracy is such a farce, the average individual simply won´t care until SHTF and they get splattered from top to toes.

      Civis romanus sum!

  • 2Gary2

    The key for successful retailers these days, is to subsidize their
    employee payrolls with taxpayer dollars through food stamps, welfare,
    Obamacare, etc.
    We are in the age of Corporate Welfare in this Nanny Police State.

    • Mike Smithy

      Hell must have just frozen over. That is the most coherent and insightful thing that you have ever written.

      • 2Gary2

        I’ve been thinking and re evaluating my view lately.

  • KDI

    So, who wants all of the worlds governments to become totally irrelevant and misled and then to simply bankrupt themselves into extinction? Seems it would be someone who wants one world government. Now, who might that be ???

  • Arizona

    YOU can worry about your money,BUT what you better be worried about is empty store shelves,when the sky falls in,AND ITS GOING TO,what will all your sound asleep neighbors DO,anyone who believes they will watch as their five year old is starving to death and not take action,IS DREAMING…..THEY WILL come to your house and KILL your whole family for a loaf of bread,so be good law abiding citizens and give uncle blacky all your weapons now you hear………

  • Mr Hevil

    I have A sweet baby being born in January. Can any one tell me what kind of life she will have. Oooby is going to be her name.

  • butch waggoner

    Looks to me like the jig is nearly up, of course the real engineers of this debacle will never fess up so they have to start a war as a smokescreen to create confusion in the sheeple’s mind.
    It’s simple enough with a willing media that will tell us we just had a bit of bad luck and of course…tea party shenanigans were at fault.
    ..besides, who could have seen it coming?

  • Penelope

    Everything is fine in the US. We’ve got great job growth & the economy is booming due to our shale oil. We’re #1 & always will be! We have very few people on government wellfare. Our president is awesome & the USD is king! I’m just kidding.

  • SCOTSALLAN

    Seems very convenient that the Bank Holiday might just be planned for the 2 week Christmas Break? Is there a Black Swan on the horizon?

    • Orange Jean

      What makes you say that? Where did you get your info from??

  • nekksys

    Right now, the charts for almost every global market look nearly identical: like a car driving off a cliff.

    Kinda makes me smile…

  • VigilanteCaregiver

    This is really a good opportunity for the US.

    If we can restructure our trade agreements to higher tarrifs for OPEC right now, followed by pegging the dollar off the international petro-dollar to strictly US production of oil and natural gas – we can slam the dictators and better our lives at the same time.

    Well, it’s a nice thought but our current leadership won’t do it.

    Really need to elect some actual US representatives instead of these international insurrectionists.

  • tihseraslarebil

    disarm all democrats now!

  • MeMadMax

    Yea, well, oil is being forced down by opec, not by natural market forces like back in 2007… Ur chasing the wrong tail dude…

  • rawiron1

    I shorted gold today for a 29% profit. :)

  • Daystrom2012

    Every day we get a little bit closer to the scenario found during the soon to come 7 year tribulation…

    And when he had opened the third seal, I heard the third beast say, Comeand see. And I beheld, and lo a black horse and he that sat on him had a pair of balances in his hand.And I heard a voice in the midst of the four beasts say, A measure of
    wheat for a penny, and three measures of barley for a penny; and see thou hurt not the oil and the wine.

    Revelation 6:5-6

    • Lennie Pike

      This is what it’s all about people – believe it or not. If you are informed, why would you not.

  • alan

    See the interest rates in Russia, 17%! I’d like to put money in a bank and get say 13% or 14%! It will be very interesting to see how this all works out.

  • Genada

    With the news of what’s happening with the Ruble, maybe it’s time to start thinking about what happens if Russia defaults. Just curious with all markets being connected in the way they are now how a Russian default plays out.

  • Mondobeyondo

    I think we’re in Trouble. With a capital T…

    and yes, it does rhyme with P, but in this case it’s a synonym for T. As in T. Rex.

    We have one titanic dinosaur of a dilemma here. If we don’t solve it (and we will not), the U.S. will face the same fate as the dinosaurs. I am an optimist at heart. Not an optometrist, an optimist. (I may be blind as a bat, but I’ve got the skills of Batman. Hah. Neither statement is true.)
    _____________

    $17 trillion in debt. And I didn’t even have to think one second about that one. There are a lot of other issues. Give me a minute and I’ll come up with a few more…,

  • Mondobeyondo

    I haven’t played chess in a long time. And I’ve never been really good at it. But I get this sick feeling… that we are really being set up for a very big checkmate.

    None of the fundamental issues from the near-catastrophe of 2008 have been fixed. In fact, they’ve gotten worse. Coming around a corner near you… the 2016 TARP Bill and Too Big To Fail legislation. If we even make it till then.

    We never learn, do we?

  • frank1569

    Big Banksters wouldn’t have ordered Congress to promise to cover their losses with taxpayer money if something big wasn’t about to do down.

    Way down.

    • Lennie Pike

      Of course!

      • Lennie Pike

        One of us needs to incarcerate Jamie Dimon – anywhere. Maybe I will. Been thinking about it recently.

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