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Originally Posted by CarmelHP  Actually, I think it is. If you're referring to the S&L collapse, that was very limited, to just that particular segment of the banking industry. This extends to huge GSEs, to global banks, to the securities market, and is tied to another ticking time bomb, the massive credit card industry. All of this debt, which has fed off each other, and now is becoming unserviceable, threatens to topple the entire banking system worldwide. If we see Carter-era style unemployment and interest rates, then things could spiral quickly out of control. |
Yeah but I don't see it on the brink of collapse... yes it is bad, yes things need to be immediately done... and the banks are... a lot of people have noticed credit limit reductions down to their current balance or within a few hundred dollars on LOTS of lines of credit (lots of talk about it on
CreditBoards (Powered by Invision Power Board) a really good forum, and site) as well as other things. It really needs to be on EVERYONE though. We've got 20 something year olds out there with credit limits close to a quarter of a million dollars... that are making 25-30k a year.
I wouldn't mind seeing it collapse though... sure things would be real rough, but hey I"m prepared. I've got my food supply, my guns, and my ammunition... only thing I don't have is a water supply (well), but I know places I could go where an extra trigger finger and work-hand would be welcomed that do have water supplies.