Tuesday, November 1, 2011

Big US Banks - again going down - please, no bailout this time!

Armageddon is close enough that a true grim-reaper is standing at the front doors of BAC and Chase in a fully dressed black holloween gown, except the blade is not a costume and is made of true well-sharpened steel.

The Greek default is tiny compared to the Italian and Spanish defaults to follow and the big banks are intertwined never to be released. And the big banks use your money, not their own. (1st rule of investment = never use your own money.)

We wouldn't harp on this if it were simply the European banks. That we could understand. But the US banks? A travesty worse than 2008.