If Johnny Jumps Off a Cliff Would You Follow?
In the banking industry the answer is yes. Banking got really stupid and it is as if they started competing to see who could jump off the highest cliff.
Seems as if even cash rich Gulf States are having a banking financial crisis.
They all did the stupid securitization of debt thing and massive leverage, all around the world, and they all just gave the money out without considering the obvious, ability to repay...