Talking to my 90 year old banker Friend.
In talking to my friend today he had to wait so his wife wouldn't hear. The fear on his face told me all I need to Know. I asked him what I needed to know and he said save all I can. I gave him my dumb look and he relented. What he said was with med care and social securty and big gov. spending with disregard to a budgtet and the fact that congress won't change 2 wars millitary around the world and coruption run rampant ( he a stanch reb and her a dem are voting independent this year ) is by christmas just buy 1 gift for each member. The market is leverged 40 to 50 to one and for each 10% unwind in leverage a 1000 points in the market. As more people save he said the more we contract and the snow ball effect is going to be bad. He is looking for about a 50% unemployment by March if things don't change soon. Then that got me to thinking and yes I know that is dangerous but what happens to cc defaults more house defaults 1/2 of each city around the country with unemployed just trying to surivive. The crime rate will skyrocket. Cities under more pressure real estate under. Can anyone add to this the list. And at the end would you please put in just one ray of hope?