The worst EVER !!!!!!!!!
Up to 30 more airlines will go bankrupt before Christmas, the chief executive of British Airways warned yesterday, as the biggest rescue of stranded passengers in travel industry history began.
"We are in the worst trading environment the industry has ever seen", said Mr Walsh. "We have already seen 30 or so airlines go bust this year and it would be fair to expect a similar number of casualties worldwide over the next three to four months."
The head of British Airways calling for the Bankruptcy of 30 MORE airlines in just 3 or 4 months. HOW BAD IS IT OUT THERE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Emergency banker meetings weekend after weekend. Think about this for a second....how many TRILLIONS of dollars of private equity loans, condo loans, shopping center loans, land development loans, office loans, auto loans, credit card loans, residential mortgage loans, ect.......are now in default or going bad.
THIS IS NOT SIMPLY A SUBPRIME CRISIS...IT IS A SYSTEMATIC DEBT DEFAULT CRISIS
Our entire finanical system is breaking down and not a single candidate is addressing the issue.
DEBT is the assets of our banks and our banks are running out of assets backing our deposits. The problem is that the deterioration doesn't rest with one class of assets....it is all classes of assets breaking down. Do you think those 30 ADDITIONAL airlines about to go bankrupt owe the banks money????
I know, things will turn around next quarter.....the only problem is there might be no money left to turn things around. Guess where all the money is folks....that's right the banks......and now the banks are running out of assets as they write off billions and billions each quarter.
By the way...if there is no money....what is an ounce of gold worth????