“Most of the hard-up banks: Merrill Lynch, Citigroup, Wells Fargo, Countrywide, Wachovia, National City, Bank of America, maybe your bank... have billions of dollars in insurance against all the crummy mortgage loans that they have bundled or kept on their books. Their insurers could go BELLY-UP! See it’s a domino effect... First, the mortgage insurers go down, then the banks, then everybody who needs to borrow, you [the public].” - Jim Cramer 1/18/2008
Whether they like it or not in Washington and New-York makes no difference: the unfolding Very Great Depression is of historical dimension and will require to invent exceptional measures with no equivalent in any of the US policies conducted since the 1930s…
CHAPTERS
0. The Home Cover Page
1. Federal Reserve Follies
2. The Best of HousingPANIC.COM
3. The Great Unwinding
4. A Royal European Think Tank
5. Peter Schiff on the Global Credit Meltdown
6. Views from China
7. American Middle Class
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