Links for Wednesday, November 26, 2008

less than 1 minute read

  • Martin Weiss: Citigroup collapses! Banking Shutdown Possible – “*The potential havoc that might be caused by a Citigroup failure, with bets that involve five times more money than Lehman’s — and the financial holocaust that might be caused by a JPMorgan failure with close to 13 times more than Lehman — boggles the imagination. How bad could it actually be? No one knows, and therein lies one of the primary dangers. *“
  • New York Times Executive Suite: The Worst Is Yet To Come: Anonymous Banker Weighs In On The Coming Credit Card Debacle – “Today, we are bailing out the banks because of their greedy and deceptive lending practices in the mortgage industry. But this is just the tip of the iceberg. More is coming, I’m sorry to say. Layoffs are being announced nationwide in the tens of thousands. As people begin to lose their jobs, they will not be able to pay their credit card bills either. And the banks will be back for more handouts.