Monday, July 14, 2008

More Banks Near Collapse?

Stocks take a big hit as more and more bad news about banks in serious trouble... and that over 300 additional banks are in serious danger of collapse.

The feds keep tossing more and more money out(borrowed from China and elsewhere) to rescue banking firms that have demonstrated a complete lack of good fiscal sense. How many more bank failures will it take before the federal government - already in debt up to its ears - can no longer help? How much more debt pressure can the dollar take?

What happens when China - already worried about the collapsing dollar - will no no longer finance our federal government and its insane spending? What happens when China - and other nations that have loaned us trillions - call in their notes? How much of our federal land in America will they take possession and ownership of to satisy these debts? How much federal property will they confiscate as their own? How much of America has Bush and his cronies put up as collateral for all this borrowed money? Don't think for a second that those foreign lenders didn't demand some real collateral... namely huge chunks of American land and natural resources.

I have a bad feeling we are about to find out.

1 comment:

Anonymous said...

Good for people to know.