Wednesday, January 5, 2011
Okay, I Get it the Economy Sucks
I happene to talk to someone today that works at a bank that was recently taken over by the FDIC. The bank was brought down by development and commercial loans that were good at the time they lent the money, but now are crap. This person will ultimately loose their job also. There is a lot of commercial paper that borrowers have been paying as best they can in hopes the economy will turn. Well it has been 3 years now...they are tapped out. They wasted all their cash holdings and now they are going to loose it anyway and have nothing. The next shoe will drop soon and hard.