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Foreclosures Poised to Take Down the U.S. Banking System & Entire Economy

“The U.S. banking industry is entering a new period of crisis where operating costs are rising dramatically due to foreclosures and defaults. We are less than ¼ of the way through the foreclosure process.” You got what he meant there, right? Yeah, I thought so. Not good. And we’re less than ¼ of the way through the foreclosure crisis. I said that another way some months ago when I said we are only at the beginning of the foreclosure crisis, but for those that figured I was exaggerating, well… now someone else is saying it. Now check this out… “Laurie Goodman of Amherst Securities predicts that 1 in 5 mortgages could go into foreclosure without radical action.” Now just a minute here… you’re not saying that one out of five people with mortgages are “irresponsible sub-prime borrowers who never should have bought homes to begin with,” are you? Gee, that seems like an awful lot of irresponsibility for one country, don’t you think? It makes me wonder whether they were always that irresponsible, and we just never noticed it before, or whether there was something put into the water supply, starting right around 2003.

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