http://theburningplatform.com/groups/quinns-daily-dose-of-reality/discussions/game-over-1000-banks-will-fail
Two of the men I respect the most, John Mauldin and Chris Whalen, have put out some frightening numbers. These guys are not perma-bears. They are fact based realists who have been right about the economy and banking system for years. Chris forecasts 1,000 banks will fail before this crisis is over. Only 100 have failed so far. Chris forecasts that total losses will be $500 billion to $800 billion. The FDIC has $10 billion. Now you understand why the FDIC quietly opened a $500 billion line of credit with Treasury earlier this year. Sheila Bair will not openly tell us that 1,000 banks will fail. The implications are that this 60% rally is a fraud. The Depression is just getting going. Anyone who can look at these figures and still think the recession is over is brain dead. If you are heavily invested in the stock market, you are picking up nickels in front of a steamroller.
