Every day is a new day, except in the financial crisis where the news keeps getting worse, the problem continues to spread, and the culprits are many and not the few.
It is obvious that many, if not the majority, of national banks are insolvent. The only question is when this will be recognized by the government. The charade is coming to an end.
There was no tangible regulation. Underwriting standards were nonexistent. Cost of capital was too cheap. Highly leveraged institutions became the norm. Borrowers were happy to use their home as an ATM.
"Everybody plays the fool sometime; There's no exception to the rule." - Aaron Neville
Yet, the average citizen is still in the dark about financial affairs. It is really a surprise that businessmen would choose the "free lunch"?
"There's a sucker born every minute." - PT Barnum
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