Friday, August 26, 2011
America headed towards a second Banking Crisis?
Warren Buffett bailing out Bank of America Corp. with $5 billions , The Federal Reserve Chairman Ben S. Bernanke's speech today at the central bank's annual symposium in Jackson Hole, The SEC destroying evidences of banking frauds , A second wave of home defaults will strike Banks in 2010-2012. Over $1.5 trillion dollars of bad home loans will threaten the banking system and risk economic collapse.While the rest of the financial world struggles, it might seem strange that four of the largest US banks have made record profits this past quarter--and not just on average, but every single trading day. Too good to be true? Indeed. No one can do this consistently unless they are part of the special group of insiders that are allowed access to market information at the exchanges that no one else has. In fact, normal people get sent to jail for trading on inside information, but not these guys.America Needs a Reboot as says Marc Faber
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