Wednesday, June 22, 2011
Obama And Banks Ran Out of Time
I just want to emphasize that the Obama Administration and the banking industry has run out of time, referencing my previous post where I said that they were hoping to wait out the recession. They were hoping that, by delaying the foreclosure process, they could soft land the housing market and the economy, and rebound before the banking industry and consumers run out of money. Well, as I said yesterday, the consumers have definitely run out of savings. The Greek debt drama could soon drain the banks dry, too. So yes, they have run out of time. We are now entering the second dip of the classic depression.