Bank Shot

[CanonRay]

By James Howard Kunstler
on October 10, 2010 11:31 PM
The banking authorities were shocked - shocked - to discover last week that an awful lot of mortgage paper in this country is not quite in order... appears to contain, er, irregularities... seems less than kosher... frankly, exudes an odor like unto dead carp or, shall we say, a heap of dead carp the size of the building at 3900 Wisconsin Avenue, N.W., Washington, D.C. Any day now we will hear that... mistakes... were... made.

SNIP

I'm sorry, but I don't see anyway out of this. With fraud absolutely everywhere in our banking system, like some advanced metastatic cancer, financial metabolism comes to a sickening stop.

http://kunstler.com/blog/2010/10/bank-shot.html



Honestly, I don't see any way out either, except collapse of some big banks.

[geckosfeet]

1. How about some sane enforceable regulation that protects consumers?

But that would be bad for business.

Oh.

Wait.