Monday, September 15, 2008

Yes, there was a massive hurricane...

but at least we got free coconuts.
CNBC's reporting 1,000 US banks could fail in the next few months. But in the happy-talk land of TV financial journalism, that's great news. It's a buying opportunity.
But the depositors, the deposit insurers, the public, the bond holders, foreign governments, whaddywecare?

1 comment:

Anonymous said...

I guess the ultimate bankruptcy is when a bank fails. It is pretty legitimate for the business press to talk to one of the leading experts in bankruptcies and liquidations when 1,000 banks might fail. Especially when the expert is about to go shopping. As for the depositors, they have the FDIC. Bond holders and deposit insurers should have better assessed their risk.