I’ve read a lot of doom and gloom in my day, but this one truly frightens me. This is a must read.
“But coupling state-by-state delinquency rates and foreclosure starts (as reported by the Mortgage Bankers Association) with other data, the CRL projects that for most states, foreclosure totals will more than triple over the coming 4 years, for a total of 8.1 million foreclosures… Most likely, what we’ve witnessed in recent months is little more than the combination of a lull in the reset schedule coupled with a wholly unsustainable burst of deficit spending amounting to over 7% of GDP.
My impression of the U.S. banking system is that it is quietly going insolvent…”
http://www.hussmanfunds.com/wmc/wmc091019.htm
