Me worried, two respected college economists predicted massive...

[Gogi]

bank failures in the next two weeks this evening on the Jaco Report (Channel 2, St. Louis). They also said we've socialized the mortgage industry. Talk about the law of unintended consequences!

[dkf]

1. Even with the bailout?

What would be the catalyst?

[ingac70]

2. WaMu is going down. n/t

[GreenPartyVoter]

6. We've got credit cards with them :^(

[ingac70]

9. Another bank would pick that up...

My concern would be for people with savings. The FDIC is already below its mandated $$$ amount.

[tblue]

3. I heard John K. Galbraith on Pacifica Radio say these are actually an intentional events.

There are fat cats who will walk away feeling mighty good. Now, I don't understand even half of what's going on in our financial system, but that's what he said. They knew at some point it would come to this.

I'm wondering if that isn't why B*sh pushed so hard to privatize soc security. They knew the end would come.

[ingac70]

4. That is why he wanted to privatize SS...

the end woulda happen after he was outa office.

[HereSince1628]

5. I thought he died. Is this JKG jr?

[tblue]

7. Unless this brought Sr. back from the dead.

And if anything would do it, this would be it.

[HereSince1628]

8. I didn't even know there was a JKG Jr or JKGnth

I was surprised to hear the name.

[tpsbmam]

10. It wasn't James Galbraith?

James Galbraith (John's son) is a progressive economist. He's the chair of http://www.epsusa.org/">Economists for Peace & Security and he teaches at the LBJ School of Public Affairs (chairs his department, I think). Google him -- very progressive. He's been VERY critical of Shrub and has been saying for a long time that we've been taken over by a predatory class.