Chris Whalen: US Foreclosure Crisis A ‘Cancer’

Chris sees the foreclosure crisis developing into a drip, drip of foreclosed property, unpaid property taxes, and loan losses. In his view, the Obama Administration is in a similar position to the Hoover Administration during the Depression.

I’ve been saying for a long time Barack Obama is walking in Herbert Hoover’s shoes. And they’re making the same mistakes – almost unconsciously. I think it’s much the same as it was in the Twenties and the Thirties. The government then didn’t realise what was happening. And I think our leaders are caught in the same problem."

The video is below. It runs 7 1/2 minutes.