Are you getting a nagging feeling of deja vu ? Bank downgrades here, weak banks shunned there, central banks accepting dodgy collateral over there and talk of recession all around. To me, this is starting to feel a lot like 2008.
I was on BNN this afternoon talking about the Fed running out of ammo, America banks getting downgraded, European banks needing $300 billion in capital, and Greece defaulting on its debt obligations plus a host of other issues – none of them good. TGIF.
Click on the picture below for the first video. You can go to the second one here.
P.S. – I wonder if Warren Buffett is feeling nervous about having so much of his wealth tied up in the two banks that just got downgraded, knowing that the downgrade was exactly because a bailout is not likely and people like him will have to feel some pain.