Sunday, June 08, 2008

Cascade of Bank & Debt-Insurer Failures?

Why worry about trivial future problems like half a degree of potential warming over the next century (but none in the next decade!), when you can worry about the possible failure of 76 banks officially labeled as "Troubled" by the US Federal Deposit Insurance Corporation?

Why worry about whether a cap and trade carbon system is better than a carbon tax system, when the major bond insurers AMBAC and MBIA, have just been downgraded by Standard & Poors, while Lehman Brothers teeters on the Bear Stearns brink, and the Union Bank of Switzerland (SWITZERLAND fer cryin' out loud) is about to fail.

Of course, your main stream media sources may not have reported these tremors in their usual forthright fashion. But you can read more at Jim Willie's site and decide for yourself.

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