A few months ago I was at a friends house and scribbled on their dry erase board that WaMu would be the next bank to fail. Although it feels good to be right, I think that this is going to be the first stage of the collapse of the US banking system. WaMu was different then IndyMac... This was a big bank...and people, once they realize what this actually means, are going to start to go through a media-induced panic and will begin pulling their money out of their banks.
I have to admit it is a lot less fun to write blog posts now that the mainstream media is stealing all my thunder...I have been prediciting this since October of last year while the media was still pumping how great the stock market was.
My advice is to stock up on food, ammo, and gold. The only way the government can solve this is to print money, and they are going to try and control debt with massive inflation.
The dollar is going to get much weaker... so plan ahead.
Thursday, September 25, 2008
Posted by Chris at 9:05 PM