HowardI'm so Hot for It, It's so Cold- Rolling Stones
Mick Jagger of the Stones
I was hot for it, I was hot was it;
I was hot for it, now it's cold;
Real estate debt stuck on the shelf;
I was hot for it, it's now cold;
We need a firewall; 'gainst the crap running round
We need a firewall;
In a November 27th article, thestreet.com identified seven banks in Florida, which are on the verge of bankruptcy. The author of the article makes a sharp observation, that, while most of these bank's troubled loans are composed of, primarily, sub-primes, another large chunk of the worthless debt was actually generated from construction loans, as developers pull out of their construction projects.
To give another dimension of severity, and the absolute un-reality of the current collapse, take the example of Coast Bank of Florida, ranked as #1 in the list cited above. As reported by Herald Tribune, Coast bank was purchased for a cool $12.1 million, $1.86 a share. First Banks Inc., the purchaser, did not pay the asking price, which was $10 million more than what the bank was finally purchased for.
So you may not like banks and bankers, but remember that if the banks go down, so does all of civil society. We need a firewall for a Homeowner and Bank Protection Act, to stop more collapse and insanity. And remember, the geezer told you so.
pix from Really Long Link
http://www. freakingnews .com/ Celebrities-Pictures--639.asp
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