An Q&A with Dealbreaker newspaper, a trade paper for Wall Street. Not to get all scary on you but the industry isn't letting on how bad it really is. Neither is John McCain cause he doesn't know anything. Obama knows.
These headlines are very scary. How bad is this really? Are we looking at soup kitchens? Should we put what little money we have under the pillow?
We're already calling it Black Sunday. It's very, very, bad, and things may deteriorate further. This is as bad as anyone alive has ever seen it. Wall Street is broken, the independent investment banks that have existed since the Great Depression are passing from the scene and we may never see their kind again. Your money is safe if it's in an FDIC insured account [one day readers, we will figure out what that is], although even there it is threatened by inflation. There aren't many places to hide. I'm sorry that's so negative but these are dark times. You might want to read all of it.