I covered a story last night about the $650 BILLION of “unrealized losses” about to hit the Big Banks in the United States.
I will post that full report below in case you missed it.
But what I really want to focus your attention on is a couple quotes from a Yahoo News article that I featured in that story.
Because it’s not getting nearly enough attention….
It’s a quote from Larry McDonald saying that Bank of America is INSOLVENT at a 6% Fed Funds rate.
Read that again.
BOA — INSOLVENT — in the same sentence!
So, you might be asking, “what is the current Fed Funds Rate”?
Uncomfortably close to INSOLVENT.
He was quoted in the article I’ll