I covered a story last night about the $650 BILLION of “unrealized losses” about to hit the Big Banks in the United States.
Wild story!
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”?
It’s 5.5%.
Uncomfortably close to INSOLVENT.
Wow.
He was quoted in the article I’ll
Join the conversation!
Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!