I hate to say it but the chickens have come home to roost and it will now be a bumpy ride for many.
Years ago a president we had put investment banks under FDIC but did not apply the same rules to them as smaller banks. It was encouraged from the top to lend money to anyone so that every American could live the good life.
Oversized houses; SUV's; 4 wheelers; boats; and RV's for everyone that wanted one. Heck you can not make the payments; that's alright we will give you a interest only loan.
The stock market is going up at a record pace.
And now you want me to feel sorry for someone because they did not see this down turn coming.
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Today's Featured Article - The David Brown Rose Badge - by Samuel Kennedy. In the 13th century civil war was raging in England. Two English noblemen were involved in a conflict which became known as the War of the Roses. The Duke of York had as his emblem a white rose and the Earl of Lancaster had a red rose. Today the white rose is the official emblem of the county of Yorkshire and the red rose has been adopted by the neighboring county of Lancashire.
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