
Wall Street banks are facing a "systemic margin call" that may deplete banks of $325 billion of capital due to deteriorating subprime U.S. mortgages, JPMorgan Chase & Co (JPM.N: Quote, Profile, Research), said in a report late on Friday.
I was just getting ready to seed this article.
This is a massive hit to the economy.
I am very concerned about the various "bail out plans" that are being floated about right now.
These lending institutions need to take these hits and learn. If they are bailed out, they will never learn.
Much more to follow.
replytoj001
It would be a good lesson if they did take the hit, but the cynic in me says they won't because of government ties.
The government leaders don't know the poor family down the street at all, they do know the leaders of JP Morgan Chase very well.
My other concern is no one is talking about this issue. It is an important story, but people just don't follow economics issues even though they affect them more than say most other issues.
The MSM wants the human, personal trauma stories.
It is much easier to showcase a poor family with their two (2) SUV's, children, dog, and unreasonable mortgage they are responsible for........
Than to explain how some people overextended their finances and now want a government bailout, a bailout financed by OUR TAX DOLLARS !!!!!!!
replytoj001
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