Banks in trouble

It was another bad bad day for Wall Street. Lehman bros, the forth largest investment bank was not aquired by the Korean Development Company so the stock has fallen 87%. I predicted that banks would start to fall. The debnkers laughed, even when Fannie Mae and Freddie Mac went under they did not wake up.

Now the problem is spilling out of the banking arena. AIG, American Insurance Group, the largest insurer in the world fell 16% today due to martgage exposure. The situation is getting worse.

I predict that the same debunkers that laughed when I predicted back in 2005 the fall of realestate and later banks will soon say "That was obvious!"