Financial system imploding

Wealthy investors shake with terror as the stock market tumbles to a twelve year low. It was barely able to hold above 7,000. The twin pillars of support of the US banking system, Bank of America fell under $3, while Citigroup broke below $2, turning them into penny stocks.

Bank nationalization was once seen as heresy, but now even the giggling debunkers that laughed at me are beginning to see that the banks are in ruins. It is time to do a debunker flipflop and say - "That was obvious, you didn't tell me anything I didn't already know!"

I still remember in 2005 predicting that the CAR-tastrophe known as GM was going to go under and facing ridicule. I said back then. If the banks go under and cannot make loans then how are people going to buy cars?