patrick.net

SMDH...

Good ol' Karl. He basically started the Tea Party movement, before it was hijacked by the Republican establishment for their own ends.

http://research.stlouisfed.org/fred2/series/CMDEBT

That curve should be at $9T, $10T tops.

Instead, it's at $13.9T. That's $4T of household bubble debt still in the system.

The market cap of the top 5 banks is $580B. Booking 15% of the $4T of bubble debt as loss will indeed wipe them out.

And people don't want to print, LOL.

Insolvent? That's not exactly news. We already hit the iceberg.

MarkInSF says

Insolvent? That’s not exactly news. We already hit the iceberg.

Wait until the 2nd leg hits in the economy and banking system. It will drop the big hammer on the fragile housing market. I don't see how anyone can argue that the worst is over after watching this video.

HousingBoom says

I don’t see how anyone can argue that the worst is over after watching this video.

You wouldn't want to bet on that would you? I expect a certain person to paddle in here to insist it's all UP from here, all based on his tingly "feeling in his bones."

it's all local ... local local local ..... that hammer drop will hit a spot the size of the hammer's head, and the area around gets part of the damage too ... but not all area's will see hammer-face-destruction. Right? I say this because not all areas went ape-shit on the up side.