Last Summer, in my book "The Metaphoric Mirror", and repeatedly throughout the following year, I have very publicly stated, along with the Psychic Twins, Linda and Terry Jamison, Alison Baughman, Allie Cheslick, and others, that I expected "bank failures" at the end of the Summer, 2010 -- literally the last 30 days of the season, which would have started . . . today.
Eight (8 !!) banks failed today (*published on Facebook last Friday, August 20th) and I expect more soon to follow. The news on the economic front, in my opinion, is not good. I believe this is just the start of a dark trend over the next 3-4 weeks.
In late 2008 and early 2009, I said repeatedly that the looming skeleton in our financial closet was commercial real estate; I have also stated that, as a result partly of the Gulf "spill", I expected real estate values -- and, very likely, a rise in real estate defaults -- to drop drastically in Florida . . .
in addition, record numbers of people this week have petitioned for early withdrawals of their 401K's -- and commodity prices are falling .. . to me, sort of a perfect storm for bad tidings.
My track record on the economy over the last 3 years has been pretty much dead on but this is a biggie . . . however, I have been saying it and I am going to repeat it. Right or wrong, we'll know in 30 days.
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