Thursday, June 05, 2008

Record Foreclosures

It's important to keep in mind that we're hitting the real stage of Big Shitpile. The earlier stage was largely about big financial institutions making bets on big shitpile, and eventually the forward looking market started to realize that big shitpile was going to be worthlesss someday. While there was an uptick in loans not being repaid, the decline in the financial assets based on those loans was based on expectations that it would get much much worse.

Next stage will be bank failures.