Is fucked.
A picture is worth a thousand words, so I want to end this post with no less than 2000 words.
Now think about how you haven’t heard anyone sounding any alarm bells about this. Think back to the residential mortgage crises. Note that where the chart says 160,000,000 – that’s in thousands, so it’s really 160 billion. Notice how much of the second chart is in “nonaccrual status” – i.e. they’s stopped payin that shit. A good $100 billion of the $140 billion total. And this is before anyone’s heard about it. Do you remember when hearing about the subprime implosion, how big those numbers started out when they were first reported.
These charts are the business equivalent of a bucket of shit heading straight for an industrial 10,000 RPM turbofan. And remember, when they get on TV and assure us that the mess is “contained,” the last mess that they assured us was contained.
