I mean, that’s what Larry Summers was just claiming, right?

Loan losses are rising, especially from credit cards; Lewis bought card issuer MBNA Corp in 2006. And the bank inherited many lawsuits and troubled home loans when Lewis bought the mortgage lender Countrywide Financial Corp last July.

That’s only BofA, not the whole financial sector – but the one that just posted “record profits” that I said stunk. However, the swine flu scare has set the volatility ball back in motion elsewhere in the world. Monday’s suck and this one could be a dooze, thanks to the propagation of tweets across the internet – there’s … a lot of tweeps now. Rumors fly and the stock market is a confidence game. And what shakes confidence more than a global pandemic? A lot of selling will happen and the rich will get richer.

And, of course, this whole swine flu debacle isn’t helped by dumb-ass American ex-pats in Mexico City. Witness:

“The idea of spending 10 days in the house with two small children, with no cafes, no museums, is totally unappealing so I’m going to San Diego,” said an American expatriate, C.R. Hibbs, who was headed out of the city with her kids.

Yes, great, don’t be bored, bring more viruses back to the country you abandoned. Lovely.

Tags: depression 2.0, lies lies lies, LIES!!, we're fucked

This entry was posted on Sunday, April 26th, 2009 at 23:52.