Read Floyd Norris of the New York Times for the best info on the financial crisis right now.
He doesn't address it directly, but his coverage provides some clues about what the current financial and banking crisis means for the long run.
If history is any guide, and Nine Shift maintains it is a terrific guide, then the current financial crisis, like the Panic of 1907, is based on an out of date financial structure for society.
Yes, there will be borrowing and debt in the 21st century. But stop bombarding us with credit card appeals to extend rather than limit debt. Get rid of hedge funds. And make better loans, better risk analysis. If the American society continues to be based on debt (trade imbalance, federal government debt, individual credit card debt, make believe Social Security funds, etc.) it won't work in this century.
Photo does not indicate a local bank is in trouble. Just coincidence and interesting timing about the sign falling down. Thanks to Jason Coates for photo.
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