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well I will agree that we are in a political crisis.. well.. ok.. at least the conservatives are in a crisis.. and I'm not going to really complain about that.
I just want to make sure people understand that we are not really in an economic crisis. Banks are at their own risk when they assume bad debt and repackage that debt and take on debt of other institutions. The only thing that I'm really worried about is all this consolidation. We're seeing banks being eaten up by other banks which leaves less competition..and this is nothing but bad news on the economic front. There was a piece here yesterday about Wachovia consumers pulling their money out on the news that Citi is taking over operations. Most residential consumers will never see the effect of these buyouts but yet they still panic. Panic is bad.. just sit back..relax.. take a few hits here and there and you and the market will level back out in time.. it may take another 8 months or so, but it will level out..and when it does we won't be on the hook for 700 billion dollars..
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