The international press is whipped into a frenzy reporting on the continued decline of BofA shares as the entire world recognizes the epic liabilities faced by this one untouchable giant. For anyone who has dealt with BofA throughout this crisis, the thought of their collapse is not hard to imagine. How many failed loan modifications? How many refused short sales? How much arrogance and ignoring basic business and banking principles occurs before their are real consequences, even in the land of perverse government incentives? Just think of what will happen when the world realizes the Emperor has no clothes…
From the Guardian, UK:
Bank of America continued its tailspin on Tuesday as shares in the largest US bank tumbled by another 6.4% to their lowest level since March 2009, fuelling fears of a second banking crisis.
As concerns mounted that BoA will need to take huge additional write-offs on bad mortgages, the cost of insuring the group’s debt jumped to record levels and investors became increasingly concerned that the financial system could be facing a fresh credit crunch.
BoA’s share-price fall followed a 7.9% drop on Monday, which took the stock to less than half its value at the start of the year ““ a decline that wiped about $65bn from its market capitalisation. Guardian UK Story
But Please Take A Moment to Visit Attorney Eric Schneiderman’s Comment Page He is apparently the only person in a position of power that cares about everyday Americans. Make no mistake, we are heading for epic tough times, but it ain’t cause Schneiderman is standing up for you or I…It’s because of the epic failures of all levels of trust shown by everyone else in power and the failure of everyone to stand up…..the darkness comes.
You may see another takeover, of B of A by JP Morgan. They have coveted this bank for quite some time. Just like WAMU. The banksters are planning their one world organization. JP Morgan, wants to own the US. They are intentionally driving down the price so they can “get it cheap”- like they did with WAMU. The US government, which is a private corporation (incorporated in Delaware), masquerading as our government, is behind all the corruption, as we can see they do nothing to help the people, only their corporate subsidiaries and friends. They are using the peoples money to bailout all these companies. If the banks were truly “lending” us their “money” (it’s really only “credit”, an entry on a computer screen), then why do they need to come to the people to be bailed out? They are confiscating our wealth, they gave a piece of paper, and we gave a house for collateral. The form (paper) is being traded for substance (the true store of value). The people are finding out the fraud that has been committed against us for the last 140 years! Organic Act of 1871 created a corporation of DC (a municipal corporation)to run the city! NOT the country! The congress never re-convened when Lincoln declared martial law after the south walked out (due to him demanding a 37% tax – that’s why they killed him). All laws since then are void! We need to re-establish our true government and kick the bums and banksters out of Washington.