Debateful

http://money.cnn.com/2008/03/17/markets/...tm?cnn=yes

Not a good sign of the economy when a large financial firm such as Bear goes down like this. One has to pray this is an isolated incident.

It is not an isolated incident. Countrywide Home Loans, the largest mortgage lender in the country, was recently bought out by Bank of America in what can only be described as a desperate move to salvage its investment interest from bankruptcy. Worse to come with bank failures; and not just a few of them. Just last week, Moody’s downgraded Washington Mutual stock to just above junk status due to its large portfolio of bad loans. What we have seen was just a ripple in the world financial markets over the subprime mortgage problem. What is coming, with more than two million foreclosures projected in the next 12 months, is a tsunami!