December 12th, 2010
(BNN): Chris Whalen, Managing Director of Institutional Risk Analytics, believes that major solvency issues still exist for the largest U.S. banks.
Whelan believes that the U.S. (and the world following the U.S. lead) has spent 50 years turning expense items into speculative vehicles. The result will be years of unwinding that misguided venture. We decided to forgo the boring process of making money by making things (production) and to increasingly engage in casino excitement. (Italicized words are the editor's interpretation of what Whalen said and not his actual words.) Watch the entire video clip......