Thursday, November 17, 2011

Former presidential candidate Steve Forbes: 'Disaster Is Upon Us'

QUOTE: The Europeans have a matter of days, not weeks or months, to take more dramatic action to stem the crisis, Forbes declares. Specifically, he advocates for the ECB to adopt a TARP-style program and make a "massive buy" of Italian and Spanish debt. Absent that, Europe's sovereign debt crisis could turn into a full-blown banking crisis with major "contagion" implications for U.S. banks and the global economy.

QUOTE #2: "This is a very dangerous crisis," he says. "I'm not sure our policymakers here and in Europe fully realize the disaster is upon us."

I guess I'm sounding more and more like a doom-and-gloomer these days, but as I said earlier today if this is becoming the mainstream thought (Forbes is fairly mainstream in business terms, I would say) then what is being whispered amongst the well-connected and monied elite.
Which begs the question, how far away are we from something NO ONE is ready for?  (I apologize for sounding alarmist but the parallels with the events of 1929 are becoming startlingly clear to me).

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