It seems like only yesterday when Lehman Brothers (and Bear Stearns) were assassinated by the boyz in the “Club.”
Yes, you read that right.
They didn’t go belly up on their own in 2008…they were both assassinated.
It’s a long story.
However, suffice it to say that Bear and Lehman – two of Wall Street’s oldest and most prestigious firms – didn’t play ball with the rest of the boyz when it came to bailing out Long Term Capital Management (LTCM) in 1998-99.
(You can read about it HERE)
Wall Street has a long history of being vindictive and destroying businesses…especially among their peers.
So, if it takes a decade or longer for the “Club” members to achieve vengeance then so be it.
It’s the ultimate arena for the Survival of the Fittest.
Ironically (or NOT) we’re on the cusp of a new era for financial destruction among the giants in the banking sector.
This coming purge is not only necessary, it’s long overdue.
Unfortunately, the ripple effects will be like the destruction of Lehman, only on steroids.
How do I know that?
The original bailout of Wall Street – supposedly over Lehman’s assassination – started with $700 Billion from the TARP plan. A mere pittance by today’s standards.
However, most people don’t realize that the ongoing secret bailout to keep the Wall Street Banksters alive turned out to be over $29 Trillion.
What? You mean you never read about it until now?
It’s still one of the best kept secrets from the 2008 meltdown.
But let’s put that $29 Trillion in perspective.
As of Thursday, another $2.3 Trillion has been added onto the previous total of $6.4 Trillion* in stimulus from last week’s bailout of everyone.
(*Note…Everyone was told the Senate passed a $2 Trillion package for the consumers but they failed to mention that an additional $4.4 Trillion was included to bail out the banksters again)
All of this over a flu bug that is only 10% as dangerous as the regular flu?
WHAT IS WRONG WITH THIS PICTURE?
My point is, it’s bad enough that we’ve already created $9 Trillion of money out of thin air for bailouts, but we’re clueless as to how much more will be changing hands behind the curtain like back in 2008.
Suffice it to say we’re on pace to pass the $29 Trillion mark from 2008 in a relatively short time.
And you can rest assured, before the smoke clears, there will be multiple assassinations of big banks around the globe.
Ironically (or NOT) most of them should have died long ago and maybe this imminent cleansing will be what’s necessary to rebuild our crooked financial system.
Be sure to read April’s edition of “…In Plain English” where we reveal which banks are most likely to go belly-up.