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snoodog · 3192 days ago · link · · parent · post: Somethings rotten in the economy FED holds emergency meetings
I think you are probably early in your prediction. Things were starting to look bad in the summer of 07. Summer of 08 we has wonky instability and even when we had bear sterns, it took another couple months for the market to figure out how bad things were. We have a couple major turds in the hopper that are getting ready to hit the fan but they haven't really exploded or shown up on balance sheets. Fracker defaults have been mostly contained so far and banks haven't taken large losses. Auto subprime is just starting to gain traction and zombies corporations haven't started to default yet.