What I've been saying

Pimco: U.S. bank system capital insufficient

Fri Sep 12, 2008 5:38pm EDT
By Jennifer Ablan

NEW YORK (Reuters) - Mohamed El-Erian, the chief executive of top bond fund Pimco, said on Friday that the U.S. banking system doesn't have enough money to weather the current credit crunch related to massive mortgage-related losses.

Complete article here: http://www.reuters.com/article/ousiv/idUSN1244742820080912
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This is what I've been saying.

When you consider the takeover of both Fannie Mae and Freedie Mac, add in the 11 banks that have already failed this year (that one last week, remember, in Nevada, is expected to cost 500 million dollars alone), Bear Stearns, Lehman Brothers next and then the other 116 banks that are on the FDIC's list of "troubled" banks, folks, we ain't got enough money.

That's right.

The United States of America doesn't have enough money, ladies and gentlemen.

Hang on to your seats.

Oh, and the driver of the bus is asleep at the wheel.

But don't panic.

(P.S. Merrill Lynch is crumbling now, too.)