LastDayWatchers it time to review May 15th Prophecy A Year In Review, God Word or Coincidence?
"One Guy Who Has Seen It All Doesn't Like What He Sees Now
"Peter Bernstein has witnessed just about every financial crisis of the past century.
As a boy, he watched his father, a money manager navigate the Depression.
As a financial historian he personally dealt with the recessions of 1958, the bear markets of the 1970s, the 1987 crash, the saving and loan crisis of the late 1980s, and the 2000-2002 bear market that followed the tech-stock bubble.
Today's trouble, the 89-year-old Mr.Bernstein says, IS WORSE THEN HE HAS SEEN SINCE DEPRESSION"
"When you think about how all this will work out in the long run, we are going to have an extremely risk-averse economy for a long time. the lesson has painfully been learned. That's part of the problem going forward. You don't have a high-growth exit from this, as you've had from other kinds of crises"
When he was ask "How long do you think this whole process will take?"
"Longer than people think., The people who think we will have turned in 2009 are wrong"
LastDayWatchers that is almost 90 years of wisdom talking take heed, but also the May 15th Prophecy will not leave you ignorant of the Libor Rate
Remember the the old saying that says "If you want to find and unravel the real mystery to anything follow the money trail!"
Having said that LastDayWatchers I want you to read what John Authers of Financial Times wrote
"The clearest indicator of trouble is when the Libor rate - the beachmark at which banks lend to each other rises significantly above the offical government interest rate. This indicates banks are hoarding cash or unprepared to lend to each other.
Co-ordinated action by the central banks in december was meant to address this, and the spread of Libor over official rates came down.
But since the Bear Stearns debacle, which should have been an emphatic signal that the Federal Reserve was there to stand behind dodgy-looking collateral from other banks, money markets have seized up again.
Libor's spread over official rates has widened by about 0.25% percentage points.
It is hard to explain this unless the bankers are afraid of something that has not yet reach the light of day."
Did you know that the Bear Stearns debacle would have led the U.S. economy into a depression had the Federal Reserve had not bail them out?("Hurt not the wine and the oil")
However that patchwork job to the economy ship will not be able to withstand the iceberg that God has in store."