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| The last couple of weeks of the summer, I decided to concentrate on fishing, so I stayed at a friend's lodge on the Skeena River up in BC. Three of the clients were from NYC. Two made their livings serving on boards of companies that were going through bankruptcy - their backgrounds were in banking in the City, and the third was introduced by the other two as either "the" or "one of the" most prominent bankruptcy lawyers in NYC. (He was really trying to be "one of the guys" - but it was obvious that it was a struggle) Over dinner one of the first nights, I questioned them about where we were now, the possibility of everything unravelling, etc. Their answers were not reassuring to me - at all. As for risk, they were unequivocal about the fact that the big banks are in much worse shape now than they were going into the 2008 debacle. They are "betting the farm" it seems.
FWIW - fishing camp talk. But, as I said, they were anything but reassuring. I have to think that the odds of us "crashing and burning" are pretty high. Just observing what is going on around us would seem to support this too - the NSA, homeland security stockpiling bullets and armored vehicles, the executive orders (signed by a black liberal president) doing away with our constitutional rights, the balance sheet of the Fed - just the list here in this country goes on and on. | |
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Main financial risks of 2014
