The Debts of the Spenders: The Worst is Yet to Come

RECAP: 1) The worst is yet to come. 2) A large investment bank is set to fail. 3) More consolidation for financials will take place. They are still too bloated. 4) Nationalization of Freddie and Fannie seems inevitable. 5) Injection of capital by sovereign wealth funds didn't solve the problem. 6) Fed raised rates too quickly, resulting in inflation over the next few years.

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