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The Worldwide Consumer Shellacking
“Let’s turn on some music…” said Brian, one sultry night in 1966.
We were far from legal drinking age, but there were plenty of saloonkeepers who didn’t seem to care. One ran a bar named “Mickey’s”…a rickety dive built on stilts. Beneath it, the salt water splashed against abandoned automobile tires and washed up beer cans into the reeds and bushes on the shore. We were 18 years old, just graduating from high school, and vaguely wondering what to do next. And if we didn’t think of something fast, the U.S. Army would come looking for us.
After trolling the airwaves for…
4Jul2008 | Daily Reckoning | Comments Off | ContinuedMajor Lending Pullback Predicted by Maverick Wall Street Analyst Could Have Dire Implications for U.S. Economy
Oppenheimer & Co. (OPY) analyst Meredith Whitney’s reputation has soared like a skyrocket since she made her bearish – but highly prescient – call on the banking sector, including Citigroup Inc. (C), as Money Morning reported last fall.
Now she’s back. And her outlook for the financial sector is actually worse. Whitney is now predicting that the banking-sector’s financial crisis will extend well into next year. If not beyond.
And that’s not even the bad news.
Whitney now says the worst may be yet to come. The banking-sector financial crisis will last at least until the end of next year, and may actually stretch…
26May2008 | Money Morning | Comments Off | Continued
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