A Night With the Bears

Last night BNN had segments with Meredith Whitney, Nouriel Roubini, and Eric Sprott, ahead of the big event in Toronto.

Ms. Whitney in particular was very good.

Meredith Whitney (click to watch)

'Banks are sitting on trillions of dollars of overvalued assets", "...7 trillion of mortgages were writen with sub 6 % unemployment assumptions and written with the assumption that home prices would not go down, because they never had since the great depression". "Banks were expecting 30 in peak-to-trough housing prices, ... we are a;lready at 30% peak-to-trough... I am estimating we will get to 50%". "Whether they are insolvent, they will not be making much money in the next couple of years".




Roubini and Eric Sprott (click to watch)