Timeline I have seen mentioned (I hope it’s wrong!)-

Aug. 21/22 – FDIC announces many bank closings.

Aug. 25 – FDIC issues really bad quarterly report. Runs on banks start.

Aug. 26 – Government orders bank holiday. All banks close indefinitely.

http://www.marketwatch.com/story/schultz-paints-bleak-picture-of-future

Bank Holiday?

I thought we were told all of the banks are in wonderful shape now and that the biggest 19 all passed their stress tests, and so wonderful in fact that Goldman Sachs is going to be paying out record bonuses this year.

There Are $2.4 Trillion of Alt-A Mortgages and Their Resets Are Mostly Ahead of Us

http://www.marketoracle.co.uk/Article11001.html

The Next Catastrophe For Banks: $3.5 Trillion In Commercial Real Estate Debt

http://247wallst.com/2009/05/24/the-next-catastrophe-for-banks-3-5-trillion-in-commercial-real-estate-debt/

AP