The banking crisis isn’t near an end, despite the recent improvement in earnings, says Christopher Whalen, managing director of Institutional Risk Analytics.
“There are still a lot of bad loans out there,” he told Newsmax.TV Money.
“We’ll see banks shrink over the next year or two, because they will be writing off more bad loans than they’re making good loans. That’s going to have very negative implications for the economy.” (more)
Volcker hired Whalen because Whalen's dad was Newsweek editor. Whalen smoozes with Obama advisor Volcker but condemns Ayn Rand protege Greenspan? Whalen and his dad made their bread lobbying for Toyota and forcing the Trotskyist Toyota model on American workers. Why didn't Whalen ever mention his stint with Kemp when Kemp was alive? Whalen has always operated on the fringe of the law, as in his Mexican bounty hunter past. Whalen never took enough math courses to know what “Risk Analytics” is. Just as he had no idea what technology was at Pru. He makes up his identity as it suits him.
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