Print ArticleSo what does Jay Walker exactly know about the financial world?
Admittedly, I'm self-taught. I did this because I felt it was part of my homework as a part time Forex trader. No matter the subject, I believe that one who is self-taught did it with discipline and courage. However, others will question or even dismiss the opinions of one who isn't professionally trained.
I have been saying for some time that there will soon be a major bank failure. Why did I, Jay Walker, say that? Simply because the banks in America have been irresponsibly managing their portfolios and I believe that the mortgage crisis was the first of many dominoes to fall. After all, the policies of the banks reflect the ones of their government and judging by how the American government has been borrowing and spending itself into oblivion these past years the reasons why some banks would fail become self-explanatory.
But even if you're a cynic and dismiss my opinion. Consider this.
Consider Kenneth Rogoff's opinion.
Professor Rogoff is, as his title suggests, a professor of economics at Harvard. He is also the former chief economist for a little outfit called the International Monetary Fund.
It turns out Pr. Rogoff was in Singapore in a conference where he stated; "We're not just going to see mid-sized banks go under in the next few months, we're going to see a whopper, we're going to see a big one, one of the big investment banks or big banks."
I agree with Pr. Rogoff and have been for some time.
So what will it be? An outright failure or a bailout? That remains to be seen but I can say that when it does happen, IndyMac and cheese will be next to nothing in comparison.
Admittedly, I'm self-taught. I did this because I felt it was part of my homework as a part time Forex trader. No matter the subject, I believe that one who is self-taught did it with discipline and courage. However, others will question or even dismiss the opinions of one who isn't professionally trained.
I have been saying for some time that there will soon be a major bank failure. Why did I, Jay Walker, say that? Simply because the banks in America have been irresponsibly managing their portfolios and I believe that the mortgage crisis was the first of many dominoes to fall. After all, the policies of the banks reflect the ones of their government and judging by how the American government has been borrowing and spending itself into oblivion these past years the reasons why some banks would fail become self-explanatory.
But even if you're a cynic and dismiss my opinion. Consider this.
Consider Kenneth Rogoff's opinion.
Professor Rogoff is, as his title suggests, a professor of economics at Harvard. He is also the former chief economist for a little outfit called the International Monetary Fund.
It turns out Pr. Rogoff was in Singapore in a conference where he stated; "We're not just going to see mid-sized banks go under in the next few months, we're going to see a whopper, we're going to see a big one, one of the big investment banks or big banks."
I agree with Pr. Rogoff and have been for some time.
So what will it be? An outright failure or a bailout? That remains to be seen but I can say that when it does happen, IndyMac and cheese will be next to nothing in comparison.
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