Holy Mother Effer

Banks may have $1 TRILLION in junk debt. To put that in perspective, the markets shat a brick last week when Deutsche Bank said they had $10B of junk. $1 TRILLION is 100 times more.

This is worldwide of course and it makes sense. The US housing market created an ear of banks lending money to anyone with a pulse. But the same happened in England and Ireland and Spain and E. Europe. And it is collapsing or about to collapse in all those places as well. The US boomed first and started crashing first. Europe is where the US was about 18 months ago. There is still plenty of head in the sand denial in Europe just like there was here.

And with all this news, the Dow is up at opening. All this does is open up opportunities for shorts. Invest wisely.