Growing Bankruptcies a Grim Omen
Mar 4th, 2008 | By Contrarian Profits | Category: Featured, Financial News, Politics & EconomicsToday’s LA Times carries a grim report on the growing number of bankruptcy filings in the US.
“American consumers’ bankruptcy filings jumped 15% in February from the previous month,” reports the paper, “and a steeper rise is looming because of the sub-prime mortgage crisis, the American Bankruptcy Institute said Monday.”
Consumer bankruptcy filings in February totaled 76,120, up from 66,050 recorded in January, according to the institute. This was 37% higher than in the same month a year ago.
“The Fed’s extraordinary steps thus far to reinflate the economy have been directed almost entirely at institutional lenders rather than individuals,” says Rick Ackerman in The Daily Reckoning.
The result is that there has been little discernible economic stimulus, only a buildup of reserves on lenders’ books with no corresponding demand for loans.
“You only learn who has been swimming naked when the tide goes out,” Warren Buffett told shareholders in his annual missive.
To read more of Buffetts words of wisdom, go to Floyd Brown’s article taken from Investment U.
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