Financial Companies are Crumbling
The disaster of the sub-prime mortgage crisis has not seen the bottom. Only one shoe is off the foot and it seems there is more room to fall. Ever since IndyMac closed up shop, the industry dived into tailspin. Here is a list of all the banks that have closed up shop since 2000. So far 11 banks have failed, I expect this list to double over the next couple months.
How did we get to this point? Warren Buffett (the great Oracle of Omaha) foresaw this problem almost 5 years ago.