Saturday, September 27, 2008

Fortis Bank Bust?

Word is that Dutch/Belgique banking consortium Fortis will fold within the next few days. This is big time. Fortis is one of the 20 largest corporations in the World. They own or own parts of literally hundreds of the leading financial institutions all over the World.

An event like this could really tip the scales and make a measly 700 billion bailout of American institutions seem like a drop in the bucket. If this is true, it means that the World's economic woes go a lot deeper that a couple of trillion in bad mortgage debt.

Reef'em up an' batten down! Nor'Easter blowin'.

1 comment:

Navy Blue Cougar said...

I will wait and see what the $700 billion does. It seems like everything the government has done up to this point has resulted in prolonging the journey to what seems an inevitable severe downturn of our economy. Where our economy goes, the world economy follows. I sincerely hope that the economy turns around, but everything that has been done up to this point seems to be inadequate to help.