crunch...https://www.stockhouse.com/Columnists/2009/Jan-1/14/Eric-Sprott-on-why-to-always-go-for-the-gold--Part
...For a long time I havebelieved fundamentally that we never should have allowed the banks toget leveraged to this extent. I don’t know what the proper level ofleverage should be. Even 10:1 scares me. Moreover, if you have to gofrom 25:1 to 10:1, that is going to take a long time to manifestitself. By implication, it means there will be no net new loans anyyear for a long time. The effect this will have on the economy, ofcourse, is excruciatingly bad.
That is what we are seeing today. There is no credit available and all asset values are in collapse....
Wed 14 Jan 2009 11:27:49 EST - Trade times are ET. News times are ET. Bid/ask/vol sizes in thousands.