re: #48 3 wood

Uh-oh:
Colonial Bank Fails, Acquired by BB&T

Just so you know, this is a real bad thing to have go happen, especially after the MSM has announced that the recession is over and has been patting the Messiah on the back. Cant blame Bush for this one, with a straight face that is.

There are likely to be a lot of ripple effects from this. Colonial did a lot of lending in a lot of very complicated participation and down stream deals. Don’t be surprised to see other banks fold next week.

Bernanke has to be in the fetal position on a floor somewhere whimpering and calling for Mama.

If 5% to 7% of mortgages out there are “bad” we have not even seen the beginning of how bad this is really going to get.