I like to tell my sons that the global financial indicators show that we’re in uncharted territory… Another economist and financial trader recently noted:
I firmly believe we are on the edge of another Lehman-type meltdown in the financial industry. Nothing has fundamentally changed that brought on the 2008 crisis. J.P. Morgan announced a $2 billion loss from risky trading practices. Major banks, bigger than ever, are being forced to soak customers with massive fees in order to lend money to our bankrupt government.
This one opinion doesn’t mean the “sky is falling”… economists are about as good at predicting future events as meteorologists are at predicting the weather. However, the global financial situation (debt, leverage, etc.) is entering areas never previously experienced…