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by Howard Bell, Your Property Path.com

Well, few are actually convinced this plan will even pull us out. Personally, I think this is just the prologue to the big event. The Obama team will peer into the banks’ books under the “stress test” mechanism to determine which banks could survive with help and which ones should be let go without taxpayer money.

This is the psychological set up that will allow the Govt to declare the problem is worse than thought. I’m sure we will see a replay of that great film Casablanca, where Claude Rains shuts down Rick’s cafe. “I’m shocked, shocked to find that gambling is going on in here…..”

We have spent trillions to prop up the financial system and still it’s a black hole. I think everybody knows that the banks are insolvent. My guess is that we will find trillions more in bad debt or debt that cannot be evaluated.

Once this is out and the damage revealed, the rest of the plan to save the world will be unveiled to a public that is willing to go the distance….this is gonna cost….

Howard Bell PFP CCRM is the founder/editor of Your Property Path.com, featuring over 450 articles on property management, Your Property Path SF, trade talk for the San Francisco real estate industry, and Your Property Path Amazon Store. Howard is a property manager in San Francisco and holds a certification in financial planning.

See Howard Bell’s feature, Is is a Bailout or Bail?

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