There are many jim dandy charts in the upcoming book, but one I thought I'd share with you prematurely is charge off rate in that is shows the banks are indeed paying for their sins. Originally when I had pulled up this chart a month ago it was only at .44%, now it's up to .66%. But what is most disconcerting is the rate at which it is growing.
If it keeps going, a lot of banks capital base is going to be threatened, and they'll end up going bankrupt.
Oh, wait, that's right. Banks don't go bankrupt. They just go to the taxpayer for a bailout or the Fed for a cheap loan.
Moral hazard anyone?
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