Further Evidence of the Damage in the Credit Markets

Countrywide, your checks are no good! The Cuyahoga County in Cleveland Ohio said that they will no longer accept checks from Countrywide because they are concerned about their financial problems. "We're just trying to protect the assets of the county."

The biggest problem that we have regarding everything that is financial related is loss of confidence. This is how a bear market starts. I talked about this on my radio show yesterday. There is a big category 5 financial hurricane brewing. It might weaken and the damage to the economy and financial markets might be minimal. It might also hit the financial system hard (bear markets and recession)

You just need to know that it is brewing and risk is high.

There is a huge loss of confidence in the system. With the bursting of a debt bubble, you never know what news will come each day. Just be careful with your investments right now.